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Vic Joshi Mortgage Consultant, Straight Deal Mortgage

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United States
Oakland, CA
Vic Joshi Mortgage Consultant, Straight Deal Mortgage

Home of REAL Mortgage Advice®
Consultant/Branch Mgr at Straight Deal Mortgage
NMLS 244388 DRE 01242

08/30/2023

Are you wondering why understanding amortization is crucial when it comes to real estate? Amortization is a fundamental concept that affects every homebuyer's financial journey. It's the process of gradually paying off a loan through regular installments over time. Here's why it should be on your radar: financial clarity, equity building, affordability assessment, refinancing considerations, and prepayment strategies.

How does amortization work? Amortization is the process of spreading out a loan into a series of fixed payments. Part of each payment goes toward interest costs, and part goes toward your loan balance. At first, more of your payment goes toward interest than to the loan principal. As time goes on, more and more of each payment goes towards your principal and you pay proportionately less in interest each month. So over time, you pay less in interest and more toward your balance.

To learn how much interest you'll pay over the life of your loan, try our Amortization Calculator here:

https://vist.ly/axbf

08/23/2023

⭐⭐⭐⭐⭐
"Vic is a consummate professional and does a great job making an arduous process for your borrower much better than it would otherwise be. He communicates clearly and efficiently, found us a great rate, and made sure the entire process was as smooth as possible. I highly recommend him as your "mortgage sherpa" :)"
- John W.

08/16/2023

How does a bank statement loan work? Let me break it down.

✅ Income Verification: Rather than relying on pay stubs or tax returns, lenders offering bank statement loans will look at the borrower’s business and personal bank statements—usually the past 12 to 24 months—to assess income. They’ll calculate the borrower’s ability to repay the loan based on the cash flow shown in these statements.

✅ Loan Approval: If the lender determines that the income demonstrated through the bank statements is sufficient, they will approve the loan. Remember, different lenders have different criteria, so it’s important to clarify these details with each lender. Each lender will reduce the gross cash flow number by a business expense factor so it is important to vet each lender carefully to find the one that matches best with each borrower and their business.

✅ Interest Rates and Terms: Typically, bank statement loans may come with slightly higher interest rates than traditional loans due to the perceived higher risk involved. The loan terms are also flexible and can range from short-term (like 15 years) to longer-term options (like 30 years).

✅ Down Payment: Down payment requirements can vary based on the lender and the borrower’s creditworthiness, but they’re usually higher than for traditional loans, often ranging from 10-20%.

As a mortgage consultant, it’s important to me to be able to educate clients to ensure that they understand the various financing options available to meet their needs. If you want to learn more about bank statement loans, please feel free to reach out to me.

https://vicjoshi.com/what-is-a-bank-statement-loan/?utm_source=facebook&utm_medium=social&utm_content=ap_wc05vdleth

08/09/2023

Althea Huber is the glue that keeps the paper part of the loan process moving forward to see the loan closes successfully. She coordinates the flow of documents between the borrower, the lender, the appraiser, the property insurer, and the escrow/title company. She attends to all the minute details that must be addressed to ensure the loan closes efficiently and on time. Without Althea, there is a high potential for chaos and high anxiety for the borrower. Thank you, Althea!

08/02/2023

What is a bank statement loan? To put it simply, a bank statement loan is a type of home loan designed for self-employed borrowers, contractors, freelancers, and business owners who may not have the traditional W-2 forms or whose tax returns are inadequate to secure a conventional mortgage. Instead, this loan type allows these individuals to use their bank statements to verify income by establishing consistent cash flow to their business. This type of loan is crucial for many of our clients who may not have a regular, predictable income but have a healthy cash flow that can comfortably cover a mortgage payment. It's an excellent tool to keep in our arsenal when working with entrepreneurs, freelancers, and self-employed clients. One important note: Because bank statement loans aren't sold to government-sponsored entities like Fannie Mae or Freddie Mac, they are considered non-qualified (non-QM) loans. As such, they don't have to comply with the Ability-to-Repay rule under the Dodd-Frank Act, which makes them a bit riskier. However, reputable lenders will still follow good lending practices to ensure the borrower's ability to repay the loan. Should you have any questions or need further clarification about bank statement loans, please do not hesitate to reach out. I'm here to help ensure we can provide the best service and financing options to our clients.

https://vicjoshi.com/what-is-a-bank-statement-loan/?utm_source=facebook&utm_medium=social&utm_content=ap_nm9j8s168j

07/26/2023

Franklin D. Roosevelt once said, "Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world."

