All Forum Posts by: Jesse Hinaman

@Stacey M. Glad you pointed that out. Appraisal does stick to the property, but only a concern if another VA offer is made after cancelling first VA offer. Doesn't impact follow up offers that are not VA.

Same applies to FHA, as case # is tied to property and not the buyer. Would impact future FHA offers.

@Laura Holford make sure you work with an independent mortgage broker as opposed to direct lenders/big banks (ie. Guild, fairway, loan depot, chase, Wells, BofA, and so on). They will gouge you with fees and higher rates, and they are stuck presenting you with one bank (the one they work for). They only have fiduciary duty to their employer, and not you. Independent brokers only report to you and your needs.

 We have wholesale relationships with over 60 lenders/banks, and we align our clients with the best product, lowest rate, with $0 lender fees. We also pay your appraisal fee 👌🏻

Hey @Edy Lagares. I own a local independent mortgage brokerage in the Sacramento market. We have wholesale relationships with over 60 lenders/banks and we align our clients with the best product, lowest rate, with $0 broker fees. We also pay your appraisal fee 👍🏻

@Chris Mason That’s a great article! I’m going to throw that in my archive and use in the future. I know you come from good stock being that you reside in my hometown stomping ground (I was just slighlty north up the 101 in RP)

I see what you mean regarding “legal” obligation in CA as a member of the DRE. For all those wondering, CA is only state that allows loan originations to be done with either a DRE license -we all carry real estate licenses- or DBO license (all registered with NMLS). DRE has very established fiduciary rules and requirements.

To me, the fiduciary responsibility still sings true even with the DBO or other financial oversight department in another state. Bottom line is the ability to shop multiple lenders for the client. Cut out the high margins these banks charge, and pass the savings onto the consumer. 

I know Brokers that stretch multiple states; However, it is rare to have one broker that covers all states. I do feel there is a much higher level of camaraderie among independent mortgage brokers, and we connect with many other brokers in other states; gladly referring business knowing the client will be in good hands, and there’s no expectation of kick back from us, other than insight on tips and tricks of what’s working for their business in their market. Which means we are referring the client to who we feel is the best in their respective market.

This is all great insight in this thread. @Chad Maxwell, thanks for getting it going 👍🏻

@Chad Maxwell

Movement Mortgage is not a broker. They are direct lender and stuck to only quote their over priced loan products.

There is a Big difference between Mortgage Banker (direct lender, big box banks, credit unions) and Mortgage Broker. Brokers work with hundreds of lenders to pair you with the best wholesale lender and product for the lowest cost.

Mortgage Broker is the only lending professional that has a fiduciary duty to you. Everyone else has to put their employers needs before you.

Hi Brittany,

If your sister and boyfriend are willing to go on the loan with you the combined income could allow you to buy a decent house. I would focus around the 95826 and 95827 area code by Sac State. Prices range between $350-$420k for the larger floor-plans. Great, safe area with great rental market. I have three rental properties in this area that I rent out rooms.

The trick is to find a 5bd/3bth or a 4/2 with option to easily convert living or family room into a bedroom. Big plus if you can add a 3rd bath or create 2nd master suite. My 5 bedroom homes bring in $3200 and $3400/mnth.

If you want more specifics, feel free to message me and I’d be glad to help. Would also be able to tell you what you can collectively qualify for. $30k is more than enough when buying as your primary.

LOL. Thanks @Account Closed. Funny looking back at these old threads. A lot changes in 3 years, huh ;) I’ll shoot you a message. Need to get together soon and discuss our plans to take over the world :)

Hi @Ray G.. I did some significant research on this a few months back, as I have identical scenario as you. 6 finanaced properties nd looking for LOC on investment properties.

Although, I just ended up refinancing my current HELOC on primary with USBank to tap into huge amount of appreciation during the 2-yrs since I originally opened the HELOC.

I believe the best option -locally- for investment property LOC was SAFE credit union. They went up to 70-75% LTV.

Hi Katherine Ming. Sacramento rental market is hot. Lines of qualified renters to choose from paying top dollar. I just secured leases for 5 units, and currently in the process of renting out another 11. Market is so good, I get excited when I get a 30 day notice from a tenant. I know I’ll have it filled by qualified young professional (probably from Bay Area ;) before old tenant is out, and bump the rent up $50-$100/mnth. I wouldn’t be concerned about rent control. Only long term potential of that would probably only effect downtown/midtown core.

Just to add to this post for reference. Fannie/Freddie rules restrict 2-4 unit *primary* *cash-out* to 75% LTV.

*Investment property* conventional loan, *cash-out* refi, 1-unit is also limited to 75% LTV and 2-4 unit is limited to 70% LTV.