One stop solution for buying your sweet home
Are you in the market to purchase or refinance a home, or u want to invest in real estate or you are currently renting a home, if your answer is yes to any of this question, then Ryan Herbig, the Branch Manager in American Liberty Mortgage in Colorado Springs, can help you.
In his discussion with Deborah, another established Realtor in Colorado Springs mentioned that most of the realtor lenders follow the same process when it comes to the loan process but What sets them apart is that communication is paramount for them and therefore they only work with local people.
It is always an advantage for a buyer to take the service of the local when like them as they can meet them personally, provide personalised services and solve the problems coming in the last minute at every step and hence the communication is always better with them.
On the other hand, when they take the services from the national vendor, they need to communicate via phone and in case of problem in different categories their calls are transferred several times.
He also talked about Wet Funding State which means that they close and fund on the same day.
He explains that, if you sign the loan document and money is not there than the deal is not officially closed. Legally, you can move into the home the same day when you sign the loan documents if funding is done.
But when the funding is not done on the same day then there are chances that the seller say that we have a cash buyer and now we cancel your agreement and we will proceed with the other one. They will also keep the earnest money, which is the money paid to confirm a contract.
You can imagine, how frustrating is that at that moment.
They assure that they Communicate phenomenally with people even when it’s a bad news.
He says, the company is in market for 15 years now and they are the local lender and not nationwide and lend in 5 states exceptionally well.
They lend for residential, primary residence, second homes and investment properties but not for commercial Properties.
They talked about private money financing and hard money lending, which is asset based lending on property for short term but the rates are high and 15% to 20% down payment is required. Sometimes, for premium customers they lend on 10% down payment for 6 months.
They also said that the private money financing is credit driven where down payment plus reserves in bank (to make payment in future) is required and the asset value of property plays very important role in this case.
He said that Flip the home option is not for everybody as it requires lot of money so he warns everyone before making decision.
Deborah said that they don’t charge on percentage basis, they charge $3500 flat and thus they have many customers and hence it’s a win-win situation
For the guidance from an expert, you can contact Ryan at 719-228-6055. Mb 7196590043 and you can also call Deborah on 719-641-1357 and make buying your dream property seem like a cake walk.