Mission Statement

WELCOME TO EHOMELOANEXPRESS.COM THE NUMBER ONE CHOICE IN PREMIUM CALIFORNIA RESIDENTIAL REAL ESTATE FINANCING !

We specialize in Residential Mortgage Loans within the state of California. ehomeloanexpress.com has been established by one of California's leading independent mortgage lenders. The intent of this site is to provide DISCOUNT FEES AND PREMIUM MORTGAGE INTEREST RATES for today's qualified borrower. ehomeloanexpress.com offers insight and advice rarely found on other sites.

We offer two tiers of service: Tier 1. "Highly Qualified Borrower" Tier 2." Qualified Borrower" To determine what parameter best suites you, answer for yourself the following questions:

  1. Have you had a major credit issue in the past 10 years (e.g. Foreclosure, Default, or Bankruptcy)?
  2. Are you recently divorced?
  3. Have you owned your property for less than one year?
  4. Have you changed jobs within the past year?
  5. Are you self-employed? Less than two years?

If the answer is YES to any of these questions; you need to move to Tier 2.

The advantages for Tier 1 borrowing status are that your total loan PROCESSING FEES on every program will be reduced to a flat fee of $600, you will be eligible for all available programs. You can do much of the correspondence via email without interference from human loan officers.

TIER 2 borrowers will require full processing. The interest rate options will still be premium although program parameters will need to be adjusted to the borrower's credit profile. PROCESSING FEES will be a flat $935 (still a significant discount over most lenders aggregate fees.)



General Advice and Rules of Thumb

To help you make your decision about the type of loan to pursue and the costs to absorb in pursuing that loan,the following general rules are provided below. The application of these general rules combined with the specific interest rate climate should provide the Tier borrower with a good foundation.
Rule 1: A Fixed Rate mortgage loan should be considered for a purchase first if the loan amount is below $252,700

Rule 2: A Fixed Rate mortgage loan should be considered for a refinance when the one of four things occurs: A . Fixed Rates drop below 7% ; B . When the current rate drops low enough to generate monthly cash savings (compared to your current payments) that will repay you for the closing costs within 2-3 years ; C. If you are consolidating substantial other debits and can replace the first trust deed at the same or slightly better rate than you currently have ; D . If you have an ARM ........don't wait for the ARM to go sky-high ! Replace it with a Fixed Rate when the TRUE rate of your ARM (Index plus margin) add up higher than the current Fixed Rate for the equivalent loan amount .
Rule 3: Look first at the interest rate options for a ZERO POINT loan with NO Prepayment Penalty.
Rule 4: A ZERO POINT or ZERO COST loan works for you if : A. You plan on living in the property for 3-5 years ; B. You plan to own the house longer than 3-5 years; but you have reason to believe that interest rates may decrease even further within 3-5 years. C. Your savings compared to your existing debts is substantial that paying points would be "overkill."
Rule 5: Pay "points" to buydown interest rate if : A. You're buying a new home and the origination points are tax deductible ; B. You believe rates are as low as they will ever go during ownership of subject property . C. Your company subsidizes the points. D. Seller provides a credit for one time non-recurring closing costs. E. By paying points you can recapture the total aggregate expense of the transaction within two years ( when compared with previous mortgage).
Rule 6: If Fixed Rates climb too high, look at 3/1, 5/1, 7/1, or 10/1 ARM as an alternative. Emphasize ZERO POINTS. NO PREPAYMENT PENALTY on these loans as it is uncommon that you would pay yourself back for the points prior to termination of the fixed rate term.
Rule 7: A pure ADJUSTABLE RATE mortgage should be used as the primary vehicle of finance if: A. Your income is volatile. B. You plan to own home for less than one year. C. The True, fully indexed rate is currently lower than a fixed rate and can be projected for the next twelve months as lower than the current Fixed Rate. D. If the property you are buying is a rental.


Joel Maloney
McAdams Financial Services
eHomeLoanExpress.com
217 East Anapamu Street, Santa Barbara CA 93101
phone 805.963.1496   fax 805.963.1517
email joelm@ehomeloanexpress.com



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