Mortgage Broker San Jose California

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!

Cash Advantage Loans - The cash advantage loan will allow you to finance your home and receive a check up to 2% of the loan amount after closing. The benefits for this mortgage option would be if a first-time home buyer needed to furnish their new home or had minor home improvements.

When refinancing some borrowers only qualify for a rate and term refinance, with a cash advantage loan the borrower will still be able to receive 2-5% of the loan amount.

Cash advantage loans are useful for debt consolidation. Cash can be taken out to pay off high interest credit cards versus the lower interest rates available on mortgages. Plus the mortgage interests are tax deductible which means more savings.

In Texas no cash is allowed back to the borrower when refinancing unless the borrower is taking out a Texas home equity loan. Texas home equity loans are limited to 80% ltv of the property and have more stringent requirements.

Steps to Take After Being Denied a Mortgage Loan - Has your application for a mortgage been recently turned down? Sometimes it can be hard to determine exactly why you were not approved, because these decisions involve a lot of different factors. Dont be shy about asking. The information you receive may help you improve your credit so you can qualify in the future.

Even if you don't qualify for a loan at one lender, you may qualify with another. If you've been denied a loan recently, call me at (866)-429-REFI ext 707 and I may be able to help. If I can't get you approved for a loan now, I'll tell you exactly what you need to do to get approved.

If you were denied a mortgage because of problems with your credit, tyr and find out specifically what the problem was so you can try to correct it. Many mortgage professionals will be happy to schedule a time to review your credit report with you.

If you were turned down for a home loan because of your debt to income ratio, find out if there is anything that you can pay off so that you may qualify in the future. Also, ask your mortgage professional if there may be a different way to structure your loan so that you can consolidate a little debt and lower your debt ratio so that you might be able to qualify that way.

If you were turned down for a home loan because it was property related, there are still things you can do to get you into that home. First determine who has more to gain from the transaction going through. If it is the seller, then thay may be willing to make the necessary repairs, in order for them to sell the home. If you want the home bad enough, then you may need to make the repairs.

Are purchase loans different than refinancing - Although all real estate loans are financed along the same guidelines there are some differences in purchase money loans and refinance loans.

Ironically some lenders will create a purchase as a refi, if you are in a lease option and have 12 months cancelled checks, you can potentially "refinance" the property based on appraised value and get a lower loan to value.

Some lenders will offer enhancements to the interest rate for new home purchases and higher down payments.

One of the biggest differences is there maybe loan to value reduction if you are planning to take money out on a refinance.

When you refinance their is a 3 day right of rescission period. Where as on a purchase, the transaction will fund that day.

What to compare when choosing an option ARMs - Although there are multiple things to consider when comparing option ARMs here are few of the basics.

Loan term
Initial interest rate - or start rate.
Initial interest rate period - or commonly referred to as introductory period. For example with a 1 month option ARM the initial interest rate is for the first month only.
Periodic adjustment – how often the interest rate will increase.

While in other mortgages borrowers are generally shopping for the bse rate with the least points, option arms are a little more complicated. You should examine the index and margin. The index is the variable portion of the rate, do some research about the various indexes to determine which will be fit your lifestyle best. The margin is the fixed portion. As with anything make sure when shopping you compare apples to apples, compare margins on the same index, etc.

Different lenders will follow different indices. Some follow the MTA and some even have there own indices such as the COSI or CODI.

When comparing option arms make sure to compare the lender fees. Often times lenders have the same programs but the fees can be different.

The margin, index & closing costs will all reflect into the APR but an Option ARM is more difficult because you must find everything that you are looking for. Such as how much will your payments increase each year and what is the payment rate (1%, 1.5%...).
After a thourough interview we can then place you in the proper loan program.