Member:
If you are thinking about buying your first home or your fifth home your first step is to get Pre-Approved. The Pre-Approval removes most of the stress from the finance end of the transaction. It allows you to focus on finding the right home and negotiating the best price. Sellers value buyers that are "Pre-Approved". We provide "Pre-Approvals" at no cost to our clients.
Purchase transactions can be structured a variety of ways depending on the needs of the borrowers.
Our mission is to help our clients determine which financing options best fit their unique circumstances by asking the right questions and educating our clients about the various options, and their benefits, cost and risks. There are hundreds of loan options available with features that most borrowers do not understand. We help our clients navigate the mortgage landscape.
See below some of the most popular current financing options:
Conventional and Jumbo: Conventional loans provide up to $417,000 for a single family residence, condo or townhouse. Jumbo Loans are loans above $417,000.
- Fixed Rate 30, 20 15 and 10 years loans.
- Adjustable rate loans with 1, 3, 5, 7 or 10 year rate guarantees.
- Interest only loans.
- Owner Occupied .
- Second homes.
- Investment properties (rentals). Single unit, duplex as well as 3 and 4-plex financing is available.
- Stated income options.
- No Income and No Asset documentation loans available.
Interest Only: High home prices in San Diego require some homebuyers to look for the most affordable way to buy a home. We have interest only products that can reduce payments to allow homebuyers to get into their first home. Usually, the products are interest only for 3, 5, 7 or 10 years. Usually these loans then become adjustable rate loans. We also have a 30 year fixed rate loan that is interest only for the first 10 years and then amortizes fully over the last 20 years. We don't recommend these loans for everyone but in certain circumstances they are appropriate.
100% Financing: We have a large assortment of 100% financing options. Some of them also have "interest only" options. These can be a single 30 year fixed rate loan with mortgage insurance or more commonly an 80% first trust deed and a 20% second trust deed.
Second trust deeds: Use for purchase, refinance or home equity.
80-10-10 = 90% financing: 10% Down Payment , First Trust Deed is 80% and the second is for 10% of the purchase price. No PMI.
80-20 = 100% financing: No Down Payment, Two loans, one for 80%, the second for 20% of the purchase price. No PMI.
Option ARM's: This is a ARM that gives you three options for your monthly payment. We only recommend an Option ARM in very special circumstances. They are advertised in a very misleading way. The vast majority of borrowers have no idea how they work. The start rate is the least important variable and the "margin" is the most important. Beware of the "Pre-Payment Penalties" usually associated with this product.
First Time Buyer Programs Zero or low down payment with easy income and credit qualifying standards. Certain low income borrowers qualify for lower interest rates.
VA Loan: Loans up to $417,000, 100% financing available for qualified veterans. Seller can pay all closing costs.
FHA: The original low down payment, easy qualifying loan. Loans up to $362,790.
Construction Loans: Finance the construction of your new home and set up the permanent financing at the same time with one application, one appraisal and one set of closing costs. When your construction is complete you roll into your permanent financing with a minimum of expense and paperwork. No re-qualifying, No reappraisal.
Other Loan products: Give us a call, if we don't have it, you don't need it.