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MAYA SWAMY

- Mortgage Broker

Well hello there, and thank you for stopping by my site! My name is Maya, and I specialize in helping Southbay area homebuyers and owners with their mortgage needs. Where I excel is in working on loans that need me to go the extra mile.  I go out of my way to make it all happen - all the way. But why brag? why not let my clients tell you themselves?

Phil K. My grandmother died and left her house to the five cousins.  I wanted to live in the home. My cousins wanted to sell it to me But I did not have the down payment. The only money I had was in my share of the house. Lenders wanted to see the money in my bank account before the sale.  Maya worked with 38 lenders till she found one that would do the loan, taking my share of the house as down payment.

Mireya M.  I wanted to buy a house.  But we only had $2500.  Our credit was good and the income was there but...  Maya is an expert in down payment assistance programs.  She got us low down payment loan.  Then she got us grant for the down payment.  Soon we had the loan. A little later we had the house.

Langitoto L.  Okay, I know you can't buy a home with crappy credit.  We were told by many it could not be done.  Maya said she would do it.  I asked her. "What makes you different?" Her answer was, "I care"  And she cared enough to work with us for a whole year to slowly improve our credit.  Then one day she said, "We can get the mortgage now" And she did. Guess she really cared.

Now, you may not need all that extra effort.   My promise to you, is if you do need someone to go the extra mile, I will go there with you and for you. From this point forward, if/when we work together in any capacity, at no point will you feel pressured or pushed into anything. I will work side by side with you, for you, your family, and your unique situation. No pressure, no smoke and mirrors - Just the facts along with a heaping helping of friendly assistance. Fair enough? Good!

So, what mortgage headaches, problems, needs, or concerns can I help you with today? No need to come to a boring, stuffy office, we can meet and discuss over coffee or a drink if you like! (Oh, and if you look below you'll see I've provided all sorts of ways for you to reach me to get questions answered. No need to even click!)

How Can I Help You Today?

Buying A Home
Refinancing A Loan
I Have Questions

Mortgage Considerations

 

Mortgage Application

Your credit, income, the property value are always important considerations in the interest rate and terms you are offered. There are however significant differences in what lenders want to see based on the purpose of the loan. So a purchase of a home in Long Beach, CA is looked at somewhat differently than the refinance of the mortgage for the same property. There are significant differences in: • Purchase Loans • Refinance loans • Streamline loans

Universal Mortgage Considerations:

What is your track history in paying your bills?
  • Credit report
Can you afford to pay?
  • Your income and your debt
  • Are you stable. Lenders look for two years of stability. They want to find you if you do not pay,
    1. How often have you moved?
    2. How often have you changed jobs?
What is the house worth
  • Will the bank get their money back if they have to sell the house
  • What is the appraised value
Purchase Loans How much are you putting down?
  • How much skin do you have in the game?
  • The less you put down the higher your interest rate will be.
  • If your down payment is really low you will also need mortgage insurance
Refinance Loans Most of the considerations for purchase loans also apply to refinance loans.  The main difference Most borrowers want to refinance their homes for one of two reasons.
  • They can get lower interest rates: Rate term
  • They need more money – Cash Out
Lenders are more lenient when it is a rate term refinance.  They kind of figure, of course, anyone would want better terms. However, if you are taking cash out from your equity the house they want to know why you want the money.  Are you in over your head? Will you really be able to make the increased mortgage payments?  All this means that you will generally be charged a higher interest rate and get tougher terms   when you. Streamline Refinances The Veterans administration (VA) and Federal  Housing Administration also  offer something called streamlined loans. If you want to replace a VA mortgage with one of lower interest or an FHA mortgage with another FHA mortgage at better terms a short time after you got the original loan.  the two organizations offer a streamlined refinancing procedure. Key to streamlined loans  is they will not pull credit a second time or call for  a new appraisal  It is assumed that  those facts are still the same. It is your mortgage brokers job to look at your complete situation and needs and figure out the best lender and loan for your Long Beach purchase or refinance loan.

Mortgage Q and A

Home mortgages.

The mortgage process with its many options can be some what confusing.  Here we answer some of the most common questions  asked: about:

What is a conventional mortgage?

A conventional mortgage is one that is not backed by any kind of government insurance. A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional mortgage may have either a fixed or adjustable rate. Conventional loans can be either Fixed or an adjustable rate. Fixed-rate mortgages have a set interest rate for the entire length of the mortgage term which can be between 10 and 30 years. An adjustable-rate mortgage (ARM) with a low introductory rate for a fixed period followed by periodic adjustments according to a specific benchmark.

What is a conforming mortgage?

Lenders usually sell the mortgage contracts in a secondary market. Fannie Mae and Freddie Mac are government backed purchaser of mortgages. They have their own requirements as to the maximum loan amount, borrower’s qualifications and other such criteria. Mortgages meeting these criteria are said to be conforming and the loan limits vary from county to county. Los Angeles and Orange counties have a limit of $625,500. Anything over that is a high balance loan.

What are FHA loans?

Lenders set mortgage rates based on how risky they consider the loan. The greater the down payment the the safer they feel and the lower the interest rate. Typically they are looking for a 20% down payments Federal Housing Administration insures loans for borrowers with a lower income and less of a down payment. FHA loans require a minimum of 3.5% down. The FHA insures the difference between the lender against losses due to the low down payment. Borrowers are charged both an upfront and an annual insurance premium

How Do VA loans work?

VA loans, like the GI bills are veterans benefit for having served the country. You do need to have been in active service as follows: • 90 days in time of war • 6 months in peace time • Or 6 years in the reserves VA insured loans can be for 100% of the VA assessed property value. Advantages of a VA insured mortgage are: • No down payment required • Low Interest rate • No prepayment penalty The VA does require that you have adequate stable income for standard life expenses including the new mortgage. Once you pay back the loan or part of it you can borrow again to your entitlement limit.<

Who are USDA loans for?

USDA loans like VA loans required no down payment. The loans are managed by the department of agriculture and target lower income home buyers in rural areas. Since lenders are hesitant to do business in such area – USDA provides them with incentive to invest in such areas,

Getting Pre-Qualified For a Mortgage in Long Beach

Mortgage Approval

Pre-qualifying for a mortgage loan: How and why?

  You want to buy a home and find one you really like in Long Beach.  The sellers are excited to have an offer. Then they want to know how much you are offering.  And finally wonder if you can really pay that.  That is where the prequalification comes in. Sure, a mortgage broker can issue a pre-qualification letter – but that is not what sellers and their agent want to see. They want to know that a lender has looked at you and agreed that if you find the right house they will give you the money. The statement from the lender will say only that after having examined your financial information they should be able to lend you so much. Your mortgage broker will need to both collect and verify your information.  They need a complete loan application  along with your supporting documents. The broker will review and analyze these documents to see which lenders have the best mortgage programs for your situation.  They will also consider which lenders are likely you the best rates and terms. The broker will submit your package to these lenders for pre-approval. The lender  they will want to see these papers.  They will also review the covering information from your mortgage broker which tells them all your strong points and why the lender should make the loan. Then they will send your broker a pre-qualification notification  This letter to you will also define some of the terms and condition under which they would be making a loan. With your formal pre-approval in hand you are now ready to search for your Long Beach home.

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GET IN TOUCH WITH ME

CONTACT ADDRESS
  • 550 Orange Ave. #131C, Long Beach CA 90802
  • Phone: 323.230.9775
  • Email: mayaswamy@fundsavailable.com
  • Website: fundsavailable.com
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