With real estate's undeniable stability and potential for long-term growth, real estate remains one of the safest investments available. I’ve been helping home buyers, homeowners, and investors with mortgage loans for over 25 years. I work as an agent with my company, Straight Deal Mortgage. I’m also a California-licensed real estate agent since 1998. After decades in the home loan industry, I’m still passionate about helping home buyers get the loan they need for the home they want. Get in touch with me today to start your real estate journey and take advantage of the stability and security that Franklin D. Roosevelt was talking about.

07/19/2023

HELOC vs. cash-out refinance 🤔

Are you looking to tap into your home's equity but feeling a bit confused about your options? Let's clear the air and talk about the key distinction between a cash-out refinance and a home equity line of credit. One important factor to consider is how lenders view these two options when it comes to risk and qualification. Here's the breakdown:

Cash-Out Refinance (1st Position): This option allows you to replace your existing mortgage with a new one, borrowing more than you currently owe and pocketing the difference. With a cash-out refinance in the first position, it's generally easier to qualify. Why? Investors and lenders perceive it as less risky since the new loan takes priority in case of foreclosure.

Home Equity Line of Credit (2nd Position): On the other hand, securing a HELOC in the second position to an existing first mortgage might be a bit more challenging to qualify for. Why? Investors and lenders tend to view the second position as carrying higher risk. In a foreclosure scenario, the lender in the first position is prioritized and gets paid first when the property is sold.

Understanding the distinctions between these options is crucial when considering how to leverage your home equity. Whether you're looking to fund renovations, consolidate debts, or embark on a new venture, your choice can impact your financial flexibility and eligibility.

07/12/2023

"Vic and his team are awesome! They are very knowledgeable, responsible, and truly invested in their clients. They have helped me in buying a new home and refinanced it at a great rate. I have a full-time job, and often times I do not leave work until 5-6 p.m. on weekdays. I also work on the weekends. Vic has been available after hours for me. I really appreciate his time, effort, and patience in going over everything with me. From beginning to end, Vic make sure that I have all the information I need to go through the process and kept me up to date with the status of my funding and next steps. I would highly recommend working with them for your mortgage financing needs. I am very grateful to have Vic as my mortgage consultant. Thank you Vic, and your team, for all your help this past year." - Frank C.

07/03/2023

Happy Independence Day, everyone! As we celebrate the signing of the Declaration of Independence in 1776, these days it's hard to overlook our republic's flaws. In a country with the world’s highest incarceration rate, sky-high carbon emissions, so many lives lost needlessly to gun violence, and a maternal mortality rate more than three times the rate in other high-income countries, we're clearly not done building a just and decent society yet! But we still appreciate the freedoms we do have and the progress we've made since the founding fathers made this all happen 247 years ago. Wishing you all a wonderful holiday!

06/28/2023

Time for a refinance?

If you or anyone you know took out a mortgage over the past 12 months, now is the time to check in and start seeing if a mortgage refinance could be beneficial. Most of the refinances I have worked on over my 26 years have been for zero closing costs where the lender pays the closing costs through the interest rate.

If you want to learn more about these options, reach out to me today for a mortgage review:
https://vicjoshi.com/home-owners/annual-mortgage-review/?utm_source=facebook&utm_medium=social&utm_content=ap_zvp4it8e4q

06/21/2023

"Vic assisted me last year when I was buying my first home and he is AMAZING. He's a straight shooter and works extensively to honestly get you the best deal he can. Vic is always available, responds quickly to questions, and gets the job done just as fast as he answers questions. I consider myself very fortunate to have worked with him. Highly recommended!" - Laura L.

06/14/2023

Still waiting for the mortgage market? Me too. Mortgage interest rates have yet to make a significant move lower because the inflation numbers haven’t decreased enough to create more demand in the bond market. I had been hoping for rates to improve after the 5/10/23 and 5/11/23 inflation readings, but the government revised the inflation numbers lower for April of 2022 which caused the April readings from this year, 2023, to be almost identical to last year’s readings.

Read my full opinion on the current mortgage market & predictions: https://vicjoshi.com/still-waiting-mortgage-market/?utm_source=facebook&utm_medium=social&utm_content=ap_9x469wb2ql

Address

4811 Telegraph Avenue Ste 511
Oakland, CA
94609

Opening Hours

Monday	8am - 6pm
Tuesday	8am - 6pm
Wednesday	8am - 6pm
Thursday	8am - 6pm
Friday	8am - 6pm

Telephone

+15106552868

Website

https://vicjoshi.com/

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