Amerifi 's Blog

Attention Los Angeles Realtors: Would you like to market your listing to overseas buyers?

2008-04-14T20:02:07Z

Hello,

Due to the downturn in equity throughout our region (Los Angeles, and Southern California in general) we have experienced an upturn in enquiries for property within Los Angeles and surrounding areas from overseas clients, looking to buy an overseas investment property, holiday home etc.

Amerifi Realty, our realty division, is currently looking for local real estate agents (ie; agents in Los Angeles and surrounding areas) with whom to work with, are who are interested in offering their listings to a wider geographic territory. As such we have a co-listing agency agreement whereby we represent your listings for all territories outside the continental United States of America, should they meet our requirements.

There is no cost for this except a small processing fee, based on transferring information and cross-tracking of property information, and listing details on overseas property channels. These fees are extremely low and are simply administrative.

This is a unique system, based on finding prequalified international buyers for your listings. Our system is not for sale, nor available to agents who do not agree to our terms and conditions.

Should you be interested in applying to become an approved realtor for out international buyers. We would ask you contact us, and provide us with the following info so we can ascertain your types of listings:

Where are your listings located for the most part? (geographically speaking)
What type of property listings are you interested in co-listing with us? (SFR/Condo/Duplex)
What are your average listing prices for your current properties? (please provide us with an MLS example)
What is your average number of property sales for 2007?

Note: We are only looking for producing real estate agents. We are also looking to prequalify your pre-existing buyers for home loans. Please forward your current buyers to us for fast, stress free prequalifying. We are helping alot of buyers navigate the tricky new loan requirements.

Feel free to contact me with any questions on our program (note: we are limited in the number of applicants we can accept initially, however all messages will be kept on file and we will get back to those agents we feel we can build a strong relationship with) and please forward your current buyers who have the need to prequalify for a loan.

Simon Bliss
Loan Consultant
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Amerifi Home Loans^TM
1017 N. La Cienega Blvd, Suite 309
West Hollywood CA 90069
Phone: 310.855.9814
Fax: 310.593.4839
Cell: 818.430.1387

www.amerifihomeloans.com

http://activerain.com/amerifi

California Home Loans

2008-03-27T19:51:17Z

California Home Loans

California is one of the hottest real estate markets in North America. The state takes great pride in having one of the most pleasant living conditions. It has some of the most happening places on earth the Hollywood, Los Angeles and Silicon Valley. The state is also a melting pot of people from various countries and race. Places like Beverly Hills are a home to some of the must successful individuals.

No wonder that along with the housing industry, it's supporting industries like financing homes, home furnishing, etc. have also flourished in the region. Since areas like the San Francisco Bay Area and Los Angeles County have the highest land prices, taking a home loan is considered a normal step for any individual. Getting a home loan in California is not a difficult task for an individual with the right credentials. A plethora of options are available for anyone interested in taking a home loan.

The Groundwork

Before actually taking a loan for buying a home anywhere in California, it's good to do some groundwork. Firstly, collect all the vital documents that a home loan company would ask for. Collect your recent pay stubs, last 3 year's W2s, last 3 years tax returns, bank statements and any other document which supports your income or shows the money you have. Then get a copy of your credit report. You can get a free credit report once a year from each of the 3 Credit Reporting agencies viz. Trans Union, Equifax and Experian. If you have not yet selected the house to be purchased, do you have in mind how much you wish to spend? Then calculate how much amount of loan you wish to take. Use any online calculator to get some idea about your down payment and monthly installments. All this would ensure that you fully understand the key financial parameters of your mortgage.

Mortgage Types

A mortgage in California or anywhere else in the US could be of different types. The most common type is taking a fresh new loan on a home. The other types are Refinance and Second Mortgage. Refinance is done for an existing loan with long terms. When current interest rates are substantially lower than the loan's rate, then people opt for loan refinancing. In this, they take a new loan at the prevailing lower rate of interest and with that repay the existing high interest rate loan. However, Refinancing has its own additional costs. So this option is suggested only when the interest rate difference is substantial enough to save a good amount of money in long term. Second Mortgage, as the name suggests, is taking one more mortgage on the same property. This second mortgage can be taken from the lender who has given the first mortgage or a different lending company. Second Mortgage is usually taken when the value of the property has risen substantially since the first mortgage was taken.

Importance of Interest rates

As mentioned above, interest rates play a critical role in the whole process of borrowing for your new home. Lower interest rates lead to more borrowing and hence a boom to the whole housing industry. Based on interest rate, home loans can be broadly classified in two classes. In the first class, stands the fixed rate mortgage. Here the mortgage rate of interest is fixed permanently or for a good amount of the loan tenure. The second class of home loan is where the interest rates change as per the market conditions. So if you are sure that interest rates are going to rise, then choose the fixed rate home loan and vice versa.

