Welcome!

The California Residential Refinance Company specializes in Cash-Out and No-Cash-Out Refinancing for Owner Occupied and Non-Owner Occupied One to Four Unit Residential Properties.

Our NO Cost, NO Obligation loan application process is very easy to use and produces a new loan quotation with the best interest rate available.

Now is a great time for you and the California Residential Refinance Company to work together to refinance your home’s mortgage:

 Lowest interest rates – 2.99% or less is available!!!

Your home’s equity is higher  –  $↑$

New loan programs now include most borrowers  (including Jumbo Prime to $4,000,000)

 

Refinance NOW to:

• Lower your interest rate – lower your monthly payments,

• Remove the monthly Mortgage Insurance Premium (MIP/PMI) payment,

• Pay off higher interest rate credit cards,

• Pay off other higher interest rate debts,

• Pay for home maintenance/improvements,

• Have a liquid reserves for situations like COVID-19,

• Any other need for cash that you may have.

With the California Residential Refinance Company there is never any cost to apply and no obligation to accept the loan program offered for which you qualify.

So, let’s take a look together at the new residential mortgage loan that is available to you NOW.

Loan programs include:

Qualified Mortgages (QM) – for those borrowers with higher-rated financial profiles, stable W2-based employee income, income verifying Federal Tax Returns, liquid monetary reserves and good credit scores. (note that Federal Guidelines are used which include credit scores; income; Debt-To-Income ratio; property value; Loan-To-Value; Verification Of Employment, Federal tax Returns, etc.).

Non-Qualified Mortgages (Non-QM) – for those borrowers that have financial profiles that do not meet the criteria for a QM loan. Included are the self-employed; individuals who have tax-liability-optimized Federal Tax Returns that indicate lower reported income; those who receive a 1099 earnings statement – realtors; insurance agents; attorneys; personal financial advisors; actors; producers; directors; consultants; dentists; nurses; caregivers; truck drivers; personal trainers; beauticians, nail technicians, aestheticians, massage therapists; lodging managers; and others. Individuals who have less than stellar credit scores and/or prior payment blemishes.

The California Residential Refinance Company is very knowledgeable and experienced in arranging the very best loan for which you qualify based on your individual financial profile/history.

I am sure at this point that almost everyone is aware of the changes in the residential mortgage application process mandated by the Federal Government in the aftermath of the 2008 recession.

Please read the information below so that as we work together, we will be working from a shared view of the loan process.

The most important change is that you, the borrower, can no longer easily “shop” for your new loan with more than one lender.

Now it is important for you to shop for the best “guide” to help you with the new loan process.

All of the loan officers (financial institutions), brokers, loan agents and direct lender representatives are the client-facing individuals and are called “Mortgage Loan Originators (MLOs)” – these are the “guides”.

It is very important for you to have the California Residential Refinance Company as your “guide” as we can search the entire residential mortgage loan marketplace for you, versus financial institutions and direct lenders who only have their in-house loan programs available.

Please remember, with the California Residential Refinance Company there is never any cost to apply and no obligation to accept the loan program offered for which you qualify.

The one major difference with today’s loans versus those prior to the recession is the borrower’s Ability To Repay the loan (the “ATR” – QM loans have very strict hard-stop ATR rules). Thus, for all loan programs the borrowers must now demonstrate that they have income and/or assets to use to make the monthly loan payments as a major component of the loan approval process.

The new Non-QM loans provide a wide range of other income and income-equivalent assets to qualify.  These alternative qualifying accounts are enumerated in the Non-QM Residential Loan Application Checklist document. Note that Non-QM loans are very different than the prior “sub-prime” loans in that they require income or income-equivalent assets and sufficient documentation to meet the new Federal Government auditing and compliance requirements.

While almost all applicants will qualify for one or more of the currently available residential loan programs, please note that not all applicants will qualify based on their individual financial profile/history.

The residential mortgage loan application process is now a complex multi-step process with many people involved with your new loan file.  In addition to your primary contact person (the MLO), behind the scene there are loan file processors; underwriters; appraisers; title and escrow people; and third party people at credit bureaus; other inspection services; and a large and dispersed group of people who monitor your loan file throughout the process for compliance with the Federal Government’s new mandates.

Because it is now very difficult for you to shop your mortgage (the only way is to start more than one loan process with more than one MLO and having to pay for multiple credit reports and appraisals) is very important to have a “guide” like the California Residential Refinance Company to assist you in finding the best loan available in the full marketplace based on your qualifications.

The process now requires the lender to be selected and the specific lender loan program to be selected along with the “complete” loan file being submitted to the selected lender. Once your loan file is reviewed by the lender it must meet the parameters of the loan program prior to ordering the all-important appraisal.

When your loan application qualifies for the loan program selected, the appraisal will be ordered by the lender via their contracted third-party Appraisal Management Company (AMC). The lender and the MLO are not allowed to know who the appraiser is or to contact them before, during or after the inspection of your property and property value (appraisal) report is produced.

Regarding “expectations”, be cautious when seeing or hearing generic mortgage loan information or advertisements, especially regarding interest rates, loan programs and terms.

Regardless of the attractiveness of the sales points presented (or the likability of the salesperson – the MLO), your loan application file will be underwritten individually and you will only be eligible for the loan program(s) and interest rate for which YOU qualify based on YOUR financial profile/history.

This is your loan and I cannot arrange it without your active participation.  Your loan file can only proceed when all of the required documentation and authorization forms are in the file.  Lenders do not work on a loan file that is not complete and ready for their underwriting and due diligence process.

As we start to work together, I have no way to know just which lender or loan program is the best fit for you, so I need to receive a complete loan application file (ALL items completed then signed, dated and uploaded).

To make the process as easy as possible for you, I now provide a very secure platform (versus sending sensitive documents back and forth via unsecure email) via Floify (www.floify.com) for you to complete loan forms, download items and to securely upload your completed items and documents.

Via the secure Floify platform, I will monitor your progress in providing the required information, forms and documents. The Floify platform will also automatically monitor your activity and remind you that specific forms or documents are required to complete your loan application file.

Unlike other MLOs, I will not put any pressure on you to complete your loan file.  Given the work you need to do, you need to be self-motivated to start and continue the new loan process through to its close. 

Just follow the Floify platform and it will keep you on track and provide reminders.

That said, once the loan file process starts interacting with the lender you will have to respond as required on a timely basis to keep your loan file moving (some lender forms will need prompt attention).

 

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