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Replies (8)
- Marvin Collier, "MarvinCollierJr"
- Contributions:74
Possibly one of the best ways to get a loan broker you can trust is by referral from a friend. I am an independent Real Estate Broker but I do not do loans, I only sell real estate. Another good source for refinancing options is your current home mortgage company and your current bank or credit union. I do know a mortgage broker whom I refer. If you contact me directly I will send you her contact info. I can personally say that I have used her for a few years on various buyer scenarios and in my opinion she has always performed very well.
ne of the real differences between say a mortgage broker and say your bank or credit union is that a mortgage broker will have several different sources of possible financing; generally it is to their advantage to offer you the best source they have. Because the best one possible way to check if what a mortgage broker is offering you is competitive is to compare the offer with that of your current mortgage holder, financial institution, bank or credit union and even another broker.
- Alexander Good, "Good4Homes"
- Contributions:29
Content removed by Zillow due to violation of Good Neighbor Policy.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Wendy- Most of what you are asking may be found on my website. I am not located in San Diego, although we lend throughout the state. If you have a super conforming loan or jumbo loan, I would be happy to assist you. ... Best wishes.
Happy funding, Rudi
Happy funding, Rudi
- Jim Pendleton, "Mr.Mortgage tm"
- Contributions:12
As a mortgage professional, I recommend Googling your suspects and see if there are any derogatory statements on file. The internet can be a great place for honest independents, but the bad ones will always be found out. Most of the Johnny Come lately's have been eliminated by the new banking reforms, You need someone with the right attitude, willing to help you solve your problems.
Good luck in your search,
Jim Pendleton MrMortgage
Good luck in your search,
Jim Pendleton MrMortgage
- Cory La Scala, "San Diego CA Realtor"
- Contributions:419
Mortgage brokers & lenders make their money originating loans, and that's what they know, so you should be prepared to hear a new purchase loan or refi is the way to go. Real estate agents make their money selling homes, so be prepared to hear that buying a new home is the way to go (isn't it always a great time to buy?) But some professionals, the good ones, will give you their honest opinion, even if it means they won't make money either by having you as a client, or taking the time to explain your options. They will see you as a potential future client. My advice it's to talk to several people to see what they have too say (or sell), just like you would if you were hiring someone for sure, and who's to say you won't? And, you really have to take your whole financial picture into account, so I'd strongly advise talking to a tax professional as well. Cory La Scala Independence Realty
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Cory- Excellent response. TU. .... Best wishes.
Happy funding, Rudi
Happy funding, Rudi
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
The main factor to define your decision will be the current market value vs. loan amount of the potential converted property. You will need at least 25-30% equity (depending on loan program) to be able to count potential rental income toward qualifying. If you don't have this much existing equity, you would need to qualify for both payments, which is a burden to many applicants.
If you do have sufficient equity, strong credit and verifiable income, then you'll be equipped to decide if it makes sense to hold or sell.
In particular if you have owned the existing property for a long time, retaining the property is often the best move in CA on account of the Prop 13 benefits combined with the ability to build equity with further principal reduction as well as available Schedule E deductions.
You'll have to analyze the potential expected cash flow on retaining, vs. whether your planned down payment would be sufficient to achieve a new purchase loan payment in your comfort zone for your purchase price target range.
Definitely a lot to consider. I'm in Mission Valley, would be happy to discuss in more detail with you and answer any questions you might have.
- Clay Branch, "Georgia Loans"
- Contributions:7836
Independent Mortgage Broker needed
How do I find someone who is independent--and not affiliated with a mortgage group that will just want to see me their loans?
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