Financing in Laguna Niguel>Question Details

Saintsfan, Home Buyer in Laguna Niguel, CA

I want to buy a property, and need a lender. How do I find the right one? Timing is an issue and I have been hearing that it takes 60-90 for lenders

Asked by Saintsfan, Laguna Niguel, CA Wed Jan 12, 2011

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Howard Menedahl’s answer
Hello Saintsfan ~ Banks and mortgage companies are very busy right now and for most it is 60 - 90 days for a closing to take place. I work for a private bank which focus is on purchase money mortgage transactions and we can close your transaction in less than 30 days. I will guarantee that we can close your loan in less than 30 days if we work together, also have a guarantee that I will call you back within one hour of your leaving a message if I don't you will receive a credit of $250 towards your closing costs. Peoples Bank takes pride in our guest services - our motto "treat everyone like it is your grandmother" and she always loves a call back!

Stephen
0 votes Thank Flag Link Sat Mar 9, 2013
Hi Saintsfan!

Thanks for posting this question on Trulia. I think that it will be a good idea to talk to your real estate agent. As agents we deal with lenders all the time and after so many transactions we can tell you which loan officers are honest people who look out for your interests and deliver on time, and which ones do not. I have a few go-to mortgage brokers and I recommend them to all my clients (remember there is no kickback in it for us, so it is just our honest opinion). If my client can't figure out the best loan for him with one of the officers, we put him in contact with the other. Either way these are all people I like to work with and whom I trust.

Would you like me to put you in contact with one of my recommended loan officers? She is a top loan officer here in coastal Orange County. She is extremely qualified to help you find the right mortgage and very non-pushy (which I personally really appreciate about her :) ). Call me at 949 395 0960 or e-mail me at jaleesa@jaleesapeluso.com

Have a great day!
Jaleesa Peluso
Berkshire Hathaway Laguna Beach
http://www.jaleesapeluso.com
949 395 0960
jaleesa@jaleesapeluso.com
1 vote Thank Flag Link Mon Mar 10, 2014
Rudi,

Just so that the advise seekers are well informed, REO properties can close as quickly as you want them to. If you're a cash buyer and there are a lot of them out due to the low list prices on REO's, you can close within 30 days. As an REO specialist, my clients have gone to the closing table anywhere from 25-60 days. The later has been primarily due to their ability to obtain FHA backed improvement loans (203K). This product will certainly take a minimum of 60 days but it is worth the wait to get money backing (at closing) on improvements you're going to make immediately, thus, elevating the value and comfort of your purchase.

I do agree with the the timing on short sales but with the right agent, these too, can move along within 60-90 days.
1 vote Thank Flag Link Fri Jan 28, 2011
60-90 days seems long for a loan commitment. Typically, it will only take 30 days unless you're going for an FHA backed property renovation loan. If you're looking into the 203K products, then yes, 60 days.

Go directly to the bank you do business with on a regular basis and speak to their loan representative. Talk to anyone that has recently gotten a loan and see how their experience was. Ask family and friends but be careful because sometimes the family/friend lender is not the best you can do.

First, get pre approved to get an idea of your buying power. Interview a minimum of three lenders and make your decision. Best of luck-
1 vote Thank Flag Link Thu Jan 20, 2011
Hello Saintsfan:

I can close purchase transactions expeditiously. Usually around 21 days or so.

https://www.watermarkhomeloans.com/nickpetronis/
0 votes Thank Flag Link Fri Nov 1, 2013
60 -90 days for lenders to make decisions on offers for short sales, less30 days to get a mortgage!
0 votes Thank Flag Link Tue Jul 12, 2011
Saintsfan,

The majority of what you are hearing about lenders needing 60 to 90 days to close a loan is just hype from the media. If you have verifiable income such as tax records, bank statements and pay stubs, a lender should be to close your loan within 30 days. Please call Steven Saucer at 949-533-0642; he's a mortgage broker and should be to place a loan for you at the best rates. Good luck!
0 votes Thank Flag Link Tue Jul 12, 2011
Wells Fargo has a quaranty to close your purchase in 30 days or they will pay your first mortgage payment. Also, they only charge a flat fee of $1090 plus Appraisal and Credit Report. Best bet is to go with a Bank due to the fact most REO properties want you to have a prequalification letter from a Bank. But no matter what you have the right to shop for the best rate and term that fits your situation. Ryan Sison @ 714-458-5434 is a Wells Fargo Loan Rep. Tell him Shannon referred you! He's great!!
Web Reference: http://www.movetosocal.com
0 votes Thank Flag Link Fri Mar 25, 2011
Well, Saintsfan, there was an article last week in the Wall Street Journal stating that, for the first 9 months of 2010, 55% of all mortgage loans were closed by the 4 main banks. The article also stated that the banks were not worried about the fact that their margins (i.e., interest rates) were higher than other lenders because they weren't concerned about competition. As a result, you can go to a bank, but chances are you'll pay more in interest and it'll probably take you 60-90 days. Also, the loan originators at banks are not required to be licensed by the state Dept. of Real Estate (DRE), nor are they required to be certified by the national certification program (NMLS - pursuant to the SAFE Act of 2008). I am a direct lender based in Corona del Mar, with another office in Aliso Viejo. My DRE license number is 01147020, and my NMLS number is 290058. I have over 18 years experience and can provide you with the financing you need within the time frame you need it. As a direct lender, with the option of also brokering your loan, I am able to offer exceptional rates and service. If you're still looking for a lender, give me a call or drop me a line, and let's chat about your options....

Thanks for your consideration.

Richard Cabin
Directors Financial Group
949.644.6240 - direct
714.318.6962 - cell
rcabin@directorsfinancial.com
0 votes Thank Flag Link Sat Jan 29, 2011
First of all if you are looking at properties and you want to close fast, do not choose a Short Sale or REO. On a "Standard Listing" we can close a purchase money loan in less than 30 business days. We are a Correspondent Lender with six major banks.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Sun Jan 23, 2011
Hi Saints Fan,

Sorry about your team! As a Mission Viejo resident....I still have Mark Sanchez to root for.

As far as lenders....I know a few that I really like. I would rather put you in touch personally....so if you would like a referral, send me an email and I will get you their contact information. I like Keven Budde as well....but he's a direct lender with B of A and there might be better programs out there than he can offer.

Karen
0 votes Thank Flag Link Thu Jan 20, 2011
The best lender I know, is also the most experienced - over 35 years of local great service. Contact the Kevin Budde team - located in Laguna Niguel. Kevin's number is 949-422-2075.

His rates are MORE than competitive, and he can do most loans in 30 days, because all the processing is done right in his Laguna Niguel office. You wil NOT find a better lender.

Good luck in your home search. ( By the way, if you also need a Realtor, I have over 34 years experience selling real estate in South Orange County.)
Web Reference: http://BobPhillips.net
0 votes Thank Flag Link Wed Jan 12, 2011
The best place to start is with friends, family, co workers , neighbors. I am sure you will probably get a response from several right here on Trulia shortly. 60-90 days seems a bit excessive for a residential loan approval.
0 votes Thank Flag Link Wed Jan 12, 2011
Talk to an experienced local Realtor in your area, ask him/her to refer you to a lender. Realtors who have been in the business for a while have lots of connections to lenders, and will refer serious buyers to ones that they know are good and honest. Best of Luck
0 votes Thank Flag Link Wed Jan 12, 2011
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