Jumbo Purchase/Refinance With Less Than 20% down/equity

There are two basic classifications for a mortgage loan- conventional and government-backed.

Government-backed loans include the VA, FHA and USDA programs.

The VA loan is reserved for veterans and others who qualify to buy and finance a primary residence. USDA loans are also used to finance a primary residence but the property must be located in a specific area and there are certain income limits the borrowers must meet. The FHA loan, the last of the three, is used to finance a primary residence but there are no limits as to military service, location or income limits. Each of these three programs carries an inherent government-backed guarantee should the loan ever go into default. If the loan goes bad, the lender is compensated for part or all of the loss. There are also maximum loan amounts based upon the loan type or location.

Conventional loans do not have such a guarantee other than the lender’s experience approving mortgage applications. A lender that approves a conventional mortgage realizes there is no such compensation if the loan is foreclosed upon. Conventional loans also fall into two categories—conforming and non-conforming, commonly referred to as “jumbo” mortgages. Conventional conforming loans are those approved using underwriting guidelines established by Fannie Mae or Freddie Mac.

Buyers can finance real estate for a primary residence, second home or investment property and there are no geographical or income limitations and are by far the most common form of financing real estate. There are however loan limits for a conforming loan and today the loan limit is $417,000 in most parts of the country and as high as $625,500 in certain areas that are deemed “high cost.” When lenders approve loans using these guidelines, they are free to buy and sell these loans to one another, to investors or directly to Fannie Mae or Freddie Mac. Doing so frees up more funds to make still more loans. Here in San Diego County the maximum conforming loan limit is $580,750 and anything above that amount is considered a jumbo loan in 2016.

When lenders approve loans using these guidelines, they are free to buy and sell these loans to one another, to investors or directly to Fannie Mae or Freddie Mac. Doing so frees up more funds to make still more loans. Here in San Diego County the maximum conforming loan limit is $580,750 and anything above that amount is considered a jumbo loan in 2016.

The Jumbo Purchase Calculation

Income

Loans that are above the local conforming loan limit are jumbo loans. For mortgages beyond the $580,750 maximum, a jumbo loan will be used. These loans do not have such a deep secondary market like Fannie and Freddie loans have, but there is a secondary market for most nonetheless. Approval guidelines for jumbo loans can vary between lender to lender but most follow some basic patterns.

Jumbo loans typically ask for a fully documented filed. This means borrowers must provide third party verification for all aspects in the loan application. As it relates to income for example, borrowers will be asked to provide their most recent pay check stubs covering a 30 day period. Lenders will then use this gross monthly income to qualify the borrowers. The two most recent W2 forms are also a standard requirement and will verify a two year employment history, again a common thread for a jumbo approval. If the borrowers are self-employed or receive additional income outside of a job and need that income to qualify, the borrowers then provide the two most recent federal income tax returns.

If the business is a sole proprietorship, the net income on Schedule C will be used, adding back any depreciation listed. If the business is a partnership, partnership returns will also be needed. The same for an LLC or corporation. In these examples, both personal and business tax returns will be required.

Jumbo loans also require that self-employed income must have at least a two year history and be consistent from year to year. When calculating self-employed income, jumbo lenders will average the net income over a two year period. There will most always be a variance in business income from year to year and this is not only normal it’s expected. Variances from 10-20% year-over-year are generally acceptable. Lenders provide a bit more scrutiny in year-over-year income when year two shows a significant reduction in income. For example, year 1 shows $100,000 in income while year 2 shows $90,000. In this example, the qualifying income is then $190,000 divided by 24 (months) or $7,916 per month. If year 2 income is say $50,000, the income is calculated at $6,250. Such a difference between the two years would cause the lender to decline the loan primarily due to declining income or otherwise provide documentation the drop in income was beyond the borrower’s control and the event that caused the decline has either passed or corrected.

A year-to-date profit and loss statement will also accompany the federal tax returns. Most jumbo loan programs don’t require this P&L to be completed by a CPA or otherwise audited, but some do. It’s completely up to the lender.

