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At Pacific Prestige Mortgage Company our mission is to be happy customer focused innovators. All Pacific Prestige employees work as a team and happily share a passion for satisfying our customers and are empowered to employ innovation in finding new and better ways to:
• Exceed customer expectations
• Remove barriers to home ownership
• Bring new products to market that facilitate home ownership
• Leverage cutting edge technology to reduce the time and cost of the lending process
- Finding a home for every loan
- When the banks say no we find out what it will take to make them say yes
We believe that through an intense focus on the customer and a commitment to innovation, the Pacific Prestige Mortgage Company will continue to be a leader in the markets that we serve.
Pros of working with a mortgage broker:
– They do all the legwork for you, working on your behalf with the lender
– They compare wholesale mortgage rates from a large number of banks and lenders all at once
– Wholesale interest rates can be lower than retail (bank branch) interest rates
– You get more loan options because they work with numerous banks and lenders
– Brokers can finance tricky deals because of their knowledge and various lending partners
– Are typically easier to get in contact with, less bureaucratic
Cons of working with a bank:
– Conservative loan programs
– Do not disclose the yield-spread premium
– Lengthy process, very bureaucratic
– False promises
– They make mistakes
– May overcharge you (commission doesn’t need to be disclosed)
– Incompetence (poorly educated about the home loan process in some cases if they’re just general bankers or customer service types)
We will help you find the right type of financing to suit your needs! Below are some of the most common loan types in brief descriptions.
FHA
FHA stands for Federal Housing Administration (FHA) which is a governmental agency created in 1934 to improve housing standards and promote homeownership. The FHA insures your loan, making the loan less risky for your lender, and allowing you to be offered better terms.
VA
A VA loan is for eligible veterans and active duty military personnel. This loan can be a wonderful benefit to take advantage of. The Department of Veterans Affairs guarantees these loans, which can finance as much as 100% of the value of the property, ensuring low rates and easier qualification guidelines when compared to conventional loans.
Conventional
A conventional loan is a lender agreement that’s not guaranteed or insured by the federal government under the Veterans Administration (VA) the Federal Housing Administration (FHA), or the Rural Housing Service (RHS) of the U.S. Department of Agriculture. Although a conventional loan is not insured or guaranteed by the government, it can still follow the guidelines of government sponsored enterprises (GSE’s) such as Fannie Mae or Freddie Mac as both Fannie Mae and Freddie Mac are stockholder-owned corporations and are not part of the federal government.
If you would like to get a jump-start on the home financing process, please take a few minutes to complete the request form displayed below. Once we’ve received your information, one of our loan professionals will review your scenario and will contact you to fill in any missing items and to discuss financing options.
Top 10 reasons why you should use a mortgage broker instead of a bank:
1. First of all Mortgage brokers specialize in home loans and are commission based, so it is in their best interest to get you the best rate possible, or they don’t get paid.
2. They have an exceptionally large network of lenders that they work with to get you the most favorable mortgage rates and terms. Put it this way, the more lenders you have competing for your home loan, the more you save.
3. Mortgage brokers are able to work one-on-one with each individual client, evaluate their specific needs and find a lender that suits them personally. Next, the broker submits the request to one or more lenders and when the request is accepted the broker works closely with the lender until the home loan closes.
4. They can often times find a lender who accepts home loans that the bank foregoes. Mortgage brokers are also able to discuss a lower interest rate from lenders in trade for bringing in business.
5. All-in-all mortgage brokers save you the groundwork of finding the best mortgage rate and terms for your specific needs.
6. Banks on the other hand deal with all types of loans and may not have the specialization in home loans that a mortgage broker has.
7. Bank loan officers process mortgage loans originated by only their employer.
8. Loan officers at a bank are often limited to certain home loan products, guiding principles and criteria that they must follow. This can a lot of times limit the home loans available.
9. Regardless if you choose to have your home loan with that particular loan officer or not, they are still getting paid a salary. With this in mind they may not be looking out for the best interest of you.
10. Banks do not have a network of lenders that they work with. Every home loan application the bank receives is from one lending institution.
If you are ready to finally purchase your dream home, look to a mortgage professional to help you comparison shop. They can also help you find the lowest rates and fees for your home mortgage needs. The right home loan is just one step out of the home buying process that you will not have to be concerned about.
Get a Quote:
Contact Info:
Sammy Zavosh
President
Phone: 877-777-1986
Fax: 877-777-9262
samz@pacificprestigepartners.com
11620 Wilshire Blvd
9th Floor
Los Angeles CA 90025