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Lending Differs from Brokering With Mortgage Lending, rather than Brokering activities, our competitive rates are 30 Year Fixed and 15 Year Fixed Rate Mortgages, and Tandem (i.e, with a 1st mortgage) Equity Lines of Credit (HELOCs, Adjustable), and Fixed Rate 2nd Mortgages. If you don't want one of these mortgages, we will find you the best rate in the universe by brokering your loan to one of hundreds of lenders with which we have strong relationships. We will leverage our relationships to push your approval through as well, which is unique. We had $1 billion of originations last year so our relationships are very strong.
Click here to go back to the home page (310) 623-2690 24 hours sasher@olympiawest.com
Comments by Mortgage Professor | Loan Programs | Priced On-Line by Seth Asher | Fixed-rate programs are usually identified by their term. | Fixed-Rate Programs | | 40-years | | 30-years: | X | 25-years | | 20-years | | 15-years | X | 10-years | | Balloon-loan programs are identified by the period for which the quoted rate holds. The balance is due at the end of that period. | Balloon-Loan Programs | | 5-year | | 7-year | | | Adjustable-Rate Programs | | The first figure is the initial rate period, the second figure is the rate adjustment period after the initial rate period ends. ARM programs are also identified by the interest rate index that they use, and other features. See Requirement 4. | 1 month/1 month | | 3 months/3 months | | 6 months/6 months |
| 1 year/1 year |
| 3 years/1 year |
| 5 year/1 year |
| 7 years/1 year |
| 10 years/1 year |
| 3 years/3 years | | 5 years/5 years | | | FHA Programs | | | VA Programs | | | Second Mortgage Fixed-Rate Programs | X | | Second Mortgage Adjustable-Rate Programs | X | | | State Coverage | | | Not all lenders operate in every state. | CA, CO, CT, DC, FL, IN, KT, MD, MA, MO, TN, VA, WV |
| Property Types |
| Few lenders make loans on all types of properties | Single-family | X
| 2-4 family homes | X
| Condo, less than 5 stories | X | Condo, more than 5 stories | X | Co-ops | | Manufactured homes | | Land | | In a planned unit development (PUD) | | Farms | | Commercial | | | Alternative Documentation |
| The precise details of alternative documentation requirements may differ a little from one lender to another. | Stated income, stated assets, or both: income and/or assets are disclosed but not verified by lender. | X | No ratio: maximum ratios of housing expense and total expense to income are ignored by lender. | X
| No income, no assets, or both: income and/or assets are not disclosed. | | Shoppers should expect to pay more for a waiver of escrows or a float-down, less for accepting a prepayment penalty. A float-down is a lock plus the right to a lower rate if market rates decline. | Options | | Waive escrow of taxes and insurance | X | Prepayment penalty | X | Float-down | X | Interest-only | X | Temporary buydown | X | | Special Loan Purposes | | All of these cost more than loans taken out to purchase a home for permanent occupancy, or to refinance with no cash out. | Cash-out refinance | X | Use house as vacation or second home | X | Rent out house |
| Borrower a non-resident alien |
| Construction loan | | Bridge loan | |
| Maximums and Minimums Across All Programs | Max & Min of Lender | Warning! The maximums and minimums vary for different programs. For example, the longest lock might be available for ARMs but not FRMs. Further, the stated maximums and minimums are not likely to be available on the same loan. Dont expect to get a 107% loan, for example, if you have a 540 credit score. (Note: you can get your credit score on www.myfico.com.) Housing expense is the sum of the mortgage payment, property taxes and homeowners insurance. | Maximum ratio of loan to value | 100% | Minimum credit score | 500 | Maximum loan size | $120 million | Minimum loan size | $50,000 | Maximum ratio of housing expense to income before taxes | 50% | Maximum ratio of housing expense plus other debt payments to income before taxes | 65% | Longest lock period available | 60 days |
Click here to go back to the home page (310) 623-2690 24 hours seth@themortgagenate.com
ONLINE PRICING Purchases, 30 Year Fixed, to 80% loan-to-value, 6 month Hard Prepayment Penalty:
Stated Income/Stated Asset (SISA), FICO > 720, SFR: 6.5%
Full Documentation Income and Asset, (FULL) FICO > 720: 6.625%
Low Rise Condos (<5 stories) & 2nd Homes: Add 0.5% on to above rates
Cash-out Refinance: Add 0.5% on to above rates
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Fixed Rate 2nd, to 90% combined loan-to-value: 7.0%
Low Rise Condos (<5 stories) & 2nd Homes: Add 0.5%
Cash-out Refinance: Add 0.5%
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Adjustable Rate 2nd: 6.75% (Prime + Zero Margin)
Low Rise Condos (<5 stories) & 2nd Homes: Add 0.5%
Cash-out Refinance: Add 0.5%
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HIGH RISE CONDOS (>5 STORIES) ADD 0.75% ACROSS THE BOARD
2-4 FAMILY HOMES ADD 0.75% ACROSS THE BOARD
2nd Home ADD 0.75% ACROSS THE BOARD
Investment Home ADD 1.0% ACROSS THE BOARD
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THERE MAY BE OTHER ADD-ONS OR DEDUCTIONS TO THE RATE FOR UNIQUE SITUATIONS, SUCH AS INVESTMENT HOMES. PLEASE E-MAIL US YOUR SCENARIO AND WE WILL GIVE YOU THE BEST RATE AVAILABLE IN THE COUNTRY. IF WE CAN'T LEND THE MONEY MYSELF, WE WILL SEARCH FOR THE BEST RATE FROM A COUPLE OF HUNDRED LENDERS WE WORK WITH.
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Click here to go back to the home page (310) 623-2690 24 hours seth@themortgagenate.com
LENDING-RELATED FEES FROM MY COMPANY*:
Appraisal: $500 (may be higher for larger properties)
Underwriting: $500
Processing: $500
Admin: $50
Credit Report: $25/$50 ($25 if single, $50 if married)
*Your state's laws may require attorney representation on the lender's side
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DISCLOSURE ABOUT MY COMPENSATION
My company generally makes 1% of each loan that we originate. The larger the loan, the more money we make. We are committed to making less than 1.25% of any loan that we do because our business is largely built on referrals, which would suffer otherwise. Upward variations in interest rate you are quoted can have a small effect on the variation in my compensation, however ouir compensation is limited as stated above. At any rate, our borrowers know we are committed to letting this have no effect our mortgage advice, especially since Seth is also a Certified Financial Advisor.
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RATE LOCK REQUIREMENTS:
To lock your rate, we must have a completed, approved application and...that's it! The borrower is not committed, however we, as a UML, are comitted to doing the loan in question at that rate until the lock expiration date surpasses. When a lock expiration does occur, the loan will be re-priced at the current market rates.
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Click here to go back to the home page (310) 623-2690 24 hours seth@themortgagenate.com
Copyright Seth Asher 2005
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