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Ravi Patel

Branch Manager |NMLS 328529

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Meet Ravi!

Purchasing a home is a big deal, whether it’s your first home or fifth move. We get it. That’s why we built a mortgage company that places you and your needs at the center of everything we do. With over 7 years of experience and a team that consist of David Behymer, Tony Piper & Sydney Wallace, I can make sure to delivery an amazing home buying experience from start to finish. With a Bachelors & Masters in Finance, I am always on top of current market conditions that can help you save money when it comes time to discuss interest rates and loan programs. My team and I look forward to helping many families reach the American Dream of Home-Ownership and partnering with UMortgage will help us deliver great rates & service.

Serving Homebuyers In:

  • Florida
  • Georgia
  • Indiana
  • Kentucky
  • Ohio
  • Tennessee

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Your Mortgage Questions, Answered!

What to Expect with Your UMortgage Loan Process

Mortgages can be complicated. That’s why, at UMortgage, we’ve broken down the loan process into 8 easy digestible steps. A strong buyer is a well-informed buyer, so to help you know what to expect every step of the way, let's walk you through the 8-step mortgage process from pre-approval to your first mortgage payment. Step 1: Pre-Approval To set yourself up for a successful homebuying experience, you must first work with your UMortgage Loan Originator to get pre-approved for your future home loan. Not only will your pre-approval give you an accurate budget to help you shop for homes, but it will also expedite your approval process once you’ve had an offer accepted on your home-to-be. Your pre-approval is a document from your lender stating that they are willing to let you borrow a certain loan amount based on your creditworthiness, income, and other financial considerations. In a competitive housing market, a strong pre-approval can go a long way to help you stand out among the sea of competing offers. This first step demonstrates that you are a serious buyer by proving that a lender is willing to provide the loan necessary to purchase the property on your shopping list. Once you’re pre-approved, you will have a quoted figure that you can use to help yourself narrow down your home search to those that are in your budget. Pre-approvals typically last up to 90 days, so be in contact with your UMortgage LO as you shop to make sure your pre-approval is up to date for a smooth homebuying process! Step 2: Application Submitted Once you’ve worked with a real estate agent to shop for homes and have had your offer accepted, it’s time to apply for a mortgage! This is where your pre-approval will come in handy because the financial documents that are used for your pre-approval are the same documents needed to apply for your mortgage. When you’re filling out your mortgage application, you can talk with your UMortgage LO to figure out the loan product that will work best for your financial situation. Once your application is complete and submitted, our Operations team will verify your credit, income, and other supporting documentation submitted with your application. Step 3: Disclosures The next step for your loan is disclosures. This step provides you with an overview of the specificities regarding your loan, including your loan terms, mortgage rate, rights, and a full breakdown of all fees associated with your mortgage. After your application and documentation have been verified, it moves to disclosures. During disclosures, our Operations team compiles estimates for all fees associated with your mortgage, including title fees, closing costs, and other third-party fees. Once all necessary fees have been confirmed, your loan disclosure will be sent. This document outlines your loan amount, mortgage rate, required down payment, closing costs, and estimates of third-party fees. When you receive this document, it’s crucial that you sign these documents as quickly as possible to avoid any delays and get you into your home faster. After signing your closing disclosure, your loan team will order an appraisal and all third-party services. Step 4: Appraisal & Third Parties As your loan awaits processing, UMortgage orders an appraisal on the home and any other requested third-party services such as an inspection, title services, and more. Appraisals assess the fair market value of the property being purchased. Lenders require an appraisal to be conducted on every property they’re helping finance to ensure that the property is worth the amount of money being loaned to the borrower. This step protects you and the lender from overpaying or lending more than the property's actual value. Appraisals are conducted by certified and impartial third-party professionals who have no vested interest in the outcome of the transaction. These third-party appraisers thoroughly evaluate various aspects of the property, including its size, condition, location, and comparable sales in the area. Step 5: Processing When your loan is in processing, it’s being assessed by a Processor on our Operations team. The Processor’s job is to ensure all financial documents associated with your loans are accurate and verified. Throughout the processing phase, you may be contacted by your loan’s Processor with any updates and requests for other supplementing documents to ensure your loan passes underwriting and is approved. Once they receive your loan, your Processor will be your main point of contact. You can expect them to reach out for a formal introduction when your loan enters Processing. As soon as all the necessary information has been collected and approved by the processor, they will submit your loan to the lender’s underwriters who do one final review of all the documentation before deciding to approve or deny the mortgage. Step 6: Initial Approval After your loan is approved by underwriting, your next step in the loan process is initial approval. During this stage, your UMortgage team might reach out for a few more pieces of documentation to get your loan across the finish line. These requests are a completely normal part of this step in the mortgage process, so don’t panic if you’re asked to send new or updated documents! After all conditions have been met, you’ll get your final closing disclosure which, like your initial closing disclosure, outlines your loan amount, mortgage rate, closing costs, and all other fees that you’re required to pay to close your loan. Unlike your initial closing disclosure, the figures on your final closing disclosure are the exact fees and terms associated with your mortgage. When you sign your closing disclosure, you’ll close three days later. Step 7: Cleared to Close When you’ve reached step #7, your loan is cleared to close! This means that you’re one final step away from homeownership! When a loan is cleared to close, that means it has passed underwriting and been fully approved by your lender. Before you head to your appointment to sign the final paperwork and close on your home, you’ll need to secure the required funds that have been outlined in your final signed closing disclosure. You’ll pay these funds with either a cashier’s check or a wire transfer. Please note that you will NEVER receive wire instructions from a UMortgage team member. If you do, please report it immediately. Only your Title company will reach out with wiring instructions once your loan is cleared to close. Closings most commonly take place at a title company or real estate office with your real estate agent, title agent, the seller’s agent, and any co-borrowers purchasing the home with you.You’ll need to bring a state-issued photo ID and all documentation related to your purchase, including proof of homeowner’s insurance and a copy of your purchase contract. Expect to spend up to an hour at the closing table, carefully reviewing and signing a multitude of documents, including the mortgage agreement, title deed, and various disclosures. Once this paperwork has been signed, the keys are handed over and you’re officially the owner of your new home! Step 8: Funding The final step of your mortgage process is the funding of your loan. Here, your lender contacts the seller’s agent to distribute the funds needed to complete the purchase of your home. After funding, you’ll hear from your UMortgage LO with more information on paying your first mortgage payment and a request for feedback on your mortgage experience. Please note that mortgage payments will never be sent to UMortgage, but rather to the lender we partnered with to fund your loan. Your first mortgage payment will likely be due the first of the month 30 days after your closing date. So, if you closed on April 10th, your first mortgage payment would be due on June 1st. Finally, purchasing a home is part of the public record. After you close, you will most likely receive various forms of spam. Wire fraud is on the rise in the mortgage industry and the last thing we want is for you to become a victim.

