My Home Loan Experience in OC

  Hello, curious reader:

I would like to share a story with you due to my practice with getting a home loan. I came acrossmyself spotlight over the fact that my primary home purchase would be such a trying one. I mean this is a business like matter, home buying is not to be taken lightly. The spinoff of decisions from here on out could be cataclysmic, or they could be extremely triumphant. Little bungles along the path could mean basically loosing thousands of dollars or Hundreds of thousands.

What about this, here we are festering in the midst of a recovering economy, is our financial situation coming back into balance? My collegue attained a residential property back in 03. They go the wrong loan, the bough at damn near the top of the financial housing bubble. The only thing that prevented me from buying then was suitable employment history. Those days if you could fog a mirror you got a loan. As long as you could prove suitable employment history that is. I guess you could say I was lucky that I couldn’t show suitable employment. Needless to say my family member lost their house due to their home loan recasting. That is they had one of those negative home loans that is they were paying less than the interest on was being charged. They were not even paying principal on their home. If you don’t know what this means, look up Neg-Am loans. Basically if the Home rate is 4.75% they were paying only 1.25% the other 3.75% to 5.5% was being added to the back of their home loan, actually making their home more ownership furth and further away each and every year! Needless to say, that’s why they gave it away.

So, here I am what to do? I have seen bloopers that cost them dearly, I see the market has reduced to where the real estate market prices should have been before the bubble even pumped up. Does that mean we are on course to a ‘as usual’ growth in the real estate market? I wish I knew. When I look at the weekly charts of the housing market and the government’s utilization of programs like HAMP and HARP, I can see that the FDIC is trying very hard to limit futher declines into our economy. By my recollections it seems to have worked. I will jump and venture into home ownership.

Since I live here in Laguna Beach, I decided I wanted a local lender and lender from Costa Mesa. Simply, why not try to keep the money here in Laguna Beach, right? So after much shopping around, looking at the best Home rates that I could find. I found, right here in Anaheim, CA. Their address is 4420 E MIRALOMA AVE STE L. ANAHEIM , CA , 92807 . To my surprise they focus mainly on homes in Orange County! That means Santa Ana home loans to Irvine home loans, they all get equal opportunity to get a great home loan from a great lending company. I found their interest rates to be of the same interests charged by the big national chains. I said it once, I will say it again, is the best, and I highly recommend that you too keep your money local to help the housing market recover that much faster. That way we all as real estate owners get to see higher yields from our housing investments.

Leave a Reply