LEVELTX® PREFERRED LENDER
Mortgage Lender Overview
We will work with our partners to find the best options to meet your financial needs. We will be with you every step of the way to make sure that no stone is left unturned. We know what it takes to build a custom home and it includes finding a lender that you can trust. We want your piece of mind because we want to see your project succeed!
In building your dream home with LEVELTX®, having the right Financing Partner beside you can make the process more enjoyable as you know your Builder and Lender are working together throughout the construction or renovation process. This makes for a smooth transition into your permanent loan your All Western team will structure to meet your individual needs. At All Western Mortgage, we leverage our talent and resources to reinvent our industry, continuously striving to be recognized as the leader in the mortgage business. We always aspire to provide superior service combined with innovative loan programs to ensure the greatest value for our customers. With over 30 years in the business, we are a full-service lender offering quick pre-approvals, in- house underwriting and on-time closings at competitive interest rates. We put your financing needs first, making sure you are informed every step of the way and are always knowledgeable about the status of your loan. We are always here to answer any questions you may have.
Disclaimer
All Western Financial. 8345 W Sunset Rd, #380, Las Vegas, NV 89113. 1-800-707-2830. NMLS# 1820 All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.
Our Team
Our team’s process is organized and streamlined to ensure nothing “falls through the cracks”. From providing a solid pre-approval to requesting the necessary client documentation, we start the loan process with a strong foundation, eliminating issues further down the road.
David A Burciaga
Your Lead Contact
Mortgage Finance Team
Managing the Mortgage phase
Construction Finance Team
Managing the Construction phase
Commercial Finance Team
Commercial lending for Commercial clients
WHICH LOAN IS RIGHT FOR YOU?
SPECIALTY
CONVENTIONAL
GOVERNMENT
SECURE FINANCING
Mortgage Glossary
A
Adjustable-Rate Mortgage (ARM) – A mortgage with an interest rate that changes during the life of the loan according to movements in an index rate.
Adjustment Date – The date that the interest rate changes on an adjustable-rate mortgage (ARM).
All-in-One Loan – A financial product that combines the features of a traditional mortgage, a savings account and a home equity line of credit (HELOC).
Amortization Term – The length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30-year fixed-rate mortgage.
Annual Percentage Rate (APR) – The cost of credit, expressed as an annual rate including interest, mortgage insurance, and loan origination fees. This allows the buyer to compare loans, however APR should not be confused with the actual note rate.
Asset – Anything owned of monetary value including real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, etc.).
Asset-Based Loans – An asset-based loan or line of credit may be secured by personal accounts or other property owned by the borrower.
B
Buydown – When the seller, builder or buyer pays an amount of money up front to the lender to reduce monthly payments during the first few years of a mortgage. Buydowns can occur in both fixed and adjustable-rate mortgages.
Bridge Loan – A short-term loan used to bridge the gap between buying a home and selling your previous one. Enables the borrower to use the equity in the existing home to purchase the new home.
C
Cap – Limits how much the interest rate or the monthly payment can increase, either at each adjustment or during the life of the mortgage. Payment caps do not limit the amount of interest the lender is earning and may cause negative amortization.
Certificate of Eligibility – A document issued by the federal government certifying a veteran’s eligibility for a Department of Veterans Affairs (VA) mortgage.
Certificate of Reasonable Value (CRV) – A document issued by the Department of Veterans Affairs (VA) that establishes the maximum value and loan amount for a VA mortgage.
Closing Costs – These are expenses that are over and above the price of the property. These costs are incurred by an origination fee, property taxes, charges for title insurance and escrow costs, appraisal fees, etc. Closing costs will vary according to the area of the country and the lender used.
Closing Disclosure – A multi-page form, created by the Consumer Financial Protection Bureau (CFPB), that provides final details to a borrower about the mortgage loan selected. The form is completed by the lender and lists the loan terms, projected monthly payments, and closing costs.
Construction Loans – Short-term loans used for new home construction and renovations, including land, contractor labor, building materials, permits and more. With these loans, the contractor receives disbursements as work progresses.
