Shop for a loan

Shop for a loan

How to Find a Lender

Today, lenders can be found through a variety of sources. In addition to calling on ads in the newspaper, you can also find and apply to lenders over the internet, and through referrals from your REALTOR. We would be happy to suggest lenders we have used successfully, who have proven themselves competitive and capable even with problem properties or poor credit.

Choosing the Right Lender

Interview several lenders to evaluate the following:

• Ability to explain things clearly and return your phone calls in a reasonable time period
• Competitiveness of interest rates, costs & fees.
• Availability of loan programs that suit your credit profile and desired property
• Access to local loan approval committee that understands the kind of property you are buying

Choosing the Right Kind of Loan

Today there are so many types of loans on the market that it is beyond the scope of this page to list or explain them all. Your lender is the best person to help you select a loan program to suit your needs. Below is a summary of the three most popular loan types we see in practice; for more detailed information click the link at the end of this page.

1. Fixed loan: The fixed rate loan assures your monthly payments will stay the same over the life of the loan, which is typically between 15 and 30 years. Fixed rate loans may be best if you intend to hold the property for a long period of time, say over 7 years.
2. ARMs (adjustable rate mortgages): ARM’s may be suitable if you plan to sell or refinance your home within the next few years. The starting interest rate is typically lower than a fixed rate loan, saving you money initially. However, it is important to understand the index, the readjustment interval, the capitalization rate and downside risks of an ARM before making a final decision to use this type of loan.
3. Intermediate ARMs: Also called Hybrid Loans, these loans can offer fixed interest rates for the first 3, 5, 7 or 10 years after which the interest rate adjusts with the market every 6 months or year thereafter.

Our Loan Officer

Ernest Heredia
Mortgage Consultant
310-739-3092
Ernest(dotted)Heredia(at)phmloans(dotted)com
NMLSR ID: 350571

As a mortgage professional for over 28 years, he has built a wealth of knowledge to help make the mortgage process simple. He accomplishes this by communicating promptly, being accurate with details, and setting proper expectations with everyone involved in the transaction. His personal mission is to help educate both clients and partners about the home financing process so dents can move forward confident that they have made a11 informed and educated decision that serves their best interests and goals. He specializes in all loan types residential lending- from multi-million dollar transactions to first time buyers for both purchase and refinance transactions that in dude, Conventional and Jumbo, FHA/VA, Bridge and cross collateral loans. In addition, Ernest has a broad base of sources to professional referrals from CPAs, Attorneys, Credit Repair, and Wealth Management.