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How to Get A Cheaper Loan
“San Diego Creative Investor Association make no warranties regarding vendor products or services offered.”
Thom MacFarlaneMortgage Banker- Home Loan Broker
NMLS #282091 CA DRE #01210469
Email: [email protected]: 858-485-0462Fax: 866-408-1408
www.homeloanwisdom.comwww.sibloans.com
Poster ID on SDCIA: homeloanwisdom
Not all home loans are equal. There are several factors that can impact your interest rate and/or costs of a real estate loan that you can personally improve upon and thus improve your terms. Though many investors and homebuyers miss out on all kinds of cost-saving methods when purchasing or refinancing a home, a little coaching may have helped them.
Here are a few practical ways to save when buying a home:
There may be some lender requirements in having established new credit and/or having limited derogatory since a negative event, but the he bottom line is that a very large segment of the people who have experienced adversity through a short-sale, foreclosure or even a bankruptcy - can buy again!
Have your credit score checked up front. Your score is one the primary determinates of your loan pricing. Oftentimes you can take immediate action to increase your score and hence improve your loan pricing.
Have the Lender (rebate pricing) or seller pay for part or all of your closing costs. If lender pays, you will give up a little bit in the interest rate, but it can save you precious thousands up-front if
If you are an investor of 1 to 4 units the lenders interest and terms are better if the loan is less than 75% of value. If owner occupant, use VA financing if possible. Few know how inexpensive VA financing is – you buy with no down payment up to $527,500 in San Diego County with NO private mortgage insurance and loans up to $1,000,000 in San Diego County.
Occupants can buy 1 to 4 units with just 3 ½% down payment! . If you are a first-time buyer and there are qualifying issues – perhaps parents can co-borrow with you. You would need to put 5% down from your own resources – one half of the down payment – the other half could come from parents – but in this case we are able to add your income to the parent’s income and you qualify based on the combined incomes. This is RARE and it works!
There are myriad ways to finance a home or investment property with bank financing. Check with me up-front and I will help you navigate the process.
