The Ins and Outs of Getting a Home Loan: Interview with Keller Crowley, Senior Loan Officer at Legacy Mutual

Keller Crowley has been a senior loan officer at Legacy Mutual Mortgage for nearly 8 years. His job is to help people achieve the American dream of home ownership by providing the best financing plan available for their goals.

 How long have you worked with Charitable Realty?

I have worked with Charitable Realty more than six years. I met Lori Fowler right after she started her brokerage, and we have been partners ever since. Lori and everyone at Charitable are incredible, and I feel very blessed to be able to work alongside them.


What are some determining factors when customers are trying to decide which type of mortgage is best for them?

There are many factors that determine the best mortgage for each individual. The most important factors are their credit score, debt-to-income ratio, loan term and down payment. Every borrower is going to have different goals and needs when it comes to getting a mortgage, and it is my job to find them their best option.


Can you walk me through some of the down payment options for qualified buyers?

Down payment options are going to depend on what loan each individual qualifies for. The majority of the loans we handle are conventional loans that can have as low as 3 percent down payment for first-time home byers and 5 percent for anyone else. VA and USDA loans have 0 percent down payment options, which are incredible! FHA loans require a minimum 3.5 percent down payment and are very common loans for first-time homebuyers. We also have jumbo loan options with as little as 10 percent down.


What’s the difference between an adjustable-rate mortgage and a fixed-rate loan?

A fixed-rate mortgage will have a “fixed” interest rate that never changes throughout the loan term. An adjustable rate mortgage or ARM will have a fixed rate for a set amount of years, then can adjust after that term. For an example a 4.5 percent, three-year ARM will have a 4.5 percent interest rate for the first three years, but then can change to a higher or lower rate depending on market conditions.  


Can you give me a few reasons why someone might be denied?

Usually a borrower will be denied because of non-qualifying credit score or if their debt- to-income ratio is too high. The minimum credit score to qualify for a mortgage is 580 and their debt-to-income ratio would need to be less than 55 percent.