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Your Guide For Moving Up: How to Use Your Equity to Move From Starter Home to Forever Home

Homeownership comes with plenty of perks that benefit homeowners throughout their lives. One of the primary perks is the building of equity simply by paying a monthly mortgage payment. Life changes quickly and homeowners can quickly outgrow their current home. In this blog, we’ll outline the ways that homeowners can utilize their existing equity to ‘move up’ into their next home. Selling Your Current Home The most common way that homeowners fund the purchase of their next home is through the sale of their current home. Most of the time, this requires careful planning; if your current home sells before you find your next home, you’ll need to find another place to live in the meantime. This can mean renting a temporary residence or moving in with a friend or family member. When you elect to sell your home, it’s important to enlist a trustworthy selling agent to make sure your home is listed for the right price and is advertised to prospective homebuyers. The selling agent will also broker the transaction with the buyer’s agent to ensure that the home is sold for a fair price with all the necessary paperwork to complete the transaction. Once your home is on the market, buyers should work with a lender to get pre-approved for their next purchase to minimize the time between the sale of their current home and the closing date of their next home. When an offer on your home is accepted and the loan closes, you can use the capital earned by selling your home towards the qualification and down payment for your next home. Bridge the Gap Between Homes with a Bridge Loan If you know you want to move up but don’t want to bridge the gap with temporary housing, a bridge loan is a great option to use the future sale of your current home to finance the purchase of your next home. A bridge loan is a form of home financing that provides a funding source until you can secure permanent financing or pay off existing debt. If you use a bridge loan to purchase your next home, you can cash out equity from your current home to put toward the down payment on a new home or use your current home as collateral to take out a bigger mortgage for your next home. Bridge loans are short-term loans with terms as short as 6 months and up to 3 years. They also come with interest rates roughly 2% higher than the prime rate available. If you can’t come up with a down payment for the purchase of your new home until you sell your current home, have found a job that requires you to move with a short turnaround, or have a closing date for the sale of your current home that’s after the settlement of your new home, a bridge loan could be a great option for you! The terms, conditions, and fees for a bridge loan can vary based on the transaction and/or the lender. If you’re curious about bridging the gap between homes with a bridge loan, reach out to your UMortgage Loan Originator for personalized advice based on your individual situation. Cash in to Your Equity with a Cash Out Refinance If you want to keep your current property but tap into the equity to buy another home, a cash-out refinance could be right for you. With a cash-out refinance, you swap your existing mortgage for a new mortgage and pocket the difference in cash. This allows you to access your equity to pay for a down payment and closing costs on your next home without listing your current home on the market. Even better, if your current home has an interest rate that’s higher than the current quoted rates, you could end up saving on the mortgage payment for your current home as you transition it into a second home or investment property. On the flip side, using a cash-out refinance to purchase your next home leaves you with two new mortgages that you’re responsible for paying, or could increase the payment on your current home if rates are higher than they were when you closed. Before you choose to move forward with a cash-out refinance, it’s a great idea to sit down with your UMortgage Loan Originator for personalized financial advice to determine whether this is the right option for you. Borrow Against Your Equity With a Home Equity Loan As we’ve mentioned before, the equity that you’ve built by paying your monthly mortgage payment can put you in good stead to purchase your next home. With a home equity loan, you can borrow a lump sum against your home’s equity at a fixed interest rate. Your loan sum is based on the market value of your home, the amount still owed on your mortgage, and individual qualifying standards such as your credit score. Home equity loans are fixed-rate loans with repayment periods as long as 30 years. With a home equity loan, you can use the funds for any purpose, including down payment and closing costs for the purchase of your next home. If the funds are used to buy a home, build a new home, or renovate your home, there are potential tax benefits that could allow you to deduct accrued interest. Before you jump at the idea of a home equity loan, it’s important to consider whether it’s financially feasible for you. Using your original home as an investment property is a possibility, but it could mean that you’re on the hook for three mortgage payments. Considering a Home Equity Line of Credit With a home equity line of credit (also known as a HELOC), you can qualify for a line of credit that’s secured by your home that allows you to purchase your next home. Similar to a home equity loan, a HELOC is a second mortgage that provides you with access to funds based on the value of your home. With a HELOC, you can borrow up to 85% of the equity you’ve earned in your home, though the exact amount varies based on your lender, your credit score, and your debt-to-income ratio. Rather than fixed-sum home equity loans, HELOCs are a revolving line of credit with two stages: a draw period and a repayment period. During the draw period, you can borrow what you need, repay it, and then continue to borrow against that line of credit – similar to a credit card. During the draw period, you only have to pay interest on what’s used from your line of credit. Draw periods typically last 10 years. After the draw period, you’ll enter your repayment period. During this period, which lasts anywhere between 10 and 20 years, you won’t be able to access the funds and will instead need to repay the principal and any accrued interest. Just like with a home equity loan, keeping your original home and purchasing a new home with a HELOC means you’ll be responsible for paying three mortgages. Because your home is used as collateral for your HELOC, if you’re unable to pay it, your lender could foreclose your home. At the end of the day, most people don’t live in their starter home forever. Depending on your eligibility, you could have a plethora of options available to use your equity as a means to buy your next home. If you’re interested in moving up, consult with your UMortgage Loan Originator for a free consultation and expert guidance to help you move up into your next home.

