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NEXA Mortgage is the nation's largest broker offering lending options from more than 270 lending institutions. We’re more than just a mortgage lender—we’re your dedicated partner in making homeownership or your investment plans a reality.
Relationships are important to us. Our team works closely with you to understand your goals and provide tailored mortgage solutions that fit your lifestyle, goals, and budget. From first-time buyers to experienced homeowners and investors, we’re here to offer guidance, support, and expertise every step of the way.
Frank Codispoti has 14 years previous experience as a Realtor in California as well as over 7 years as a mortgage loan originator. Frank specializes in first time home buyer, investor, and commercial loans. Check out our services to see how we can help.
We streamline the mortgage process to make your homeownership or investment dreams a reality. Our tailored solutions and expert support ensure a smooth journey, empowering you to achieve your goals with confidence.
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Discuss your needs and financial goals with our experts.
Application
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A fixed-rate mortgage has a constant interest rate throughout the loan term, while an adjustable-rate mortgage (ARM) has an interest rate that may change periodically based on market conditions.
Adjustable Rate Mortgages (ARMs) are loans with interest rates that can change periodically based on market conditions. Here’s how they work:
Initial Fixed Rate Period: ARMs usually start with a fixed interest rate for an initial period, which can range from a few months to several years. This period typically offers lower rates compared to fixed-rate mortgages.
Adjustment Periods: After the initial period, the interest rate adjusts at regular intervals (e.g., annually, every six months) based on a specific index (like the LIBOR or the U.S. Treasury rate) plus a margin set by the lender.
Rate Changes: When the interest rate adjusts, it can increase or decrease, affecting the monthly payment. Borrowers may experience fluctuating payments throughout the life of the loan.
Cost Sources: The costs associated with ARMs come from several factors:Index Rate: The underlying index that the loan is tied to influences the rate adjustments, which can be affected by broader economic conditions.
Margin: This is an additional percentage added to the index rate by the lender to determine the new interest rate after adjustments.
Caps: Many ARMs have interest rate caps that limit how much the rate can increase at each adjustment period and over the life of the loan.
In summary: ARMs offer lower initial rates that adjust based on market indices after a set period, resulting in potential monthly payment fluctuations. Costs stem from the index and margin, along with any caps that may limit rate increases.CopyRegenerate
Your borrowing capacity depends on various factors, including your income, credit score, debt-to-income ratio (total monthly debt like car payments, credit cards and other loans including your estimated mortgage payment), and the type of loan you are applying for. The most favorable debt-to-income (DTI) ratio for a home loan typically ranges from 36% to 43%.
Ideal DTI Ratio: A DTI ratio of 36% is often considered ideal, as it indicates that no more than 36% of your gross monthly income goes toward debt obligations, including housing expenses (mortgage, property taxes, insurance) and other debts (credit cards, car loans, etc.).
Limit for Approval: Many lenders look for a DTI ratio of 43% or lower for approval, aligning with guidelines set by agencies like Fannie Mae and Freddie Mac. Ratios above this threshold may still be considered, especially with compensating factors such as a strong credit score or significant savings.
A lower DTI ratio generally indicates better financial health and may lead to more favorable loan terms or interest rates. It's essential to check with specific lenders, as requirements may vary.
An impound account, also known as an escrow account, is a special account established by the lender to hold funds collected from a borrower’s monthly mortgage payment for specific expenses such as property taxes and homeowners insurance.
Why You Should Have an Impound Account:
Budgeting: It helps borrowers budget for large annual expenses like property taxes and insurance premiums by spreading these costs into manageable monthly payments.
Convenience: The lender manages the payments, ensuring they are paid on time, which helps prevent lapses in coverage or penalties for late tax payments.
Peace of Mind: It provides peace of mind, knowing that these critical expenses are taken care of automatically, reducing the stress of having to manage periodic large payments.
Potential Lender Requirement: Some lenders may require an impound account, especially for borrowers with lower credit scores or higher risk profiles.
Overall, an impound account can simplify financial management related to homeownership and help maintain good standing with tax authorities and insurance providers.
Typically, you’ll need to provide proof of income through W2s, paystubs, tax returns, and or bank statements. We will also need identification including your driver's license or passport, and your social security or ITIN card. We will have you authorize receipt of your credit report for information about your debts and assets. Our experts will guide you on the specific documents required for your application type.
The mortgage approval process can vary based on several factors, including how quickly we receive your documents, the type of loan and your financial situation. Generally, it can take anywhere from a few days to several weeks. We strive to make the process as quick and efficient as possible. Check out our Video about the documentation and approval process.
We have bad credit loans down to a 500 FICO score. These loans charge higher interest rates and often require at least a 10% down payment. Credit scores improve over time as you make corrections to your reports. We have a highly trained partner we can refer you to so your credit report can be corrected. Check out our Video section for more informaiton.
There are generally no formal limits on the number of people who can apply for the same home loan, but there are some considerations:
Joint Applications: Many lenders allow multiple borrowers (such as spouses or partners) to apply for a mortgage together. This can increase the total income considered for the loan, potentially leading to better loan terms.