Call Amerifi Home Loans today for the most up to the minute rates available! 310-855-9814

Does it make sense to Refi?

2008-01-30T14:57:04Z

Here is a great article from Yahoo!

How do I decide whether it makes sense to refinance?

Q: Is it true that it is not really worth refinancing a 30-year mortgage unless it is to go down a full point of interest?

Q: At what point is it worth it to apply to refinance a mortgage? We have a 30-year fixed rate of 5.75 percent. We have good credit and would love to reduce our monthly payment. But will the fees and hassle outweigh the cost benefit?

Q: I am in the market looking to move into a larger house. I haven't seen anything I like at this point, but mortgage rates are low enough that I could refi and save some money. If I refinance now, and then want to purchase a home down the road, am I hurting my chances for getting that mortgage?

A: Give a manicure to those old rules of thumb that say you shouldn't refinance unless the rate has dropped by a certain percentage. To figure out whether it's in your best interest to refinance, you need to calculate your break-even point.

The break-even point is the time it takes to make up in monthly savings what you paid in fees. You calculate it by dividing the mortgage fees by the monthly savings. For example, let's say you would save $100 a month by refinancing, and the closing costs would be $3,000. Your break-even point is 30 months from now: the $3,000 in fees divided by the $100 a month in savings.

In this case, if you expect to continue living in the house for more than two-and-a-half years, you'll save money in the long run by refinancing. If you plan to sell the house before then, it's probably best to stick with the mortgage you have.

How do you figure your monthly savings? You'll have to get an estimate of the rate you'll qualify for. A mortgage broker or loan officer can tell you that. Ask the loan officer, or consult a mortgage calculator, to determine what your principal and interest would be with the new loan. Look at your payment coupon to find out what your current monthly principal and interest are. Now you can figure out how much you would save every month.

You don't have to start over with a 30-year payment plan, by the way. Let's say you got a 30-year fixed three years ago, and you want to refinance now, but still pay off the loan 27 years from now. That's known as amortizing the loan over 27 years. Bankrate's mortgage calculator, can help you figure out what your monthly payments would need to be.

The mortgage calculator's second item, "mortgage term," can be changed. The default is 30 years, but you can change it to another number of years. Press the "show/recalculate amortization table" button and there you go -- it recalculates your monthly principal and interest, and gives you a long amortization table, to boot.

If you refinance now, it probably won't hurt your chances of getting a mortgage a few months or years from now. Make sure your new loan doesn't have a prepayment penalty, and let the broker or loan officer know what your plans are.

Is it too soon to refinance?

Q: I bought a house last year and my interest rate is 6 percent. Is it worth refinancing now, after less than one year?

Q: I am in year one of a 30-year fixed mortgage of $400,000. My rate is 6 percent. I anticipate staying in this home for at least seven more years. When does it make sense to refinance?

Q: We've owned our home for six months with a fixed rate of 6.5 percent. When can we look to refinance? Is it too early to refinance within the first 12 months of owning a home?

A: No one's going to have a conniption fit if you refinance a brand-new mortgage. If you calculate your break-even point and decide that refinancing is right for you, go ahead and do it.

This applies even if the loan has a prepayment penalty. Just count the penalty as another mortgage fee. In many cases, you'll grudgingly conclude that it's better to wait until you're clear of the prepayment penalty period.

Do you have a question about refinancing? Ask us at info@amerifihomeloans.com

Refinancing in California- When???

2008-01-17T18:28:48Z

California refinance loans are still in high demand. While mortgage interest rates dipped well below the low levels from 1999 (the 30 year fixed mortgage rate (FMR) dropped to under 7%), interest rates are starting to climb upwards.

Some owners have been rushing to refinance while the rates are still low and before the rates get back to last year's highs A home refinance loan now may assist homeowners in lowering their current rate (and payments) as well as getting the cash out they need for debt consolidation, home improvements, or any other purpose. At Amerifi Home Loans we are able to assist homeowners with several types of credit needs including excellent credit, slow payment histories, bankruptcies, no income verification, and more!

A Refinance Loan is simply taking out a new mortgage loan. If you are considering a home loan refinance, the first steps are to determine your short and long term goals and then to evaluate the different types of home refinance loan programs available.

The primary reasons for considering a refinance are the following:

1- Lower current interest rate and create cash flow

2- Convert ARM to a permanent fixed interest rate

3- Convert fixed interest rate into a ARM

4- Turn equity into cash

5- Convert to a shorter term to pay off the loan more quickly

6- Eliminate Mortgage Insurance (MI)

Debt Consolidation loans have been a means by which hundreds of thousands of homeowners have been able to use their home values to save money. By taking out a debt consolidation loan (2nd mortgage) a borrower is able to combine the balances of current bills and debts into one loan... and one payment. Lenders may offer borrowers with good to excellent credit the ability to borrow up to 125% of the value of their current property.

