This website is a unique and useful resource
for you and your clients.
There is great information here to help your clients clarify and quantify the dynamics that go into all their home financing decisions, including: loan options, paying points, weighing the cost difference between mortgage insurance vs. a home equity line, whether it makes sense to refinance, and the right use of a reverse mortgage. Here are some examples of more ways that I can help you:
Keys on Time Program: I can offer a Keys on Time preapproval, which gives your borrower the option of making a purchase offer without a loan contingency and guarantees a close in 17 calendar days or less, subject to a few limitations.
Outside-the-box: If you have a client with an unusual scenario, call. There is a long list in Unconventional loans of some of the challenging scenarios that I have experience with. If you have a client who is having trouble getting financing, don’t give up until you run the situation by me.
Book co-branding: I can make co-branded copies of my book, Mortgages: The insider’s Guide available to you at a substantial discount if you would like to share it with clients who are looking for a better understanding of mortgage strategy, process, and products. If you would like a complimentary copy of the book to check out, please email me.
Calculators: You or your buyers can use this dynamic calculator to figure a total monthly housing expense for a potential purchase. The property tax figure automatically calculates an estimate for a California homebuyer based on the purchase price. You can enter in your own figure for homeowner’s insurance, and a number for HOA dues and/or mortgage insurance based on your situation and if applicable.
Great niche loan program: There is an exceptional loan program that provides a very competitive 30 year fixed rate without mortgage insurance for borrowers purchasing a home for less than $700,000 and who have 10% or less down payment. The program is available for homes in low-income census tracts. Because ‘low-income’ is relative, some of these census tracts are in very desirable areas of every county in the bay area. Check out this zoomable map that will let you see if the areas in which you have listings are in a qualified census tract.
Reverse Mortgages: Because a reverse mortgage effectively lets a senior buy a more expensive house than planned without incurring any additional upfront or monthly cost (except for slightly higher property tax), reverse mortgages are becoming more common for down-sizing seniors. These loans are now very tightly regulated, and the abuses that sometimes occurred in the past are almost non-existent. Reverse mortgages must be approached with a very careful consideration of all the ramifications, combined with expert financial advice. If you or a client want to know more about reverse mortgages, please let me know.
Though I have written a book on residential mortgage financing, I am always discovering something new – there are so many nooks and crannies in the mortgage market. For example, I am seeing a growing awareness of how great VA loans can be in the bay area market – loans of over $1 million with very low rates, and very low down payments – and how many veterans and real estate agents don’t realize that VA loans can be a great option even on very expensive homes. Bridge loans and piggybacks are coming back, as are high loan-to-values on $1 million+ properties. I could list many more examples.
I am always available to answer questions about qualifying and give you feedback about loan scenarios. I can provide an update on current interest rates and trends, information on new loan products, and a sense of the overall mortgage market. Call me anytime.