Meet Terry Gangaram, Founder of Drexel Mortgage Corporation

With 30+ years of real estate experience, Terry Gangaram founded Drexel Mortgage in 1995 to help Americans nationwide make their American Dream a reality. Starting with residential mortgages, Terry has helped thousands of homeowners buy their first house, investment properties, and commercial real estate to grow their business. Terry's team at Drexel is committed to finding you the financing you want for the home you want.

Learn more by visiting the websites for Drexel Residential Lending and Drexel Commercial Lending.

1. What made you decide to focus your career on working in the home mortgage field?

I wanted to help people become homeowners. Just like the American dream, I wanted to own a home rather than renting, and that's when I wanted to help others do the same. With decades of experience pursuing my entrepreneurial passion providing loans to clients, I built the Drexel Mortgage brand to become one of New York City's top mortgage providers.

2. What are some of the differences for consumers when it comes to working with a local agency like Drexel Mortgage rather than a large national company?

Drexel Mortgage offers great advantages with a hands-on approach to real estate. We're not quick to say no right away with a lot of red tape. For example, when it comes to credit, Drexel Mortgage works with the individual to repair their credit so they become creditworthy to become homeowners. We dispute charges, challenge charge-offs, and help fix delinquincies by advising clients how to prepare their credit for homeownership. Traditional lenders tend to cherry-pick who they want to work with, ignoring many borrowers who are only a few simple steps away from their own homes. We advise clients on a personal level to tailor-fit every loan for each borrower's needs. For example, we advise borrowers to have a co-signer, or have a family member assist them with the loan process to make the loan process comfortable and easy-going.

3. In addition to helping people who want to purchase a new home, what services do you provide for refinancing and debt consolidation?

Once people become a homeowner, they call Drexel Mortgage to utilize the equity in their home to purchase investment properties, consolidate their high interest credit card payments into one low monthly mortgage payment, or pay off bills. Refinancing has many benefits, and Drexel makes it easy for customers to refinance to renovate their homes, fix their credit, and even to finance major purchases.

4. Are there any common questions you get or misconceptions you regularly see regarding home mortgages and personal finance?

Being in the mortgage industry for decades, I've seen a lot of recurring mysteries and common questions. For example, people assume the mortgage process is a mystery that takes a long time. At Drexel, I make it easy for homebuyers to understand that buying a home is an exciting and simple process. Drexel understands buying real estate; mortgages can look like a daunting endeavor--after all, it's probably one of the biggest purchases a person will ever make. But the reality is, at Drexel Mortgage we take the time to assure you're comfortable with achieving your goals.

Another real estate misconception is that you need a lot of income with a huge down payment to own a home. With Drexel Mortgage, we put these popular myths to rest very quickly. I'm often asked what kind of houses are clients qualified for. Clients commonly think they need a high 700 credit score with 20% down just to qualify for a mortgage. Those days are long over, and today's real estate market understands that there are clients from all over the credit/income spectrum who can qualify for a home. At Drexel Mortgage, with flexibility to tailor loans based on the individual's needs we can provide loans to clients with a 600 credit score, with 3.5% down payment.

5. For people considering buying or selling a home in the Richmond Hill neighborhood of New York where your office is located, do you have any locally-specific advice?

New York City, where Drexel Mortgage is located, is one of the most sought after real estate markets in the country. New Yorkers are fast-paced, high-speed people who want it all yesterday. If you're buying a home in NYC, save yourself some time by getting pre-qualified first. Providing a Pre-Qualification is a free service we offer. We look at the income, assets, and credit of the individual to let them know what purchase price their income can support. Sometimes we can offer a pre-approval letter, to save some time for the realtors as well. With a pre-approval letter, the realtors, homebuyers, and appraisers can make fast, intelligent decisions to buy a home and start the loan.

Feel free to call me directly with any questions at (718) 441-1515, terry@drexelmortgage.com, www.terrygangaram.com.

Thanks, Terry!