E Mortgage Capital

What are the current rates?

HELOC/HELOAN rates specifically are based on the current prime rate, which is 7.5%. Generally, the rate will be, at the lowest, 1% below prime. Rates can vary drastically depending on credit score, loan to value, loan type and loan size. Rates are lower on a standard refinance where you refinance your current 1st lien mortgage. Currently, those are in the range of 5% on FHA loans and 6% on conventional loans. 

I'm getting inundated with calls and messages, what do I do?

After putting an inquiry out, it can be quite frustrating with the amount of contact you receive. The positive to this is you get to see a lot of options. However, the negative is you receive a lot of options. It's a double-edged sword. What I tell my clients is this - shop around to your heart's content but most importantly, find someone you like, trust, and can call at any time for future needs.

Will there be any closing costs/fees associated with my loan?

Yes, but closing costs can also drastically vary. No two loans are the same. The same factors that affect rate can also affect cost. On a 1st lien refinance we can sometimes eliminate all costs, but outside of that, costs can range from $1,000 up to $10,000+ on very large loan sizes. I'm very transparent on costs, and I'm happy to disclose everything up front when we speak. No costs are needed to be paid out of pocket. The only exception to this is if you needed an appraisal, which isn't very common.

How do I get started with the process, and how long does it take?

The process takes anywhere from 1 week to 2 weeks. HELOCs tend to be a bit faster. In terms of getting started, you can fill out an application on my portal. It takes about 5–10 minutes to complete. The application applies to all types of loans, so if you don't understand something on there feel free to skip it. Once that is complete, I'll request some basic documentation in the portal and I can have disclosures/loan estimates sent out within the same day or, at the latest, within 24 hours. If you need anything at all during this time, do not hesitate to call me. I'm more than happy to answer any questions. (949) 468-2810

https://garrettpoblete.my1003app.com/1995980/register

Should I do a HELOC or HELOAN and how much money can I take out?

This is of course situational. HELOANs have slightly lower rates, but they are a lump sum distribution. That means if you take out $100k, you will receive that full amount and closing and make payments monthly for 15–30 years. If you plan to pay for something all at once, this is a great choice. A HELOC can be used for a variety of reasons, but it is mainly used when the money isn't needed immediately or if it'll be used over a period of time, such as home renovations or an emergency fund. When utilizing a HELOC, you only pay for what you use. There is also a 3-year draw period, meaning you have an entire 3 years when you can draw money, pay it back, and draw more if needed. If you have a $300,000 line amount and only use $20,000 you will only pay on $20,000. Every $100,000 used is roughly $670 per month payment. The amount of money you can take out is based on how much available equity you have and your debt to income ratio. We can go up to 90% of your home's value. The debt ratio is something I would have to calculate. Keep in mind - the higher you go into your equity, the higher the rate will be.

I'm worried about my credit score and/or income, what should I do?

When it comes to credit score, we can do quite a bit. For 2nd mortgages, we usually need at least a 640 on Experian. For a 1st mortgage refinance, we can go down to 500. However, we offer a rapid rescore process where we can run a simulation to see what debts can be paid down to increase the score. This usually takes only a few days to complete. We have multiple loans for bank statement/ profit and loss statement income and other alternatives for self-employed/retired individuals. 

I'm still confused, and I don't know what I should do./I have more questions!

I'd be glad to set up a quick phone call to discuss anything that needs more clarification. It can be overwhelming sometimes if you're new to all of this and if you're not good with numbers. Even if you have the same question 3 or 4 times, it's no problem at all.

E Mortgage Capital at it's core is a brokerage. What that means for you as the client is we can broker your loan out to any of our 150+ banks we use. That allows me to not only find you the BEST possible pricing on the market but it also allows me to truly tailor a loan specific to your needs and individual situation and most importantly find the bank/lender ready to make it happen in a timely manner. I utilize our online borrower portal (link provided above) for a quick an easy application process. I can even provide a real time quote without any hard credit pull needed or commitment of any kind.  You're able to upload documents, get status updates on your loan, and assist to clear any possible underwriting conditions through the portal. If the loan doesn't meet your needs for any reason we can part ways as friends and there will be no further phone calls, emails, etc. unless requested. Your information in the app is only for my personal use prior to loan submission so it is not shared with any other entity unless I've received the green light from you to move forward.