Co-Signers: If someone with a strong credit profile agrees to co-sign on a loan with the primary borrower, this can also improve the chances of loan approval and possibly lead to a lower interest rate.Lender
Policies: Individual lenders may have specific policies regarding how many people can be on a mortgage application, but it's common for lenders to restrict it to a certain number of parties (usually up to four).
Creditworthiness: All applicants' credit scores, debt-to-income ratios, and financial histories will be evaluated by the lender, which can affect the overall loan approval.
Legal Implications: If multiple people apply for a home loan, they are generally considered co-borrowers, which means they share legal responsibility for the mortgage and the property.If you are considering a joint application or involving multiple parties in a mortgage, it's a good idea to consult with our team so we can understand the best approach for your situation.
You may qualify for a down payment assistance program. Also, FHA loans allow for gifts to the borrower and seller concessions to help with the closing costs. Set up an appointment so we can discuss your situation.
The Annual Percentage Rate (APR) represents the annual cost of borrowing expressed as a percentage. It includes not just the interest on a loan or credit but also any associated fees or costs, giving a more comprehensive picture of what a borrower will pay over a year. For borrowers, APR is a useful tool for comparing loans. A lower APR generally indicates a cheaper loan, making it easier to assess the true cost of different borrowing options. However, it's important to understand if the APR is fixed or variable, as this can affect future repayment amounts. Check out our Video about rates.
There are several types of loans, including fixed-rate, adjustable-rate, FHA loans, VA loans, and conventional loans, each with its own terms and qualifications. Check out our Services section to see all your options. You will find that we offer every conceivable qualified and non qualified loan available.
Interest rates vary based on daily market conditions, the loan type, and the borrower’s credit profile. They can be fixed or variable.
Down payment requirements can range from as low as 3.5% for some loans to 20% or more for others, depending on the loan type and lender.
To improve your credit score, pay your bills on time, reduce debt, avoid new hard inquiries, and maintain a low credit card utilization ratio of 30% of your total credit line. We offer a credit repair service to help you address issues like fraud, duplicate tradeline reporting, or errors in your report. You can view and download your credit report for free. Click here for credit report information on the Federal Trade Commission's website.
There are many highly trained and licensed professionals involved in generating and underwriting your loan. Closing costs typically include fees for appraisal, title search, underwriting, and other services, including loan origination and processing. These usually amount to 2% to 5% of the loan amount.
If you miss payments, lenders may offer options like loan modifications or repayment plans, but it could also lead to foreclosure if unresolved. It is important that you budget not only for the monthly mortgage payment which normally include principal, interest, taxes, insurance and sometimes a mortgage insurance premium if you made less than 20% down payment, but also for utilities and maintenance.
Some loans may have prepayment penalties, which are fees charged for paying off the loan early, so it’s essential to ask your lender about this feature.
A hard money loan is a type of short-term loan secured by real estate, typically used by real estate investors or those needing quick access to capital. Unlike traditional mortgages, hard money loans are based on the value of the property rather than the borrower's creditworthiness. They often feature higher interest rates and shorter terms, usually ranging from a few months to a few years, and are commonly used for property flips, renovations, or urgent financing needs.
QM (Qualified Mortgage): QM loans meet specific criteria established by the Consumer Financial Protection Bureau (CFPB), aimed at ensuring the borrower has the ability to repay the loan. These loans typically have limits on points and fees, are fully amortized, and cannot have risky features like negative amortization or interest-only payments. They offer more consumer protections and may provide a safer option for borrowers. Examples of these are loans like Conventional, FHA, or VA.
Non-QM (Non-Qualified Mortgage): Non-QM loans do not meet all the requirements of Qualified Mortgages. They may include more flexible lending criteria, allowing borrowers with unconventional income sources like bank statements or special credit situations to qualify. Non-QM loans can cater to self-employed borrowers, investors, or those looking for alternative financing options but generally carry higher risk for lenders, often translating to higher interest rates.
SBA Loans (Small Business Administration Loans): SBA loans are government-backed loans designed to support small businesses. They are offered through approved lenders and come with favorable terms, such as lower down payments and longer repayment periods. The SBA guarantees a portion of the loan, which reduces the risk for lenders. Typical programs include the 7(a) loan program for general purposes and the CDC/504 loan program for purchasing fixed assets like real estate or equipment.
USDA Loans (U.S. Department of Agriculture Loans): USDA loans are specifically designed to encourage homeownership in rural and suburban areas. They offer low-interest, no-down-payment mortgage options for low to moderate-income borrowers who meet eligibility requirements. The loans are backed by the USDA, and benefits include reduced mortgage insurance costs and flexible credit requirements. The most common USDA loan programs are the Single Family Housing Guaranteed Loan Program and the Single Family Housing Direct Home Loans.
In summary: SBA loans primarily support small businesses with favorable financing options, while USDA loans aim to promote homeownership in rural areas, providing affordable financing to eligible borrowers.
I had an incredible experience with them. The team was attentive and helped me navigate the mortgage process smoothly. Thanks to their expert guidance, I was able to secure my dream home without any hassle. Highly recommend!
The support I received from them was outstanding! They took the time to understand my needs and found the perfect financing solution for my investment property. I couldn't have done it without them!
Thank you for choosing us. We are dedicated to helping you achieve your mortgage goals with personalized service and expert guidance. For more information or assistance, feel free to reach out to us anytime!
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