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Financing in San Ramon : Real Estate Advice

  • All853
  • Local Info44
  • Home Buying590
  • Home Selling14
  • Market Conditions45

Activity 34
Sat Jan 14, 2017
Cschwartz answered:
This isn't about hurt feelings. Do you realize that it costs a lender about $3,500 in expenses (not including the loan officer's commission) to close a loan? When the borrower signs initial disclosure documents, one of the documents they sign is an intent to proceed. As soon as you sign that document the lender relies on your word that you really do intend to proceed. They begin writing checks to: The processor, title company, fraud investigator, compliance team, doc providers and a dozen other people. When you order a lock, the lender is going to put aside the cash to fund your loan. In JB's case I think the lender is going to set aside over $600,000 and pay interest on that money while he waits for JB's transaction to close. This isn't funny or trivial. How'd you like to be paying interest on $600k when the borrower is playing games like this?

Running two transactions at the same time and not disclosing that fact right up front to both lenders is straight up unethical
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0 votes 51 answers Share Flag
Mon Sep 19, 2016
Shane Milne answered:
We offer 3% down LPMI conventional financing for primary residences in all 50 states. We can compare LPMI vs. BPMI to determine what is the better option for you. I'd be happy to help.

Shane Milne | Lending in all 50 states | NMLS #81195 | 949-322-3616 direct
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0 votes 1 answer Share Flag
Tue Apr 19, 2016
Cacurakjohn answered:
I own my home 100% and its in an llc, I need a loan do to the fact im not working and plan on selling it to pay off said loan. its worth about 460k, located in Naples Fla. I am a realtor. Many back surgeries. ... more
0 votes 8 answers Share Flag
Tue Mar 8, 2016
Five Stars answered:
As of the spring 2016 - we offering the following options:
1 loan up to $850,000 - 95% financing, no monthly PMI.
Combo 1st and 2nd mortgage up to $1,000,000 - 95% financing. No PMI
90% financing up to 1.5 mil
680 credit score needed.

These programs are full documentation (assets and income) We offer other solutions for reduced documentation, investor and vacation homes has well, please contact us below to discuss the details.

Five Stars Mortgage
National Jumbo Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
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0 votes 7 answers Share Flag
Fri May 15, 2015
Soniajanki answered:
s we’ve mentioned countless times, the VA home loan program comes with a laundry list of benefits, from purchasing with no money down and caps on what borrowers can pay in closing costs to incredibly competitive interest rates even for those with lackluster credit.

Veterans United also offers the Lighthouse program, which helps veterans improve their credit free of charge.

But there’s another big one that sometimes gets swallowed up in all the talk about purchasing without a down payment: The lack of private mortgage insurance (PMI). Avoiding any kind of mortgage insurance saves VA homeowners from forking over thousands of dollars in mortgage insurance during the initial stretch of their mortgage term.

VA borrowers don’t have to worry about coming up with a wad of cash to close. In fact, borrowers in some cases can secure a home without spending a dime up front. One thing all VA borrowers have in common is they’re able to save money each month that other homeowners miss, allowing them to pay down debt, cover regular expenses or pay down their principal, which can shave years and thousands of dollars in interest from their mortgage.

Veterans who secured a VA loan last year will save $19 billion in private mortgage costs over the life of their loans, according to VA estimates.

The no-down payment mortgage will and should remain the VA Loan Guaranty program’s signature benefit. But it’s important that PMI doesn’t get lost in the shuffle. Something to remember when the time comes to evaluate your lending options.

Click Here :
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2 votes 5 answers Share Flag
Tue Jan 20, 2015
Sandy Thompson Girolami answered:
If the loan is in the closing dept I sounds like you are almost there. Once the loan gets a clear to close and goes to the closing dept you should be able to close in a day or 2 if necessary. 4514 ... more
0 votes 6 answers Share Flag
Thu Aug 15, 2013
Alexander Greer answered:
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at You can check us out at I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
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0 votes 5 answers Share Flag
Thu Aug 15, 2013
Alexander Greer answered:
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at You can check us out at I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
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0 votes 5 answers Share Flag
Wed Aug 14, 2013
Deborah Garvin answered:

As already mention, lender paid mortgage insurance is an option; however, the interest rate will be higher. Single premium buyer paid mortgage insurance is another option, if you have the necessary funds.

Alternatively, there was once again options to do a 80% first and 10% second loan. The underwriting guidelines for the second are fairly restrictive (minimum 700 credit score, for example); however, the terms of the line of credit are very good.

I just did a refinance for a family member utilizing this program and it saved the borrower considerable sums over the FHA loan she had previously. The program is available for purchase and refinance options.

As always, the numbers speak for themselves...a comparison of all of your options is the first step.

