L E ND I N G M A D E E ASY
2501 Cherry Ave. Suite 150, Signal Hill CA 90755 w w w. S u m m i t L B C . c o m | 5 6 2 . 9 1 2 .7 7 6 9
WHY CHOOSE S UMMIT LEN D I N G Southern California based Summit Lending is a top reviewed direct mortgage lender, and mortgage brokerage specializing in home purchase loans, and refinance loans. We proudly offer government loans including FHA loans and VA loans, in addition to Conventional loans, Jumbo loans, Home Equity Lines of Credit, and reverse mortgage loans for homebuyers and homeowners throughout California. We have provided home loan options at the best rates for first-time homebuyers, veterans, real estate investors, and seasoned homebuyers for two decades. As a direct lender, quite frankly, we call the shots. We have the ability to approve, process, underwrite, and fund your mortgage loan quickly. Summit Lending is proud to make quick loan approval decisions, answer your questions immediately, and secure the best mortgage loans with the best rates available for your specific needs in California. As a locally owned and operated Southern California business, Summit Lending is dedicated to providing personalized service in the digital age. With all technological capabilities at our finger tips, we also enjoy one-on-one work with our clients, and homebuyers and homeowners are always welcome in our Huntington Beach, CA corporate office anytime. Our focus on exceptional customer service has earned us top reviews, in addition to earning the respect and referrals of past clients, and affiliate partners throughout the State of California.
MEET THE TEAM
Shannon Daniele - Senior Mortgage Consultant Oversees all operations and reviews all scenarios to ensure clients are receiving the best possible ďŹ nancing. sdaniele@SummitLBC.com | 562-912-7767 NMLS: 169136
Michael Amescua - Loan Concierge Accepts calls for incoming leads. Ensures new clients are contacted within 10 minutes of inquiry. mamescua@SummitLBC.com | 562-200-0752
Joshua Amescua - Mortgage Consultant Provides consistent and thorough follow up for clients during the critical pre-approval process. jamescua@SummitLBC.com | 562-912-7768 NMLS: 1202316
Silvia Robles - Loan Coordinator Works closely with our processor to keep everything on track from contract-to-close with frequent updates to all parties. srobles@SummitLBC.com | 562-912-7769
CLIENTS RAVE WHAT OUR CLIENTS ARE SAYING!
Super Professional Will definitely use Summit Lending again! "Summit Lending has assisted my sister and I in buying a home and refinancing twice now. They are extremely professional and yet provide that personal touch. Being in San Diego, they were able to meet us halfway when it came time to sign documents. They are always quick to respond to any and all questions that I have; even when it comes to just giving advice! I will definitely use Summit Lending again!" - Janae D.
"Summit Lending is awesome! They are super professional, super efficient, and amazing people that make what to me is such a difficult to understand process simple and easy for me. We have purchased homes twice and refinanced as well using their services. Shannon and Silvia have been very attentive to our needs and are truly genuine people that want only the best for their clients. There is no question about it, I recommend all of my friends and family to Summit Lending and I will be a repeat customer for my future needs." - Richard D.
Very Attentive Summit Lending is the best when it comes to purchasing and or refinancing a home. I worked directly with Shannon and Silvia for my first home purchase. The process itself is like rocket science to me but the great team of Shannon and Silvia were readily available to answer any questions i had (which were plenty). I also had the opportunity to work with them a second time when we refinanced our house. They help me throughout the process and make my life much easier. They were very professional and very attentive to our needs. I highly recommend Summit Lending and will definitely used them again! - Pedro A.
PROGRAMS OFFERED AT SUMMIT LENDING
Put our experience, knowledge, service, and professionalism to work for you.
1 FHA - 3.5% Down 2 Conventional - 3% Down Economic Opportunity Program 3 Solutions in Home Financing to The Big 3 Home Buying Myths LENDING MADE EASY
PURCHASE A HOME WITH AS LITTLE AS 3.5% DOWN & A 550 CREDIT SCORE FHA LOANS ARE GREAT FOR BUYERS WITH LOWER DOWN PAYMENTS AND ARE SOMETIMES EASIER TO QUALIFY FOR THAN A CONVENTIONAL LOAN Credit scores starting at 550 FICO Great low rates Close in as little as 30 days Sellers may contribute up to 6% towards your closing fees
EXPERIENCE A BETTER WAY TO BUY
Get in with a low payment
ECONOMIC OPPORTUNITY REDUCED RATE 3 % d own p r ogr a m 3% Down Rate Better than 20% Down You're closer to homeownership than you think No Private Mortgage Insurance (PMI) Required Capitalizing on an opportunity to meet your home financing needs. If you are looking for a home loan with a new low down payment, consistent monthly payments, and no required Private Insurance (PMI), an Economic Opportunity Mortgage® from Summit Lending. We're making homeownership more affordable 3% Down Up To $679,650 No PMI required Purchase a home and get up 97% financing depending on property type Reduced fees vs traditional loan programs Community Reinvestment Act Area 3% down payment 30 year fixed 4.375% (4.625% APR) LA County 4.500% (4.750% APR) Orange County No mortgage insurance 620 FICO needed LENDING MADE EASY
Solutions in Home Financing to The Big 3 Home Buying Myths Credit Scores – You CAN qualify without having high credit scores. FHA: Loans with credit scores as low as 550.
