Same day mortgage loan Hollywood CA
One of the challenges of mortgage borrowers looking to refinance is if their property has a unique construction. A unique construction has a very few lenders who would have an appetite to get the mortgage done. That is because unique properties do not have backing of Fannie Mae or Freddie Mac. One of the difficulty is in assigning the value to the home. That is because if there is no other house similar looking to your house. The question is how can anyone assign the right market value.
However if your home is not unique there are many Hollywood mortgage lenders and experts who can help you with your refinancing.
Single family home, multifamily homes, condo, second home, investment or rental properties home are some of the normal products residents look for to refinance.
Most people have second homes but sometimes second homes are not accepted as second homes for refinancing. Second home have lower interest rate than rental homes. Many a times borrower claim a property to be a second home but is declined by the lender. That is because they fail to prove to the lender why it should be considered a second home. Is it that the other home is more close to the work place. If it because the primary residence is close to college where borrowers son or daughter would go to study and that is why two homes are being maintained. Is the second home 100 miles or more from the primary home. There has to be a good ground for the bank or the lender to consider a home as second home and if the reason is not strong enough it will be considered as rental property and a higher rate would be applicable.
The best guide to a home wonder would be a Hollywood Mortgage expert to understand the borrowers situation and challenges and suggest the best route he needs to be taking.
An expert can save a lot of time of the borrower to tell him if at all the mortgage would make sense. Banks keep changing their guidelines and keep coming up with new products.
Interest only mortgage was quite common but after 2008 no bank or lender has had the courage to come up with that kind of product even in 2017.
Banks essentially are looking at three things. Willingness of the borrower to repay the loan. Ability of the borrower to repay the loan and collateral which is the home in our case.
The whole mortgage process is a combination of the above three and everything revolves around these three.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154
Artical by Roger Shanker
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