Assets

Assets are fairly straightforward. If the jumbo loan requires at least a 20% down payment the lender will look for at least that amount plus funds needed for closing costs. Some jumbo loans also require cash reserves to be available in a liquid or semi-liquid account. Cash reserves for a jumbo purchase loan are expressed as a number of months of mortgage payments including property taxes, insurance and mortgage insurance if the borrowers put down less than the 20% requirement.

These assets are validated by providing the most recent three months of bank and investment statements from the accounts that will be tapped into for the purchase transaction. There are times when the assets being used for the transaction have more than one name on the account. In the instance of a marriage and both spouses are on the statement as well as the loan applications there are no issues. However, if there is an additional name on the statement other than the borrower, the lender may only use half the stated assets, assuming there is an even split between both parties. Additionally, the jumbo lender may ask the individual not on the loan application but on the statement to provide a written statement saying the borrower has permission to use the funds as needed.

If the funds are being held by an entity other than the borrower such as a trust, the jumbo lender will then verify the borrower has the legal authority to withdraw an amount of funds at will. In the instance of a trust, the jumbo lender will review the trust documents to verify this authority.

Business assets may also be used but only under certain specific conditions. First, the borrowers must validate they have the authority to withdraw and otherwise control the funds. Second, a document written by the company’s accountant the withdrawal of a specific amount of funds would not harm the short or long term operation of the business. Businesses do need cash flow to survive and the withdrawal of funds such that the business could not operate, the jumbo lender would not permit the business funds in this instance to be used.

jumbo purchase loan

Credit

Many times, jumbo lenders will require a slightly higher credit score when compared to a conventional mortgage. For jumbo purchase or refinance loans with a loan balance of 80% or lower than the current value, a 720 credit score requirement is common. When borrowers put much more down when qualifying for a jumbo purchase loan, say 40% or more, the lender can become more lenient when reviewing the application as there is less risk involved due to the greater initial equity provided by the borrowers.

Jumbo lenders will request a credit score from each of the three credit repositories, Equifax, Experian and TransUnion. These three numbers will most always be similar to one another and the lender will throw out the highest and lowest score, using the middle number. When there is more than one borrower applying for a jumbo refinance or purchase loan, the lender will use the lowest middle score of all borrowers.

There are occasions when the borrowers on the application have a wide disparity in qualifying credit scores. Sometimes the lowest middle credit score is below what the jumbo lender requires and the loan could be declined. However, if the borrower with the higher credit score can qualify on one income while also being able to qualify based upon the debt among all who will hold title, the loan can still be approved, leaving the borrower with the lower credit scores off the loan application entirely.

Rates

Mortgage rates for jumbo loans, either for a purchase or a refinance, will typically be slightly higher than rates reserved for conforming loans, although that isn’t always the case. For a 30 year fixed rate conforming loan the rate might be 3.75% but for a jumbo loan the rate may be 4.00% under the same scenario. Jumbo interest rates for a purchase or a refinance can also vary based upon the amount of down payment and the qualifying credit score. For example, someone with a 750 credit score and 30% down can have a slightly better interest rate than someone with a 720 score and 25% down.

Interest rates will also be higher for jumbo loans when the property is not the borrower’s primary residence. The home could be a beach home, mountain retreat or a rental property. Rates for a vacation home will be a bit higher than for a primary residence and higher still for an investment property.

Rates can also be adjusted based upon paying discount points to lower the rate. All jumbo lenders can offer a combination of rates and points. A discount point is expressed as a percentage of the amount borrowed and is used to reduce the rate on the loan. Discount points are considered a form of prepaid interest and may be a tax deductible item just as mortgage interest for those who qualify and itemize. Lenders have no preference regarding points and the decision has little effect on the loan other than the monthly payment. Lenders do not care whether or not a borrower pays points as the net to the lender is essentially the same.

Down Payments

So far we’ve discussed jumbo loan programs with at least a 20% down payment requirement. As their conforming cousin, mortgage loans greater than 80% of the current value of the property can require a third party, private mortgage insurance, or PMI. PMI is an insurance policy that covers the difference between the borrower’s down payment and the minimum 20% down payment. If the borrowers put down 10% and the loan requires a 20% down payment, PMI can be purchased by the borrowers to cover the remaining 10%.

