MRA Home Loans | Mortgage Financing Experts

▶︎ FIXED RATES
Features:
The interest rate and the monthly principal and interest (P&I) payments remain the same for the life of your loan.
Available loan term options, 30 year, 20 year, 15 year and 10 year. Conforming loan limits for 2022 in most counties is $647,200. Conforming High Balance Loans for 2022 are loans over $647,200 and up to $970,800. In some counties these limits are lower. Please contact us for specific loan limits in the county you live in.

Benefits:
Stable monthly Principal & Interest payments allow you to budget more easily.
Protected from rising interest rates for the life of the loan regardless of how high interest rates go.
This is the best choice if you plan to stay in your home for a long period of time.

Considerations:
The overall interest you pay is higher on a longer-term loan than on a shorter-term loan. On a shorter-term loan, the monthly Principal & Interest payment are higher than on a longer-term loan.

▶︎ REFINANCING
Refinancing is the process of paying off an existing home loan by taking a new loan and using the same property as security.

Refinancing will reduce your mortgage payment interest if rates have dropped. Converting an adjustable rate mortgage to a fixed rate loan will stabilize your mortgage payment. Another option of refinancing is the ability to access your property's equity by taking cash out.

▶︎ ADJUSTABLE
Features:
The interest rate and monthly principal and interest (P&I) payments stay the same for an initial period of 3, 5, 7, or 10 years, then adjusts annually based on a margin and index. The margin is determined by the Lender at the onset of the loan and the Index is based on a pre-determined index that is constantly changing. To determine the new interest rate at the adjustment period the pre-determined margin is added to the current index. (Example: Margin = 2.50 +SOFR Index = 1.042 = New Rate = 3.542%).

Adjustable Rate Loans include interest rate caps that sets a limit on how high your interest rate can go on the first adjustment, every year thereafter and lifetime caps over the life of the loan.


Benefits:

Typically ARMs have a lower initial interest rate than on a fixed-rate mortgage. The interest rate cap limits the maximum amount your Principle and Interest payment may increase at each interest rate adjustment and over the life of the loan. Will provide more flexibility if you expect future income growth or if you plan to move or refinance within a few years.

Considerations:
Monthly Principal and Interest payments may increase or decrease when the interest rate adjusts. Monthly principal and interest payments may change every year after the initial fixed period is over.

▶︎ FHA LOANS
These loans require less cash upfront for your down payment with as little as 3.50% down.
 Allows a co-applicant to help you qualify even if the person doesn't live in the home.

Considerations:
FHA loans have the benefit of a low down payment. Borrower debt ratios will be a lot higher than other loans basically making it easier to qualify for the loan.

FHA loans will have upfront Mortgage Insurance Premiums which can be added to your Loan Amount. In addition there are monthly mortgage insurance premiums that are added to your mortgage payment.


Compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance. 

You can only have one FHA mortgage at a time. FHA is typically a more expensive financing option and should be considered after evaluating all other product options that meet your credit qualifying and financial needs.

▶︎ VA LOANS
Zero down payment required. Provides a wide range of rates, terms and cost options. 
Doesn't require monthly mortgage insurance. Provides the potential for minimal out-of-pocket expenses with seller contributions.


Considerations:
Interest rates are typically lower than other loans available.
Financing for your primary residence only.

Must pay a one-time VA funding fee that can be financed into the loan amount. (some veterans are exempt from this funding fee if they were injured while serving)
.

▶︎ JUMBO LOANS
A Jumbo loan is a mortgage of more than $970,800. This limit does vary by county. Jumbo mortgages are used for more expensive single-family homes.

MRA Home Loans
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Loan Application & Disclosures

Home Buyers Guide

Your Home Loan Tool Kit

Why Choose MRA Home Loans?
There are literally thousands of variables that can affect the outcome of your mortgage transaction. At Michael Rand & Associates, Inc. we believe you deserve to work with experts in the industry who are professional, communicate transparently, and have the know how to effectively solve issues.

