Financing in 92270>Question Details

gogators, Other/Just Looking in Columbus Grove, OH

Who are the best banks to work with in the Palm Springs/Rancho Mirage area? Are they lending? What are most requiring as a down payment?

Asked by gogators, Columbus Grove, OH Thu Jan 12, 2012

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Your personal financial status determines the loan terms-There are loan variations for nearly every situation and level of funds--Your credit score and your Debt to Income ratio will drive the situation-

try Wells Fargo-1st Bank-US Bank and don't leave out the various mortgage Brokers who are very competitive -

JIm
0 votes Thank Flag Link Wed May 29, 2013
I would recommend Calling Bradley Mullen of Franklin Loan Center in Palm Desert at 760-969-1046. They are knowledgeable, local and generate the loan off of their own balance sheet. They are very creative but if you have 20% they can open you up to many options.
0 votes Thank Flag Link Wed May 29, 2013
As a long time Professional in the real estate industry it is in my nature to help others.
It is a known fact that a Bank will offer lower rates and more flexible terms by utilizing the Bank Portfolio and all of California is eligible.
Our office has had numerous "Professional" and “First Time Buyer” clients contact a FREE referral service (no Realtor attached) at http://www.DoctorMortgageAlliance.com and pleasantly amazed at the programs available to given occupations, including First Time Buyer’s with any occupation.
It is wise to build a strong banking relationship for other loan needs that you may have, starting with the mortgage is a huge step in building this alliance
.
DMA has placed clients with several different banks:
Bank of Ohio, BBVA-Compass , RBC, and Huntington to name a few.

If you are a practicing Physician MD, Resident, Dentist, Attorney you are eligible. Or even on your way to graduating from your med school you are eligible to apply for this special mortgage program.

First Time Home Buyer’s also are included in a special program that offer 5% down, NO MI, and other cost saving features – so to answer your question – this program should prove to be of value.

Both program’s offer mortgages with 5% down, NO MI, very low rates, 30/40/15 year fixed terms plus 5/1 and 7/1 arms, and low close costs. The program even allows the seller to pay ALL the closing costs.
Plus the Mortgage Officer's with the referred Banks have all been professional with vast experience.

So our advice is simply contact via the web site, or email info@doctormortgagealliance.com and a representative should make contact as they have with my clients.

Good luck with searching for your new home!
0 votes Thank Flag Link Fri Jan 20, 2012
All Banks - Mortgage Bankers - Mortgage Brokers- Lend by the Same Guidelines.

Should you be seeking a "Fit-In-the-Box Loan" there is no difference. Rates typically won't vary more than .0125% - If you are just shopping rated any will do.

Everyone is lending. Time from application-to-close varies.
Is this a purchase or refinance? Purchase transactions fund faster than refinances.

If you are seeking the lowest down payment- VA-0% down (maybe) - FHA- 3.5% - Fannie Freddie- 5% minimum.

If you are seeking an "out-of-the-box loan"- Portfolio & Private Money Lenders vary on down payment or equity position- Happy funding- Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Sat Jan 14, 2012
Try Walter Neil with Franklin Loan Center. He works with many agents in the desert and can answer all of your lending questions in a short phone call. Give him a call. 760-779-8137. If you need any other referrals, just give me a call, text or email me and I will be glad to help you.
0 votes Thank Flag Link Fri Jan 13, 2012
You are assuming that a bank is your best bet. There are many options for financing and banks are only one. You should explore all avenues and compare not only rates but service. Down payment requirements are primarily driven by what program you chose and won't vary from lender to lender. FHA mortgages require 3.5% down, not 1-3%. You can get into a conventional loan with 5% down. If you'd like an honest evaluation of your situation, contact me.
Web Reference: http://TripointMortgage.Net
0 votes Thank Flag Link Thu Jan 12, 2012
Call Danielle Barton from BBVA Compass Bank (760) 341-3622 when the prompts start press 0. Compass Bank has some of the best rates and guidelines.
Web Reference: http://www.edbrophy.com
0 votes Thank Flag Link Thu Jan 12, 2012
The best banks in order are Wells Fargo-!ST bank-Bank Of America and US Bank--
Yes--lending is driven by your debt to income ratio --You'll need 45% or better--
20% down is the primary threshold for the majority--some unusual circumstances are available for less--VA at 0 down--FHA at 1-3% is possible with MI--Regards--Jim--
0 votes Thank Flag Link Thu Jan 12, 2012
That's involved not in loved.

And I look forward to finding out more about your requirements so we can work together on your financing and home purchase. Are you looking for permanent home or vacation spot and are you a US resident or from outside the country?
0 votes Thank Flag Link Thu Jan 12, 2012
We have a number of banks and lending institutions in the area to work with. Each transaction and individuals in loved are different.

Also, the amount of down payment needed depends on those people and their circumstances.

Not meaning to be vague but the real answer is that
0 votes Thank Flag Link Thu Jan 12, 2012
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