Buying and financing a home is one of life's biggest decisions, and I understand that it can be an intimidating endeavor. But, financing a home is not about me. It's about you, your needs and desires!
Get to know Ricardo Cortez
Buying and financing a home is one of life's biggest decisions, and I understand that it can be an intimidating endeavor. But, financing a home is not about me. It's about you, your wants, needs and desires, as well as your expectations from a Mortgage Consultant.
I work hard at being known as "The Service Specialist" by providing the attention you deserve when financing a home. You will find that I am very easy to talk to, and I will do my best to make you feel right at home. My goal is to make sure you are completely satisfied from start-to-finish with your loan. I am always available to answer any questions you may have, and you'll find I'm straightforward and fair. It's in my best interest to get you the loan that best fits your needs.
I build my business one client at a time, and would love to work with you. I'm available to meet with you wherever it's convenient for you. That means I make "house calls," and I can work around your schedule. I can visit with you in person to go over loan programs and options, and to answer any questions you may have. I will also attend your settlement.
I'm dedicated and educated to represent you in all of your mortgage requirements. Representing people, not homes or houses - and understanding the difference - is my specialty. As your trusted partner, not only will I will provide you with valuable insight and advise throughout the home buying and financing process, I will also keep you informed every step of the way. Yes, I will make sure your home financing experience is all about you!
Ricardo Cortez's Blog Posts
Loan Programs and Loan Options
In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but significant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on the market.
80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10.
FHA MORTGAGE - Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3% down payment and they can even finance "allowable" closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
203K FHA MORTGAGE - Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc...
VA MORTGAGE - Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.
JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
EMERGING MARKETS PROGRAM - 0% Down payment required and closing costs can be financed up to 105% of the purchase price. Only single-family homes that will be owner occupied are eligible. First time home buyer status not required and there are no income limits.
ZERO DOWN PROGRAMS - Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.
NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.
INTEREST ONLY - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal.
FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.
A- THRU D LOANS - These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.
2ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
125% 2nd MORTGAGE - Same as above but the 2nd mortgage we will lend up to 125% of the value of the home.
HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.
CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or the traditional ARM products.
INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK.
Fixed Rate Mortgages
The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan.
Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages (ARM)'s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages.
Interest Only Mortgages
A mortgage is called "interest only" when its monthly payment does not include the repayment of principal for a certain period of time.
Components of an ARM
To understand an ARM, you must have a working knowledge of its components.
Commonly Used Indexes for ARMs
This is a list of the most commonly used indexes by ARM lenders.
Balloon mortgages have a note rate that is fixed for an initial period of time, and then the remaining principal balance is due at the end of the term.
Reverse Mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership.
Graduated Payment Mortgages
Graduated Payment Mortgage is a loan where the payment graduates (increases) annually for a predetermined period (e.g. five or ten years), and then becomes fixed for the duration of the loan.
What kind of loan program is best for you?
So what kind of mortgage is best for you? Fixed rate? Adjustable rate? Government loans? The truth is, there is no one correct answer.