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FIND A LOAN OFFICER
We want to make your home financing as easy as it can be. With Eustis Mortgage, you can relax while we handle the details.
You can get a loan before you even select a home. A Eustis home mortgage specialist can perform a pre-qualification or pre-approval so that you'll have a good idea of how much you can afford. Once you've found a home, and a seller has accepted your offer, you are ready to move to the Application process.
- You will know the loan amount you qualify for so that you know what home price range to shop
- Save time to narrow the list of homes to ones that fit your price range
- Discover any credit challenges early in the process we can resolve them at the beginning of the process
- Confidently make an offer as soon as you find your dream house
- Sellers will consider your offer more strongly with a prequalification letter over one that is not
- Your agent will ask for this as it improves your chances of getting the house you want
There are no fees or costs to getting pre-qualified, but it is a vital step in the home buying process. Call us today!
Prequalification: This is an overview of your credit profile that is an important step to writing offers for new homes and one we highly recommend. It just means that you have not submitted the documentation that will be required to verify your income, financial statements showing enough assets to close and you have not yet met the underwriting guidelines of the program you are going to select once you find the home of your dreams.
Preapproval: If you have a little more time at the beginning of the process, we always recommend getting Preapproved. A preapproval is the start of the formal application process before you find the property and is more thorough review of your financial position and ability to qualify for a home.
Why get Preapproved for a Mortgage?
- You’ll be able to move faster to find the house you want
- Most of the paperwork will be out of the way so you can close your loan faster
- You will be able to move to the top of the offer stack as your income, assets, and ability to buy has been verified
- Sellers know you will be less likely to have a delay in closing
- In competitive markets, this is another feather in your cap
Buying a house is one of the biggest decisions you will make in your lifetime. Our goal is to make the process as smooth and hassle-free as we can. Understanding the process will give you the knowledge you need to get started.
- Step in Getting Prequalified or Preapproved
You can get a loan before you even select a home. One of our home loan experts can perform a pre-qualification or pre-approval so that you’ll have a good idea of how much you can afford. Once you’ve found a home, and a seller has accepted your offer, you are ready to move to the Application process.
Once you’ve selected a home, your home specialist completes the mortgage application, gathers information about the property you want to buy, and collects personal information, such as income, assets, and employment history. For a complete list of information that you need to provide, see the Application checklist.
Once your application is complete, a loan processor reviews your file and verifies your information. We order a credit report to determine your credit history and credit score. We also order an appraisal of the property.
An underwriter reviews your file and determines whether your loan will be granted and issues the loan approval. The underwriter may request additional information during this review process.
Once the loan is approved, the closing process begins. Our closing department prepares closing documents and sends closing instructions to the title agent. The title agent is responsible for examining the title of the property and working with you for an acceptable closing date. At the closing, you’ll sign papers, pay closing costs, and finalize the transaction. Now it’s time to move into your new home.
Lower Payments. Consolidate Debt. Pull Cash Out.
First, start by asking yourself one of these questions.
Has your income increased? Do you need to consolidate debt? Has the equity in your home increased? Do you need money for a major expense? Has your credit rating improved?
If the answer is yes to any of these questions than we encourage you to call one of our home loan experts to give you a refinance evaluation. It costs nothing but could save you thousands of dollars in interest, pay off high balance credit cards, or help pay for college or unexpected expenses.
Knowing your options is the most import part of the refinance decision so Call us today!
¬ As you pay down your mortgage or as home values increase over time, a cash-out refinance allows you to use a portion of your equity and turn it into cash. The great news is you can use that cash however you want. Home improvements, unexpected expenses, college tuition or just to check a destination off your bucket list.
When is the best time to turn that equity into your house and use it as you see fit? That answer is up to you and can be used to fit your current needs.
Some of the more chosen reasons for utilizing a cash-out refinance are to:
- Remodel of you home
- Pay off high-interest credit cards or auto loans, neither of which is tax deductible like mortgage interest
- Help with life events like a growing family
- Bucket List Reduction
- Elimination of student debt
A renovation loan will let you do almost anything with your home. Some loans are used on smaller projects like ordinary repairs or cosmetic updates. These types of renovations loans typically don’t have minimum loan requirements for the repairs or upgrades you want to make to your home. These loans are limited to non-structural repairs with maximum loan amounts around $30,000.
With these types of loan, you can improve things like:
- Repairing or replacing your roof and gutters
- Redesigning your kitchen or bath
- Landscaping or adding a deck
- Buying new appliances
- Getting new windows, doors or floors
- Making your home energy efficient
- Upgrading plumbing, electrical, heating or cooling systems
- Ask a home loan expert (bolded and hyperlinked to find a loan officer)
Need to do more extensive renovation? We got you covered!
