Frequently Asked Questions
Here are answers to some commonly
asked questions. If you have questions that aren't listed,
contact me at 408-605-6015. You can email me at .
It shouldn't be a problem. There are many programs available today that require less than 5% down payment. The best thing to do would be to call us and we can find the right program for you.
Yes, the different types of loan programs being offered are changing
every day. We find the best loan scenario for all of our clients.
Unlike big banks that are restricted to using loan programs and
rates being offered at that time by the bank, we have access to
many lenders. What we do is find the lender that best fits your needs.
Call us today and let us show you what we can do for you.
Yes you can. However, the rules regarding this issue are constantly changing. Your best bet would be to contact your accountant. Your accountant can inform you of your best options in regards to this.
With a fixed rate mortgage, the interest rate and the amount you pay each month remain the same over the entire mortgage term, traditionally 15, 20 or 30 years. A number of variations are available, including five- and seven-year fixed rate loans with balloon payments at the end. With an adjustable rate mortgage (ARM), the interest rate fluctuates according to the indexes. Initial interest rates of ARMs are typically lower than fixed rate mortgages. Different ARMs are tied to different financial indexes, some of which fluctuate up or down more quickly than others. To avoid constant and drastic changes, ARMs typically regulate (cap) how much and how often the interest rate and/or payments can change in a year and over the life of the loan. A number of variations are available for adjustable rate mortgages, including hybrids that change from a fixed to an adjustable rate after a period of years.
It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on: the interest rates and mortgage options available when you're buying a house; your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation that they will fall); and how willing you are to take a risk.
Private mortgage insurance (PMI) policies are designed to reimburse a mortgage lender up to a certain amount if you default on your loan. Most lenders require PMI on loans where the borrower makes a down payment of less than 20%. Premiums are usually paid monthly or can be financed. With the exception of some government and older loans, you may be able to drop the mortgage insurance once your equity in the house reaches 22% and you've made timely mortgage payments. The Servicing Lender will have the requirements for canceling the mortgage insurance.
My Happy Clients
"We did refinancing with Rita several times. We always work with several agents to find a better quote, and Rita beats competitors with excellent rates. She is very easy to work with - open, honest and clearly explaining all the steps. We although bought our new house with Rita as real estate agent. It was excellent catch, real bargain. We highly reccomend Rita for refinancing and real estate."
Rita did a fantastic job in assisting me with my first home loan. She was very knowledgeable and answered any and all questions I had. She found the best possible loan with the lowest rate/terms and worked with the lender on my behalf to ensure the approval process was painless. Due to her commitment, I was able to get the loan I wanted and close early. Thank you Rita for all your help!
Rita had worked very hard on not so simple loan and successfully navigated all pitfalls with underwriter. She delivered what she had promised on every aspect of a deal. Her professionalism should be set as example to a lot of other brokers I had worked with in the past. I highly recommend working with Rita.
"I refinanced with Rita back in November and it was the most painless and transparent experience I've ever had. She delivered exactly what she promised in terms of timing with no hidden fees and/or costs. I highly recommend Rita to anybody who is looking for a loan!"
"Very professional yet approachable and personable. Really fights for the best deal possible as quickly as possible. Helps at every point along the way so you are never in a position where you are not sure what to do or how things are going. Accessible via many different means and almost always responds quickly. Definitely worth doing business with."