Direct Mortgage Source Inc.
(800) 309-0585

Direct Mortgage Source Inc.
(800) 309-0585

Sunday, August 25, 2019
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Balloon Mortgages

Balloon loans are short term mortgages that have some features of a fixed rate mortgage. The loans provide a level payment feature during the term of the loan, but as opposed to the 30 year fixed rate mortgage, balloon loans do not fully amortize over the original term. Balloon loans can have many types of maturities, but most balloons that are first mortgages have a term of 5 to 7 years.

At the end of the loan term there is still a remaining principal loan balance and the mortgage company generally requires that the loan be paid in full, which can be accomplished by refinancing. Many companies have other options such as a conversion feature at the end of the term. For example, the loan may convert to a 30 year fixed loan at the thirty year market rate plus 3/8 of a percentage point. Your conversion can be guaranteed based on certain criteria such as having made your last 24 payments on time. The balloon mortgage program with the conversion option is often called a 7/23 Convertible or 5/25 Convertible.

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.