Services

SERVICES

Real Property Mortgage and Investments, Inc. prides itself on "Quality Products for Quality People," We are an independent brokerage firm and believe that our lenders should compete by giving you the best they have to offer.

It is our goal and ambition to provide you with products that meet your needs and a level of service that few can match.

Mortgage Programs

Purchases and Sales:
If you only have enough funds available for a minimum down payment, your choices of loan program will be limited to only a few types of mortgages. If someone is giving you a gift for all or part of the down payment, your options are also limited. If you have enough for the down payment, but need the lender or seller to cover all or part of your closing costs, this further limits your options. If you borrow all or a portion of the down payment from your 401K or retirement plan, different loan programs have different rules on how you qualify.

Of course, if you have enough for a large down payment, then you have many choices, including such varied programs as conventional fixed rate loans, adjustable rate mor

Financing:
In recent times, mortgage bankers and mortgage brokers have become more important, and agents reflect that change. Often a Realtor will direct you to a specific loan officer who has demonstrated a track record of service and reliability-or who works for a lender affiliated with their real estate office. It is often more important to choose a good loan officer, not the institution. Loan officers have two jobs: One is to be your advocate in getting the loan approved. The other is to deliver quality loans. You want someone who has proven dependable and ethical in the past-someone you can trust.

As for lending institutions, each type of lender has strengths and weaknesses. Quality within each branch or office can vary, depending on the loan officer, the support staff, and a variety of other factors.
2000 by Terry Light and RealEstate ABC, modified 2002.

Refinancing:
Mortgage Refinance Breakeven-how long will it take to breakeven on a mortgage refinance? That depends on a number of factors, including your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home.

Working Definitions
Original mortgage amount: Original amount of your mortgage.
Appraised value: The appraised value of your home when you purchased it.
Current term in years: Total length of your current mortgage in years.
Years remaining: Number of years remaining on your current mortgage.
Income tax rate: Your current income tax rate.
Current Appraised value: The current appraised value of your home.
Loan balance: Balance of your mortgage that will be refinanced.
Loan origination rate: This is the percentage of the new mortgage that is paid to the lender as the loan origination fee. Typically this fee is 1% of the loan balance.
Other closing costs: Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other misc. fees paid.
Points paid: This is the number of points paid to the lender to reduce the interest rate on the mortgage. Each point costs 1% of the new loan amount.
Current payment: Your current payment is the sum of principal, interest and PMI (Principal Mortgage Insurance). Because refinancing does not affect your insurance or taxes, they are not included here.
New payment: Your new payment is the sum of principal, interest and PMI.
Monthly PMI payment: Monthly cost of Principal Mortgage insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. The monthly PMI payment is calculated by multiplying your starting loan balance by this percent and dividing by twelve percent. When your loan balance exceeds 20% of the original purchase price, your PMI payment drops to zero.
Monthly PI payment: Monthly principal and interest payment.
Breakeven monthly payment savings: The number of months it will take for your monthly payment reduction to be greater than closing costs.
Breakeven PMI & interest savings: The number of months it will take for your interest and PMI savings to exceed your closing costs.

2003 IndyMac Bank F.S.B. Registered trade/service marks are the property of IndyMac Bank, F.S.B. and/or its subsidiaries.

Featuring "Quality Products for Quality People," We can help YOU.

Real Property Mortgage and Investments - 9269 Utica Ave. Ste. 145 - Rancho Cucamonga, CA 91730
Office Phone: (909) 476-6012

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We lend in the following states: CA

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