However, there are other options that do not require any private mortgage insurance at all. For example, one of our jumbo loans used to purchase or refinance a property needs just a 10% down payment and no PMI. This is accomplished with a combination of a first and second mortgage. For instance, a $1MM home with 10% down could have a first mortgage of $750,000 and a second mortgage of $150,000. The property is then secured with two loans totaling $900,000 with the borrowers putting down 10%, or $100,000. The minimum credit score for this loan program is 730 and requires six months of cash reserves. The maximum property value for this jumbo loan type is $1.6MM. Not many jumbo lenders offer this program, much less be aware of it.

Another popular program for those wanting to put less than 20% down while financing a more expensive property up to a sales price of $2 million requires a 15% down payment and a higher credit score at 740. Cash reserves for this loan total 18 months, not six like the previous loan, and is also a combination of a first and second mortgage. This combination also eliminates the need for costly PMI.

There are distinct advantages when taking out a first and second mortgage. Second mortgages will always carry a slightly higher interest rate compared to a rate reserved for a mortgage in first position yet this higher rate still yields a lower monthly payment compared to a monthly PMI policy. As well, the second mortgage as well as the first can be paid off at any time without penalty. For example, borrowers want to buy a $1.5MM home with as little down as possible as they are in the process of selling their existing home and want to use the proceeds from that sale to buy the new home. If the home has not yet sold, the borrowers can still put down 10% and use a first and second mortgage combination and when the existing home sells the proceeds can be used to pay off the second mortgage entirely, eliminating the loan and the accompanying mortgage payment and leaving just the first mortgage with the more competitive interest rate and lower payment.

Both of these options when financing a jumbo purchase offer both fixed rate and adjustable rate loans both fully amortizing and offer an interest only option. The 3/1 and 5/1 hybrid option is also an excellent choice for borrowers who anticipate not owning the property or otherwise keeping the mortgage for a short, 3-5 year period. These loans offer rates that are slightly lower than a fixed rate option yet provide the stability of a fixed rate loan over the initial period at which point the mortgage transforms into a mortgage that can adjust over time.

Using a first and a second mortgage to buy and finance a jumbo purchase it also has a strategic advantage. Buyers don’t have to tie up as much of their funds when putting down say 10%. Buyers have the ability to sell their existing home at a later date and then use the proceeds from the sale to pay off the second mortgage entirely and even pay down the first mortgage.

Let’s say there is a couple who is listing a home for sale at $900,000 and wants to buy a home for $1.5 million. If they put 20% down in that transaction those funds will be in the property and no longer liquid. They make an offer on the new home and close on the transaction while waiting for their existing home to sell. In this scenario, there is a first mortgage of $1.2 million and a second representing 10% of the sales price at $150,000. The couple finally gets an offer on their previous home and uses the proceeds from that sale to pay off the existing $150,000 second lien. They didn’t have to put 20% down to complete the new sale and preserved their liquid funds in the process.

jumbo purchase and refinance

Fixed or Adjustable?

All jumbo mortgage loans have an associated mortgage rate and again that rate can vary based upon several factors but there are different loan types jumbo buyers can used such as a fixed rate or a hybrid. But beyond deciding whether or not to pay discount points to get a lower rate, which is better, a fixed or a hybrid?

A fixed rate mortgage is just that. Hard-wired into the note is an interest rate that can never change throughout the life of the loan. A fixed rate is easier to plan for because the borrower knows what the rate will be 10 years from now and fits in nicely with financial plans. Shorter term fixed rates will typically be lower than a longer term fixed rate loan. A 30 year fixed rate will be higher than a 15 year yet the payment on a 30 year will be lower. The advantage of a 15 year is the lower interest paid to the lender over the life of the loan. Which is better, a 30 or a 15? While a 30-year mortgage is the most common, especially for a non-jumbo loan, the amount of interest is almost triple on a 30 year compared to a 10. Many suggest taking the shortest term available that’s still comfortable paying each month. And besides, one can always refinance to a shorter term if a shorter term jumbo loan is currently available in the market.

