Learn about the best 
loan options for you!
Let's Get You Pre-Approved!
Not all lenders are created equal.  Having a high quality lender on your team is crucial to a successful real estate transaction.  So, if it's time for you to get serious about buying then let's get you connected with a great lender and figure out the best loan option for you.
Conventional Loans
For most people a 30 or 15 Year Fixed Rate mortgage is the preferred loan option.  It provides a homeowner with a rate and payment that are consistant throughout the life of the loan.  Typically these loans have a 20% downpayment requirment to unlock the full benefits, but there some exceptions.  
Low Down Payment Loans
FHA loans are backed by the government and allow a lower down payment than conventional loans.  They also  have looser guidelines for qualification.  There are other lesser known loan products that allow a lower down payment as well.    
VA Loans
VA loans can help Veterans, service members, and their survivors to buy, build, improve, or refinance a home.  These are great loans for those who are eligible becasue they allow no downpayment, lower credit scores, and have competitive rates.  Some lenders are better than others when it comes to VA loans, so I will help you find the right one for you.    
Jumbo
Jumbo mortgages are large loans that are above a certain limit that is specific to the county you are in. These loans are typically harder to qualify for than conforming loans, but they can offer competitive interest rates.   Large banks typically have programs that are attractive for jumbo loan borrowers.   
Adjustable Rate Loans
An ARM is an Adjustable Rate Mortgage. Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is lower than that of a fixed rate mortgage, consequently, an ARM may be a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed rate mortgage is too high.
40 Year Interest Only
40-year mortgages are typically only available from portfolio lenders, which are lenders that keep the loans they originate until they're paid off.  This may include banks, credit unions, online lenders and private lenders. They're not widely available and the guidelines are going to vary from lender to lender.  
Commercial Loans
A commercial real estate (CRE) loan is a mortgage loan used to purchase, refinance, or renovate a commercial property.  Each lender offers CRE loans with slightly different terms, costs, and qualifications.  A borrower should consider the purpose of the commercial real estate loan and find a lender that best serves that loan purpose.
Investor (DSCR)
Unlike a traditional mortgage loan, but similar to a commercial real estate loan, a DSCR loan is underwritten based on the cash flow of the property, rather than personal income.  DSCR or Debt-Service Coverage ratio is what lenders use to determine a borrower's ability to pay back the loan based on the monthly rental income of the property.
Creative Financing
Creative financing is non-traditional or uncommon means of buying land or property.  The goal of creative financing is generally to purchase, or finance a property, with the buyer/investor using as little of his own money as possible.  Examples of creative financing are Seller Financing, Loan Assumption, or Lease Option.    
The Next Step
If you are serious about buying a property then the next step for you is to get pre-approved.  Let's get you connected with some great lenders so you can learn about your financing options and figure out what lender is the best fit for you.
Let's Connect
Contact me to set up a chat or consultation and we can find out if we are a good fit to work together.  
mike@miketompkinsrealty.com
Call or Text  760-710-9163
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All Rights Reserved. Mike Tompkins Realty is a real estate broker licensed by the State of California operating under DRE #01844465.  All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided | Equal Housing Opportunity.