Credit Report – A report detailing an individual’s credit history that is prepared by a credit bureau and used by a lender to determine a loan applicant’s creditworthiness.
Cross-Collateralization Loans – Using an asset that is already collateral for one loan as collateral for a second loan, such as pledging one or more properties as collateral for a loan.
D
Debt-to-Income (DTI) – Your debt-to-income ratio (DTI) is all your monthly debt payments divided by your gross monthly income. Different loan products and lenders will have different DTI limits.
Debt-to-Equity (DTE) – The debt-to-equity ratio measures the amount of debt used in financing a real estate asset relative to the amount of equity. The debt-to-equity ratio is calculated as the total amount of debt divided by the total amount of equity.
Deed of Trust – The document used in some states instead of a mortgage. The title is conveyed to a trustee.
Down Payment – Part of the purchase price of a property that is paid in cash and not financed with a mortgage. A buyer down payment is generally considered as equity in that purchase.
DSCR Loan – Debt Service Coverage Ratio Loans focus on the income generating potential of the property being purchased, rather than the borrower’s personal income, providing investors with a financing solution that is directly aligned with the property’s ability to service its own debt.
E
Equity – The amount of financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on the mortgage.
Escrow – An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit of funds or documents into an escrow account to be disbursed upon the closing of a sale of real estate.
Escrow Disbursements – The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.
Escrow Payment – The part of a mortgagor’s monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due.
F
FICO Score – FICO® scores are the most widely used credit score in U.S. mortgage loan underwriting. This 3-digit number, ranging from 300 to 850, is calculated by a mathematical equation that evaluates many types of information that are on your credit report. Higher FICO® scores represent lower credit risks, which typically equate to better loan terms.
Foreign National Loans – A mortgage for non-U.S. citizens who want to invest in U.S. real estate.
H
HELOC – A home equity line of credit gives you access to cash based on the value of your equity, which is the home’s value minus the amount you owe on the primary mortgage.
Housing Expense Ratio – The percentage of gross monthly income budgeted to pay housing expenses.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM) – A combination fixed rate and adjustable rate loan – also called 3/1, 5/1, 7/1 – can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then current rates for the remaining 25 years. It’s a good choice for people who expect to move or refinance, before or shortly after, the adjustment occurs.
I
Index – The index is the measure of interest rate changes a lender uses to decide the amount an interest rate on an ARM will change over time. The index is generally a published number or percentage, such as the average interest rate or yield on Treasury bills. Some index rates tend to be higher and more volatile than others.
Initial Interest Rate – This refers to the original interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). It’s also known as “start rate” or “teaser.”
Interest Rate Ceiling – For an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note.
Interest Rate Floor – For an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage note.
ITIN Loans – A type of Non-Qualified Mortgage loan that is specifically designed for borrowers who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN). ITINs are assigned to individuals who may need to file tax returns or pay taxes in the United States but do not qualify for a social security number. ITINs are formatted with nine digits and start with the number “9”. They can be used to purchase or refinance a home and they are available with or without providing tax returns as proof of income.
J
Jumbo Loans – A jumbo loan is a mortgage for an amount that exceeds the standard loan size, as set by the federal government ($766,500 for Texas).
L
Late Charge – The penalty a borrower must pay when a payment is made a stated number of days after
the due date.
Lifetime Payment Cap – For an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase or decrease over the life of a mortgage.
Lifetime Rate Cap – For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the loan. See cap.
Liquid Asset – A cash asset or an asset that is easily converted into cash.
Loan-to-Value (LTV) Percentage – The relationship between the principal balance of the mortgage and the appraised value (or sales price if it is lower) of the property. For example, a $100,000 home with an $80,000 mortgage has an LTV of 80 percent.
Lock-In Period – The guarantee of an interest rate for a specified period of time by a lender, including loan term and points, if any, to be paid at closing.
