Hey, what’s going on? It’s Scott Taylor with sandiegorealestatehunter.com.
Now, you’re on my website and you filled out the form, you’re probably looking for today’s mortgage rates or maybe San Diego mortgage finder and I wanted to create this video, this is educational video to help direct you on the right path of where to go.
Now, if you’re just looking for,
“hey, what’s my rate?”
You go and say,
“hey, here’s a rate for a thirty year fix, here’s a rate for a five one arm, here’s a rate for thirty year F.H.A, here’s a rate for jumbo.”
Guess, what there’s an asterisk and that asterisk says,
“if you meet this criteria, right, you have to read it, read it, read it, read it, read it, read it, read it and your like, wait a minute, so that’s not really going to be my rate, right.
Or you’re thinking, “what’s an FHA loan, or a conventional loan or jumbo loan and like blah, blah, blah.”
So, I kind of wanted to create this video, to kind of be like, hey, there isn’t really a rate, okay.
Because there are so many different mortgages; you have no idea how many mortgages there are and I wanted to try and simplify.
As a matter of fact, most lenders don’t know.
So, before I begin, I want to be very, very, very clear on why I’m a little bit different.
So, if you walk into a bank or credit union, you deal with just their products and their products only.
If they say hey, it doesn’t exist or we don’t… I’m sorry.
If they say, “Hey, we don’t have it, it doesn’t mean it doesn’t exist, it just means they don’t have it.
Now, I work for a mortgage broker, I’m going between you, I’m in the middle and we deal with wholesale lenders.
So, I can take this, your credit profile to any wholesale lender in the state of California and find out what’s best for you.
So, you don’t fit into a product, we fit the product into you, we find out what’s best.
As I could be off the cuff, this doesn’t have to be hard, it doesn’t have to be difficult and I’m not wearing a suit and tie and being all stuffy.
It doesn’t have to be that hard and that’s why I just want to do these educational videos because, like, hey, I get it.
Let’s simplify this, so you can go from renting to buying a place or maybe you want to buy a condo and want to buy a house or maybe you want to refinance; that’s what this is all for.
I can go through this very briefly, okay.
So, obviously I do loans all throughout the state of California,
In case you’re rom San Diego, [inaudible 00:02:53] some of these numbers.
So, if you’re looking to buy right and I specialize in things like down payment assistance or first time home buyer or closing costs assistance, right, where you get assistance to cover your down payment, obviously you get a loan and you get assistance to cover your closing costs.
You don’t have to be a first time home buyer for that by the way.
Something else that I deal with, is called the M.C.C. tax credits, to where you can save up to twenty percent off your mortgage interest every single month and claim it via tax time.
Called the M.C.C. tax credits.
Now, from those types of programs, of course I deal with things like, the V.A. mortgage loan, where if you’re a veteran before now, active or prior, you can buy a home zero down in San Diego, anywhere in the state of California, you could buy zero down.
And then of course from that V.A. loan, you can do a couple things, you can do a V.A. streamline refinance. If you’re have a V.A. loan, you could refinance that loan, either rate and term or cash out.
It’s fantastic, especially for people that might not have perfect credit or maybe, we need a little bit higher debt income ratio, we could put down three and a half percent and we can do that.
And from a purchase, we could also do what’s called FHA streamlined refinance.
If you were to have it, we can do a cash out or we can do a rate and term from there, something that’s also positive… great.
From there of course, there’s conventional loans, we can put down as little as three percent if we go to that for twenty four one hundred in San Diego, or as little as five percent if we kind of go up to that super conforming, up to six forty-nine, seven fifty.
So, that would be a conventional.
Kind of from there, there’s loans like the home ready or the home possible depending on zip codes.
And by the way, regardless of like when you’re watching this, and I’ll keep it up to date as much as possible, rates are low.
Regardless of what you hear and rates raising, they are so low it’s ridiculous.
Do even worry about that.
The U.S.D.A. is you know if you want to live… I’m making up some areas in San Diego.
Julian or Santa Isabel or Campo or someplace out there.
You could get a USDA mortgage loan and you could buy for as little as zero down.
One of the types of loans that my team is doing quite a bit now, is the jumbo cash out refinance, where you bought maybe smartly in two thousand and eleven, twelve, thirteen, when prices were a lot less.
Our values have gone up and you might do a Jumbo refinance, you might do rate and term, where just the rate for better or you might do something like cash out, where you want to take some cash out of your property; could be because you have equity to maybe pay down bills or credit cards or student loans or maybe to buy a car or go for a trip or to put down on a place, maybe in Palm Springs, maybe someplace else.
You can do that. From there, we have things like construction loans, where you have the F.H.A. 2 or 3K construction loan or you have the home style renovation loan.
Now, I’ll be blunt, those are a little bit tougher to do on purchases, especially if you do permits because the time frame, trying to get permit from the city and the contractors and everything lined up.
But it’s prime time if you want to do it for a refinance.
So, let’s say that maybe you bought going F.H.A. and then six months or seven months later, whenever you can do it, we could do an F.H.A. 2 or 3K, in case you want to fix up your property.
That’s a fantastic loan to do right now because if you think about it, you can get all your fix up, all your fix up cost done at a low, low, low interest rate.
I don’t know, four and a half of five or low for as…depends on when you watch this and how we structure it.
Something I haven’t talked about, is something called a piggybacked loan.
So, where you might only put down five percent or ten percent and then you have one mortgage and the second one might be a small second or it could be like a key lock that could be something that we do, you know, kind of as a cabbie up to that jumbo.
Sometimes, if we just do one jumbo loan, then that rate might be higher.
Sometimes we could structure it, where we do a piggyback and we have one loan at a lower loan amount, therefore the rates are lower and then we have a second, where the rates a little bit higher, but because it’s so small, when we look at your total payment, that just makes more sense.
So, I’m talking for about seven and half, eight minutes.
I kind of wanted to end it there, just kind of wanted to go down all those different things.
So, if you want to work with me, how do we get started? I like to keep it as simple and streamlined as possible because it’s all about efficiency.
You go to my online loan application, at scottsloanapp.com, you fill out the application.
As soon as you were done, I get a text or e-mail alert, I’ll pull your credit, I’ll make sure that your credit score is okay for what we want to do.
I’ll make sure I find out what your debts are, it says on your credit report.
And then we have your online application and now, I say great, what are we looking at doing? What’s our structure?
What’s best for you, right it’s my job, not your job.
How can we serve them?
And that’s what we do.
Then I’ll send you a list of supporting docs that we’re going to need.
Just like you’ve done before or know that you need to do.
Once you upload that via my secure website or via email, we process that loan and we’re off the races.
If it’s a purchase, then you go into escrow and we’re looking at closing probably in thirty days or less.
If it’s a refi, we have our own in-house escrow office that’s extremely fast, we close a lot of refies in twenty one days or less.
We keep it as simple as possible.
Your Mortgage Rate Finder,