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Pre-Qualification or Pre-Approval?

March 1, 2022

Pre If You’re Ready To Make Your Dream Of Owning A Home A Reality, Or If You Are Ready To Upsize Or Downsize, You Know The Importance Of Getting Pre-Approved For Your Mortgage Loan.  But What Is The Difference Between Pre-Qualifying And Pre-Approval?

If you’re ready to make your dream of owning a home a reality, or if you are ready to upsize or downsize, you know the importance of getting pre-approved for your mortgage loan.  But what is the difference between pre-qualifying and pre-approval?

Before you embark on your house hunting journey, determine what you are comfortable spending, both in a down payment and monthly mortgage payment plus other fees.  What you qualify for and what you are comfortable with are not necessarily the same.

Prequalification is an early step in your home-buying journey.  This just gives you an estimate of what you might be able to borrow based on information you provide about your finances and a credit check.

Preapproval is as close as you can get to confirming your creditworthiness without having a purchase contract in place.  If you are preapproved you will receive a preapproval letter, which is an offer (but not a commitment) to lend you a specific amount.  This approval is usually good for 60-90 days, and a smart step to take when you are ready to put in an offer on a home.  It shows the sellers that you are a serious homebuyer and that you will be able to complete your purchase of the home.

In today’s market, where houses are flying off the shelf and sellers are being bombarded with multiple offers, being preapproved is a huge plus in your offer process.  It also will save you time by only looking at homes that you can afford.

If you get declined for your preapproval, don’t despair!  Ask the Lender to explain why you were declined.  If your credit score was too low, or you have difficult to prove income, bankruptcy, etc. which is somehow not qualifying you for a home loan at this time, then Sun Pacific Mortgage can rescue your homebuying efforts based on your loan-to-value.  We offer private money loans that are equity based and not based on a credit score.

Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com to see if we can come to your rescue when things look bleak with your mortgage search.

How About Some Fine-Tuned Speed Financing?

February 24, 2022

Team Speed Speed Means That Every Part Of The Mortgage Process Takes Precision. One Can’t Offer Fast Mortgages Without It. Lucky For You And Those You Know, You’ve Still Got A Direct Line To Our Fast Private Money Loans When You Need Us!Fine-Tuned Fast Lending

Speed means that every part of the mortgage process takes precision. One can’t offer FAST Mortgages without it. Lucky for you and those you know, you’ve still got a direct line to our fast Private Money loans when you need us!

Recently Helped Borrowers & Buyers

Screen Shot 2022 02 22 At 8.30.23 Am Speed Means That Every Part Of The Mortgage Process Takes Precision. One Can’t Offer Fast Mortgages Without It. Lucky For You And Those You Know, You’ve Still Got A Direct Line To Our Fast Private Money Loans When You Need Us!At Sun Pacific Mortgage, our team is ready to provide you or someone you know, with fine-tuned service and speed. Call today at 707-523-2099 or visit our website at www.sunpacificmortgage.com to see how we can help.

Where Is the Real Estate Market Headed in 2022?

February 22, 2022

Where Is The Real Estate Market Headed In 2022 Bidding Wars. All-Cash Offers. Limited Supply. Sound Familiar? That’s Because These Are The Words Of A Song Being Sung Every Day In California.Bidding wars. All-cash offers. Limited supply. Sound familiar? That’s because these are the words of a song being sung every day in California.

After two years of unprecedented growth will there be a cool-down and possibly a fall in sales and prices in 2022? Will we ever return to “normal”?

Recently, several housing experts reported in USA TODAY that home sales are likely to be slightly lower in 2022 while home prices will continue to rise due to the ongoing housing shortage.

Another real estate brokerage firm had this to say:

“I don’t think we will see a correction, maybe a slowdown.”

A CEO of a realty company stated:

“I don’t see any sort of crash in the near future. No way.”

The National Association of Realtors (NAR) forecast calls for median price gains of between 5% and 7% this year. This increase contrasts to the 2021 increase we saw of a 20% average rise.

If you want to take advantage of the housing boom, but don’t qualify for a conventional mortgage, give Sun Pacific Mortgage a call at 707-523-2099 to discuss a private money loan or visit our website at www.sunpacificmortgage.com. We are a family-owned and operated business serving only California for 34 years. We offer fast mortgages for owner-occupied and non-owner-occupied residences, as well as business purpose loans. Our mortgages are usually completed in 7-30 days making a Buyer’s offer look exceptionally good to a Seller.

How Fast Do You Need It? We Have Speed!

