Home > loan

What Are Homeowners’ Biggest Concerns?

April 20, 2017

Pic Buying A Home In California Is One Of The Biggest Purchases We Will Most Likely Make In Our Lifetime.

Buying a home in California is one of the biggest purchases we will most likely make in our lifetime.

There was a good article recently from Pacific Union about homebuying (see link below).

This experience is a major investment in time, money, and emotions.  The process can definitely be intimidating for first time home buyers, particularly.

And the anxiety doesn’t end when the papers are signed.  There are worries that plague every homeowner even after the keys have been delivered.  Here are some helpful tips to benefit new homeowners in today’s market:

1. Being “House Poor”:

This is a situation where the person is paying a large amount of their total income just to maintain the roof over their head.  These people have little discretionary income and might even find it difficult to cover other financial obligations.  Knowing what your budget can afford before beginning your house hunt will prevent you from falling into this trap.

2. Not Understanding Escrow, Mortgage, and Taxes:

Real estate terms and procedures can be very confusing for the uninitiated.  Having your agent and/or broker explain terms and processes in laymen’s terms is critical if you are to feel confident making this major decision.

3. Unexpected Expensive Home Projects:

No one expects to be buying a “money pit”, but if a home inspection does not reveal a potential problem, the buyer needs to be prepared to pay for the repairs.  For this reason it is mandatory to review disclosures and pest reports so you can plan.

4. New Neighborhood and Neighbors:

Do your homework before you move in.  Take a few tests runs at various times of the day and night to get a feel for commute times and any environmental issues, like noise.  Get to know your neighbors. They can be a great source of information regarding service providers.

Worrying and anxiety over a home purchase in California does not necessarily indicate regrets, even though studies have shown that half of home buyers would change some aspect of their buying experience.  In the end homeownership is very exciting and few regret their decision to embark on this adventure.

If you are looking to purchase a home in San Francisco Bay Area, Los Angeles County, Santa Rosa, or other areas in California, consider our Hard Money loan programs as an alternative financing option. Call for a free consultation today, (707) 523-2099.

Pacific Union article: http://blog.pacificunion.com/what-are-new-homeowners-biggest-worries/

Get Ready For Spring!

April 6, 2017

1 The National Association Of Realtors (Nar) Recently Reported That The Top 10 Dates Sellers Listed Their Homes In 2016 Were Mostly All In April, May Or June.  If You Are Considering Taking Advantage Of This “Real Estate Season”, It Is Time To Examine Your Best Mortgage Options.  

The National Association of Realtors (NAR) recently reported that the top 10 dates Sellers listed their homes in 2016 were mostly all in April, May or June.  If you are considering taking advantage of this “real estate season”, it is time to examine your best mortgage options.  

If you should find yourself in a situation where you stumble on your dream home, but have not sold your present one, fear not, a Bridge Loan can rescue you (https://www.sunpacificmortgage.com//blogs/bridge-loan-beneficial/).

This loan option is often preferred over a contingency offer, especially in a hot real estate market.  With a Bridge Loan the buyer can make a clean offer assuring the seller he has a firm commitment to the deal.  Bridge Loans are short term loans usually of 12 months.  This type of loan usually gets paid off with longer-term financing sometime in the near future, or from the sale of the prior property.  As the name implies, it provides a “bridge” from one transaction to the next.

At Sun Pacific Mortgage and Real Estate we have executed many of these loans and funded many a transaction from the “dead deal” pile.  Give us call at 707-523-2099 to explore the ways we may assist you with your next real estate deal.

Hard Money Loan Tutorial

March 29, 2017

Approved When You Apply For A Conventional Loan, Lenders Are Very Interested In Your Credit Scores And Your Income.  If You Have A Solid History Of Repaying Your Debts And Your Debt To Income Ratio Is Acceptable, You Will Be Approved For The Loan.When you apply for a conventional loan, Lenders are very interested in your credit scores and your income.  If you have a solid history of repaying your debts and your debt to income ratio is acceptable, you will be approved for the loan.

