Home Loan Orange County

With access to some of the Nations top Lenders and 100’s of Loan Programs to choose from, I have a loan for just about every financial situation. Whether you are looking to Refinance, Purchase a new home, take Cash-Out, or are looking to build your own Dream Home with a Construction Loan, No Problem! Let me do the Shopping for you on your next Mortgage Loan.

Together, you and I can review your present situation, discuss the advantages of your loan, and find the option that works best for you and your family.

Below, you will find some useful information that was put together by a group of Mortgage Professionals from www.brokeroutpost.com . Enjoy, and I look forward to speaking with you soon!

Can I Refinance My Home If I Had It On The MLS? - If you have recently had your home listed for sale on the MLS there are a few ways that it will affect your ability to refinance the home. First of all be sure to mention to your mortgage professional right away when the home was last listed for sale. Every lender has different requirements and while some can refinance as soon as 1 day after you pull it off the MLS, some will make you wait up to 6 months or even longer before they will proceed with a new loan.

You may be asked to provide a reasonable explanation as to why you decided to take the home off the market. Generally lenders and appraisers address this during your loan process. Haseltonk is correct. You need to inform your mortgage professional right away when applying for a loan.

The part that gets tricky is the price of the home. If your home was listed on the MLS for 300k and you are trying to use a value of 300k for your loan the lenders shy away. They figure, if it was worth that much then it would have sold. So be careful when determining the value of your home being used for your loan if your house has been listed on the MLS.

There are lenders out there that will not care if you have had your house listed on the MLS. They just want to make sure it has been cancelled and no longer on the MLS at the time of the refi. You always want to tell your mortgage consultant if you house has been listed on the market. Appraisers must list that your house has been on the market and take photos. If your appraisal comes back with no furniture it will look very bad if you are trying to do the loan as your primary residence.

Should I use my current broker to refinance - If your mortgage broker did a good job with your first mortgage loan there are many reasons to do business with him/her again. You may be able to secure a slightly lower rate on your refinance. You also have the advantage of the broker having all your information on file already reducing the amount of questions you have to answer on the application.

Even if you did like your previous mortgage professional, it is always a good idea to get a couple of quotes from different companies. If the previous mortgage broker is way out of the ball park, they may be able to restructure the loan to get you into a better situation.

Anytime you find a mortgage broker that you are completely satisfied with and feel you can trust you should stick with them for all of your future mortgage transactions. By sticking with someone who is familiar with your personal situation this can help them provide excellent advice, become more acclimated and familiar with your finances and goals, and find the right home loan program for you. Also, many brokers will offer discounted rates or fees when you go through them again for your home financing needs.

If your mortgage broker served you well before, then they will serve you well again.

Should I refinance my ARM to a fixed rate - There are benefits and negatives to both a fixed rate and an ARM mortgage, but the for the borrower who is thinking about refinancing there ARM into a fixed rate there are many things to consider. By Refinancing your ARM to a fixed-rate mortgage you will avoid the payment increase when your ARM interest rate begins to adjust. You will also lock into a more stable payment for the term of your mortgage.

If you are in a situation in which you MUST refinance, pay close attention to what is going on in the market. Make sure you are dealing with a savy and honest loan officer or Mortgage Broker. Sometimes the yield curve becomes inverted, and you can actually refinance into a 30 year fixed mortgage, at a lower or equal rate than a 3 or 5 year ARM!

You need to find what your break even point is for your current loan. Have you already broken even? If not how much more will it cost you to continue in your current loan? Have an honest discussion with a broker to decide what is the best course of action.

In an economic climate where short term rates and long term rates are about the same, it may be better to refinance adjustable rate mortgages into fixed rate loans. Home buyers are willing to share the risks of an adjustable rate mortgage when the adjustable rate is significantly lower than fixed rate mortgages. If such advantage no longer exists, fixed rate mortgage is often a preferred choice.

When deciding to refinance your adjustable rate mortgage (ARM) into a fixed rate mortgage, you first need to decide how long you think you will be in your home. If you are in the second year of a 5 year ARM, and only see yourself in the house for another 2-3 years, then you may want to wait until it is absolutely necessary to make the change. Your mortgage broker can advise you as to what the market may do, but they will not know what is in store for years to come. Concurrently they will also not know the number of years you will be in the home, along with any changes in your life that mey require you to move.