February 17, 2022

Image1 For The Sake Of Speed, Let’s Get You Some Fast Facts About How We Can Help With Your Refinance Or A Purchase:Speed Lending

For the sake of SPEED, let’s get you some FAST facts about how we can help with your refinance or a purchase:

  • FAST Approvals
  • Difficult to prove income OK
  • Credit Problems OK
  • Financing up to 3+ million

Loan Of The Week

A Real Estate Agent and her Buyer came to us as they were in a do or die scenario, about to lose a $25,000 deposit and a great home in Sebastopol.  This Buyer was past close of Escrow date when her conventional Lender backed out at the last minute.  This Buyer needed a $678,000 loan – fast!  Within 48 hours we gathered all needed items and had approval 2 days later, then just 3 days later we successfully had a relieved Buyer, a happy Seller and a super appreciative Real Estate Agent.  HOME LOAN DONE!

At Sun Pacific Mortgage we provide FAST private financing to those Borrowers who want fast loans and those turned down elsewhere. Visit our website at www.sunpacificmortgage.com or call today at 707-523-2099 to see how we can assist you and your Buyer with our SPEED services.

The Six C’s of Private Money Lending

February 15, 2022

Private Lender Private Money, Also Known As “Hard Money,” Has Become A Popular Alternative To Conventional Loans, Especially During These Stressful Sellers’ Market Days Which We Have Been Experiencing For The Past Several Years.Private money, also known as “hard money,” has become a popular alternative to conventional loans, especially during these stressful sellers’ market days which we have been experiencing for the past several years.

Why is that? Because FAST is the name of the game in this dog-eat-dog market and private money can be available in as little as a week through some hard money lenders, such as Sun Pacific Mortgage. Unlike conventional lenders where the loan process can take months to get approved, Sun Pacific Mortgage has much less red tape and requirements for these private money loan programs.  Our 33+ years in business has allowed us the experience to become truly expert in the loan approval process, solving any bumps that come up along the way. Service all of California Home Buyers, Borrowers, Realtors, Conventional Lenders, Mortgage Brokers and Investors alike; Anyone who need a quick close or who has been turned down for a conventional loan.

Let’s examine six factors that influence a private money lender before entering a contract with a borrower:

  1. Collateral:  Lenders are in the equity business, not the real estate business. They will consider all aspects of the property (physical condition, its marketability, and its profit potential), but the loan-to-value (LTV) is of primary importance.
  2. Conditions:  To minimize risk, Lenders look at other property inventory and at the resale or rental value of the given home/land.
  3. Capacity:  Lenders must consider the ability of the Borrower to carry out the terms of the loan and their existing obligations.
  4. Capital:  Lenders expect the Borrower to have significant “skin-in-the-game” at the closing table.
  5. Character:  Many Lenders look at the character of the potential Borrower. They look for liens and judgments which could affect the property under consideration.
  6. Credit:  With asset-based hard money lending, credit isn’t the most principal factor, but it may affect the interest rate the borrower pays.

Using a reliable, experienced company like Sun Pacific Mortgage to either invest or borrow money through, has been a wise choice for thousands over the past 3 decades. Give us a call at 707-523-2099 to see what we can do for you. You can also find us at www.SunPacificMortgage.com.

Feeling The Need For Speed – Private Financing!

February 10, 2022

Feeling The Need For Speed – Private Financing!Feel The Need? The Need for Speed!

Us again – dropping into your inbox with FAST mortgage solutions.  If you or someone you know are in the need for speed financing – or you’ve been turned down elsewhere for a refinance or purchase loan – give us a call so we can help you, like we did before.

Here’s some recent Borrowers we helped with our Private Money programs:

Recently Funded

Screen Shot 2022 02 07 At 11.01.51 Am Us Again – Dropping Into Your Inbox With Fast Mortgage Solutions.  If You Or Someone You Know Are In The Need For Speed Financing – Or You’ve Been Turned Down Elsewhere For A Refinance Or Purchase Loan - Give Us A Call So We Can Help You, Like We Did Before.

At Sun Pacific Mortgage we are FAST in getting home loans approved and funded with our Private Money programs.   Call today at 707-523-2099 or visit our website www.sunpacificmortgage.com to see how we can help you, or someone you know, get that needed loan done with FAST SPEED!

Home Has Never Been More Important

February 8, 2022

Home Has Never Been More Important

If this year proved anything, it is the importance of our home. Never before have Californians spent so much time living and working in it. All the good, the bad, and the ugly was revealed to us as we spent our lives at home these past couple of years.

While most homeowners in both Northern California and Southern California may have understood the financial benefits of homeownership, they now understand that a home also brings feelings of gratitude, security, pride, and comfort. While the world around us has changed almost overnight, our homes were redefined.

