Get Your Mortgage Phil: California: Hillsborough

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.

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.

Here is a list of open houses in Burlingame and Hillsborough that are listed for more than $2,000,000 that will occur on Sunday November 8th. The information for this list of open houses in Burlingame and Hillsborough was found on the MLSlistings.com website. 

• 2980 Privet Drive - $4,800,000 - 2 to 4
• 38 Lemon Court - $4,680,000 - 1:30 to 2:45
• 555 Craig Road - $4,295,000 - 1:30 to 4 
• 70 Joyce Road - $4,280,000 - 1:30 to 3
• 15 Jewell Place - $4,250,00 - 2 to 4
• 735 Brewer Drive $4,225,000 - 2 to 4
• 105 Baywood Avenue - $3,880,000 - 3 to 4:30
• 280 Sierra Drive - $3,650,000 - 1:30 to 4
• 50 Woodridge Road - $3,350,000 - 2 to 4
• 112 Alturas Drive - $3,149,000 - 1 to 4
• 356 Darrell Road - $3,095,000 - 1:30 to 4
• 150 Newton Drive - $2,995,000 - 1:30 to 4
• 10 Kammerer Court - $2,985,000 - 2 to 5
• 725 Hayne Road - $2,895,000 - 2 to 4
• 740 El Cerrito Avenue - $2,860,000 - 2 to 4
• 2135 Carmelita Avenue - $2,825,00 - 2 to 4
• 35 Willard Lane - $2,550,000 - 1:30 to 4:30
• 1417 Cabrillo Avenue - $2,348,000 - 2 to 4
• 1524 Newlands Avenue - $2,298,000 - 2 to 4
• 2223 Easton Drive - $2,250,000 - 2 to 4
• 1325 Cabrillo Avenue - $2,248,000 - 1 to 4
• 10 Tiptoe Lane - $2,199,00 - 1:30 to 4
• 50 Glenbrook Drive - $2,150,000 - 2 to 4
• 1435 Lakeview Drive - $2,149,000 - 2 to 5

There are going to be 24 open houses in Hillsborough CA on the weekend of September 12th and 13th. Here is a list of these open houses (source mlslistings.com):

• 885 Hillsborough Blvd. $5,495,000 - open Sunday 2-4
• 2700 Ralston Avenue $4,795,000 - open Sunday 1:30-4:30
• 38 Lemon Court $4,680,000 - open Sunday 3:30-4:30
• 15 Jewell Place $4,650,000 - open Sunday 2-4
• 1016 San Raymundo Road $4,395.000 - open Sunday 2-4
• 555 Craig Road $4,395,000 - open Sunday 1:30-4
• 5 Santa Maria Lane $4,280,000 - open Sunday 1-4
• 280 Sierra Drive $3,650,000 - open Sunday 1:30-4:30
• 100 Stonepine Road $2,998,000 - open Sunday 2-4
• 255 Pinehill Road $2,680,000 - open Sunday 1-4
• 130 Rizal Drive $2,590,00 - open Sunday 1:30-4:30
• 1305 Hayne Road $2,350,000 - open Sunday 1:30-4
• 40 Braemar Drive $2,325,000 - open Sunday 2-4
• 1445 Lakeview Drive $2,149,000 - open Sunday 1-4
• 25 Searsville Court $2,195,00 - open Sunday 1:30-4
• 1435 Lakeview Drive $2,149,000 - open Sunday 1-4
• 2969 Churchill Drive $2,095,000 - open Sat 1:30-4 & Sunday 1:30-4
• 820 Black Mountain Road $2,050,000 - open Sunday 2-4
• 10 Pine Court $1,995,000 - open Sunday 2-4
• 1035 Tournament Drive $1,995,000 - open Sunday 1-4
• 1410 Avondale Road $1,989,000 - open Sunday 1-4
• 1025 Tournament Drive $1,881,000 - open Sunday 1-4
• 960 Parrott Drive $1,830,000 - open Sunday 1:30-3
• 1229 Cardigan Road $1,715,000 - open Sunday 2-4

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Open Houses in Burlingame

Getting a jumbo loan in Hillsborough, CA has become more difficult in 2009. According to this website, there are currently 83 homes for sale on July 30, 2009. This number is higher than normal, and does not include homes that are not on the multiple listing service. There ary many sales in Hillsborough that never are recorded on the MLS. One of the reasons that so many homes are on the market is because of the lack of jumbo financing in recent months.

There have been some developments recently that make getting a jumbo loan in Hillsborough, CA easier than it has been in a while.

Some lenders have come back into the jumbo loan market. For example, one lender is offering jumbo loans for up to $5 million. The price range of homes currently on the market is between $1,350,000 to $18 million. Having loan amounts up to $5 million won't help everyone, but it should help most.

Another development is the ability to fix the rate on an adjustable loan without refinancing and without having to provide income documentation. If you have an adjustable jumbo loan in Hillsborough, CA, you should read this article about how it works.

The super jumbo loan market, which has been frozen, is thawing. I expect more lenders to get back in the market for higher-end loans, which should make obtaining a jumbo loan in Hillsborough, CA easier than it has been for a long time.

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