With a variety of loan programs, Stockton Mortgage prides itself on meeting every customer’s needs.
As a local independent mortgage banker, Stockton Mortgage has the flexibility to offer an assortment of solutions for financing a home.
“While it is true that we have the same banking regulations as other financial institutions, we don’t have the red tape that may exist with a larger, corporately run bank,” said Doug Stockton, vice president.
In addition to loans for people with low credit scores, low down payment loans and new construction loans for modular or mobile homes, Stockton Mortgage recently began offering renovation loans, which allows customers to roll their home mortgage and remodel costs into one loan.
“By offering people the option to purchase a home in need of repairs by financing the cost of these repairs, we lengthen the list of possible future homes,” Stockton added. “This works as a refinance as well — you can refinance your existing mortgage and include the costs of the renovation to then boost your home’s value, either for resale or to better your living conditions.”
Unlike bank-offered renovation financing, which is based on a percentage of the current value of the home, Stockton Mortgage’s offer is an amount based on the future value of the home post-renovation.
“This product is coming at the perfect time, when the inventory of available homes is low,” Stockton explained.
The remodeling options include:
• Bath, kitchens, room additions, and garages
• Repair or replace roofing, gutters or downspouts
• Interior and exterior painting
• Updating appliances
• Modernizing plumbing, heating and air condition systems
• Major landscaping, decks and fencing
• Updating flooring or tiling
• Improvements for handicap accessibility
Some luxury items, such as a pool or outdoor kitchen, also may qualify.
Many people don’t realize what they pay in rent could cover a mortgage payment, Stockton said. “With our renovation loan, homes in need of repairs and foreclosed properties which are sold at a considerable discount, are a great option to gain equity quickly without a large cost up front,” he added.
Newly-named Director of Renovation Lending Joe Daly brings more than 30 years experience in the field and is committed to sharing the benefits of renovation lending with the real estate community.
“Joe prides himself on helping realtors better understand the ins and outs of renovation lending by conducting countless fun-filled classes, some even contributing toward Continuing Education (CE) requirements,” Stockton said. “He has seen the effects that this knowledge has had on an agent’s business. As they help their clients build their dream homes — ultimately, making more money for themselves and the families with whom they work.”
With more than 20 offices and headquarters rooted in Frankfort, local Stockton Mortgage loan officers have more than 75 years of experience in the business and are ready to assist clients.
“I love the community of Frankfort,” David Stockton, president and owner, added. “It’s where I have raised my family and spent the best years of my life.”
It’s a dream Stockton Mortgage works each day to achieve for others, he said.
Stockton said he is often asked when is the best time to buy a house, take out a mortgage or refinance?
“The answer is — whenever is good for you,” he explained. “Our loan officers’ job is to help determine what the best options are for your individual situation, so if you are curious about refinancing, buying a home or renovating your current home or a fixer-upper, just give us a call, at 502-227-1100 and we can answer your questions.”
Stockton Mortgage, located at 88 C. Michael Davenport Blvd., is open Monday through Friday from 8:30 a.m.-5 p.m. and by appointment. On the web, visit www.smcapproved.com, where a link to a loan application can get you started today. SMC NMLS #8259
