DIRECT MORTGAGE
(800) 309-0585

DIRECT MORTGAGE
(800) 309-0585

Wednesday, February 19, 2020
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Lock In Your Interest Rate

A lock, also called a rate lock or rate commitment, is a lender's promise to hold a certain interest rate and a certain number of points for you, usually for a specified period of time, while your loan application is processed. Depending upon the lender, you may be able to lock in the interest rate and number of points that you will be charged when you file your application, during processing of the loan, when the loan is approved, or later.

Shorter loans, such as a 20 year or 15 year note, can save you thousand of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower interest rate than a fixed rate mortgage, but your payments could get higher when the interest rate changes.

A larger down payment greater than 20% will give you the best possible rate. With a down payment of 5% or less, you should expect to pay a higher rate as you are starting with less equity as collateral. If you've got the cash now and want to lower your payments, you can pay points on your loan to lower your mortgage rate. It's a simple concept, really. In exchange for more money up front, lenders are willing to lower the interest rate they charge, cutting the borrower's payments. Closing costs are fees paid by the lender, if you do not want to pay all of the closing costs, expect a higher rate which will pay the lender additional interest over the life of the loan.

Your credit quality and debt-to-income ratio affect the terms of your loan through your FICO Score. If you have good credit and your monthly income far surpasses your monthly debt obligations, you will get approved at a lower interest rate. However, if your monthly income barely covers your minimum debt obligations, even if you have a good credit report, you will not receive the lowest available interest rate.

CPU Refinancing Playa Vista

Hi all,

I have been asked over the past 2 years about mortgage refinancing on a CPU in Playa Vista.  I was introduced to CPU condo's in Playa Vista in 2017. 

The refinancing of Controlled Price Units on condo's can be complex.  I have navigated the waters with over 2 dozen successful CPU refinances on condo's in Playa Vista.

I have been able to use the current market value, not the resale value, to help owners eliminate mortgage insurance.

Here are some yelp reviews:  (google: CPU Refinance Yelp)

"I just completed a refinance with Dave after he was recommended by several neighbors. Purchased a condo in 2017 and had to initially go with the lender that was recommended by the builder. I was paying PMI, which would be required for a few more years.

Dave was able to help me with a refinance and the process only took 2 weeks. He got rid of the PMI. As a result, monthly payment has decreased
saving me thousands in the long run."

Dave LaRose helped us to refinance our mortgage in Playa Vista this year. He got us out of PMI and lowered our monthly payments by over $500. He has taken the time to really know the ins and outs of the mortgage business and even complicated rules and regulations of CPU purchases. Highly recommend him and his team!

I don't even know where to start with reviewing Dave. He is an incredibly kind and intelligent man and did a wonderful job helping us refinance our mortgage on a CPU! From the first phone call, Dave was very informative and made sure both my husband and I understood every step. He sends over a quick text right before every docusign and is available for questions 24/7. He had us locked in at a better rate than we already had and with some changes in the market and a little time to spare before closing, he got us an even LOWER rate! We did not even have to ask him to do this. He genuinely wants his clients to get the best deal possible and works tirelessly to make sure that happens. We have already recommended him to several of our neighbors and will continue to do so. He made the refinance process stress-free and dare I say it... EASY! From now on, Dave is our one and only broker for all of our mortgage needs!

 

If you are looking to refinance your CPU, please reach out.

Dave LaRose

Direct Mortgage Source, Inc.

800-309-0585 ext. 101


 

CA-BRE # 01357986 NMLS #238291
16955 Via Del Campo #110 | San Diego, CA 92127
(800) 309-0585  Ext. 101 | (858) 487-7179  Ext. 11   | Fax: (800) 834-0799 

This material is not from HUD or FHA and has not been approved by HUD or a government agency.

 

CPU Refinancing Playa Vista

Hi all,

I have been asked over the past 2 years about mortgage refinancing on a CPU in Playa Vista.  I was introduced to CPU condo's in Playa Vista in 2017. 

The refinancing of Controlled Price Units on condo's can be complex.  I have navigated the waters with over 2 dozen successful CPU refinances on condo's in Playa Vista.

I have been able to use the current market value, not the resale value, to help owners eliminate mortgage insurance.

Here are some yelp reviews:  (google: CPU Refinance Yelp)

"I just completed a refinance with Dave after he was recommended by several neighbors. Purchased a condo in 2017 and had to initially go with the lender that was recommended by the builder. I was paying PMI, which would be required for a few more years.

Dave was able to help me with a refinance and the process only took 2 weeks. He got rid of the PMI. As a result, monthly payment has decreased
saving me thousands in the long run."

Dave LaRose helped us to refinance our mortgage in Playa Vista this year. He got us out of PMI and lowered our monthly payments by over $500. He has taken the time to really know the ins and outs of the mortgage business and even complicated rules and regulations of CPU purchases. Highly recommend him and his team!

I don't even know where to start with reviewing Dave. He is an incredibly kind and intelligent man and did a wonderful job helping us refinance our mortgage on a CPU! From the first phone call, Dave was very informative and made sure both my husband and I understood every step. He sends over a quick text right before every docusign and is available for questions 24/7. He had us locked in at a better rate than we already had and with some changes in the market and a little time to spare before closing, he got us an even LOWER rate! We did not even have to ask him to do this. He genuinely wants his clients to get the best deal possible and works tirelessly to make sure that happens. We have already recommended him to several of our neighbors and will continue to do so. He made the refinance process stress-free and dare I say it... EASY! From now on, Dave is our one and only broker for all of our mortgage needs!

 

If you are looking to refinance your CPU, please reach out.

Dave LaRose

Direct Mortgage Source, Inc.

800-309-0585 ext. 101


 

CA-BRE # 01357986 NMLS #238291
16955 Via Del Campo #110 | San Diego, CA 92127
(800) 309-0585  Ext. 101 | (858) 487-7179  Ext. 11   | Fax: (800) 834-0799 

This material is not from HUD or FHA and has not been approved by HUD or a government agency.