A mortgage broker is your guide to navigating the complex world of home loans. They leverage their expertise and network of lenders to find you the best rates and terms, saving you time and effort while ensuring informed decisions for your financial future.
A fixed-rate mortgage maintains the same interest rate throughout the entire loan term, offering stability and predictability in monthly payments. On the other hand, an adjustable-rate mortgage (ARM) starts with a fixed interest rate for a predetermined period, then adjusts periodically based on market conditions. While ARMs typically offer lower initial rates, they can fluctuate over time, potentially leading to changes in monthly payments. Fixed-rate mortgages provide consistency, while ARMs offer potential savings initially but involve some level of uncertainty.t goes here
Conventional mortgages adhere to strict guidelines set by government-sponsored enterprises like Fannie Mae and Freddie Mac, requiring higher credit scores and lower debt-to-income ratios. Non-QM mortgages, on the other hand, cater to borrowers who don't meet these criteria, offering more flexibility with alternative documentation, higher debt ratios, and serving niche markets.
At McAdams Financial we have long-standing relationships with dozens of lenders to make sure our clients get the best terms possible on any transaction. Some of the lenders we do business with are: Flagstar Bank, Rocket Mortgage, Orion, NewFI, Provident Funding, Plaza Home Mortgage, LoanStream, PennyMac, Axos, and many more.
Mortgage points, also known as discount points, are upfront fees paid to lenders at closing in exchange for a lower interest rate on the loan. Each point typically costs 1% of the total loan amount and can lower the interest rate by a certain percentage, often around 0.25%. Paying points can be beneficial for borrowers who plan to stay in their home for an extended period, as it can lead to significant long-term savings on interest payments. However, it's essential to weigh the upfront cost against the potential savings over the life of the loan to determine if paying points is the right choice for your financial situation.
Two (2) years signed personal tax returns - including all schedules If self-employed through a corporation or partnership, last two years corresponding returns as well as a year-to-date profit and loss statement and balance sheet. Past two (2) years W-2 statements Pay Stubs covering the last (30) thirty days Two most recent monthly bank statements. Please provide all pages. Most recent 401K, IRA, or Mutual Fund Accounts and Stock statements. Please provide all pages. Copies of Hazard Insurance and tax bill for any real estate owned If you are currently renting....either 12 months canceled rent checks or the name and address of your current landlord Different programs require varying amounts of documentation. The loan program you select may require more or less documentation.
Closing costs are fees associated with finalizing a mortgage loan, including lender fees, appraisal fees, title insurance, and prepaid items like property taxes and homeowners insurance. We'll provide you with an estimate of closing costs specific to your loan.

McAdams Financial Services

McAdams Financial Services

NMLS 321459 | DRE 843594

217 East Anapamu Street
Santa Barbara, CA 93101

Office: 805-963-1496

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