All Forum Posts by: Chayson Descisciolo

In terms of cost I'm a fan of low or no-cost loans when it comes to your primary residence. I'd aim for $3k or less in loan costs (not including other costs: ie property taxes, insurance, interest). An appraisal may not be mandatory. Fannie/Freddie will determine if we're able to waive your appraisal. 

A great resource for finding a local broker is https://findamortgagebroker.com/homeowner-homebuyer. Since you're in CA you have a lot of options as CA is basically the lending capital of the country. I'll send you a DM with some additional info.

Hey @Ron Singh your best bet is going to be an independent mortgage broker. Faster, cheaper, easier, and much better experience than a big bank like wells/bofa. You would have been able to get pretty close to your target with little cost at the beginning of March. Things have been pretty volatile in the market recently but I'd recommend finding a mortgage broker you feel good about and speaking with them. Might need to wait a little bit to get the rate you're looking for but a good broker will get your file lined up and ready to go so that as soon as that rate becomes available you can lock it.

The rate sheet goes a little lower than that. You definitely picked a great time to do it though. I'm a mortgage broker in CA, if you have any questions feel free to reach out.

Hey @Benigno Cunanan lenders make money as a percentage of loan amounts. Let's say they make 1% on a loan. On your loan of 60-90k they would only be making $600-$900 as opposed to a $500k loan where the 1% would be $5k. In order to make the profit margin they want they'll crank your interest rate up or charge you more in origination. Also, investment property loans do have higher rates then owner-occupied financing.

Hope that helps a bit.

Hey @Parris Edwards I'm in Orange County. If you have questions on scenarios or guidelines feel free to shoot me a message.

@Lindsey IskierkaSounds like there's a lot of confusion here. I'm not going to comment on the fraud part, but I think the offer isn't being conveyed correctly. It sounds like you're approved for a loan of $875k, but if $200k is earmarked for reno then you're really only offering 675k. 

Why not just offer $775k, build 100k into the 203k loan renos, then use the hard money for the rest of the reno? Same outcome but now seller doesn't need to worry about taking additional funds?

@Bryce Stclair Industry-wide the changes go into effect Jan 1 2019, but my go-to lenders started taking and funding the new limit loans starting Dec. 1

Most lenders don't do HELOCs since there isn't much money in it. Like Melvin mentioned I'd recommend a local bank or credit union.

The limit has changed, you're at $484,350 now.

@Benjamin Douglas I definitely recommend the broker route. As someone that has worked both sides I'm constantly amazed at the margin that is built into most of the large banks/online lenders. I'm on the broker side now and when I compare to the big box banks/lenders the difference in rate is mind boggling.

Also, I wouldn't recommend just going with the cheapest lender you can find. I'd talk to a few and try to find someone you click with and trust. I've found that trust is one of the biggest factors that can make your loan process go smoothly. Especially in a purchase there's usually something that doesn't go completely according to plan. If you're working with someone you trust it will take a ton of stress away when one of those challenges does pop up.

VA loans are a little more nuanced than your standard conventional loan, but if you have any questions feel free to ask. I've done hundreds of VA loans. They're really awesome products.