Why hire a Broker to obtain a
mortgage?
Because he works for you, he takes care to present your case
in the most favorable light to a variety of lenders in order
to obtain the most suitable product at the best price. He
charges only one application fee and applies that to all of
the effort he expends to connect you with a willing lender. A
Bank will charge an application fee but usually will not
return it if the mortgage is not approved.
Why should you work with Sound Beach Financial?
Because Sound Beach Financial is different from other
financial specialists -- we're much more lenient than most
lending institutions. Why? Because we consider
your overall financial situation, and don't make
lending decisions based on any single ratio or other
inflexible criterion. For example:
- Your debt ratio can be as
high as 70%, compared to the 28% or 38% ratio required by
most lending institutions.
Sound Beach Financial is
special in another way -- we're very upfront. If our
review of your financial situation indicates you could get a
better interest rate or terms by working directly with a bank,
we won't hesitate to recommend an appropriate lender.
What percentage of my income is used to qualify for a
mortgage?
Usually 28% of your monthly income is designated for the
payment of principle, interest, taxes and insurance and up to
38% or so to allow for recurring debt. We have programs that
allow up 45 or even 50% of the monthly income to pay for
household expenses. We don’t recommend this, but have products
to suit your needs.
How long does the process take?
Loan processing is quick, about 2-3 days, the appraisal is
done in about a week, if needed and title work is also about a
week. Total time under normal circumstances is about 3 weeks.
We have closed loans in 5 days.
How much do I have to pay initially?
Usually we ask for the appraisal fee - $300 up for Single
family home and $500 up for 2–4 family homes. All other
appraisals are priced according to number of units and type.
If I have good credit and a stabile job, would I be able to
qualify for a house?
Yes, we have a variety of products available to enable you to
be a homeowner. We can even cover closing costs.
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What can you expect from
Sound Beach Financial... |
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You'll always be treated courteously and information you
provide will be held in strictest confidence |
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We
will handle everything for you. Such as completing
applications, preparing financial statements, and writing correspondence to explain special
circumstances that have an impact on your financial
status. |
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We're efficient -- loan approvals generally take only
two to three days and closings can happen in as little
as five days from the time you submit your application. |
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We'll help you with financial planning and budgeting and
advise how your new mortgage or loan will affect your
taxes. |
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