A hybrid is a loan that can adjust at some point in the future after an initial fixed rate period. Hybrids are market “3/1, 5/1, 7/1…” and so on with the initial digit representing how long the rate is fixed and the second digit, the “1” represents a one-year adjustable when the rate may adjust once per year. The benefit with a hybrid loan is the lower rate when compared to a fixed and is a popular choice for those who do not intend to own the property for an extended period of time.

At the end of the initial fixed term the loan turns into an adjustable rate based upon an index and a margin. A common index might be LIBOR and a typical margin 2.25%. If an arm is about to adjust the lender takes the current LIBOR index then adds the margin to obtain the rate for the following year. This is repeated annually for the life of the loan. The drawback is not knowing where indexes will be in the future and not knowing where rates will be four, five or six years from now does present an element of risk not associated with a fixed rate loan. Generally speaking, a hybrid is a better choice when owning for a shorter term is in the mix while a fixed rate is for the longer haul.

The Jumbo Landscape

The secondary market for jumbo loans is much smaller compared to conventional and government fare. This means there can be “boutique” loans designed for a specific class of borrower. A jumbo lender who uses its own lending guidelines to cater a particular market can be a lucrative proposition for them but on the other side, such loans are more difficult to find for the typical jumbo borrower. In addition, such lenders have the ability to make lending exceptions on a case-by-case basis that can more easily accommodate a jumbo borrower’s current financial situation.

The bottom line is there are more jumbo choices in today’s environment than most consumers are even aware of. That means there are more choices but if no one knows about them the consumer doesn’t benefit. There is a lot more out there than just the standard 20% down jumbo loan. There are options that might better fit your personal requirements.

Testimonials

“Thank you for all the hard work (even on weekends!) you and your team have devoted to seeing this through in a very efficient manner. It’s been an easy process for me and, you and your team have been a delight to work with.”

“Chad – Your team has been nothing short of amazing. Juliann has aggressively followed-up with escrow and gone out of her way to make sure things get done on schedule. Matt and I can’t express to you enough how much we’ve appreciated all of your counsel at the beginning of the process and her execution to see it through to close. As always, appreciate everything that you guys have done to see this through.”

Everything about our transaction with this lender was perfectly explained to us, easy to do, and they were able to help us get our loan closed ahead of schedule. It was a perfect 10 and we couldn’t have been happier with the whole thing

Incredible Turnaround and Stellar Customer Service. Chad and his team helped us get into our first home here in San Diego. When we first started the process we were skeptical it would even be worth applying. But Chad and his team walked us through the whole lending process with integrity and know how that surpassed our expectations. After helping us to pull together our pre-qualification, he and his team stayed at the ready. Before we even walked up to a home we were seriously interested in he had the data we needed over to us and our realtor. After finding the home we wanted to place a bid on, we were able to place a bid with a matter of a few hours. Then, after having our offer accepted, he had our loan package completed and the keys in our hands in under a month — I am pretty sure it was less than. Like I said, incredibly fast and professional turnaround. if you are looking for a motivated lender who can walk you though every detail and have your back every step of the way, Chad and his team at HomePoint Financial is your best decision. Recommend them highly!”

EXCEPTIONAL, SUPER EXCEPTIONAL! The most professional, accountable and committed mortgage service we have ever worked with. With numerous experiences in buying and refinancing homes, by far Chad Baker and his team remain at the top of our list. We feel very blessed to have located such a committed company who serve their clients with an exceptional first “first class” mindset.

I was amazed how quickly Chad was able to knocked out our refinance!. I highly recommend Chad he & his team did an incredible job! I had 3 others I was working with, including a Credit Union. Chad was able to offer me a lower rate with no fees! Based on the other 3 top financial bids I had for this refinance. ”

“Hi Juliann and Chad, I wanted to take a moment and thank you guys for what would have been impossible for us to do without you. We wouldn’t have our keys in hand if it had not been for your help in navigating the financing, and Juliann’s perseverance in getting the rest of the players in the transaction to deliver. Out of everything, our interaction with your office has been a highlight – and your customer service has been beyond everything we’ve experienced in the real estate industry. Is there a way we can provide any reviews, ratings, testimonials, or other statements that can express to your potential future customers how much you guys do to make the customer’s life easy? Please let us know how we can share our great experience with you to the rest of the public. Whether we refinance this under a VA, or get in a bigger/better house in a few years, we’re not going to go anywhere else for financing. We are customers of yours as long as you are in business. Thanks again for getting us in a house!”

