Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Latrease Price Gistard.

Aan independent mortgage broker based in Houston, Texas. Here are some key highlights and themes from the conversation:

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🎙️ Guest Background: Latrease Price Gistard

• Originally from San Antonio, Texas.
• Background in finance since 1999, including investment operations and auto financing.
• Co-owned a car dealership with her husband, focusing on first-time buyers.
• Transitioned into mortgage financing, licensed in 2018, and became an independent broker in 2022.

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🏡 Mortgage Expertise

• Independent Mortgage Broker: Works with multiple lenders to find the best loan products for clients, including those with unique needs (e.g., self-employed, first-time buyers, citizenship issues).
• Reverse Mortgages:
  • Typically for seniors 62+ with significant home equity.
  • No monthly payments; debt is repaid when the home is sold or refinanced.
  • Useful for those with limited retirement funds or high medical costs.
• Zero Down Payment Programs:
  • Offers up to 3–5% assistance, either rolled into the mortgage or used for closing costs.
• Credit Score Considerations:
  • Programs available for scores as low as 500, though higher down payments are required.
  • Offers “what-if” scenarios to help clients improve credit over time.

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🛠️ Special Loan Programs

• FHA 203(k) Loans:
  • Allows buyers to finance both the purchase and renovation of a home in one loan.
  • Covers anything from minor repairs to major remodeling.
• One-Time Construction Loans:
  • Offered through United Wholesale Mortgage.
  • Combines land purchase and home construction into a single loan.

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💡 Advice for Aspiring Mortgage Brokers

• Ensure sufficient capital before going independent.
• Build a strong client pipeline.
• Be mindful of economic conditions (e.g., interest rates).
• Avoid hiring unqualified friends or family—focus on business needs.

 

#STRAW

#BEST

#SHMS

 

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