We strive to make your experience stress-free and easy. Your loan approval, timeliness of the closing, and your overall experience is very important to us.

We Promise To Exceed Your Expectations!

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Why Use a Mortgage Broker?

MRA Home Loans | Mortgage Financing Experts. Independent mortgage brokers have had a significant positive impact on the lending industry. Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers. One of the advantages of using a Mortgage Broker is that the Broker has the ability to re-direct your loan to a different lender without the Borrower having to re-apply. In addition, another advantage would be that Mortgage Brokers are highly skilled as they must be licensed by both the State in which they work as well as the National Mortgage Licensing System and Registry. They must also complete continuing education annually.

What Is a Mortgage Broker?

A Mortgage Broker is an independent real estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also an independent contractor working with (on average) as many as 40 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.

What Do Mortgage Brokers Do?

In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety and peace of mind. One of the broker's most important functions is escorting your loan application through the entire process, with constant oversight of the components of the transaction for possible breakdowns. A professional mortgage broker can help the Borrower understand the interest rates, program options, terms and research current market conditions to find the most accurate and up-to-date information for cost-effective loan options.

Mortgage Brokers Handle the Details!

There are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys and any other services which may affect your transaction.

A Mortgage Broker also:

• Discusses and explains financing program options.
• Informs you of interest rate lock-in options.
• Explains all documents, disclosures and all associated costs of the loan application.
• Prepares a Loan Estimate of all costs and fees.
• Explains the loan process from application to closing.
• Communicates with you throughout the entire loan process in a timely manner.

► Things Not To Do While Applying For A Loan

When getting prepared to buy a home you should examine your own finances very closely. The underwriter for the lender will be analyzing your financial situation even more closely. The underwriter’s job is to evaluate your income, credit score and assets to enable them to issue your loan approval. It is very important that what you do will not create a problem in approving your loan. If you have any questions whatsoever please discuss them with your loan officer prior to doing any of the following.

There are 12 things you should absolutely NOT do six months prior to the date of your loan application up to the date of the funding of your loan. Any one of them could affect your ability to obtain your mortgage loan approval.

1) Don’t quit your job, become self-employed or start a new company.

2) Don’t switch from a salaried job to a heavily-commissioned job.

3) Don’t forget to pay your bills (even the ones in dispute).

4) Don’t open new credit cards (even if you’re getting 20% off).

5) Don’t buy a new car or trade-up to a bigger lease.

6) Don’t make any big purchases or lifestyle changes.

7) Don’t co-sign for anyone for anything.

8) Don’t transfer money between bank accounts.

9) Don’t borrow funds from your 401K or Retirement accounts.

10) Don’t accept a cash gift from anyone.

11) Don’t make undocumented deposits into your bank account.

12) Don’t take a vacation during the loan process.

Consult With Your Loan Officer √

There are things in life that you cannot change such as natural disasters, medical illness or job loss, but there are others that you can change such as your credit habits. If you anticipate unavoidable changes during the loan process always make sure to talk them over with your Loan Officer. They are experts and will be able to advise you on what to do and not to do.

Our YELP Reviews Are Here

"Michael and his team are great to work with. We always felt at ease knowing that Michael had our best interests in mind and he guided us through the whole process. They were always available to answer any questions we had and explain the complicated options that were available to us. We truly feel like family and look forward to working with Michael and his team in the future". ❖
Justin & Kate Curtin

"Michael was the perfect loan partner for the purchase of my first home. He was fair, patient and made the whole process easy. I always felt that Michael had my best interests at heart". ❖
Best,
Kristen Olsen

"Michael Rand & Associates exceeded my expectations when they help me refinance my Home Loan. I had problems to qualify for a better home loan because of debt/income ratios, home’s market value, problems with department of building and safety, forced private mortgage insurance, etc. He was able to straight everything out and find the correct mortgage lender for me. Now I have a low-interest 30 year fixed loan without private mortgage insurance and I am saving $400 per month. Thank you a million”. ❖
State Farm
Andy Barajas

