West Coast Island Properties FinancingServices

Let West Coast Island Properties and Progressive Loan help you buy or sell your next property and/or finance your next real estate investment. Why not choose a team of specialists for your real estate investments the same way you would for your health or legal needs? With a consolidated real estate/financing team, all of your transactions can be under one roof, resulting in smoother transactions, and immediate responses to any problems.

Our team of specialists can guarantee:

  • You'll save time and money on your next real estate transaction
  • 100 per cent financing
  • V.A. loan programs
  • Low owner occupancy condo financing
  • Commercial loans on five units and above
  • Forty five year first trust deeds HELOC (home equity lines of credit)
  • And much, much more…

Let's compare our Mortgage Broker services to a Direct Lender’s services:

MORTGAGE BROKER DIRECT LENDER
PRICING: Provides a variety of rates and is more competitive on loan processing fees. Gives limited free and rate combinations, and may have lower apprasal fees.
COMMUNICATION: Available seven days a week and will come to you Two words: Banker's Hours (9:00-5:00, Monday through Friday, and not available on weekends.
COMMISSIONS: Commissions are flexible and only get paid on completion of the loan - that means they're motivated to perform. Recieves base salary and low commissions.
LOAN PRODUCTS: Has hundreds of loans to choose from at fixed and adjustable rates. Can only offer a few programs.
DIVERSIFICATION: If a problem arises, a Mortgage broker has the ability to switch lenders immediatley. If a problem arises, the loan process has to start over from the beginning.
BORROWER FIRST: Will package the loan to highlight the strengths of the borrower. Lender representation, meaning the lender comes first
ACCOUNTABILITY: Most have the knowledge of many products, and are licensed. Have knowledge of only a few products, and are not required to be licensed.

Mortgage Calculator

Check out our free Mortgage Calculator to get an idea of how much a bank or financial institution will be willing to lendfor your next home. When you're ready to enter the market, contact us for full service financing on your next real estate investment.

Financing and Loan Lingo

Adjustable Rate Mortgage (ARM): Also known as variable rate. These mortgages are generally long-term commitments for money but interest rates may fluctuate up and down on certain dates during the life of the loan.

Amortized Loan: A loan that is paid off in equal installments during its term.

Assumable Mortgage: Purchaser takes ownership to real estate encumbered by an existing mortgage and assumes responsibility as the guarantor for the unpaid balance of the mortgage.

Balloon Payment: The final payment of a mortgage loan when it is larger than the regular payment; it usually extinguishes the debt.

Buy Down: Cash payments made at closing that allows the borrower to take advantage of lower interest rates for a specific period.

Capital Gains Tax: The tax on a taxable profit derived from the sale of a capital asset. The capital gain is the difference between the sale price and the basis of the property, after making appropriate adjustments for closing costs, fixing up expenses, capital improvements, allowable depreciation, etc.

Closing Costs: Expenses incurred in the closing of a real estate transaction. Purchaser’s expenses normally include: cost of title examination, premiums for title policies, survey, attorney’s fees, lender’s service fees, and recording charges. In addition, the purchaser may have to place in escrow a sum of money to cover accrued real estate taxes and insurance.

Conventional Mortgage: A loan neither insured by the FHA nor guaranteed by the VA.

Equity: The difference between the market value of property and the homeowner’s indebtedness (mortgage).

Escrow Payment: The portion of a mortgagor’s monthly payment held in trust by the lender to pay for taxes, hazard insurance, lease payments, and other items as they become due, known as impounds in some states.

Exchange: The trading of equity in a piece of property for the equity of another.

Firm Commitment: A lender’s agreement to make a loan to a specific borrower on a specific property.

Graduated Equity or Rapid Amortization: Fixed rates long term mortgage (25-40 years). The payments are increased annually in negotiated amounts. The additional dollars are allocated to the outstanding principal, thereby paying the mortgage off earlier than planned (12-15 years).

Investor: The holder of a mortgage or the permanent lender for whom the mortgage banker services the loan. Any person or institution that invests in mortgages. Lease Purchase Agreement: Buyer makes a deposit for the future purchase of property with the right to lease the property in the interim.

Loan Commitment: A written promise by a lender to make a loan under certain terms and conditions. These include interest rate, length of the loan, lender fees, annual percentage rate, mortgage and hazard insurance and other special requirements.

Loan to Value Ratio: The ratio of the mortgage loan principal (amount borrowed) to the property’s appraisal value (selling price). On a $100,000 home, with a mortgage loan principal of $80,000, the loan to value ratio is 80%.

M.G.I.C.: “Magic” – a vehicle to provide a mortgage to borrowers with less than 20% available as a down payment. Mortgage Guarantee Insurance Corporation sells an insurance policy to the lender, paid for by the borrower, to protect the lender in the event of default.

Mortgage/Deed of Trust: Pledge of real property to secure a debt by a written instrument given by the mortgagor. Should be recorded in the County Recorder’s Office.

Note: A written promise to pay a certain amount of money.

Origination Fee: A fee or charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan.

P.I.T.I.: Principal Interest Taxes Insurance. Formula used in calculation of amount the purchaser is qualified to borrow. Generally this figure is 25%-28% of gross monthly income.

Point: One percent of loan amount.

Prepayment Penalty: A fee paid to the mortgagee for paying the mortgage before it comes due. Also known as the prepayment fee or reinvestment fee.

Prepayment Privilege: The right given a purchaser to pay all or part of a debt prior to its maturity. The mortgagee cannot be compelled to accept any payment other than those originally agreed to.

Privately Insured Mortgage: A conventional mortgage loan on which a private mortgage insurance company protects the lender against loss.

Rent With Option: A contract that gives one the right to lease property at a certain sum with the option to purchase at a future date.

Second Mortgage/Second Trust: Junior Mortgage or Junior Lien. An additional loan imposed on property with a first mortgage. Generally at a higher interest rate and shorter terms than a “first” mortgage.

Straight Loan: A loan with periodic payments of interest only; the principal sum upon maturity.

Title: Often used interchangeably with the word “ownership.” It indicates the accumulation of all rights in property; the owners’ and others.

Title Insurance: An insurance policy that protects the insured (purchaser or lender) against loss arising from defects in a title.