Applying for this type of loan can be an unpleasant experience.  The process can be painfully slow, and, if you have negative items on your credit report or your income is difficult to prove, you might never get approved.

Hard Money Lenders approach the lending business from a different angle.  We are more concerned with the collateral securing the loan.  The property values are more important than a negative on your credit report. Generally, hard money loans are short-term loans lasting one to five years.  In many cases this gives the borrower time to qualify for a conventional loan at a better interest rate.

Why Use Hard Money?

Some of the more significant benefits of using a hard money loan are:

Speed:  Hard Money Lenders are more concerned with collateral and, therefore, are less likely to allow credit issues to hold up the process.

Flexibility:  Hard Money Lenders evaluate each deal individually and are not subject to the very regulated underwriting process.  Individual Lenders are able to tweak a deal to make it more acceptable to the Borrower.

Approval:  As long as a Lender is confident that the property values are good and this would allow one of his Private Investors to quickly recoup their money, should the Borrower default, approvals are much easier to obtain than conventional loans.

When Does Hard Money Make Sense?

Difficultly proving income and loans requiring a fast close are examples of problems that can be solved by a hard money loan. This type of financing is also beneficial for short term loans such as fix-and-flips or when a Bridge Loan is the only way to secure a property before selling another property.  

If you are considering a hard money loan, Sun Pacific Mortgage would be happy to help!  Call us at 707-523-2099 and within just a couple of minutes we can prequalify you.

Property Refinance in Mountain View California

March 21, 2017

1 A Local Mountain View Realtor Referred His Home Buyer To Me After They Had Exhausted Conventional Loan Programs. I Immediately Called The Buyers And Got Them Preapproved.

A local Mountain View realtor referred his home buyer to me after they had exhausted conventional loan programs. I immediately called the buyers and got them preapproved.

Because the Buyers were combining households, their debt did not qualify them for a 30 year jumbo fixed rate bank loan. They had found a dream home in Mountain View they had to have, and they were able to come up with a decent down payment.  Unfortunately due to debt, they could not qualify for a conventional loan.  This is where we came in! 

Sun Pacific Mortgage was able to fund this home loan of $555,000 for 12 months and close this deal on time.

Their real estate agent was very pleased because it happened so quickly and smoothly and, of course, the Buyers were equally excited to accomplish the purchase of their dream property in Mountain View!

Visit our Mountain View location’s website here: http://www.mountainviewhardmoneylending.com/

If you are a Real Estate Agent with a similar scenario, give us a call at 707-523-2099. See how we can help you rescue a loan turned down elsewhere!

Happy Saint Patrick’s Day! 

March 17, 2017

Stpat “I Was Literally Crying Tears Of Joy For An Hour Straight. So Excited To Get Back On Track! None Of This Would Have Been Possible Without Sun Pacific’s Help And Genuine Concern. We Truly Cannot Thank You Enough!” C&Amp; S

We feel so lucky to have discovered Sun Pacific Mortgage…

“I was literally crying tears of joy for an hour straight. So excited to get back on track! None of this would have been possible without Sun Pacific’s help and genuine concern. We truly cannot thank you enough!” C& S

 “Broker and Broker are stable and reliable lenders who will always go the extra mile to ensure that you get the best possible value of service from their company while still adding the flair of fun into the mix!”  C.C.

 “The entire family and staff at Sun Pacific Mortgage are the best hands down.  They are honest, direct, professional, quick, efficient and realistic.  We were able to move into a home of our dreams because God allowed us to come across this awesome business!  It’s like when everyone else seemed to be against, us, Sun Pacific found a way to make things happen.  We cannot thank them enough!” L.W.

“Broker is an extremely knowledgeable real estate broker and loan officer with decades of experience. He really cares about his clients and wants them to get the home and loan they want, efficiently and with the lowest stress possible. I would hire him again, without hesitation, for my next home buying experience.” K.E.

“Broker is a go-to lender in my book. If you need it DONE go with him.” C.M.

Call us today at 707-523-2099 with any questions or scenarios and we would be happy to let you know how we can help!

