Our Preferred Loan Brokers
Mike Cohn
Licensed Loan Broker
Countrywide Home Loans
310-434-1816
Mike has been the preferred lender for most of the loft projects in Downtown Los Angeles and is one of the highest producing loan officers for all of Countrywide. He has been in the mortgage and finance industry for over15 years. A Certified Public Accountant licensed in Both California and Colorado, he has an extensive finance and tax background that enables him to provide sound financial advise on which mortgage products best suit individual buyers. He is customer service oriented and makes himself available seven days a week to answer any questions a buyer may have. He provides fast, efficient service and can decision loans usually within minutes of application.
.doc Countrywide Prequal Form
.pdf Countrywide Prequal Form
Robin Miers
Licensed Loan Broker
Wachovia Mortgage Corporation
888-926-7507
Robin is our new in-house lender. Wachovia is new to the game here in California but one of the BIGGEST lenders in the country. In addition, they are one of the newest sponsors of the LA LIVE community.
.doc Wachovia Prequal Form
.pdf Wachovia Prequal Form
Jae Choe
Licensed Loan Broker
New Country Financial
310-691-9583
Click here to connect!
Preferred Lender of
LoftLivingLA.com
Jae is more than a Loan Broker; he is a current client of LoftLivingLA.com.His goal is to get great loans for people who want to live in Downtown--including himself. We told him we've got some clients needing his services! Jae checks with all the BIG banks and smaller lenders to find you the best rates. Plus, he only runs your credit once to find your best rates.
.doc New Country Prequal Form
.pdf New Country Prequal Form
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Financing Your Loft Purchase
When you are purchasing a loft/condo, it is your responsibility to locate someone who will give you a home loan. The first step is getting "Prequalified." Prequalified is a quick process where a loan officer will do a debt to income calculation. In addition, they will take any amount of money you have to 'put down' into consideration. With this information, they will give you a limit to how much you will be able to borrow. They will also explain what your monthly payments will look like at the price you are wanting to buy. Usually, this is the ceiling of the final price point your loft must cost. In this market, we can shop about $50,000 to $100,000 above that price point depending on the final cost of your loft. Lofts under $650,000 may reflect $50,000 to $100,000. It depends on many variables including time on the market, location, etc. On properties higher than $650,000, you might find more negotiation. Of course, we can locate as many lofts that you like and put in as many aggressive offers as you wish. It's always best to have more than one loft you want. With the 'multiple offers' strategy, you may get a better deal on select lofts.
After we have an accepted offer on a loft, the next step is getting "Pre-Approved" for the purchase price of your loft. This is an in-depth inquiry into your financial situation by your Mortgage Lender. Mortgage Lenders check your banking accounts, call your work to confirm employment, etc. They will look at your monthly credit card bills and other monthly payments to see that you are paying everything on time.
Remember, this is completely your responsibility. We have included on this web page "pre-qualification" forms of Mortgage Lenders who our past clients have used successfully. We do not endorse, recommend, encourage, or require your choosing any lender. Select new Developments have preferred lenders. If you do choose a loft in a "New Development," the requirements that this particular loft community demands of you may require getting pre-qualified by their in-house lender. Any other pre-qualification does not apply. We just want you to anticipate this happening if you choose a loft in a "New Development."
If you prefer to check with your bank directly, you can prequalify with a local banker. Ask your banker how much your maximum & minimum payments will be on the price range you can afford. Shop your loan when you shop for your home.
Feel free to download pre-qualification forms below. Choose any lender. You might want to choose a "Loan Broker." A loan broker works with all the different banks out there. Choosing a bank may or may not be the best option. Let us know if you have any questions.
BankofAmerica.pdf
BankofAmerica.doc
Chase.pdf
Chase.doc
Wellsfargo.pdf
Wellsfargo.doc
Call us for more referrals!
877-4LA-LOFTS
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