Interest Rates & Non-Qualified Mortgage Loans - George Diamantakis, Loan Officer Cliffco Long Island

George Diamantakis, Snr Loan Officer - Phone: (516) 860-9978

In this video, George Diamantakis, Snr Loan Officer at Cliffco Mortgage Bankers, Long Island NY, covers the impact of interest rates on the Long Island housing market, and goes over the financing options offered to non-qualified homebuyers outside of conventional, FHA, or VA mortgage loans.

Non qualified mortgages (non-QM loans, or non-conventional mortgages) enable homebuyers with a non-typical credit profile to get access to the financing they need to buy a home. Non-QM loans are "creative" financial products based on income reported on a tax return, or income from paychecks, or assets that do not generate a regular income. A type of homebuyer with a non-QM profile would be a business owner whose revenues are based on distributions, for instance.

Typical big banks would not finance these profiles because they don't fit their filtering systems. Some big banks offer non-QM loans, but in most cases, they don't originate these types of loans: rather, they farm out the loan application to institutions like Cliffco Mortgage, and apply their own margin spread to the loan. This ends up costing more to homebuyers, and because these big banks do not specialize in these products, they typically don't handle the process efficiently.

Cliffco Mortgage on the other hand, has developed a real expertise in these non QM loans and handle the process from application to closing in one smooth continuous flow. This is more efficient for everyone involved in the loan: homebuyer, home seller, realtors, title companies, and sometimes lawyers.

Cliffco Mortgage also originates its own loans: it does not shop with other financial institutions to get the funds. Cliffco Mortage is a mortgage bank, no a mortgage broker. This makes a big difference for home buyers as the approval process is shorter, more efficient, and less costly. Cliffco Mortgage offers some of the best interest rates on the market.

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