Below are some handy links providing general borrower information for Real Estate Mortgages and Financing for Borrowers.
General Interest Rate Calculations for loans and mortgages.
You can check out the pages here for information regarding buying a home and the available mortgages.
I like to say that buying a home isn’t complicated, but the truth is you have to know a lot, or you’ve got to pick people that know a the business.
Our loan packages have grown from a handful of pages, to over 50 pages. The real estate paperwork is close to the same amount of documents. Happily, most of the paperwork can be signed electronically.
It’s definitely a specialty originating these types of mortgages, and completing purchase transactions for clients. It’s comforting to be given a referral from a friend, to select a loan originator or a sales agent to help you complete the purchase or sale of your home.
On the other hand if you are in need of a special loan program, you may have to go a little further out to discover someone who has knowledge of what you need, and has funding lenders that will purchase your loan. Even Manufactured Home lending, fits into this category.
The Internet is a wonderful thing, and gives us all fabulous research information, but the important thing is to know which rules apply to you. It’s similar to searching for medical advice on the Internet. Definitely you get medical advice, but is that advice apply to your condition?
We’ve all seen ads for unbelievably low interest rates, and that rate is available, as long as you have perfect credit and your borrowing an adjustable loan, and so on.
One nice thing is that all the licensed mortgage loan originators and mortgage brokers have a history on the Internet, which you can access, and verify how long they’ve been in business and if they’ve had complaints against them. You also find out that their licenses are current. The link is below for all states:
Consumer Access to NMLS Mortgage Loan Origination License Information.
The links above are just a few to get you started in your informational search regarding financing a home.
Sellens Real Estate Lending is licenced in California, to originate all types of single family residence properties. In addition, as Broker, we can originate any time of Commercial Property loan.
From an overview prospective, there are little differences in the two types of loan. Commercial Property loans require more number crunching, but the licensing entities feel the commercial property investor does not need as much protection as the owner-occupied home purchase.
Single Family can me one home, or up to 4 units, in a four-plex, as long as the borrower lives in one of the 4 units.
Almost every day, depending on so many factors, the interest rates will change. We get the big news daily, about the condition of the economy, and so on, but when it comes time to lock in your loan, your loan officer will give you choices regarding the actual interest rates and costs available to you, if you lock in your loan that day.
It’s best to wait to lock in your loan until the list of loan conditions, that the underwriter has set out, is completely covered, either by already submitting the documents requested, or by knowing that the outstanding documents to be obtained, are attainable, and within your control.
If you lock in the loan, and the loan expires, the cost can be just a little bit, or substantial, if the interest rate climate has changed for the worse.
Please contact me and let’s discuss your financing needs.