All my best,

NMLS #279125
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0 votes 16 answers Share Flag
Sun Jul 28, 2013
Jessica Bateman answered:
$729,950 for FHA which allows a smaller down payment of 3.5% with a 580 or higher score.
0 votes 9 answers Share Flag
Fri May 24, 2013
Rick Lane, JD answered:
Iron Oak Home Loan has many programs in this area. Very nice, experienced people who will work hard to get you what you need.

Please call Rich Mendoza, (925) 803-2465,, or Scott Liming, (925) 803-2462, ... more
0 votes 8 answers Share Flag
Sun May 12, 2013
Here is my oppinion.

First a knowlegable go get 'em loan officer is more important than the lender you choose. First of all all lenders go to the same place for the mortgage, second of all the biggest thing that influences what you will pay is the market movement.

In this market many lenders are taking 3 months or more to fund loans. I actually quit a job last June becuase the company I worked for started doing that. Here is the thing, you can only lock in the rate for so long, extensions cost money. So if they do not close the loan quickly you wont be getting the rate they quoted if rates go up. They seem to want to deliver that rate anyway if rates go down.

When shopping for a loan be sure to ask, "when can I lock that rate in?"

First of all many lenders do not lock rates. Second of all many lenders are just using bait and switch tactics. If they won't lock your rate for several weeks you are really rolling the dice to go with that lender. Also they can quote you any rate they think will get you in the door rather than the true and correct rate. I really wish the regulators would crack down on this, but for now they are turning a blind eye to it.

One of the new things happening are these large boiler room lending operations, you know who many of them are because many of them advertise non-stop on the radio. Lending Tree, Cash Call and Greenlight come to mind. They have a alot of people answering the phones and they need to make the phones ring, so they more often than not they cut corners by advertising rates that you are not likely to get.

The major banks BofA, Chase etc. have figured out that they can charge more and they do. Right now the are also known for taking a long time closing loans.

I would then say your best bets are: smaller banks, credit unions, smaller mortgage bankers and believe it or not many mortgage brokers are a great choice. I feel lucky to work for a smaller bank that has great rates low fees and closes quickly.

Finally, when you do apply for a loan, the lender will be asking you for a lot of stuff. Give it to them as quick as possible otherwise it becomes your fault the loan did not close quickly.
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0 votes 5 answers Share Flag
Sat May 11, 2013
Robert Chomentowski answered:

You have a lot of options. 10% down is the sweet spot I believe, as it is a lot less money than 20% down yet the mortgage insurance is much lower than 3% or 5% down options. Let me know if I can assist. I have written articles on my blog about how 10% down. ... more
0 votes 11 answers Share Flag
Thu May 9, 2013
Sorry I missed your deadline. I did not get this until just now.

I would have to ask though, why do you need a hard money loan?

I'm just saying you may only think you need one. I fund loans for people all the time that did not think they qualified. ... more
0 votes 4 answers Share Flag
Thu May 9, 2013
Yes all lenders have them.

The no cost option always has a higher rate and so they are never free.

What you need to do is compare the monthly savings on the loan with closing costs to the loan without closing costs. The payment is always higher on the one with no closing costs so how soon will you save those closing costs if you select the lower interest rate option.

Then lets say you save 300 a month on a loan with $3000 in fees. (Hypothetical) then you break even in 10 months. Also some times you have to pay the fees to get the lower payment in order to qualify.

Right now for most people the math is working out better on the loans with no closing costs. This changes all the time and it depends on your situation. You need a good loan officer who will sit down with you go over the numbers so you can take the best loan of you.

Rich Littlefield
Pactrust Bank
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0 votes 5 answers Share Flag
Thu May 9, 2013
Grace Tam answered:
The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property). are you looking for home loan or can you be more specific. ... more
0 votes 1 answer Share Flag
Mon Apr 1, 2013
Vaioman answered:
these guys are slimy sales people. do not use them. i went with them and after 2 months of excuses and false advertising; i decided not to go with them. it is all about sales and the manager Dan Mason is very unresponsive. He hides behind the computer and does not address any concerns. ... more
0 votes 13 answers Share Flag
Mon Aug 27, 2012
grannygreat428 answered:
I am trying to buy a short sale home under 30 k with 10 k down payment . My credit score is 570.
What are my chances of getting the balance financed ?
0 votes 12 answers Share Flag
Thu Jul 21, 2011
Ben White answered:
Never sign anything that does not reflect what you are told!!!!!!!!!!!!!!!! This is certainly a RED flag if I ever saw one. The GFE should reflect what your closing cost should be and show all bank charges. If they differ from what you are told, back away and seek another venue for your loan. I would shop anyway, you will find someone who is honest. ... more
0 votes 18 answers Share Flag
Mon Feb 22, 2010
Erica Starkey answered:
if you would like the names of some good lenders that handle these loans I would be happy to pass them along.

Erica Jones Starkey
Broker, Co-Founder
JSCA Real Estate Group
Providing Superior Solutions for Your Individual Real Estate Needs
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0 votes 8 answers Share Flag
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