We have other programs that are specifically intended to make major repairs or changes to your home. These will have a minimum loan amount but the good news is you can borrow up to the value of your property plus repairs/renovation. Here are some examples:
- Room additions or adding a second floor
- Major remodeling that requires structural work
- Foundation or other structural repairs
- Projects over six months
You don’t have to settle for a house that only has half of the items on your wish list. With renovation loan you can buy in the perfect neighborhood and then get all the items on your list without coming out of pocket. This loan allows you to combine the purchase price of the home and the cost of repairs and upgrades into a single mortgage. No second lien at a higher interest rate required. Other benefits include:
- Get a home in a great location below market price
- Getting a bargain on a home allows you to move to a higher priced area of town
- Get more bang for the buck with a larger home
- Opens up your search area
- Your home fits your taste and family requirements
A remodeling home loan allows you to make your current home into your home for the future. These types of loans allow you to roll the costs of the work you do into one new mortgage. No second lien required, most likely at a higher interest rate. Since this is a refinance, you can also capitalize on lower interest rates, move to a shorter loan term and possibly lower payments.
A fixed-rate mortgage offers an interest rate that is steady throughout the life of the loan. Fixed-rate mortgages offer the security of always knowing exactly what your monthly loan payment will be. The interest on ARMs can fluctuate (up or down) periodically. The interest rate on ARMs offers an opportunity to save on interest costs. However, you are protected from rates getting too high, because a safe ARM has annual and lifetime rate caps, which limit how high your rate may go.
This a decision you must make. Here is one way of looking at the question: If you can afford the payment and are comfortable with all the other terms, it makes sense to go ahead and firm it up IN WRITING. Do not be overly concerned if rates fall after you lock. If your objective is to purchase the property, you have eliminated one uncertainty. If you are refinancing, locking the rate guarantees that you will reduce your monthly payments or be able to obtain cash you need for home improvements or other worthwhile goals.
You can lock your rate at application, while your loan is being processed and approved, or any time shortly before closing.
Eustis Mortgage offers lock periods up to six months on some loan programs.
PMI is required for conventional loans with a down payment of less than 20th of the value of the home. You can avoid paying PMI by making a down payment of 20 or more of the value of the property you want to buy.
PMI will be automatically terminated when the loan-to-value ration is scheduled to reach 78 assuming all payments are current. Borrowers can request cancellation of PMI when the loan reaches 78 assuming all payments are current. Borrowers can request cancellation of PMI when the loan reaches an 80 loan-to-value ratio, assuming the loan is current.
How do I know whether the house is in a flood zone, and if so, how can I determine my insurance premium?
Eustis will order a flood certification before loan closing, as required by federal law. However, if you would like to find out if the property you are purchasing is in a flood zone, you can contact your insurance agent or check the local library for updated flood maps. FEMA determines flood risk by comparing your lowest floor level to flood levels from the past 100 years. FEMA bases flood insurance premiums on this information. You may need to get a slab elevation if you are unable to obtain this information from the seller or your local permit office
Annual Percentage Rate (APR) is a calculated interest rate that reflects the overall cost of a loan on an annual basis. APR includes interest payments, origination fees, discount points, and other specific costs of getting a loan and is, therefore, usually higher than the interest rate. APR can be useful for comparing different types of loans. However, while all lenders are required to calculate APR based on guidelines provided by the Truth in Lending Act, not all lenders include the same costs in the calculation. This can make it difficult to compare the APR for loan programs from different leaders.
Points, also known as “discount”, are funds paid at closing so that you can get a lower interest rate for the life of the loan. For example, you may be quoted a rate of 7.375 with 0 points or 7.000 with 1 point. One point is equal to 1 of the mortgage amount.
Closing costs are expenses paid, by both buyers and sellers, at the closing meeting. Closing costs include pre-paid taxes and insurance, discount points, origination fees, title insurance, and other fees that may apply to your loan.
Pre-paid items are hazard/homeowners insurance, taxes, and pre-paid interest. Most insurance is paid in advance, so you will be required to pay for your homeowner’s and flood (if required) insurance policy for the first year in advance. Also, the lender will require you to make a deposit of up to 2 months of payments in order to establish an escrow account.
Many loan programs require that the lender pay the taxes and insurance on behalf of the borrower. Your loan officer can determine if the option to pay taxes and insurance yourself is available on the loan program that is best for you.
