California mortgage loan

Recently I was in the situation when I needed to find a good home appraiser in a week. This task seemed really difficult for me… but I’ve found my appraiser with the help of Service Providers Search on Fizber.com: http://www.fizber.com/sale-by-owner-home-services/service-providers-search.htm  I found an excellent home appraiser in 4 days!

This service is really cool and helpful! It provider an opportunity to find lawyers, home inspectors, home appraisers, real estate agents, brokers, attorneys, home insurance companies, and mortgage providers in a certain area. All you need is to put down your address and choose the necessary service!

Apply for a loan you will be asked for certain documents. They needed by the lender to finish the mortgage loan process. I think that it is better for you to know about this ahead. That is why I prepared a list of mortgage loan documents for you, using information from http://www.californiamortgageloan.com/.

First of all you will need Income Items:

1. Homeowners Insurance Information - name and phone number of agent;

2. Social Security Award letters - for those on Social Security;

3. Copy of Driver’s License or photo ID and social security number;

4. Year-to-Date Profit and Loss Statement - for self employed;

5. Name, address, and all income earned from all employers for the past 2 years;

6. Current mortgage company name, address, phone numbers and account numbers - Purchase n/a;

7. Most recent 30 day pays stubs. Regular Loans;

8. Corporate or Partnership tax returns - if applicable;

9. Last three months bank statements - all pages of statements;

10. List of assets (include address, type of account, account numbers, balances);

11. Pension Award letter - for retired individuals;

12. List of employers for the past 2 years;

13. Last 2 years’ W-2 forms;

14. List of all open credit accounts:
- Charge accounts;
- Car loans (include account numbers, payment amounts, and balances).

15. Credit report;

16. Federal tax returns (1040’s) for the last two years, if:
- In a career where you are likely to take non-reimbursed business expenses;
- Own rental property;
- You are self-employed o earn more than 25% of your income from commissions or bonuses.

— Asset Items —

1. HUD1 Settlement Statement on recent sales of homes (a copy);
2. Checking or savings information;
3. Explanations for any large deposits and source of those funds;
4. Copy of latest 401K statement or other retirement assets (a copy);
5. Statements for two months on all mutual funds, stocks, bonds.
6. Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not closed (a copy).

For more information see —http://www.californiamortgageloan.com/loan-document.html
(here you will find calculators information about different types of mortgage loans in California and many other useful things)

<:3 )~~~~~~
Yours sincerely,
AlexSandra

Today speaking about financial institutions in California mortgage market I will tell you about savings banks and mortgage bankers.

— Savings Banks —

Another lender of great importance in the residential mortgage market in California is the savings bank. These institutions invest in both government-guaranteed and conventional mortgage loans. While single-family homes constitute the bulk of savings bank mortgage loans, their loans supporting multifamily units (including large apartment projects) have grown rapidly in recent years. Like life insurance companies, savings banks often prefer to acquire residential mortgages in large blocks, such as a whole subdivision, rather than loan by loan. Like savings and loan associations, savings banks have lost mortgage market share to other lenders due to severe loan losses and a weakening market for financial services in the regions they serve.

— Mortgage Bankers —

Mortgage banking houses act as a channel through which builders or contractors in need of long-term funds can find permanent mortgage financing. In providing this service, mortgage bankers take on portfolios of mortgages from property developers, using mainly bank credit to carry their inventories of mortgages. Then, within a relatively short time span, these mortgages are placed with long-term institutional investors. Mortgage bankers supply important services to both institutional investors and property developers. The developers receive a commitment for permanent financing, which allows them to proceed with planned real estate projects. Institutional investors, especially life insurance companies and savings banks, receive mortgages appropriately packaged to match the timing of their cash flows and risk-return preferences. The mortgage banker often secures servicing fees from institutional investors who purchase the mortgages he or she packages and sells. Many savings and loan associations and savings banks have become more active in mortgage banking in recent years.

Some addresses:

— 7 —

Friedlander Financial Corp

27392 Calle Arroyo #B-2
San Juan Capistrano, CA 92675

Call: 949-248-3885
They offer:  Conforming, Jumbo, Imperfect credit, No documentation loans.
Internet address: http://www.sellbuyrefinow.com/

— 8 —

Newport Lending Corporation

3388 Via Lido, 2nd Floor
Newport Beach, CA 92663

Call: 800-650-1160
They offer:  Conforming, Imperfect credit, No doc, Jumbo, FHA loans.
Internet address: http://www.newportlendingcorp.com/

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Yours sincerely,
AlexSandra

In my first post I promised you to tell something bout life insurance companies, so keep my promise.

— Life Insurance Companies —

Life insurance companies make substantial investments in commercial as well as residential mortgage properties. These companies will search national and international markets for good mortgage investments instead of focusing on only one or a few local areas. They often prefer to purchase residential mortgages in large blocks rather than one at a time.

