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Charis

[care-is] noun

1. Grace 2. Favor 3. Kindness

Charis is a word that is used for both giving and receiving. All of us, at Charis Loans, are both aware and thankful that we’ve been given grace, favor, and kindness throughout our lives. Our mission is to put those qualities into our work and give all of our clients an experience equal to our name. We appreciate the opportunity to serve you for such an important part of your life.

PURCHASING

Like with many areas in life, proper preparation is key when getting a new loan, especially when you're looking to buy a home. Mortgage lending has evolved quite a bit over the last several years and it doesn't appear that will change any time soon. However, some of the basic elements of the loan process are still the same and it will help your overall experience to be ready for them. The most important of these is getting all of your documentation together.

1. Every lender will need the following...

  • Last 2 years of Federal Tax Returns
  • Last 2 months of Paystubs (preferably with a year to date figure)
  • Last 2 months of Bank Statements (all pages)
  • Any other Financial Account Statements
  • An Authorization to run your credit
  • Legible copy of Driver's License & Social Security Card
  • Rental Agreements for any rental properties owned

2. STRUCTURE

Once your lender has this documentation, the next step is to determine the structure of your loan. It's not always easy to say what type of loan program is best. Your financial situation may be remarkably unique. We will analyze the information that you've provided and give you an amount that you're able to borrow, advise you of loan programs that are available, and give you the cash out of pocket amounts associated with those options. Banks regularly offer new loan programs and can even stop existing ones. Your family, friends, or neighbor's experience can be a great asset when talking about how they were serviced, but it may not have any bearing on the type of loan that you get. Do you have questions like…

  • Is it better for you to have an FHA loan or put 5% down and get a conforming loan?
  • Why would you want a Jumbo loan that's not a 30 year fixed?
  • Can you do a loan with a 580 credit score?

The good news is that our experienced Loan Officers can help you through the process and answer questions like these. At Charis Loans, Inc. we have a full array of mortgage products to offer and are not constrained by only being able to offer one bank's programs. Some banks specialize in smaller, "conforming loans", while others specialize in "jumbos". We know who those specialists are, for any type of normal loan or niche product, and can offer them to you. A direct lender doesn't have that type of flexibility. That is how we can maintain a competitive advantage, for you, in all different types of markets.

3. PRE-APPROVAL

A pre-approval is different than a "pre-qualification" because it's issued after looking at all the necessary documentation that is needed to get you a loan approval, minus the appraisal. Pre-Approvals, if done properly, have taken all income, asset, and credit documentation into account, answered any questions about them, and received an "Approved-Eligible" response from an automated underwriting system. There's a responsibility which we, as lenders, have to you during this process. We need to be thorough and ask the right questions, so that we can be a help to you, during this major life event. That's why we take the time to give you a pre-approval instead of leaving something to chance with a pre-qualification. As a buyer, talking with a Loan Officer who isn't doing taking these steps, should be a red flag to you.

4. ESCROW

This is the period in which your offer has been accepted, you've started exchanging paperwork, and you're within a few weeks of owning your new home. The escrow company is a neutral third-party, who holds funds until all conditions of the contract are met. If your Loan Officer has done their work ahead of time, this period should be more centered on learning about the condition of your new home and doing inspections with your real estate agent, than on getting your loan. Normally, during the first few days of escrow, your appraisal will get ordered and your interest rate will get locked in. The appraisal report will generally be back to the lender within 7-10 days of the order. The lender uses this report to establish a market value and condition of your new home. Once the appraisal is back, we will submit that along with the credit package for loan approval, to an underwriter. The loan approval comes within a day or two. Then, loan documents are drawn up and an appointment for you to sign them is scheduled. The escrow period is normally for 30 days but sometimes can be shortened or lengthened, depending on what you and the seller agree upon. It's common for your loan to be ready, at Charis Loans, within about 17-20 days.