MORTGAGE PAYMENT CALCULATOR
Estimate your monthly mortgage payment using the calculator below. Simply enter the purchase price of the home, loan term, and details about the home loan. Please note that escrow for taxes and insurance is not required for loans with down payments of less than 20 percent. Some of this information may be difficult to determine on your own; please contact a mortgage specialist to review the most accurate monthly mortgage payment for the area you are purchasing.
Types of Loans
Streamline 203K: This is for projects where total renovations do not exceed $35,000. It is more for minor changes like upgrading HVAC, paint, fixing or replacing roofs, patios, septic systems or remodeling a kitchen. It does not allow for structural changes like foundation work.
Full 203K: This for projects that need to be more expansive in nature and may go over $35,000 in total renovations. It can be used for all the repairs from a streamline, but you can also make structural changes and reconstruction, repair or replace plumbing or use it to improve energy conservation, safety or disabled accessibility.
This is a great option when buying a home that needs a little TLC or you want to make your current home into your forever home.
What can a Homestyle Renovation help with?
- In-ground pools
- Interior and exterior upgrades
- Kitchen or bathroom upgrade
Program Flexibility: Conventional loans allow for different terms and down payment. Meaning you can customize your down payment, whether you have a first and a second or if you want to do one loan with Mortgage Insurance.
Program Flexibility: Conventional loans allow for different terms and down payment. Meaning you can customize your down payment, whether you have a first and a second or if you want to do one loan with Mortgage Insurance.
Loan Limits: Conventional loans are capped at a maximum loan amount of $453,100 for single-family homes unless the property resides in a High-Cost Area of the United States.
Second Liens Permitted: Another difference between conventional loans and the other programs is the ability to add a second lien to assist with down payment requirements. This also is a good option when buying a higher price house and need to go above the maximum financing amount in a non-High-Cost Areas.
Loan Limits: Loan amounts starting at $453,100 or $679,650 for home loans in high-cost areas of the U.S and loan amounts to $3,000,000 and above
Down Payment: As little as 5% down for a loan of up to $900,000 with mortgage insurance or 10% down without mortgage insurance.
A VA home loan is a great benefit to military personnel during and after their service. Thank you for your service and sacrifice for our country.
No Down Payment: A VA home loan comes with 100% financing to loan amounts to $453,100. For loan amounts above that, a veteran will be required to put some down payment down. Contact one of our home loan experts for more details.No Mortgage Insurance: Unlike USDA a VA home loan does not have monthly or annually mortgage insurance.
Certificate of Eligibility Required: In an effort to make sure we use your Veteran Benefits properly borrowers must obtain a Certificate of Eligibility . The VA Benefits portal will be able to help you find this information or contact us and we can assist you in getting the info.
Low Down Payment: FHA loans are great for first time home buyers or home buyers that are working with limited down payment. A down of 3.5% is all that is required and can be a gift from a relative.
Flexible Income Requirements: The original goal in 1934 for FHA loans was to make home ownership possible. One way the program does that is by allowing for more flexible income and credit guidelines.
Loan Limits: FHA does have different maximum loan sizes by area. To learn more click on here to see what the Loan Limits are in your city.
No Down Payment: The USDA loan comes with 100% financing. A down payment is not required which can be an obstacle to homeownership.
Low Monthly Mortgage Insurance: The upfront insurance rate on a USDA is generally lower than VA or FHA. It also has one of the lowest annual mortgage insurance fees. Other good news is the upfront fee can be rolled into the loan, eliminating an out of pocket expense at closing.
Only available in certain geographic areas: To get a USDA loan, the property you buy has to be in a USDA designated rural area, but that does not mean it is necessarily farmed land. Over 90% of the U.S. is eligible, which includes small town and suburbs. The USDA Mortgage Eligible Map will show you all the areas where you can use this loan.
Income Limits: The USDA loan was originally designed fro low to moderate-income families. The guidelines for USDA define income level as being 115% of the area’s median income. This income amount if very different in different parts of the country and can be very different in certain areas of a state. Please contact one of our home loan experts to learn more.
- Fixed Rate and Adjustable Rate
- FHA, VA, and USDA Loans
- Jumbo and Conforming Loans
- Conventional Financing
- Renovation Loans
Special Programs for Non-traditional borrowers also available
100% YES! This one decision will make the home buyer process go much more smoothly. The pre-qualification process is simple:
- Gather your personal financial information such as bank statements, W-2 forms and paycheck stubs, and meet with your Loan Officer.
- We will pull your credit report and evaluate your financial documents. With this information, you and the loan officer are able to discuss the best home financing options that will help you achieve your financial and homeownership goals.
- Once you are prequalified, we will give you a prequalification letter to inform your real estate professional and the seller of the property that you’re a preferred and serious potential buyer. This will give more weight to any offer you extend on a property as well as allow you to relax and enjoy the process of looking for your new home.
