At Ariel Capital Mortgage Lending, LLC, we treat each customer as an individual, not a number. We don't place you into a loan profile formula created by the banking industry. We ask you questions. Listen to your answers. We work with a variety of lenders. This allows us to get you the best rates on all types of loan programs including: 30yr mortgage, 20yr mortgage, 15yr mortgage, 10yr mortgage, 1yr ARMS, 3yr ARMS, 5yr ARMS, Conventional, and Jumbo.
Whether you are buying a home to live in, purchasing an investment property, doing a cashout refinance, or simply refinancing for better terms. Ariel Capital Mortgage Lending, LLC was perfect to work with. We were first time home buyers and they made the whole process stress-free. They explained all of our options and were friendly and extremely professional - I recommend them to all our friends.
Whether you are buying a home to live in, purchasing an investment property, doing a cashout refinance, or simply refinancing for better terms. Ariel Capital Mortgage Lending, LLC was perfect to work with. We were first time home buyers and they made the whole process stress-free. They explained all of our options and were friendly and extremely professional - I recommend them to all our friends.
Services
Refinance
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Refinancing is often used to lower your interest rate.
If rates have dropped since you last financed your home, you may want to consider refinancing.
Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out).
A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.
Another way to convert equity in your home to cash is a "home equity" loan.
If rates have dropped since you last financed your home, you may want to consider refinancing.
Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out).
A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.
Another way to convert equity in your home to cash is a "home equity" loan.
Cash Out Refinance
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Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home.
If a home is appraised at $100,000 and the borrower's outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000).
The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 cash-out to the borrowers.
By cashing out on your home, you can obtain cash on the value of your own home to pay off debts or upcoming expenses.
If a home is appraised at $100,000 and the borrower's outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000).
The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 cash-out to the borrowers.
By cashing out on your home, you can obtain cash on the value of your own home to pay off debts or upcoming expenses.
Refinance Analysis
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This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate.
Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.
Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.
Paperwork Needed
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To apply for a loan, you will have to provide the lender with detailed documentation of your financial history.
The lender will request a credit report from a credit agency and will verify the information provided in your loan application.
Evidence of any other assets such as bonds, stocks, or money saved in retirement programs i.e.
401k or 403b program.
W-2 withholding forms, or income tax returns for the past two years to verify your income and proof of employment.
Homeowner's association information with contact information if property is a condo or part of a homeowner's association.
The lender will request a credit report from a credit agency and will verify the information provided in your loan application.
Evidence of any other assets such as bonds, stocks, or money saved in retirement programs i.e.
401k or 403b program.
W-2 withholding forms, or income tax returns for the past two years to verify your income and proof of employment.
Homeowner's association information with contact information if property is a condo or part of a homeowner's association.
The Loan Process
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Prequalification occurs before the loan process actually begins.
The lender gathers information about your income and debts, and makes a financial determination about how much house you may be able to afford.
It's a good idea to know how expensive a home you can afford before you start shopping for one!
If you are refinancing the loan on your existing home, then the prequalification process should help you decide whether refinancing is a good idea for you.
The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home.
The lender gathers information about your income and debts, and makes a financial determination about how much house you may be able to afford.
It's a good idea to know how expensive a home you can afford before you start shopping for one!
If you are refinancing the loan on your existing home, then the prequalification process should help you decide whether refinancing is a good idea for you.
The application is the beginning of the loan process and either occurs after you have found a property you want to buy or have determined that you wish to refinance the loan on your existing home.
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