5. FUNDING

Once your loan documents have been signed, it will take about 48-72 hours for the loan to fund, then record at the County Recorder's Office. Once the recording happens, you own your new home!!!

REFINANCING

FIRST CONSIDER:

Lower interest rates can sound very tempting. However, as part of good financial planning, you should consider whether it makes sense to refinance your current mortgage when factoring in the closing costs of the new loan. Be diligent in looking at your budget. The costs of the new loan might not make it worth it, if you end up selling too soon afterwards or if you are lengthening the term of your loan.

Also, don't be surprised if your new mortgage carries most of the same costs as your initial purchase loan did.

SOME OF THESE COSTS AND FEES MAY INCLUDE:

  • Licensed appraisal fee
  • Loan application fee
  • Land survey fees
  • Attorney's fees
  • Title search and insurance
  • Points to Lower Rate
  • Recording Fee

SHOULD YOU?

Refinancing isn't free, but it can potentially save you hundreds each month and thousands in interest payments by the time your mortgage is paid in full. It doesn't always matter how long you've had your loan if your circumstances or your lifestyle has changed. As life changes, so does your budget and how you approach balancing it. Reviewing your refinancing options can be very helpful. Even if your current home loan payments are affordable, there are many reasons to consider refinancing. Here are some common reasons why homeowners choose to refinance:

Save on Interest Payments - Refinancing your home loan to a lower interest rate than your current mortgage rate may save you enough money to make it worthwhile.
Lower Monthly Payments - Homeowners can extend the term of their loan to reduce their monthly payments.
Pay Off Home Mortgage Sooner – Some people consider refinancing their home to a shorter term, such as 15 years.
Increase Financial Security - If you have an adjustable-rate home loan, you might want to refinance to a fixed-rate loan so that you know what to budget for.
Consolidate Your Debts - You may be able to consolidate all your debt into your mortgage payment. Mortgage loans typically carry lower interest rate than consumer debt such as credit cards, so refinancing can help decrease your debt quicker.
Provide Spare Cash - One of the best reasons to refinance is to make home improvements or repairs. Such improvements may add to the value of your home, and you can wrap the costs into your monthly mortgage payments.

While there are many reasons to refinance, every decision to do so should be based on solid calculations. Test out different refinancing scenarios to see how long it will take to recoup your costs with a Charis Loan Officer today!

LOAN PROGRAMS

JUMBO

  • Fixed and ARM programs. Fixed options include 30, 20 and 15-year terms. ARM options include fixed period of 5, 7 or 10 years.
  • Interest-Only ARM programs (5/1, 7/1 and 10/1).
  • Asset-based amortization available.
  • Loans to $3,000,000
  • No Mortgage Insurance up to 85% Loan to Value on Purchases

CONFORMING

  • Loan amounts up to $679,650 on single family home (higher limits for multi units).
  • Fixed and ARM programs.
  • Available to 97% loan-to-value.
  • Primary, vacation, and rental properties allowed.

FHA

  • First Time Homebuyer Program with 0% Down Payment.
  • Fixed and ARM programs.
  • Up to 105% loan to value. Great for first time homebuyers.
  • Flip properties allowed.
  • Credit scores to 550, flexible debt ratios, seller contributions permitted.

VA

  • Loan amounts to high-balance limits per MSA (inquire for specifics).
  • Fixed and ARM programs.
  • Zero down payment required for eligible veterans.
  • IRRRL refinances.

REVERSE MORTGAGES

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program, which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more. You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301or downloading their free booklet, "Use Your Home to Stay at Home," a guide for older homeowners who need help now. It is smart to know more about reverse mortgages, and decide if one is right for you!

1. What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

2. Can I qualify for FHA's HECM reverse mortgage?

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, have the financial resources to pay ongoing property charges including taxes and insurance, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan.

3. Can I apply for a HECM even if I did not buy my present house with FHA mortgage insurance?

Yes. You may apply for a HECM regardless of whether or not you purchased your home with an FHA-insured mortgage.