- How long will you live in this home? Several years, or just a few?
- Do you anticipate your income or finances to significantlychange over the next few years? Do you anticipate significant changes to your income or finances over the next few years?
- Are you either comfortable or uncomfortable with an adjusting monthly mortgage payment? Have you considered an adjusting monthly mortgage payment?
- Do you plan to be out of mortgage debt by, for example, when your children start college or when you retire?
Based on your answers, your home loan expert can discuss different home loan programs that will suit you financially and help you reach life’s milestones.
An FHA loan, on the other hand, is guaranteed by the Federal Housing Administration. FHA is a government agency that works with approved lenders like us.
Typically, origination points are applied and disclosed at the time of locking in an interest rate. On the other hand, discount points can be added at the time of lock or later in the process if you choose to pay to reduce your interest rate.
Origination fees are the fees required to originate the loan. They can include processing fees, underwriting fees, administrative fees, and several others. One of our Loan Officer can give you a complete breakdown of these fees as they vary from state to state.
My first mortgage payment is due, but I don’t have my payment slips yet. Where should I send the payment?
TIME IS ON OUR SIDE
Eustis Mortgage Corporation and Eustis Family of Companies
Eustis Mortgage Corporation was founded in 1956 in New Orleans, LA, by two determined and dedicated loan officers. Their vision was to provide exceptional loan services to clients by maintaining a low staff turnover rate. Today, Eustis Mortgage Corporation remains committed to these same principles.
With a small amount of capital, Laurance Eustis, Jr. and his brother-in-law, William D. Galbreath, founded Canal Mortgage as an adjunct to the 10-year-old Eustis General Insurance Agency.
After the company’s name was changed to Laurance Eustis Mortgage Corporation (LEMC) in 1959, LEMC grew to produce single-family and small multi-family loans.
Following years of successful expansion, Eustis returned to the single-family loan business when Robert Eustis, current Eustis Chairman, joined the firm.
Operating in the south Louisiana region, LEMC was hit hard by the oil and gas bust in the late 1980s. Its staff was reduced to 22 people, but the company maintained its strong commitment to the mortgage industry. By the end of the decade, the company resumed its growth.
This decade was a pivotal point for the company as it continued to experience record numbers for helping clients purchase and refinance homes. One of the biggest changes was to rebrand with our current name, Eustis Mortgage Corporation.
Kate deKay, Robert’s daughter, joined the company and began working from the bottom up.
Eustis Mortgage Corporation begins the next phase in its growth plan to bring the Eustis experience to other communities in the U.S. The new foundation to the company was conceived, Eustis Mortgage Family of Companies.
Kate deKay is named the CEO of Eustis Mortgage Corporation, and is responsible for leading all Eustis Family of Companies brands. Eustis family of companies will continue to seek out opportunities to welcome and support those with the entrepreneurial spirit and drive aligned with the company’s overall vision.
We lead by full engagement, we lead by example, we lead by empowering employees. Our leaders help each other reach their full potential Our passion for serving guarantees that we always develop the next generation of leaders to take care of our clients.
As a company, we must always be the driver of change we want to see in the world. The thought process of 'because it has always been done that way' stops at the doors of our office. Instead, we will continuously challenge our process and technology. Always striving to make our clients experience better and providing avenues for our employees to grow.
FOCUS ON THE CLIENT
The needs of our clients are the most important part of our organization. Our learn puts aside the need to be right to make sure we get it right for the client every time. The focus gives us the ability to WOW our clients and turn them into raving fans.
ONE TEAM FOCUSED ON ONE MISSION
We are a company that welcomes diverse backgrounds and experiences. That diversity will unite us together to allow us to achieve our mission.
THE GREATER GOOD
Helping clients realize the American dream is our purpose, but we won't stop there. We realize that we have a responsibility to do more. This company will inspire our people to change the world. Our history shows this, and our future will embrace it.
We've been in the mortgage business since 1956 and many of our clients have been coming back again and again since we opened our doors over 60 years ago. They know they can always rely on us for the information and service they expect and deserve. And you can, too.
Chief Executive Officer
Kate deKay is the CEO of Eustis Mortgage Corporation, and is responsible for leading all Eustis Family of Companies brands, including: Eustis Mortgage Corporation; Finance Home America; Verity Mortgage; Legacy Mortgage Corporation; and Prosperity Mortgage Advisors.