A study from Unison reports that:

  • 91% of homeowners say they feel secure, stable, or successful owning a home.
  • 64% of Americans say living through the pandemic has made their home more important to them than ever.
  • 83% of homeowners say their home has kept them safe during the Covid-19 pandemic.
  • 70% of homeowners feel more attached to their homes than before the pandemic.

As one CEO stated:

“Aside from the financial factors, there are several social benefits of homeownership and stable housing to consider. It has long been thought that buying a home contributes to a sense of accomplishment. Still, most individuals fail to realize that homeownership can benefit your mental health and the community around you.”

If you have been contemplating jumping into the real estate market but have concerns that you will not qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com and find out what a Private Money loan could do to make your dream home come true. We have been in business for over 33 years helping folks just like you fulfill their desire for homeownership with our alternative programs.

Fast Direct Loans – Trusted Over 34 Years

February 3, 2022

Trusted 10000 Promo Edit Are You Running Into Stops Or Difficulties With Loan Approval? You Won’t Have These Stops With Us!

Need A FAST Home Loan?

Are you running into stops or difficulties with loan approval? You won’t have these stops with us!

At our family owned and operated company, we have helped well over 10,000 Borrowers/Buyers with our FAST Private Money Programs – just like below:

Loan of the Week

A Buyer was sent to us by his Agent after being turned down for conventional financing due to debt-to-income ratio being too high.  This Buyer/Borrower was in contract to purchase an investment property in Sonoma County but wanted to access equity from his primary residence in Monterey for the down payment.

Escrow was set to close in 12 days and this client needed a loan of $720,000.  We got right to it and the result was a relieved Agent, a very happy Borrower/Buyer and a joyous Seller because the Escrow successfully closed in such short order!

Call Us at 707-523-2099 or visit our website at www.sunpacificmortgage.com to see how we can help you, a friend or family member.

Wine Country Real Estate Trends

February 1, 2022

Hero Sa Real Estate Courtesy Pam Golding Properties 1920X1280 Looking Back Over The 2021 Real Estate Market Is Mind Boggling. From Mid-March When We Were Told To “Shelter-In-Place” To The Rapid Acceleration Of The Market In May And Continuing Throughout The Remainder Of The Year We Experienced A Ride We Never Saw Coming.

Looking back over the 2021 real estate market is mind boggling. From mid-March when we were told to “shelter-in-place” to the rapid acceleration of the market in May and continuing throughout the remainder of the year we experienced a ride we never saw coming.

Frantic Buyers looked for properties in areas where they never dreamed of living before because of the transition to virtuality. With working from home becoming the norm, new possibilities opened, and Buyers rushed to snatch up more rural or country homes. The Wine Country was a first choice for many residents of Silicon Valley, San Francisco, the East Bay, and the Peninsula.

Predictions nationally see real estate prices appreciating only 5.7% in 2022 as opposed to the 15% appreciation of this past year, but the Wine Country could well be an exception. The lack of inventory and the lure of the country keeps calling, making North Bay prices continue to look inviting and worth the prospective battle to win.

If you didn’t find your new escape in 2021, it is not too late. Mortgage financing problems? Check out our website for all that we offer at www.Sunpacificmortgage.com or Call Sun Pacific Mortgage at 707-523-2099 to examine the private money loan programs available for hard-to-fund properties or Borrowers. With 34 years of experience behind us, we have seen it all and have found ways of helping thousands of our clients find the mortgage program that works for them.

Lately, one of our more requested loans is for a Bridge Loan, allowing the Seller/Buyer to purchase the new property before selling their present home. In the tight market we face today, contingency offers are less likely to be considered by Sellers. This is a short-term solution for Buyers.

Can We Make Your New Year Sparkle Brighter?

January 6, 2022

Happynewyear

May Your New Year Sparkle Brighter with Private Money!

Avoid any loan slows or disapprovals by coming to us for a FAST Private Money mortgages that’ll make your New Year sparkle brighter!

Loan of the Week

Program: Investment Property Refinance
Loan Size: 1.07 million
Loan to value: 69%
Location: Santa Clara County
Why Came To Us:  Borrower was sent to us by their Agent as their conventional lender backed out at the last minute, credit not reaching desired level.  They were in Escrow already, to pull cash out of an investment property as the down payment on a new primary residence. They were about to lose out on a new home if this refinance wouldn’t go through.  We didn’t want to let this happen!

Our specialty is speed and those turned down elsewhere.  If you, a family member or friend falls short of qualifying for a conventional loan call us at 707-523-2099 or visit our website at www.sunpacificmortgage.com.  We’ll let you know how we can help to start your New Year off with a sparkle!

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