4. What types of homes are eligible?

To be eligible for the FHA HECM, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.

5. What are the differences between a reverse mortgage and a home equity loan?

With a second mortgage, or a home equity line of credit, borrowers must make monthly payments on the principal and interest. A reverse mortgage is different, because it pays you – there are no monthly principal and interest payments. With a reverse mortgage, you are required to pay real estate taxes, utilities, and hazard and flood insurance premiums.

6. Will we have an estate that we can leave to heirs?

When the home is sold or no longer used as a primary residence, the cash, interest, and other HECM finance charges must be repaid. All proceeds beyond the amount owed belong to your spouse or estate. This means any remaining equity can be transferred to heirs. No debt is passed along to the estate or heirs.

7. How much money can I get from my home?

The amount varies by borrower and depends on:

  • Age of the youngest borrower
  • Current interest rate
  • Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price; and
  • Initial Mortgage Insurance Premium

If there is more than one borrower, the age of the youngest borrower is used to determine the amount you can borrow.

8. How do I receive my payments?

You may be eligible for one of the following payment plans:

  • Age of the youngest borrower
  • Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
  • Term - equal monthly payments for a fixed period of months selected.
  • Line of Credit - unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
  • Modified Tenure - combination of line of credit and scheduled monthly payments for as long as you remain in the home.
  • Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.
  • Single Disbursement Lump Sum - a single lump sum disbursement at mortgage closing.

9. What if I change my mind and no longer want the loan after I go to closing? How do I do this?

By law, you have three calendar days to change your mind and cancel the loan. This is called a three day right of rescission. The process of canceling the loan should be explained at loan closing. Be sure to ask the lender for instructions on this process. Mortgage lenders differ in the process of canceling a loan. You should ask for the names of the appropriate people, phone numbers, fax numbers, addresses, or written instructions on whatever process the company has in place. In most cases, the right of rescission will not be applicable to HECM for purchase transactions.

Call a Charis Loans representative at 800-591-5993 for a FREE CONSULTATION.

MEET OUR TEAM

HERE AT CHARIS LOANS, INC., OUR JOB IS TO ASSIST YOU!

MATT JOHNER

MATT JOHNER

SR. LOAN OFFICER

mjohner@charisloans.com
(949) 836-1316
NMLS #1043570
DRE #01362183

more...

GAMBLE YEUNG

GAMBLE YEUNG

SR. LOAN OFFICER

gyeung@charisloans.com
(714) 931-2382
NMLS #233355
DRE #01272236

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JEREMY MARTINEZ

JEREMY MARTINEZ

SR. LOAN OFFICER

jmartinez@charisloans.com
(949) 973-0942
NMLS #1562299
DRE #02099819

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RAY OCHOA

RAY OCHOA

SR. LOAN OFFICER

rochoa@charisloans.com
(949) 933-8871
NMLS #343357
DRE #01303301

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DANIELLE SIAP

DANIELLE SIAP

ACCOUNT MANAGER

dsiap@charisloans.com
(714) 454-7497
NMLS #993221
DRE #01486801

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CHRIS DIAZ

CHRIS DIAZ

PRODUCTION MGR

cdiaz@charisloans.com
(714) 296-6430
NMLS #378338
DRE #01247100

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NATHALIE TRAN

NATHALIE TRAN

SR. LOAN OFFICER

ntran@charisloans.com
(714) 399-5650
NMLS #238431
DRE #01319229

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CONTACT US

WE LOOK FORWARD TO HEARING FROM YOU.

Charis Loans, Inc.

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Please contact us using the form on the left or using our toll free number. Our conversations are held in strict confidence and are free. Use this form to contact us by email.

  • Address: 135 S State College Blvd Suite 200, Brea, CA 92821
  • Phone: 800-591-5993
  • Fax: 949-271-4134
  • Email: info@charisloans.com
  • DRE #01943326
  • NMLS #1133665