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Your Guide to Reverse Mortgages

For many seniors, owning a home represents a significant portion of their wealth. However, sometimes the equity they have within that home is better served as a steady stream of income. This is where reverse mortgages come into play. Tailored to homeowners aged 60 or older, reverse mortgages allow eligible parties to convert a portion of their home equity into cash. In this blog, we'll explore the ins and outs of reverse mortgages, covering everything from how they work to the different types available and the reasons one might consider this option. Reverse Mortgages and How They Work A reverse mortgage is a financial product designed for homeowners aged 62 or older, enabling them to convert a portion of their home equity into tax-free funds. To qualify, homeowners must own their property outright or have a substantial amount of equity. The process involves a lender making regular payments to the homeowner, with the loan typically repaid when the homeowner sells the home, moves, or passes away. Different Types of Reverse Mortgages When it comes to reverse mortgages, there isn't a one-size-fits-all solution. In fact, when you work directly with your Loan Originator, they can tailor your reverse mortgage to fit your own individual wants and needs. Below are just a few of the different ways that you can receive the funds from your reverse mortgage: Lump Sum: If you'd prefer to receive the funds of your reverse mortgage up-front, you can choose a lump sum payment from your lender. This option is the only one that comes with a fixed interest rate. Equal Monthly Payments: You can choose to receive equal monthly payments as long as you use the home as your primary residence. Line of Credit: With a line of credit, you can receive a set amount of money upfront. This is popular if the borrower needs to pay for any home renovations or any other expense with a large lump payment. Term Payments: With this option, you can receive equal monthly payments for a term of your choosing. This would apply if you plan to live in the home for another 10 years and want to use your equity as a steady stream of income as long as you live there. If you're curious about which option is best for you, consult with your UMortgage Loan Originator for their expert financial advice! Is a Reverse Mortgage Right for You? Getting a reverse mortgage isn't a decision to take lightly. There are plenty of factors that go into the decision and a number of variables to consider before you put pen to paper. A reverse mortgage might be a good option for you if you don’t want the responsibility of making a monthly loan payment, can't afford to continue to make a monthly loan payment, or are unable to qualify for a cash-out refinance. As always, your UMortgage Loan Originator is a great resource who can find a reverse mortgage solution that is perfectly tailored to your unique financial situation. If you're interested in learning more, reach out to start the conversation!

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