Excellent service!. Recently purchased a property in Northern San Diego County. Chad and his team were recommended to me to check out. The rate he acquired was a full point & a half better than the Broker I have been using for years. His team was exceptional and did great follow through. Definitely 5 star service!”

I highly recommend Chad Baker. He does a phenomenal job and won’t trauma you or your clients. He has a whole team that works on the loans. And all the team members are great. He has a person that can translate for your clients that are Chinese. He is as good of a loan officer as you are an agent, and that is what you want when referring clients to a lender.

“I wanted to reach out and tell you both Thank You for working so hard on my loan. I really appreciate how much effort you both put in to make it happen! Top notch, one of the best I have ever seen in the business.”

“We’re loving our new place and we’re very pleased with how smoothly everything went through closing. Thanks for keeping us up to date on the possibility of refinancing at a lower rate; we trust your judgement as far as waiting until the rate is around 5% lower before we refinance. We’re very interested in pursuing that if rates drop to that level. Thanks so much for all your help and personal attention!”

“Chad and his group made the mortgage approval process smooth and understandable. Multiple updates and explanations during the process kept me informed of progress. Chad also provided great advice on other home services, in particular an insurance company that saved me thousands of dollars a year on home and auto insurance.”

“Chad, it was a pleasure working with you. Your loan was smooth, speedy, and we were kept well informed. I will make sure to prioritize offers where you are the loan officer as I know they run smoothly.”

“I must say I was extremely impressed with the professionalism and quick response from Chad Baker & his entire team. I screened over 5 lenders before selecting the Baker Team & boy am I happy customer. It’s evident that customer service is a priority for these folks.”

“Hey Chad – thank you so much to you in particular as well as your team. It’s been a real pleasure working with someone who’s as responsive and helpful throughout the process, as you’ve been. We really appreciate what you’ve done. ”

Awesome Team

Chad and his team was awesome throughout the entire process. They made things easy and smooth, and able to answer any questions at anytime. By far the best experience with a lending team yet. Great job!”

Thank you Chad and Team

Chad and his team have been a pleasure to work with. I’m a 3rd time home owner. Wish I had known Chad and team a lot sooner. He made my 3rd home purchase very easy. There were a lot of moving pieces and they handled with professionalism and care. Juliann was a pleasure to work with too. The whole team made it possible for us to move into our dream home. Thanks you Chad and Team!

Chad and his team are fantastic!

Chad and his team assisted me with the financing of my condo. Every member of Chad’s team was extremely professional, highly competent, super responsive, and friendly. They realize that financing a home can be a stressful experience and they do their best to alleviate that stress by keeping you in the loop on everything. They were great about giving me frequent updates on the status of my application. In addition, they happily answered my questions. At one point, when I felt like I was pestering Chad with questions, his response was a friendly, “keep them coming!” And he meant it!!! Likewise, Maria and Karina were just a pleasure to work with as well! This team is like a fine-tuned machine. Thank you so much for all of your help!!!

A very responsible and experienced professional with his highly effective team

I really enjoyed working with Chad Baker and the rest of the team. This was our first time buying a home in California and we started with unnecessary assumptions based on our previous experience as home-owners in a different state. Chad and his team were available throughout the whole process, explaining the state differences, answering all our phone calls and emails quickly and directly, and providing detailed weekly status reports so that all parties including agents knew exactly where we were in the process. Chad was very experienced and provided customized loan products for us to consider, which definitely facilitated our transaction. I recommend the Chad Baker team! ”

I HIGHLY recommend Chad and his team.

Chad and The Chad Baker team really helped me from start to finish with my loan process. They were extremely responsive and provided me updates on a daily basis. I had a few personal issues that they helped me work through so I could get the best loan program and best rate. Very knowledgeable about the industry, rates and trends.I HIGHLY recommend Chad and his team. I’m happy to offer a reference upon request. Please ask Chad for my contact information.”