These are often the best options for keeping fees down while getting in with credit scores in the 550+ range.
Wayfinder: After running your credit report we can use Wayfinder us to help find the fastest
and most simple way of hitting a new higher credit score target to help you get the loan programs that you need.
HomeReady & HomePossible: Based on locations within certain low to moderate
income census tracts, these programs help keep rates and fees down when buyers are using low down payment programs without top tier credit.
Jumbo: Up to $3,000,000 loan amount with credit scores down to 600.
Funds – You CAN buy with little or even no money down. Down Payment Assistance:
Multiple options available that can provide financing up to 104.5% of the sales price. The extra funds above the sales price generally cover the majority of the closing costs, leaving a relatively small contribution of funds needed from the buyer.
Teacher Program: Allows for a deferred payment loan of up to 4% of sales price that can
be used for down payment and closing costs.
Conventional Loan Down Payment:Now available with as low as 3% down payment
on purchase prices up to $499,329 and 5% down payment on purchase prices up to $764,763.
Jumbo Low Down Payment:Only 5% down payment required for loan amounts up to
$1,500,000.
VA Loans: No down payment required and the ability to have a zero contribution from the
buyers with a credit provided by Summit Lending and a closing cost credit negotiated from the sellers
Income – You CAN qualify without having or showing high income. FHA: Total housing and debt related expenses can be allowed up to 56.9% of a buyers pre-tax monthly income. No-Ratio: Qualify based on down payment and credit score without income as a factor. Debt Service Coverage: Rental properties qualify based on if 95% of the rent can cover the mortgage payment. Great option for investors! Bank-Statements: Monthly deposits are analyzed to determine which portion can be used
as income for qualifying, often very helpful for self-employed buyers.
ADDITIONAL I N F O R M AT I O N FROM SUMMIT LENDING
1 No Loan Contingency for TBD Homes 2 24-48 HR Underwriting 3 2018 Government & Conventional Income Limits 4 Down Payment Protection 5 5 Myths with Home Buying 6 10 Commandments for Home Buyers 7 Things to Remember 8 Stock Market - CA Real Estate Crashes 9 Homes Recently Financed through Summit Lending LENDING MADE EASY
Get Your Offers Accepted
No Loan Contingency!
17 DAY ESCROWS WITH "TBD" ADDRESS LOAN SUBMISSION/APPROVALS Summit Lending is able to submit ďŹ les for your clients with a "to be determined" property address. This allows your clients to have their loan package submitted to the lender before they are even under contract. Clients are able to receive a full loan approval pending an appraisal and veriďŹ cation of terms on the subject property. Timelines from acceptance to close will be drastically reduced and help in further strengthening your offers. This also works for Down Payment Assistance programs!
24-48 HR Underwriting FHA & Conventional Highlights FHA 550 FICO to 96.5% LTV Non FICO Co-Borrower allowed (must be occupying) DTI will follow AUS findings 56.90% 100% gift without donor Bank statements W-2 & Paystub Only for Wage Earners 1 FICO Score OK 580 FICO cash out to 85% Mortgage Only FHA Streamlines NO AVM or Appraisal on all FHA streamlines No income asset, appraisal or AVM streamlines for both Investment and Primary Manual underwrite to 40/50 DTI Foreclosure seasoning 3 Years BK seasoning 2 Years Current BK 13 OK with 12 months payments Manufactured allowed
Conventional No FICO overlay to AUS approval No DTI overlay to AUS approval No credit overlay to AUS approval Transferred appraisals allowed - Fanny Mae only 100% gift funds up to 95% LTV -620 FICO Qualify with 1 year taxes self-employed W-2 only income to exclude 1040 losses. Schedule C and K-1 OK 2 Year rental history not required for rent income Vacating primary rents do not require equity Conventional Appraisal transfers allowed - Fannie Mae Only Condo limited review up to 90% Manufactured homes OK-cash out allowed
LENDING MADE EASY
D O W N PAY M E N T P R O T E C T I O N WE'VE GOT YOUR BORROWERS COVERED! Where title insurance, private mortgage insurance and homeowner's insurance each make lending more secure for the lenders, only Summit Lending covers borrowers against unpredictable market losses.