Kate comes from a long line of family leadership and is third generation of the Eustis Family and an Owner of the company. Prior to assuming the role of CEO, she served as the company’s Senior Vice President. Her ascension to the CEO role has been one that has seen her act in many roles and further her career since it began with Eustis in 2007. During that time, Kate has worked as a mortgage specialist to originate loans and assisting homebuyers with loan product selection and has served roles in leadership where she initiated growth strategies, expansion, and loan processing into multiple states.
Kate’s goal for the company is ensure that the Eustis brands assist as many people throughout the states that they serve to finance a house that they can call home. She continues to focus on making the mortgage process as straightforward as possible for customers and ensures that employees provide a high level of customer service. This approach allows clients to feel that they have a trusted source to turn to for advice about the mortgage and home buying processes.
Kate is active in the community that she serves, and is a former President of the Mortgage Lenders Association in New Orleans. Prior to her presidential term, she served on the board as Vice President and other miscellaneous roles over a 3-year period. She remains active within the Association and also finds time to serve as a member to the Women’s Council of Realtors. She recently introduced a company-wide initiative by engaging employees to be active in the community and to recognize the efforts of those that embark in civic endeavors.
Chief Financial Officer
Cell: (617) 794-5229
Darryl joined Eustis Mortgage in November 2016, bringing with him over 20+ years of Financial Services experience with a main concentration in the Mortgage Banking and Servicing areas. He held various senior level and C level positions with a focus in the Finance and Accounting departments but brings production and operational expertise to meet Companies profitability goals. He graduated from Northeastern University with a BSBA majoring in Accounting in 1996. He resides in Dallas TX with his wife Katy and four children, Elise, Reid, Grae, and Olive.
Senior Vice President of Capital Markets
Cell: (504) 289-3989
Timothy Ieyoub is Senior Vice President of Capital Markets for Eustis Mortgage Corporation, a 60 year old independent mortgage banking corporation in New Orleans, LA. Timothy’s mortgage bank experience dates back to 1995 when he graduated from McNeese State University with a Bachelor of Science Degree in Accounting. Upon completion, Timothy started his career at a Savings and Loan before working in various capacities in the mortgage industry as Senior Account Manager, Business Development Manager, and eventually Managing Partner of nationwide wholesale lender. Timothy joined Eustis Mortgage in 2010 where he has served in both an operational and production role. Timothy served as President of the Mortgage Lenders Association of New Orleans for 2018-2019.
Chief Information Officer
Cell: (214) 552-5751
Ray has been in information technology for 20 years. He has wide range of experience in IT including LAN/WAN, Security, Disaster Recovery/Business Continuity, Databases and Reporting systems. Over the last ten years, he has managed lending systems in the mortgage industry to support origination, servicing, collections and accounting departments.
Director of Human Resources
Cell: (504) 293-5860
With a career spanning 16 years in human resources management in the health care industry, Anne brings a wealth of knowledge and experience to Eustis Mortgage Corporation. Her background includes designing HR best practices from the ground up and leading transformational change through practical workforce strategies and cross-functional, multicultural, high-performance teams.
Anne received her Bachelor of Arts from Vanderbilt University and attended the Catholic University Columbus School of Law. Anne is both SPHR and SHRM-SCP certified and is also a Lean Six Sigma black belt. She currently serves on the Board of Directors for HandsOn New Orleans, a non-profit community volunteer organization. For Anne, building relationships at every level within an organization is a top priority. She recognizes the importance of company culture and the role that it plays in employee morale and engagement. “I truly love what I do. I believe that our employees are our greatest assets, so I am committed to investing the time and resources to help them develop successful careers here at EMC.”
Secondary Marketing Manager
Cell: (504) 920-5877
With over 20 years in the mortgage industry, Lori understands the lending process inside and out. Her top priority is to give her clients a level of understanding of the home-financing process, in language they understand, and to equip them to make the very best financial decision for their individual situation. Lori has worked for 3 Fortune 500 companies, so she understands and values the advantages that working for a New Orleans-based mortgage lender brings to the table. She feels there is no substitute for a local lender’s knowledge of the “uniqueness” of Southeast Louisiana.
Lori has been a resident of Metairie since 1995. She is a Past-President of the National Association of Professional Mortgage Women- Greater New Orleans Chapter, also having served as their Secretary, VP of Education, and VP of Communication. She has also served as Vice-President of the New Orleans Mortgage Lender Association. In her spare time, she enjoys art museums and literature.
Emilie Roberts joined Eustis Mortgage in July 2018 as the Compliance Officer. Emilie holds over 14 years in the mortgage industry with a focus on regulatory compliance for the last ten. Emilie’s focus is to create a consumer friendly, compliant environment in which we can maintain growth and success. Emilie has a Certified Community Banking Compliance Officer (CCBCO) designation.