Taking the Mystery Out of Mortgages

Moving into a new community can be both exciting and nerve-wracking. After all, buying a home is one of the largest investments most people make! It’s important to educate yourself on mortgage options so you can make the right choices for your situation. Thankfully we have some wise words from Halk Chamsayidi, Mortgage Advisor with Success Mortgage Partners. Halk is a longtime resident of Franklin, TN, and wants to educate his future Middle TN neighbors on making the mortgage process accessible and simple. Read on for some basic conversations to have when getting started!

Are you ready? Before you set your sights on that three-story home, it’s important to understand what you can afford. Because pre-approval is such an essential starting point, Halk keeps the process quick and easy with his clients. Here’s the information you’ll need to be prepared to provide:

•       Employment and income information

•       A list of debts you have such as students loans, car loans, and credit card payments

•       Your approval to access your credit information

All three pieces are important because they help the mortgage company determine your ability and willingness to make consistent mortgage payments as well as find you the best mortgage rate. According to Halk, his company assesses each client down to the letter to fully understand their situation. They also look at the length of the mortgage - such as 10, 20, or 30 years - and how long you plan to live in the house to find you the best option.

How’s your FICO score? Your FICO score is a credit score that is used to determine how likely you are to pay back a loan on time. The best rates on a conventional loan typically go to those with scores of 720 or higher; however, you can qualify with a score as low as 640.

What’s the down payment going to be? This is often one of the first questions of any home buyer! As stated earlier, 20% is the typical target, but there are exceptions such as:

•       Veterans Administration loans (VA loans): require 0%, reserved for anyone who has served in the U.S. military

•       USDA loans: require 0% if the location of the home is in an eligible area

•       FHA loans: require 3.5%, plus a Mortgage Insurance Premium (MIP)

What other mortgage options are available? Traditional mortgage options include a conventional loan and can have fixed or variable terms based on the rate and number of years of the loan. As home prices rise, jumbo mortgages are also common. If you’re one of many entrepreneurs coming to TN to start or relocate your business, you may not fall into the typical qualifications criteria. You can talk to Halk or anyone at Success Mortgage Partners about the options that work best for your situation!


Communication is a top priority! Because getting pre-qualified quickly is crucial in this hectic housing market, Halk consistently communicates every step of the process via email and texts. This high level of customer service puts future homeowners at ease, knowing their application is not lost. Once you decide on a home to purchase, the entire financing process is handled by a team of people with Success Mortgage Partners. Typically, financing for your new home will be approved in 21 days.












Saving money for heroes. Halk and Success Mortgage Partners are proud members of the Home for Heroes program. Homes for Heroes helps firefighters, EMS, law enforcement, military (Active, Reserve & Veterans), healthcare professionals, and teachers save money on their home purchases during the mortgage loan process. Most hero homebuyers save up to $2,400 when they utilize for this program through a mortgage partner. For more information go to: homesforheroes.com/affiliate/halk-chamsayidi.


For many, homeownership is the American Dream! Having a smooth mortgage lending process is also a dream - thankfully, one that can come true with the right partners! If you found this article helpful and want to learn more, you can reach out to Halk directly at 615-955-2550 or by visiting www.successmortgagepartners.com/halk-chamsayidi.