Get Your Mortgage Phil: California

Saturday, March 13, 2010  7:30 PM

Admission: $20 general; $15 student/senior

Canada College Main Theatre

4200 Farm Hill Blvd., Redwood City, CA 94062

The Peninsula Cantare's March concert features the toe-tapping music of George Gershwin and the clever lyrics of his brother, Ira. Enjoy the distinctive voice of George Shearing as he sets Shakespeare's words in his jazzy style. For more spice throw in The Beatles and some swinging J.S. Bach. The Cantare's versatile pianist, Alex Bootzin, and the Nucleus Jazz Quartet provide the instrumental accompaniment for this concert of familiar favorites.

You can stay informed about Cantare's Activities by signing up with the Cantare email list!

Are you looking for a mortgage for a property in Hillsborough CA? I can help you. I work at RMC Real Estate Loans, located  conveniently to Hillsborough on Burlingame Avenue in downtown Burlingame. Our company is a mortgage brokerage that has been existence since 1976.

A mortgage brokerage is a company that helps people that want to borrow money find the best terms for their needs. Our mortgage brokerage has partnerships with many of the largest lenders in the country, as well as others that are not as well known. Why would you call me to get your next mortgage? I will save you money, time, and hassle.

I will save you money in several ways. First, you will have access to the programs of many mortgage lenders. I can submit your application to the lender with the lowest rates for your needs. If you go directly to a bank, you will only be exposed to their particular mortgage programs. Their rates may not be competitive.

Another way I can save you money is by utilizing my ratewatch service to help you decide when to lock in your mortgage rate. This ratewatch service notifies me when their is a significant turn in the mortgage rate market. It makes no sense to let the rate float if rates are moving up. Conversely, it may not make sense to lock in your rate if rates are going down. By staying on top of the mortgage market, I can help you save money by making an informed decision about the best time to lock in your rate.

I can also save you money after you obtain your mortgage. I keep your mortgage information in my database. When the opportunity to save money with a refinance presents itself, I will let you know ASAP!

Time is money. You could spend your time calling a bunch of different mortgage lenders. How many should you call to get the best rate? Well, by the time you determine the right number of calls to make, guess what? The rates have probably changed any way! You're time is probably better spent delegating this task to your mortgage broker, whether it's me or someone else that you trust.

Getting a mortgage can be a real hassle. Now, more than ever, there is a lot of paperwork required - there is no avoiding it. What can be avoided is limiting the amount of phone calls to you asking for more and more documentation. I minimize these phone calls to you by asking for all of the documentation upfront that I know will be required to obtain your mortgage.

Although I can help you with all types of real estate loans, I specialize in jumbo mortgages. If you live in Hillsborough, you most likely need a jumbo mortgage. A jumbo mortgage is any loan amount above $417,000. Between a loan amount of $417,000 and $729,750, these loan amounts are called agency jumbo mortgages. Loan amounts above $729,750 are jumbo mortgages. Our lending partners offer competitive rates in all three categories.

Are you looking at condos for sale in Burlingame? Here is a recently listed condo for sale by Mary Ann Teixeira of McGuire Real Estate in Burlingame. A 16% down payment will qualify this property for conforming financing up to $417,000.

If you think you can't get a commercial loan in today's market, think again! Today, we closed escrow on a self-storage facility in South San Francisco. I am going to describe the terms of this commercial loan for you so that you can get an idea of the appetite for these type of loans, and what was required by the lender to get it approved and funded.

This commercial loan was for $3,500,000. My client refinanced his building in order to consolidate the three outstanding loans on the property, and to get cash-out. He used the funds obtained to pay down outstanding consumer debt. In today's lending environment, obtaining cash-out with a commercial loan is not easy. 

Here are the terms of this commercial loan:

• 6.25% fixed for five years
• 25 year amortization
• 10 year term
• 1 point origination fee

The bank also wanted an environmental report. This report cost approximately $1800, which my client had to pay for upfront also.

Qualifying for a commercial loan is different than qualifying for a residential loan. The lender's main concerns are the type of property, and the cash-flow of the property. 

The type of property is important because certain types of commercial property are easier to sell, in case of default, than others. For example, an office building with many different businesses leasing space has more potential buyers than that of a single use facilty, such as a gas station.

The cash-flow of a property is important because a lender wants to be able to generate income from the property in case of default. My client has very good cash-flow because he has done a great job keeping a large percentage of the units in this South San Francisco self-storage facility rented. I am convinced this high-occupancy percentage and the amount of equity are the main reasons he had his commercial loan approved.