“This is the second time that I have worked with Chad (home purchase & refinance). He has become my subject matter expert and someone I depend on for all finance needs related to our home and real estate investments. My favorite things about Chad are his depth of knowledge, responsiveness, honesty and the great service he provides. I have referred countless friends and family of mine to work with him for no other reason than I know that he will treat them well and equip them for the best possible outcome. Chad will add tremendous value to any real estate transaction that you have and I am grateful to have him as a resource.”

Thank you, Chad. You have been amazingly responsive to all my questions, and you have a great staff assisting you. Thanks so much for all your help!

Outstanding experience

I was referred to Chad by my Realtor for a purchase of a new house. The experience with Chad and the team (I mainly worked with Juliann) was nothing short of outstanding. From start to finish there were always quick to respond and when needed, notify me of any new documentation that was required. There were very helpful explaining to me the pros and cons of different financing options as well as some other loan related issues, such as termite clearance outside the purchase contact and septic tank certification process. Overall, very knowledgeable and processional team. Loan preapproval was done in a single day and loan documents were ready for signing in 21 days, which was 9 days ahead of schedule. That never happened to me before.

Excellent service!
My wife and I purchased a home in Escondido, first home together. Chad and his team made the whole process extremely easy and helped us close quickly. Will recommend to all friends and family!”

“Chad and his team are exactly who you want handling the financing of your home. Whether it be a new purchase or refinance, he and his team are one of the most professional, responsive group of people I’ve worked with. Buying a home can be very stressful and Chad and his team took all of the necessary steps to make the process as painless and as quick as possible. They are extremely knowledgeable, organized and have great follow through. You won’t ever be left wondering what the next steps are. I highly recommend him and will use him in all of our real estate transactions moving forward.”

Outstanding experience

I was referred to Chad by my Realtor for a purchase of a new house. The experience with Chad and the team (I mainly worked with Juliann) was nothing short of outstanding. From start to finish there were always quick to respond and when needed, notify me of any new documentation that was required. There were very helpful explaining to me the pros and cons of different financing options as well as some other loan related issues, such as termite clearance outside the purchase contact and septic tank certification process. Overall, very knowledgeable and processional team. Loan preapproval was done in a single day and loan documents were ready for signing in 21 days, which was 9 days ahead of schedule. That never happened to me before.

“Chad and his team were fantastic. They were incredibly responsive to us and our needs. Chad laid out several refinance options for us, and was very supportive when we decided on the option we felt was best for our family. Chad and his team worked our deal and got our mortgage funded incredibly fast, with excellent service and even took the time to thank us personally once we funded. I can’t recommend Chad enough!”

As a first time home buyer, I wasn’t sure what to really expect, but Chad and his team made the process very clear and easy. Once the process was over, they didn’t just vanish either. They kept in touch and looked for opportunities that may benefit me. A couple years later, they found me a great refinance opportunity that saved me a lot of money! Once again, the process is long and grueling, but Chad and his team made it as painless as could be. Any barrier that I encountered, they found a quick solution to make it happen. Mortgages are a huge commitment and I wouldn’t pick any other team to help me make the right decisions.”

“Hey Chad, Just wanted to send a quick note to Thank You for all your work and effort to get this escrow closed. It was a pleasure to work with someone as professional as yourself. If I have a client that ever needs a lender you will definitely be someone that I  would recommend.”

Great Job Chad Baker Team & Homepoint!
I was very impressed with the professionalism and quick response times from Chad Baker & his team during the entire process. I would highly recommend Home Point for mortgage needs. Great Job! ”

“Good experience

I recommend chad because he is not pushy or trying to manipulate as others in the same business, the process was smooth with no obstacles, best team. ”

“We signed all our papers yesterday afternoon. I wanted to thank each one of you for all your hard work and tenacity in making this happen for Michelle and I. This is by far the easiest closing we have been through. All thanks to you all. You all the best at what you do. No other group works like this together. Again, thank you all, from Michelle and I, we will be forever grateful. Absolutely the best team I have ever dealt with. From beginning to end, the customer service provided was beyond reproach. Everyone gave us their personal attention and that made it so easy.”

