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Manuel.Amaya's Blog

By Manuel.Amaya | Mortgage Broker
or Lender in Phoenix, AZ
  • How do I avoid paying mortgage insurance on my new mortgage?

    Posted Under: Home Buying in Phoenix  |  July 31, 2014 12:35 PM  |  21 views  |  No comments
    How to avoid paying mortgage insurance is a great question I constantly get from my clients.

    There are many ways to avoid mortgage insurance.  One way is to choose lender paid MI.  This is where the lender eliminates the mortgage insurance premium and monthly payment, but still takes on the risk. In this senario, the lender will increase the rate slightly to accomodate the risk accordingly.  

    Another way to not pay mortgage insurance is to put more money down.  Typically 20% down will assist with avoiding mortgage insurance.

    There are some lenders that have special programs.  For example, I have multiple portfolio programs that can assist with avoiding mortgage insurance from conventional programs to jumbo loans.

    Features on my first time home buyers program if you had not own a home in the past 3 years is 3% to 5% down no MI and no payments for the first three months.  Call me for more information.

    On my jumbo loan greater than $417,000.00 in a loan amount, I can provide an financing of the first of 417k and the rest up to $970,000.00 in combine totals.  The first is at market rates of fannie mae and the second in our purchase money second program fixed rate at 4.50%.  The down payments is only 5% and must have a fico of 700 to qualify.  There is no mortgage insurance on this program as well.

    You may email me at manuel.amaya@bbvacompass.com or call me at 714-931-6129 which is my cell.  I work with clients direct as well as realtors.

    Manuel Amaya
  • How do I win an Offer...

    Posted Under: Home Buying  |  July 12, 2013 1:26 PM  |  149 views  |  1 comment

    How do I win an offer or bid...

    I commonly get this questions from my home buyers.

    My response is simple.  Yes, become qualified rather than pre-qualified.  The urgency or senario maybe as a seller, they may want to know if they have any possibility of losing the ability to buy that home and close concurrently with the house they are selling.  They need my buyer to be equally strong or stronger to close on schedule.

    Becoming qualified first is meeting with your bank or lender and have a full approval pending appraisal.  This means having all your documentation in; ie, Paystubs, Tax Returns, w2's, Bank Statements, Insurance information, any letters of explanation that is needed and the underwriter has cleared every possible condition that is needed from your part.

    Having a fully qualified letter of approval from your lender or bank proving your validity is more enticing to the seller rather than a pre-qual.  Prequal meaning just based off of credit you look like a great candidate to be approved with subject to conditions. 

    I also recomm my clients to be not so fixated on rates.  You have not locked your rate as of yet, and until we know you have won the bid or offer we will lock according to time estimated to close. To explain; the cost to lock a loan for 60 days may be more costly than to lock a loan at 15 or 30 days.

    Don't be cheap with your offer.  We all want a great deal, but lets understand that a great deal is based on perception.  If you buy this home and the value is greater in 5 years time, this is a great deal.  You bought at the perfect time.  Always look at what the purchase is doing for you now and in the future.  If you plan to rent it for a time or sell after a couple of years because of a job move, ask yourself, why finance at a full 30 year fixed?  Why not maximize your payment affordability per month and get a short term fixed rate or an adjustable?  Some some things to consider.

    Win your bid by being the strongest buyer you can be and be qualified to do so.  Listen to your realtor and loan officer.  Allow them to do thier job.  Relax and be at ease with the process.  THe pressure is on the realtors envolved and the loan officer/ lender to proform for you.

    If you have questions or are looking to be qualified to purchase your first or next home, please e-mail me at Manuel.Amaya@BBVACompass.com or call me at 480-783-6775, option "0".

    The programs I am able to offer are designed to match the need of my clients when they qualify.  I work for the Bank so rates are at the cheapest.  What makes me different is in service to my realtors and to my clients.  I believe honesty is the best policy and so is communication. 

    I truely hope this helps you and I wish you much success in your home purchase.

    Manuel Amaya
    Helping People Finance Homes Since 1988
  • Home Mortgage Options...

    Posted Under: Market Conditions in Phoenix, Home Buying in Phoenix, Financing in Phoenix  |  August 31, 2012 6:21 PM  |  218 views  |  1 comment
    With all the options in lenders to use to buy a home or refinance one, how can one find what or who is the best or good out there?

    I recommend interviewing your loan officer or banker.  Most are sales people by trade.  Ask about the process, what are thier processing times.

    Do not ask about rate:  Why, you ask?  In the beggining stages, you want to know that the person you are working with is a knowledgable, dependable and will return your calls.  You need to know that they understand they are working for you.  When it comes to rate there are many determining factors on what you will recieve and make a decision on, such as costs, APR, points and or discounts if any.  Once you have an approval you can make an educated decision to lock in your interest rate.
    Have your documents ready for what is needed:  The longer you delay, the longer it takes to get the process started or completed.

    Availability:  Make sure everyone that is part of purchase or refinance process is informed as to your availabilty and the type of communication that is best used whether it be by e-mail, text and or cell phone. By no means, please do not take vacations or be inaccessable during the process.  Nothing is more frustrating than trying to complete your financing and the lender or bank need a document and you are not available to produce what is needed.

    The more you know of the process and understand time frames, you will have a better experience through the loan process.  Understand that loans cost money, how much money depends your specific situation with credit and other factors.  Know your lender and know what discounts if any can be applied.  You will get a good sense of the market.  You realtor and mortgage person are tools to get your home financing done.  Use them as a team and you will come out on top everytime.

    My name is Manuel Amaya and I have been in the lending industry since 1988 and have been and worked through several recessions. I am very experienced and always take the honest approach of being upfront.  Now is the best time to buy or refinance. The market is at it's best now more than ever.

    If you are ready to get the process started and or want to discuss anything further, please do not hesitate to contact me.  I have many loan programs available and specialize in physician loans and foreign nationals.

    Lets talk today and you decide who will work for you.

    Manuel Amaya
    480-783-6798- Direct Line

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