The money from a debt consolidation loan can be used for any purpose- and generally speaking, with a debt consolidation loan monthly payments are reduced and cash flow is increased. Further, since the interest paid on a debt consolidation loan is that of a home loan, the interest may be tax deductible.

Contact Amerifi Home Loans today for a free consultation. We will take the time to find you the best loan program possible.

The Sub-Prime Dilemma...

2007-09-18T19:32:25Z

The California Mortgage Industry has rapidly changed since the start of 2007. The SubPrime sector is dead!

The industry is moving towards Hard Money Lending. Home Owners with less than stellar credit are finding it is harder and harder as of current to refinance their property. Amerifi Home Loans is here for you! We understand the difficulties you are encountering and want to help as many California home owners as possible. We understand that unforeseen circumstances arise on any given day and can affect your ability to make your month to month mortgage payments. We also understand that these unforeseen circumstances have a profound impact on your credit and the risk lenders asset to you as a home owner.

We only care about the true equity you have in your Single Family Residence and / or Condo. We Do Not exclude you from our services of lending due to: Credit Score, Mortgage History, Proof of Employment, or Verification of Income / Assets. We will lend on most properties that have 70% equity or less (case by case). We want to give you the cash in hand you require to start over fresh and on your way to building your American Dream as you see fit.

Amerifi Home Loans Funds Direct to Borrowers... Amerifi Home Loans is a California Only, direct lender. We fund non-conforming loans (real estate collateralized loans that do not meet banks' criteria) from $50,000 to $10,000,000+ within California Only. If your loan request doesn't seem to fit the 'banker's mold' and you have real estate to pledge as collateral, we suggest you contact us to see if you qualify for financing.

ARE YOU A BROKER???

Amerifi Home Loans Funds Loans Others Can't... We work diligently to provide extraordinary service to our brokers. We recognize that you are a very important part of our business and we value and appreciate your decision to work with us each and every time. If you have been frustrated by promises of speed that cannot be kept, quotes that do not hold firm, and false declarations of ability to fund, you will find Amerifi Home Loans to be a refreshing change.

Give us a call here at Amerifi Home Loans today to see why we do more than quote rate!

Amerifi Home Loans^TM
1017 N. La Cienega Blvd
Suite 309
West Hollywood CA 90069
Office: 310.855.9814
Fax: 310.593.4839

Quick Tips for Getting Started on a Refinance...

2007-09-17T18:05:10Z

When you refinance your existing mortgage, you are essentially paying off the existing mortgage debt and replacing it with a new loan. Many of the same costs are involved in refinancing a loan as are in first-time financing.

To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets, including your existing mortgage.

In order to expedite the paperwork process, start gathering the following items:

W2's from the last two years (For borrower and co-borrower, if you filed separately)
If you are self-employed, bring signed copies of your last two year's tax returns, including all schedules that were filed, and a profit/loss statement or balance sheet for the current year
Homeowner's insurance company name and number
The original lender's contact information
Most recent bank statements
Most recent statements from 401ks, IRAs, mutual funds and securities accounts
A copy of your current payment coupon for your existing loan, along with the outstanding mortgage balance

What costs are involved?

There are no-cost and low-cost refinance loans available, and some or all of the fees and closing costs may be waived with these types of loans. This is a brief rundown on fees that could be associated with a refinance loan:

Appraisal Fee - This determines the current value of your home.
Credit Report - The fee the lender charges to pull your credit report.
Title Search and Title Insurance - You may be able to get your current title company to reissue a new policy and save money in this area.
Survey - The lender may order a property survey to document the current status of the land your property is on.
Loan Origination Fee - A fee the borrower pays the lender to underwrite the loan. Usually expressed in the form of points.
Discount Points - One point is equal to one percent of the loan amount. You may want to pay discount points to secure a lower interest rate.
Miscellaneous Fees - VA and FHA loans may have fees associated with them. Private mortgage Insurance (PMI), document preparation fees, notary fees and tax service fees may also fall under this category.
Prepayment Penalty - If your existing loan carries a prepayment penalty clause, you will have to pay a percentage of the outstanding loan amount for paying the loan off early.

Just as you encountered in your original loan, your lender will be required to provide you with a Truth-in-Lending Statement that outlines the fees associated with your new mortgage loan. Let us help you evaluate your personal situation and assist you in finding the loan program that works best to meet your long-term goals.