Deal Of The Month – Superhero To The Rescue

March 15, 2017

Super Heroforest2 Rush Purchase In Healdsburg, Sonoma County

Rush Purchase in Healdsburg, Sonoma County

A past borrower of ours called me a couple of weeks ago, asking if I could help save her deal.  Unfortunately, it was about to fall out of Escrow due to a last minute hiccup by her conventional Lender. She was desperate, needing the money in less than 2 weeks.

She was trying to purchase an investment property in Healdsburg and needed 580K for a loan to value of 80%.  I got to work and just 7 days later she got her loan from us and could close on the rental she wanted!

Hard Money loans can be superheroes for those scenarios not quite fitting  conventional lending criteria. Some reasons could be due to poor credit, fast financing needed, property condition, etc. Such loans have speed, flexibility and strength in purchase offers and refinances.

Call us at Sun Pacific Mortgage 707-523-2099 and we will let you know how we can be the Superhero you need.

What Is a Bridge Loan – And How Is It Beneficial?

March 6, 2017

Yes Real Estate Agents, Investors, Home Buyers And Home Sellers Are Always Interested In Utilizing Smart Home Buying Strategies.

Real estate agents, investors, home buyers and home sellers are always interested in utilizing smart home buying strategies.

A bridge loan is a type of creative financing that falls into the category of “smart home buying strategies”.  It is a short term loan, 12 to 18 months only.  It gets paid off with longer-term financing sometime in the near future,  or from the sale of the property.  As the name implies,  it  provides a bridge from one transaction to the next.

The Benefits:

#1. A Bridge loan is sometimes considered a cash purchase by Listing Agents.

#2. The Buyer does not need a contingency clause in the purchase offer of their new    home.

#3.  A home owner can buy a new house now and sell their present home later.

#4. There is no fear of losing their dream home because they have not sold their present home.

#5. Your buyer can buy a fixer, renovate it and have their dream home.  Hard money bridge loans are often the solution for less than perfect properties.

#6. Speed.  These loans can usually close in less than a week.

The Requirements:

  • It must be a 12 month loan.
  • There will be 3 months of guaranteed interest minimally.
  • 20% down payment required on a purchase.
  • On a refinance there must be lendable equity.

 

The Uses:

Typically, bridge loans are sought when another sale is pending and the funds are needed to close the final deal.   At other times,  a buyer may be in a “fire sale” situation,  where the seller on the other end of the transaction must close a deal within a specified period of time.

Some instances when you might use a Bridge Loan are:

  • Pulling some cash out of the equity in your current home to secure a down payment to purchase another home. This allows you more time to sell your present home.
  • Refinancing the property you are selling to pay cash for the new home.

 

The Costs:

Rates and costs for Bridge Loans can vary by Lender.   Rates range between *9-12% and are usually interest only.  Rates depend on the amount of the down payment so the bigger the down, the lower the interest rate.

How We Can Help You:

We are licensed for the state of California and have been in business for 29 years.

Call our office at 707-523-2099 and within just a few minutes, we can let you know what we can do for you!

 

We hope this has helped you understand more about what a Bridge loan is and how we can be of assistance.

How Strict Has Mortgage Lending Become?

February 23, 2017

1 1 There Is A General Belief Today That Lending Requirements Have Become So Restrictive That Many Lower-Credit Borrowers Are Dropping Out Of The Mortgage Market.

There is a general belief today that lending requirements have become so restrictive that many lower-credit borrowers are dropping out of the mortgage market.

The Home Mortgage Disclosure Act data discloses that 33% of all applicants in 2015 were in the lower-credit category compared to 62% in 2006 and 50% in 2000 – when the market was judged to be balanced.

The decline in lower-credit applicants is clearly problematic and a symptom of an overly-tight mortgage market.  Are would-be applicants holding back because they are afraid they might not qualify? Or for some other reason, such as the condition of the property?    

A hard money loan might be the answer for those who have less than stellar credit and would not qualify for a conventional loan.  This option can provide an avenue to enter the real estate market when it appears that all hope has been lost.  

Here at Sun Pacific Mortgage make it our goal to find a way to make home ownership possible when chances look slim to none.  Don’t give up on your dream of home ownership.  Please call us at 707-523-2099 and see how we can help you with a hard money loan.

