Mortgage Company in Santa Barbara, CA
Most people look ahead to shopping for a loan as much as they look ahead to having a tooth pulled: they're scared. It's not that they don't want it or don't need it to finance their home. But they're afraid they'll end up paying too much in fees, or get sky-high rates, or they may not even qualify. It does not have to be this way. Dan Marchiando knows it's crucial for you to find a loan you will be cheerful with for years to come. By asking you the best questions and listening carefully to you, he gets information that allows him to select one suited to your financial and life situation a loan you can live with.
Disputing Credit Reports
read moreYour credit report is a record of your credit activities. It lists all of your credit card accounts and loans, the balances as well as your payment history. It also shows if any action has been taken against you because of unpaid bills such as a lawsuit or bankruptcy filing. Because businesses use this information to evaluate your applications for credit, insurance and employment, it's important that the information in your report is complete and accurate, especially if you plan to make a big purchase like a home.
Five ways to make the loan process
read moreWe should say that "working with us" is the first way! When you let us help you find the loan that's right for you, you truly are taking advantage of some of the area's best technology and expertise to get you a loan decision and funding on your loan quickly. 1. Have everything ready and in one place. Elsewhere on our website, you'll find a list of things you might need in support of your mortgage application. If you get them all together and keep them in a safe, portable place like a special pouch or folder, you can cut down on time spent rooting around for things we may need.
Improving your credit score
read moreIt's virtually impossible to change your score in the time between when most people decide to buy a home or refinance their mortgage and when they apply. So the short answer is, you really can't "on the spot." But there are strategies you can live with to make sure when you apply for a loan your score is as high as possible. Make sure that the information each of the three credit reporting bureaus has on you is consistent and up to date. Order a copy of your credit report about once a year, and dispute any inaccuracies.
Using gift money for your downpayment
read moreFor many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesn't have to be the case. As your mortgage broker, I can help you find creative ways to come up with your down payment. One way to fund a down payment is by using a gift. For many loan programs, a gift may be used for a portion or all of the required down payment. Money given as a gift for a down payment can't come from anyone. Family members are the usual source.
Your down payment
read moreThe amount you have available for a down payment will affect what types of loans for which you can qualify. Down payments typically range from 3 to 20 percent of the sales price for the property. Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan. Take extra care to document the sources for any monies to be used for the down payment or closing costs.
An overview of the loan process
read moreMake no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit. This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you?
read moreWhether refinancing your home mortgage or getting a new mortgage to purchase a home in Santa Barbara, San Luis Obispo, or Ventura counties, or anywhere else in the state of California, the question of when to lock your rate should be considered carefully. I can help you make an informed decision, for your situation. Typically home buyers don't want interest rate surprises, and want to know with certainty what their mortgage payment will be in the end, so for clients buying homes in purchase transactions, I usually recommend that they lock in a rate as soon as possible after their purchase contract is set.
What is the difference between
read moreYou'll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to "why" is that federal law requires the lender to tell you both. The A.P.R. is a tool for comparing different loans, which will include different interest rates but also different points and other terms. The A.P.R. is designed to represent the "true cost of a loan" to the borrower, expressed in the form of a yearly rate. This way, lenders can't "hide" fees and upfront costs behind low advertised rates.