Here's How It Works! *A borrower puts $60,000 down on a home. Five years later, the market is down and they need to sell for $15,000 or less. What would have been a $15,000 loss is now reimbursed to the borrower in less than 30 days! Available on FHA and Conventional Home Mortgages! Full Down Payment Reimbursement, if You Sell at a Loss! Up to 7 Years of Overall Protection! So why settle for an old school mortgage when your clients can get one with Down Payment protection at the same great rate?!? LENDING MADE EASY
DON'T LET THESE HOME BUYING MYTHS KEEP YOU FROM YOUR DREAM HOME
Myth 1
I NEED A 20% DOWN PAYMENT T his goes back to the days when lenders had far fewer optio n s . N o w, y ou can get a mortgage for as little as 1% down and still hav e a l o w m onthly payment
I HAVE TO DIG UP A LOT OF PAPERWORK
Myth 2
A lot goes into qualifying you for a mortgage, but these days m u c h o f t h e verification process - like collecting pay stubs, bank stat e m e n t s a nd tax information - can be done automatically by your mor t g a g e b roker and lender.
Myth 3
I HAVE TO DIG UP A LOT OF PAPERWORK
Myth 4 Myth 5
S ummit Lending often gets full pre-approval packages comp l e t e d t h e s ame day as your application is completed.
MY BANK IS THE BEST PLACE TO GET A MORTGAGE M any banks often don't offer many mortgage choices. As dir e c t l e nders and independent mortgage brokers in your local com m u n i t y, w e can help you f ind the best options and lowest rates.
I NEED TO BE "SETTLED DOWN" FIRST E ven with a low down payment, monthly mortgage payments a r e o f t e n l o wer than rent prices. Plus, when you buy a home, you're p a y i n g y ourself, not your landlord.
10 Commandments for Home Buyers 1. Thou shall not change jobs or become self-employed 2. Thou shall not buy a car, truck or van unless you plan to live in it 3. Thou shall not use your credit cards or let your payments fall behind 4. Thou shall not spend the money you have saved for your down payment 5. Thou shall not buy furniture before you buy your house 6. Thou shall not originate any new inquiries on your credit report 7. Thou shall not make any large deposits into your bank account 8. Thou shall not change bank accounts 9. Thou shall not co-sign for anyone 10. Thou shall not purchase anything until (way) after the closing
Things to Remember 1. Additional Documentation:
As soon as you think we have every piece of paperwork we could have on you……we will ask you for something else!!!! In some cities, it has been reported that Loan Officers are asking the borrowers for their “first born”. Luckily, our team is full of people with kids and the thought of having one more to care for might send us over the edge. So, we will just stick to the documents.
2. Double Documentation: There are multiple internal audits that will be conducted. As a result, you may experience our team asking to provide documentation that you have already provided. I promise we are not unorganized (although that might be your first thought). Their idea is: if you can provide the exact same documentation twice, then it has not been fabricated in your basement when you were looking for something to do last weekend. Trust us; we know this can be irritating! And we apologize for our industry.
3. Approval vs. Clear to Close:
There are several “approval stages” in the loan process. While they are all exciting times (because we are one step closer to the finish line) please don’t be discouraged when we come back and ask for…you guessed it….MORE DOCUMENTATION! The magic words are “CLEAR TO CLOSE!” When you see these words come across your email, it’s time to celebrate!
4. Turbulence:
Remember this analogy? Getting a mortgage is like riding in an airplane. Expect turbulence, but know that we are great pilots and we will land the plane!
5. Call us:
Please remember that when it comes to your personal loan our team will have the most accurate information to provide you. So, before calling your best friend, neighbor, or landscaper…..call us! We are here to help you, provide you the most up-to-date information, and answer any questions you may have. And, the team has taken an oath to be nice even when you call 50 times a day. So, bring it on!
6. Referrals:
Please don’t keep us a secret! We know you are going to be sharing this exciting time with coworkers, family and friends. The best time to refer us is during this process. We assure you that we will take great care of anyone you send our way! And, HEY…you may even get better service because of it. Just kidding…exceptional service is given to everyone who works with us!
