Most people inheriantly know that a loan officer quotes rates and fees and then follows-up with the borrowers to keep them in the loop and guide them to a successful closing. But there is more to this than meets the eye...
Buying a home or working to refinance and take advantage of low rates is stressful enough. I work with borrowers to help understand and take full advantage of market dips, saving money on opportunistic events. As part of my job, I'm monitoring the market all day in real time and subscribe to an advisory service which helps to stay on top of changes in the pricing of Mortgage Backed Securities (MBS -which are the instruments that your interest rate is based on) so that we can move quickly to "Lock" if there is a threat of rates increasing or condfidently "Float" if rates begin drifting downward.
As a borrower, you probably have a relatively small window in which to make this decision and there is a lot on the line. So, you can rest assured that with me you have a partner you can look to who will help you interpet and weigh the pros and cons so that you can make a decision that is right for you.
As someone who has owned a condo, I have an intimate understanding of the workings of this property type, especially as it relates to Hi-Balance Conforming and Jumbo loan products. And, more specifically, I understand all of the detailed requirements lenders are looking for with regard to the health of the Home Owners Association (HOA), including litigation, insurance and ownership concentration.
In San Francisco, and many parts of the Bay Area, live-work lofts are popular and have unique zoning requirements that must be met.
Home buyers and owners in the SF Bay Area are in a unique position because of the extreme prices and have a number of options in which they can potentially structure a deal to get what they are seeking to achieve. Is an all-in-one loan with PMI best? Or, what about Lender Paid Mortgage Insurance (LPMI)? Or, a first mortgage and Home Equity Line of Credit (HELOC) combo? Or would you be best putting a little more money into the down payment?
All may be viable options, but we'll help you sort thru them with an eye not only on best pricing, but also with regard to your personal financial situation, so that you not only save the most money but also take a loan that feels comfortable for you based on where you are in your life.
Some of the other ways in which I assist my clients by exlplaning the following;
Everybody makes mistakes and life happens. Sometimes, an unfortunate event does occur prior to purchasing or refinancing a home. While we can't promise to remove all credit issues, we do work hard to educate and direct our borrowers to credit repair services and/or work for a rescore when possible during the transaction in order to either get the deal done or obtain more favorable pricing on the loan.