Profile picture for Bryan Mecsey

Bryan Mecsey

Lender
Specialties:
Purchase Loan,
Refinancing,
Home Equity

Advice

  • (196 Contributions,
  • 4 Best Answers,
  • 18 Helpful)

Contributions are sorted newest to oldest.

Jumbo for SF owner occupied 4-plex

Answer

Hi Michelle,The minimum down payment would be 30% with our bank.  I would recommend discussing with a lender to see if you can include rental income to improve your DTI.Best,Bryan

  (0)
I can't get pre approved for an FHA loan

Answer

1.  Your picture is amazing2.  Do a bit of research on 580-620 lenders.  FHA allows it, but there are some additional overlays which can make it challenging to acquire.  Also, as many will bring up, they may have less favorable rates/fees than a normal FHA loan.  But, if you are stuck and need to buy, there are certainly lenders out there who offer this.

  (0)
GFE Review

Answer

This is not a 30 year fixed correct?  This is an adjustable?

  (0)
I have been pre approved through Quicken Loans, can anyone advise if this is the right way to go?

Answer

Hi Dirayami,This is completely impartial advice as I lend in CA at a smaller boutique lender...You should work with whoever YOU know, like and trust.  The agents below mentioned why THEY like to work locally, but you might like the convenience that an online lender offers.  Mortgages can be tedious and complications can arise.  Work with someone who you trust to stand in your corner during the tough times and get you what you want.  If you think that your Quicken Loans banker is that person, then stick with them.Also, online lenders request local appraisals through appraisal management companies.  I am always confused by this myth that lenders would pull in an appraiser from a different market to appraise a home.  That would be a terrible business decision. This would lead to very few closed deals, and the business spending a fortune bringing loans in just to deny them in process.So, follow your gut.  Talk to a few lenders and work with the one that you would like to work with.Best of luck in the home buying process,Bryan

  (0)
100% financing in California?

Answer

Hi Austin,No 100% Conventional High Balance options that I am aware of.  Seems like a lot of risk that I doubt investors are willing to take.If you find something, please share. :)Best,Bryan

  (0)
VA Loan- how much will you ACTUALLY pay out of pocket?

Answer

If you were not to get any seller/lender concessions, you would be looking at about 3-4% out of pocket.  So, if the purchase price is $350,000, the estimated total costs would be $14,000.  As mentioned below, often the funding fee will be financed and VA loans can offer competitive lender credits.  Often, you will be able to come to close with nothing out of pocket.Feel free to reach out through my profile if you have any further questions.Best,Bryan

  (0)
How would I go about getting a loan on my property?

Answer

Hi lkwdsean9, How much would you like to take out? You can either look at a cash out refinance (standard mortgage), or a Home Equity Line of Credit (HELOC). Feel free to contact me through my profile. Best, Bryan

  (0)