Leo Loans

Yes I can help you organize what we will need It can all be done virtually thru pdf and secure servers basically click and drag. It isn't hard to do I can give you simple directions to copmplete

One of the most significant changes to the mortgage process is the change in interest rates. In March 2020, the Federal Reserve slashed interest rates to help stimulate the economy. Interest rates for mortgage loans fell to their lowest levels ever, and the trend has continued thru 2021, with rates still dipping below 3 percent. In 2022, as the Federal Reserve has started raising interest rates, the interest rates for mortgage loans are starting to rise accordingly.

A bridge loan is interim financing, or a short-term loan, typically taken out for a period of two weeks to three years, depending, until permanent financing or the next stage of financing is obtained. It is used in today’s market to avoid a current home sale contingency.

The term hard money options simply means liquidity, or cash, for borrowers that may be impacted by lengthy loan approval times, debt to income, tax return and/or strict credit requirements. It is based on a home’s value and is useful for short term situations.

Yes, there are several ways to go about this. Leo Loans can get the cash you need to make your goals a reality, based on your situation.

Once you have a mortgage loan offer, the lender will ask if you want to lock in the rate for a period of time or float the rate. If you lock in the rate, it should be locked until your loan closes.

A loan with a fixed rate has the same interest rate for the entirety of the borrowing period, whereas a variable rate loan has an interest rate that changes over time. It can be fixed for 3,5,7, or 10 years after which it becomes adjustable. The most common loan is a 30 year fixed . The rate never changes

Most closing costs run from about 1.5-2 percent of the purchase price, including property mortgage insurance, taxes, etc. As an example, for a $600,000 house, we can assume $9000-$12,000-in closing costs. There is a month’s mortgage payment included in your closing cost so generally you will not have a mortgage payment the first month.

The down payment will depend on the loan that Leo recommends. In some cases, you can pay as low as 0 - 3.5 percent down of the purchase price for the home.

This will be defined by the amount of the mortgage loan you can qualify for. To determine your monthly payment, the first step is to write down your total gross pay per month, before deductions for taxes, insurance, etc. Next, multiply this number times .28 (28 percent). This is the amount that many lenders will use as a guideline for what your total housing costs should be. This includes principal, interest, homeowner’s insurance and property taxes. Some lenders may use a higher percentage. As you can see, this is also a way to figure out what amount of mortgage loan you can qualify for.

This depends on your income and amount of debt. Lenders like to see a low debt-to-income ratio.

To get your debt-to-income ratio, take your monthly income times 43 percent (maximum allowed on Jumbo loans. 50 percent on conforming as per the guideline for debt-to-income ratio) which equals your maximum allowed monthly debts, including your new housing payment plus any other monthly credit card payments.

Leo can help you obtain a complete written credit approval, subject to an appraisal, before you make an offer on a property. A credit score of 620 is usually the minimum, but there are programs for scores as low as 560

If you are prequalified, Leo will have all the basic info required to help you determine what amount you may prequalify for. Pre-approval is the second step and means that we will have verified your information and collected the necessary documents to move the loan forward to underwriting and approval. Pre-approval is a conditional commitment to grant you the mortgage. Speak with Leo to find out how much you can borrow before you start house hunting.

Buyers must be prequalified to get a mortgage loan. The amount of home you qualify for is a factor of income, credit, down payment, and also stability. To find out how much you can borrow, connect with Leo. He can pre-approve you for a purchase so you can shop for a home with the confidence of knowing what your payments will be. He will provide a written pre-approval for you and your realtor prior to making an offer on a home.

Yes! Leo specializes in self-employed borrowers and getting them approved. A short talk with Leo can give you answers.

Yes, you can, but banks and credit unions typically offer one or two kinds of loans. Leo Loans offers many loans with many different options and rates, ensuring you get the best rate for you.

Not at all. You can put as little as 3.5 percent down, or even no money down. What does change is the payment. The lower your down payment, the higher your monthly payment will be.

Leo Loans finances properties including: • Single and multi-family homes (up to 4 units) • Condominiums • Townhouses • Planned Unit Development (PUD) • Co-ops • Investment properties

We offer low or no down-payment mortgages for entry-level buyers, conventional loans, asset depletion loans, jumbo loans up to 20 million, loans for borrowers with unconventional work situations, and even credit challenged borrowers.

Leo Loans offers a variety of real estate loans and products for purchase and refinance borrowers including: • Jumbo Loans • Bank statement loans • Government loans • Investment properties • Bridge loans • Hard money options • FHA, VA & USDA Loans • Reverse Mortgages • Zero down loans

Yes, for investors there are a variety of loan products for purchase and refinance. From conventional loans to loans based on rental value of property for one-to-four-unit properties.

From low-down-payment mortgages for entry-level buyers, to conventional loans for borrows who are so qualified, to loans for those with dynamic income and unconventional situations for work.