“Chad, Juliann and the team were great in helping me get through this process. It is not an easy process but they stayed with me the entire time and I am truly grateful. ”

When looking for a house, we had couple recommendations for a lender. After talking with all the lenders, many were difficult to work with and couldn’t get it done as quickly as we needed. I was referred to Chad Baker’s team and I am glad we did. Not only did they get the things done quickly for us, they were very easily to get ahold of. It wasn’t rare to get a response within 15 minutes whenever an email was sent. I could not express how friendly and outgoing this team is. And on top of that, they came back with the best offer for us amongst all the other brokers. I am glad I worked with these guys. If you are looking for a lender…MAKE SURE TO CALL CHAD BAKER AND TEAM!!! Thanks Chad for all your hard work. Next time we buy another house I am calling you first!

“Chad and The Chad Baker team really helped me from start to finish with my loan process. They were extremely responsive and provided me updates on a daily basis. I had a few personal issues that they helped me work through so I could get the best loan program and best rate. Very knowledgeable about the industry, rates and trends. I HIGHLY recommend Chad and his team. I’m happy to offer a reference upon request. Please ask Chad for my contact information.”

“Chad and his team got me funded in less than 30 days, completing a deal that another broker fumbled around with for almost 90 days. Effective, efficient and excellent communication skills. Outstanding professionalism.”

Excellent customer service – highly recommended!. I was referred to Chad by one of my friend. During our initial meeting, Chad walked me through the lending process and provided multiple ideas to start the home search. He got me pre-approved in couple of days. After looking for months, we finally liked a house but it was over our budget. He came up with an intelligent financing strategy and provided an excellent rate that let us purchase our new house. Chad and his team are patient, professional and always available – literally 7 days a week, 24×7. I can’t remember the last company I worked with that returned calls and emails in such a timely manner! I will happily recommend him to others.”

“Chad and his entire team were over the top amazing, professional, and attentive throughout the entire home loan/buying process. I could not have asked for a better team to have on my side through what could be one of the most challenging and stressful processes one experiences. From the first conversation I had with Chad, I felt comfortable with him. He helped guide us through the process without ever once making us feel uneasy, unimportant, or uninformed. I never felt silly or stupid for asking the same questions over and over until I fully understood what we were getting into, or until something made total sense to me. The home loan world is fast paced, overwhelming, and confusing, and Chad and his team held our hands and helped us to feel comfortable and confident about our choices. He and his team were always there for us day or evenings, weekdays, or weekend and never made you feel like you were a bother if you had a burning question you had to get answered at 8pm Saturday night. I will use them again and again, and suggest them to any friend, family, or acquaintance. Seriously, they are rock stars. They work hard for you to get you into your dream home, we could not be happier with their hard work, dedication, and kindness.”

Chad was very personable. His staff was very suportive.
I had the pleasure of working with Chads team. Everything went as planned. I was very pleased. I still want to take them to dinner. I am completely enjoying my new home”

“Chad Baker is THE BEST, most professional, understanding, HONEST person I’ve ever worked in the mortgage industry. He knows exactly what he’s talking about, will never promise something he can’t deliver, and will bend over backwards to get you what you need. I had a very unique problem qualifying and every other mortgage company I worked with assured me from the beginning that they could get me financed, and then it would all fall apart once we hit underwriting. Chad understood my circumstance from the beginning and patiently explained every step of the way. I can’t thank you enough Chad! Juliann has been great keeping me updated and making sure that everything comes together in a timely fashion. She also appreciates my sense of humor, which gives personality to a boring funding process. Thanks Juliann! I HIGHLY recommend Home Point and if I ever buy another home, will absolutely use them again.”

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I hope you enjoyed reading this article. It's my goal to keep you updated with the latest real estate mortgage news. I'm proud to provide you with 100% original and unique content. Subscribe now to get high quality real estate mortgage content and articles delivered directly to your inbox. Chad Baker is Regional Manager for LendUS. Chad is consistently recognized in the top 1% of mortgage originators in the United States 2011-2017. Got a question for Chad? Call (858) 353-8331 or submit your question online