In the past, life insurers preferred government-guaranteed home mortgages. In recent years, however, the higher yields available on conventional mortgages have caused some shift of emphasis toward these more risky loans. Despite the greater flexibility of conventional single family home mortgages, however, life insurance companies have been gradually reducing their holdings of single-family home mortgages and emphasizing commercial and apartment mortgages. Commercial and apartment loans often carry “equity kickers,” which permit the lender to receive a portion of project earnings as well as a guaranteed interest rate.

Some addresses, as usual :

— 5 —

Valley Wide Mortgage Services

1886 Prance Court
Simi Valley, CA 93065

Call: 805-582-0750 (ask for Rick Lee)
They offer:  Conforming, Imperfect credit, Jumbo, No documentation loans.
Internet address: http://www.valleywidemortgage.net/

— 6 —

Approved Mortgage Services, Inc.

990 Highland Dr. #212D
Solana Beach, CA 92075

Call: 858-481-2421
They offer:  Conforming, Imperfect credit, Jumbo, FHA, VA, No documentation, RHS loans.
Internet address: http://411ams.com/

To be continued…

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Yours sincerely,
AlexSandra

Today I would like to continue the description of financial institutions in California mortgage market…

— Commercial Banks —

In contrast to savings and loans, commercial banks in California have expanded their market share of nearly every type of mortgage loan. Overall, they rank second to savings and loans as lenders for the purchase of single-family homes, but hold more commercial mortgages than any other lender. The bulk of bank mortgage credit, however, goes for shorter-term loans to finance the construction of new commercial and residential projects, with other lenders usually taking on the long-term mortgage loans from these projects.

Commercial banks as a group have shown a strong interest in financing the so-called upscale homes purchased by higher-income families in recent years. Many of the individuals and families who purchased their first homes twenty-thirty years ago (in the 1970s and 1980s) with low down payments and limited living space have now become more affluent, two-earner families ready to trade up to a larger house with more amenities. These often custom designed homes command significantly higher prices and larger down payments. Moreover, banks usually view such loans as less risky than lower priced housing because the homeowner is typically in a higher-income category, with substantial savings to back up his or her income.

Some addresses:

— 3 —

Universal Residential Funding

2522 Chambers Road
Tustin, CA 92780

Call: 866-978-5028 (ask for Scott Dormaier)
They offer:  Conforming, Jumbo, Imperfect credit, No doc loans.
Internet address: http://www.universalresidentialfunding.com/

— 4 —

Franklin Bank, SSB

432A Peninsula Ave.
San Mateo, CA 94401

Call: 888-638-3817
They offer:  Conforming, Imperfect credit, Jumbo, No doc loans.
Internet address: http://www.aksmortgage.com/

To be continued…

<:3  )~~~~~~
Yours sincerely,
AlexSandra

You want to take a mortgage loan in California, I know it definitely, and otherwise you shouldn’t read this post

I would like to help you. Very well! So, let’s begin with main financial institutions in California mortgage market. As you are well aware, mortgage lenders tend to specialize in the types of loans they grant, and some are far more important to the residential market than to commercial mortgage lending. Moreover, even within the residential lending field, dif¬ferent institutional lenders will favor one type of mortgage (e.g., con¬ventional versus government guaranteed) over another and also desire a certain range of maturities. Some lenders are organized to deal with home mortgage borrowers one at a time, while others may prefer to acquire large packages of mortgages associated with major residential building projects. You will face with it not only in California, of course.

And now I will tell you about financial institutions in the mortgage market in more detail:

— Savings and Loan Associations —

Savings and loan associations are predominantly local lenders, making the majority of their mortgage loans in the communities where their offices are located. Moreover, S&Ls usually service the mortgage loans they make rather than turning that task over to a mortgage bank or trust company. Servicing a mortgage involves maintaining ownership and financial records on the mortgaged property, receiving installment payments from the borrower, checking on the mortgaged property to ensure that its value is maintained, and in the event of borrower default, foreclosing on the property to collect any unpaid balance on the loan. While historically S&Ls have preferred single-family home mortgages, they have diversified their portfolios in recent years to include many new kinds of assets, some mortgage-related and some not. Prominent on that list are mobile home loans; mortgage credit for the purchase of duplexes and other multifamily housing units; apartment loans; securities backed by pools of mortgage loans; and consumer installment loans for the purchase of automobiles, furniture, and home appliances, and commercial credit.

That is all about Savings and Loan Associations. In my next posts I will tell you about commercial banks and life insurance companies. And now I would like to impart some addresses to you, these companies specialize in mortgage loans in California. I think it will be a good idea to publish some of them in every post

Some addresses:

— 1 —

U S Loans Mortgage LLC

Call: 877-562-5123 x201 (ask for Fred Glick)
They offer: Conforming, Imperfect credit, No doc, Jumbo, VA loans.
Internet address: http://www.usloans.com/

— 2 —

Los Gatos Lending Connection

1873 Clifford St
Santa Clara, CA 95050

Call: 888-899-4537 (ask for Rich Iacovetta)
They offer:  Conforming, Imperfect credit, Jumbo, No doc loans.
Internet address: http://www.lglending.com/

To be continued…

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Yours sincerely,
AlexSandra