7. THE NEXT STEP IS:
Your contract-to-close coordinator will be contacting you to introduce themselves, deliver contact information and provide you with…..wait for it…..THE NEXT STEP! See, I told you! LENDING MADE EASY
Stock market jitters? Just remember California real estate crashes! By Jonathan Lansner | February 13, 2018 via Press Telegram How does an investor survive rocky stock market conditions like we’ve witnessed at the start of 2018? Well, fellow Californians, some of the best lessons about riding out market storms may very well come from the state’s quite volatile housing markets. I tossed into my trusty spreadsheet data on investment returns from stocks, fixed-income options, and California housing to see how the ups and downs compare. Look, if recent stock market volatility keeps you up at night, history tells you there’s only one guaranteed bet: Treasury bills! They haven’t had a down year in my study dating to 1976. But that serenity comes with a price: 2017’s yield of 1.4 percent was the best year for T-bills since 2008. As a somewhat sharp comparison, California housing – as measured by the Federal Housing Finance Agency – has been wobbly, rising in value in just 31 out of 41 years. Roughly, 1-in-4 years is a loser. Sure, California homes have appreciated at an average 7 percent annual rate since 1976. But it’s been a wild ride, if you recall: Results ranged from a 27 percent jump in 1978 to a 23 percent loss in 2009. Now, depending on how your stomach handles volatility, stocks over the last four decades look nearly as volatile when measured by the total return of the S&P 500-stock index, gains plus dividends. Stocks have had fewer drops than the state’s housing market, with upswings in 34 of the past 41 years – or roughly a loser in 1-in-6 years. But stocks swings have been wilder: from up 37 percent in 1995 to down 37 percent in 2008. For all those gyrations, though, investors have been well rewarded: average annual returns of 12.5 percent since 1976. This is not a pros-and-cons, homes vs. stocks analysis. This is about how longer ownership keeps one sane and creates wealth. Most homeowners wouldn’t dream of selling their home in a period of economic turmoil. It’s a hassle. It’s too expensive. And then where would you live? (Yes, unfortunately, some folks do get forced out of homes by their lenders.) For stock investors, selling is very easy and cheap. But I’ve long argued this added liquidity does the average person no good. It makes it too tempting to ride out a market storm in calmer investments hoping you’ll know when it’s safe to jump back in. Just so you know, even professional investors, as a group, poorly time these stocks swings. So, why do you think you can? Instead, use timing to your advantage: As in wait it out. If you can hold onto volatile investments like stocks or real estate for 10 years or more, history suggests your chances of losing money are greatly reduced. Over 10-year periods, these risky holdings start to look like a pretty sure thing: Stocks were up 94 percent of the time, with the worst result a 13 percent drop in 1999-2008. California housing was up 91 percent of the time. Worst? Down 13 percent from 2007-2016. And if you can create a 15-year horizon for your bets, the past 40 years shows no money-losing periods for stocks or California housing. The usual caveat still rings true: the past is no predictor. But it provides pretty good hints. Like after nine straight years of gains for stocks, will it surprise us if 2018 turns out to be a dud? However, just because you can get minute-by-minute pricing on a stock portfolio – while only guessing at what a home is worth – short-run economic or psychological blips should not change one’s investment priorities. It’s this simple: If you need a chunk of money for expenditures in say less than five years, risky assets aren’t a very good place to park your money. If you can figure out what dollars won’t be spent in an extended timeframe, you’ll sleep better. This is why young adults can have an aggressive investment strategy with their long-term dollars – say, for a home or a child’s college expenses. They have decades to recover from the inevitable downturns. Measured risk-taking isn’t just for the young. Middle-career investors should know they have long-time horizons for a good chunk of their savings – such as retirement dollars that won’t be used for perhaps two decades. Even people near retirement or retired can find some comfort by determining what share of their nest egg won’t be spent in, say, a decade or more. Those funds could be dedicated to some plays on higher-risk — and hopefully high-returning — assets. Look, anxiety is normal when you’re bombarded by the daily noise of investment volatility as market indexes resemble yo-yos. But I suggest, fellow Californians, it’s better to ponder those who’ve succeeded in real estate by being long-timers.
Homes Recently Financed by Summit Lending
S O L D Long Beach
S O L D Long Beach
S O L D
S O L D
Lakewood
Whittier
THANK YOU
Thank you for giving us the opportunity to finance your home! At Summit Lending, we are revolutionizing the financing process in real estate with dedication to providing unmatched customer service. WE ARE COMMITTED TO DELIVERING INCREDIBLE RESULTS EVERY STEP OF THE WAY. Buying a home doesn’t have to be difficult, because at Summit Lending, we are Lending Made Easy.
SUMMIT LENDING
2501 Cherry Ave. Suite 150, Signal Hill, CA 9 0 7 5 5 www.summi t l b c .c o m
LENDING MADE EASY