Helping building owners and buyers obtain a commercial loan is one of the services I provide. If you need this service, click here and describe your needs. I will do my best to find the best terms for you!

The Peninsula Symphony Orchestra is one of the many organizations that add so greatly to our Peninsula Living lifestyle. Celebrating their 60th season this year, they offer a concert series of 4 performances a year.

Community outreach and bringing music to young people is a special passion of theirs.

They are offering a FREE family concert on Sunday, February 21, 2010, at 3:00 PM. This special concert will be held at the College of San Mateo, and since seating is limited, you are asked to call their office to reserve your FREE tickets. You can reach them at 650-941-5291.

You'll be impressed with the quality of the music, and the generosity of spirit of the musicians. With music programs being curtailed and cut in many schools, this is a delightful way to bring beautiful music to young people.

Everyone is welcome--this is not exclusive to families and young people.

Bravo Peninsula Symphony Orchestra!

Have you seen this new statue in downtown Burlingame? I was walking down to the convenience store to get a Diet Coke (I'm addicted), and I saw this statue in front of the former Coldwell Banker office. This office is currently vacant, so it was strange to see this statue implanted right in front of this building.

As I was taking a picture of this statue, one of the downtown Burlingame businessmen yelled at me from the building behind "Hey, what are you taking a picture of that for?"

I said, "I think it looks pretty strange in front of this building, what do you think?" 

He said, "Well I do to, and so do a lot of the other business owners. If you don't mind, send your picture to City Hall with some thoughts on what you think of it."

Downtown Burlingame stirs the passions of the city's citizens. It has taken roughly ten years from beginning to an affirmative vote to get a new Safeway built. It took so long for several reasons, but mainly because of the differences of a couple of groups who feel very passionate about the appearance of downtown Burlingame.

I have a feeling that the future of this statue is going to debated in a public forum. It's never boring in downtown Burlingame!

Do you need a loan to complete construction in California? I may be able to help you. I have access to private money that will loan to complete construction on a wholesale basis, as well as working directly with borrowers.

There are several reasons why you may need a loan to complete construction. First, perhaps you were funding construction out of your own savings, and have run out of funds that you want to commit to the project.

Second, the project may have become more expensive due to upgrades or unforeseen circumstances.

Third, you may have a loan, but your construction lender may have gone out of business! Ouch!

No matter what the circumstances, if this happens, you need a loan to complete construction. Here are some of the parameters that my private money source in California requires:

First, the loan amount must be between $1 million and $5 million dollars. This source for a loan to complete construction likes the high-rent districts!

Second, the maximum loan-to-value percentage is 65% of the future completed value.

Third, the maximum term is three years. However, most of the time, a loan to complete construction will be one year.

Fourth, the minimum credit score must be at least 640. The credit score used is the middle score of three credit scores supplied by the three credit bureaus.

To apply for a loan to complete construction, there are three parts of the approval process.

The first part of the approval process is qualifying the borrower. This part of the qualification process is similar to applying for a loan to finance a completed home. A loan application, income documentation, and asset documentation must be provided.

The second part of the approval process is qualifying the contractor. The contractor must provide adequate insurance and a resume of completed projects to demonstrate his ability to complete the job in a workmanlike manner.

The third part of qualifying for a loan to complete construction is providing project documentation. This documentation consists of plans, permits, a construction contract, cancelled checks and receipts for work completed, and a list of building materials.

Trying to get a loan to complete construction can be stressful! My best advice is to be organized as best you can with your documentation, starting with the first receipt you have from the beginning of the project. Organization will help minimize your stress level.

Ground breaking ceremonies will be held on Thursday, February 11, 2010 for the long-awaited Edgewood Education Center which will inspire and teach stewardship of Edgewood County Park and Natural Preserve, a wonder in our own backyard.

Located in the hills of Redwood City Edgewood County Park is frequented by hikers, trail runners, equestrians and families throughout the year. Visitors are drawn throughout San Mateo County and the San Francisco Bay Area to enjoy its spectacular spring flower display.

Learn more about the San Mateo County Parks Foundation, the group that is bringing this to reality. If you enjoy the outdoors and are interested in volunteering with a great group of like-minded people, this might be just the spot for you.

Mayra Espinosa Active Short Sale Listings in San Francisco Bay Area

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If you own one of the homes in Burlingame, you may want to read this article about details in the proposed budget. The mortgage interest deduction is on the chopping block! Owners of Homes in Burlingame would be effected because many of the homeowners' income exceeds the level that would be effected by this proposal.