Loan Estimate (LE) – The Loan Estimate is a form that provides the buyer important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. The Loan Estimate also gives you information about the estimated costs of taxes and insurance, and how the interest rate and payments may change in the future. In addition, the form indicates if the loan has special features that you will want to be aware of, like penalties for paying off the loan early (a prepayment penalty) or increases to the mortgage loan balance even if payments are made on time (negative amortization). If your loan has a negative amortization feature, it appears in the description of the loan product.
Lot Loan – A mortgage that pays for a residential lot on which a single-family detached home will be built.
M
Margin – The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.
Maturity – The date on which the principal balance of the loan becomes due and payable.
Mortgage – A legal document that pledges a property to the lender as security for payment of a debt.
Mortgage Insurance (MI) – A contract that insures the lender against loss caused by a mortgagor’s default on a government mortgage or conventional mortgage. Mortgage insurance can be issued by a private company or by a government agency.
Mortgage Insurance Premium (MIP) – The amount paid by a borrower for mortgage insurance.
N
Note – A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
O
Origination Fee – A fee paid to a lender for processing a loan application. The origination fee is stated in the form of points. Example: One point origination is 1 percent of the mortgage amount.
P
Payment Change Date – The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the adjustment date.
Physician Loan – Physician mortgage loans are private mortgages that help medical professionals become homeowners.
Points – A point is equal to one percent of the principal amount of your mortgage. For example, if you have a mortgage for $365,000, one point would be $3,650. Points are usually collected at closing and may be paid by the borrower or the seller, or may be split between each of them.
Pre-Payment Penalty (PPP) – A fee that some lenders charge if you pay off all or part of your mortgage early. Not all lenders impose a Pre-Payment Penalty on their mortgage loans.
Principal – The amount borrowed or remaining unpaid. The part of the
monthly payment that reduces the remaining balance of a mortgage.
Principal Balance – The outstanding balance of principal on a mortgage not including interest or any other charges.
PITA (Principal, Interest, Taxes, and Insurance) – The four components of a monthly mortgage payment. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the monthly cost of property taxes and homeowner’s insurance, whether these amounts that are paid into an escrow account each month or not.
PITI Reserves – A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months.
Private Mortgage Insurance (PMI) – Mortgage insurance provided by a mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.
Q
Qualifying Ratios – Calculations used to determine if a borrower can qualify for a mortgage. They consist of two separate calculations: a housing expense as a percent of income ratio and total debt obligations as a percent of income ratio.
R
Rate Lock – A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate and lender costs for a specified period of time.
Real Estate Settlement Procedures Act (RESPA) – A consumer protection law that requires lenders to give borrowers advance notice of closing costs.
S
Security – The property that will be pledged as collateral for a loan.
Servicer – An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
T
Treasury Index – An index used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. A Treasury index is also the source of the interest rates people and companies pay on loans from a financial institution.
Truth-In-Lending – A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
U
Underwriting – The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower’s creditworthiness and the quality of the property itself.
USDA Loan – A zero-down-payment mortgage for home buyers in eligible towns and rural areas, guaranteed by the USDA Rural Development Guaranteed Housing Loan Program, a part of the U.S. Department of Agriculture. Issued to qualified borrowers with incomes below a certain limit.
1-10
1-Time Close Construction Loan – Funds the construction or renovation of your home and then automatically converts to a permanent mortgage loan after construction is finished.
2-Time Close Construction Loan – Utilizes two separate loan closings with two separate sets of closing documents. The first closing is to obtain the construction financing and the second is to obtain the permanent financing once the construction is completed.
203K Renovation Loans – An FHA 203(k) loan is a government-insured mortgage that allows the borrower to take out one loan for two purposes: home purchase and home renovation. An FHA 203(k) loan is wrapped around rehabilitation or repairs to a home that will become the mortgagor’s primary residence. You can also use a FHA 203(k) loan to finance up to six months of mortgage payments while you live elsewhere during renovations. Like other FHA loans, a FHA 203(k) loan is insured by the Federal Housing Administration.
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