Preparation meets opportunity.
The Preparation:
As a native of the San Francisco Bay Area, I started my banking and mortgage lending career two months after the 1989 Loma Prieta earthquake. It seemed like one catastrophe came after another back then. The savings and loan crisis was at its
peak in 1990. Savings and Loans were closing left and right, they provided much of the financing for home loans in the country. Later that year the United States invaded Iraq in Dessert Storm, all this while the country was falling into a recession.
Call us today so we can provide the personalized service you deserve.
The Need/Opportunity
Not all Private Banks are created equal. Getting the lowest mortgage rates for residential or commercial properties from a private bank is complex, but Vellavision takes that complexity and simplifies it for you. Often, when a borrower receives a preapproval from a bank or broker, the contract is not finalized for days or months later. What if that bank or broker no longer has the best rate, if they even did in the first place? You were likely referred by someone who sends you to a relationship, not to a product or price. To provide a client the best rate at the lowest cost with the best service, we first evaluate the big four: your income, assets, credit, and property. Those four things determine loan approval or denial and your rate and cost. The big four:
Income- how someone derives their income, salary, bonus, RSU’s, asset utilization and how long they have received it matters.
Assets- where you received your assets. RSUs, a loan, equity from another property, a gift, is it from another country, sale of assets, all matters.
Credit—High score or low score? Do you have minor credit events or major credit events? Is your score great, or could it be better to run your score at a different time when your credit balances are lower?
Property—Good condition or bad condition, are you putting a large down payment or a low down payment, and are there commercial influences like apartments, fire stations, or stores nearby?
The second thing we do is determine which guidelines your loan scenario fits within. This only comes from experience and constantly staying on top of the ever-changing policies and guidelines of private banks, credit unions, and wholesale investors.
Different banks care about each big four differently and reward or penalize you in rate and cost based on those factors. Having a team that can determine what institution is the right fit for your loan determines how smooth your process is and results in considerable savings in time and money. A 1.000% difference in interest rate can mean a cost difference of $250,000 over the life of a loan, or if you only keep the loan for 3.5 years, that translates to $31,000 lost. It adds up very quickly, and Vellavision was created to protect you from those types of losses while providing the highest level of service that only a financial concierge service could provide.
We Work With:
- High net worth families and individuals
- First time home buyer
- Investors
What we do:
- We assist with lending for purchase transactions with fast approval, appraisal, and closing times.
- We advise on refinancing and restructuring of debt.
- Preapprovals
- Provide analysis of finances, credit, property and recommend best course of action to be prepared for a purchase or refinancing.
Just some of the opportunities that Vellavision relationships can provide.
- Loans that allow you to lower your rate in the future without having to qualify for refinancing.
- Discounted interest rates of up to .750% through private banking relationships.
- Cross collateral loans where no down payment is required for a new purchase.
- A buydown loan on a jumbo product that starts 2% below the going rate.
- Loans that can provide credits to cover your closing costs.
- Lot loans, construction, and rehab loans.
- Loan amounts up to 3.0 million dollars with 15% down payment.
- Loan amounts to 5.0 million dollars with 20% down payment.
- We have relationships that provide financing in all 50 states.
- Financing with 10% down payments with no mortgage insurance up to $2.5 million loan amounts.
These examples are just a small sampling of what’s possible through Vellavision. We want to be your first thought when financing any significant investment. We hope you will appreciate the advantage of having an advocate who can leverage banking relationships cultivated over decades to save you time and frustration and provide you with low costs and interest rates.
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