Bridging The Gap For Sellers To Become Happy Home Buyers

February 15, 2017

Presidents Day Promo With Stop Watch Lack Of Inventory Has Real Estate A Bit Muddled At The Moment.  However, With Bridge Loans And Short Term Loans, Real Estate Activity Can Be Increased And Benefit Those Home Owners Who Do Want To Sell.

Lack of inventory has real estate a bit muddled at the moment.  However, with bridge loans and short term loans, real estate activity can be increased and benefit those Home Owners who do want to sell.

● This type of financing removes the stress of having to get into contract on a new home before one sells their current house.

● Purchase offers can be extra strong as the financing required to buy a new home is available, no longer requiring a contingency of one’s current house to be sold.

In 2016 our company funded 235 Hard Money loans. It was a good mix of owner occupied loans, rental property loans, Bridge loans, Temporary Loans, small Commercial Loans and Land Loans. We took an average of 20 days to fund a loan, with our fastest funding in 3 days! January 2017 marked the 29th Anniversary of our family company doing home loans.

We continue to stand ready to help you, a client or someone you know bridge the gap between a current home and a new future home with our alternative finance programs.  Call us today at 707-523-2099!

Best, Broker & Broker – The Guys in the White Hats

Recently Funded Bridge and Temporary Loans – Done to fill the gap:

Petaluma, California (Sonoma County)
Loan Amount:$660,000
Days To Fund: 7 days
Loan To Value: 75%
Why Turned Down Elsewhere: Needed a fast loan for a purchase.

San Francisco, California (San Francisco County)
Loan Amount:$420,000
Days To Fund: 11 days
Loan To Value: 72%
Why Turned Down Elsewhere: Needed a fast, short term loan.

Bolinas, California (Marin County)
Loan Amount:$490,000
Days To Fund: 17 days
Loan To Value: 64%
Why Turned Down Elsewhere: Had a bankruptcy

Pioneer, California (Amador County)
Loan Amount:$1.5 mil
Days To Fund: 20 days
Loan To Value: 50%
Why Turned Down Elsewhere: FICO score not good enough.

Cloverdale, California (Sonoma County)
Loan Amount:$235,000
Days To Fund: 14 days
Loan To Value: 63%
Why Turned Down Elsewhere: Property condition was poor.

Why Invest in Real Estate?

February 7, 2017

Yep The Fallout From The Recession Left Some Investors Less Likely To Look To The Real Estate Sector As An Option For Wealth Growth.  However, We Have Witnessed A Radical Change In The Economy And As A Result, Real Estate Has Once Again Regained Its Rightful Place As A Solid Investment In Today’s Financial World.

The fallout from the recession left some investors less likely to look to the real estate sector as an option for wealth growth.  However, we have witnessed a radical change in the economy and as a result, real estate has once again regained its rightful place as a solid investment in today’s financial world.

Unlike stocks and bonds, real estate is founded on brick and mortar.  A major advantage of real estate investments is the significant portion of return, which accrues either from rental income or appreciation over the long term.

Additionally, investing in real estate has a lower risk factor than other major asset classes.  This allows the investor to lower his/her portfolio volatility.  Financial consultants always advise diversification for their clients.

We have seen that as the economy has grown, the demand for real estate has driven the rents higher and higher, allowing for unprecedented growth in individual capital.

Of course, one of the major drawbacks of real estate investing is the lack of liquidity.  While you might be able to cash in stock overnight for immediate funds,  a real estate transaction can take months even with a competent agent.   Overall, as long as you have built flexibility into your portfolio,  you can be comfortable with some portion of it being illiquid, but producing capital appreciation.

For the past 29 years Sun Pacific Mortgage and Real Estate has provided many investors with the opportunity to invest in Notes.  We regularly have trust deeds available, for property investments throughout California.

If interested in earning 9-12% return, we look forward to working with you.   Please call 707-523-2099 for information on becoming an investor through us.

Posts navigation

1 … 46 47 48 49 50 51 52 53 54 55 56 57