"Michael Rand and Associates helped us with the loan for our first home and made a complicated process seem simple and clear. A year later he helped us again to refinance our loan to lower the interest rate and everything went smooth and fast once again. Michael will do everything in his power to make sure you get the loan, but he also makes sure you get the best deal within your financial means. Thanks Michael, we love our home". ❖
Martin Singer

Dear Michael,
"Thank you so much for all your help with my financing needs with my last two properties. I greatly appreciate it. Your professionalism and attention to detail meant everything to having such a smooth and successful house purchasing process. You and Debra have been a pleasure to work with, please thank her for taking all my calls and answering all my questions. I look forward to working with you again in the future and will always recommend your services to friends and family". ❖
Sincerely,
David Ashrafi

Dear Michael,
"Thank you very much for all your help with our new loan. We are thrilled to be moving on to a new chapter and we are grateful for your help in shepherding us through the process. Again, many thanks and best wishes for a merry Christmas and happy New Year". ❖
Kind regards,
Ryan and Stephanie Miziker

"My name is Brett Tuggle and I am a professional musician who records and tours with artists such as Fleetwood Mac, Stevie Nicks & Chris Isaak to name just a few. I have been associated with Michael Rand of Michael Rand & Associates, Inc. for a number of years. I have known Michael as a personal friend as well as being a client. I am extremely happy with the services provided to me by Michael Rand and his company. I recently refinanced my home through Michael Rand & Associates and they made the entire process a whole lot easier than I ever thought it could be. With all the different programs to choose from out there it can get confusing. But Michael and his staff went over my situation with me then found the best program, interest rate and payment schedule to fit my particular needs. I am very pleased with how it all worked out. If you’re looking to buy a new property or want to finance or even refinance your current property, I highly recommend the services of Michael Rand & Associates, Inc. They will get the job done right for you every time". ❖
Sincerely,
Brett Tuggle

"We are incredibly grateful for Michael and Debra!! Words cannot describe how appreciative and fortunate we feel to have been referred to Michael! He is the brother of our accountant, yet we have never met. Obviously, since we trust our accountant, we figured we were in good hands. But as everyone should, we did our due diligence and researched other brokers and mortgage loan banks to just educate ourselves.
From the start, Michael was very willing and eager to go above and beyond to earn our business. He vowed to review the other mortgage quotes and either meet or beat them. Well, not only did he give us the best estimate, he went above and beyond to educate us; and with his expertise, helped us to make the best mortgage loan decision for us, based on our specific circumstances. He gave us several mortgage scenarios and extremely accurate estimates, all with pros and cons; NONE of which was done by any of the other brokers or major banks we researched. Every single cost and rebate was disclosed and estimated almost to the exact penny.
It was obvious throughout the entire daunting process that Michael is the absolute best at what he does. Not only is he extremely savvy, but he genuinely cares about his clients. Listen, we were definitely not buying a multi-million dollar home, but he sure made us feel like we were his most important clients! He was always available, and he always kept us informed of every single change or hiccup in the process and more importantly, how he would solve it.
Now, unfortunately for us, we had no say in the choice of escrow companies. It was the seller's agent's choice. Since we were on a deadline (trying to close before Christmas Day), every single signature and email was critically time-sensitive. Needless to say, the escrow company dropped the ball more than once. Thankfully, we had Michael - he was a like pit bull - all over them, every time they screwed up, making sure they worked that much harder to fix their mistake and keep our close date intact. The week before we were supposed to close, escrow again dropped the ball, wasting an entire day getting paperwork to us that needed to be delivered to an earlier time zone by end of day. Well, I firmly believe if we had any other broker, it would’ve fallen apart, pushing the close date for another 3 days, losing an entire weekend. Michael and his amazing partner, Debra Sailors, worked fiercely, around the clock, going way beyond the call of duty to get the people in place, the paperwork delivered, signed and sent of the loan company. Honestly, we were stressed, scared and frustrated because most of it was out of our control. But Michael came to our rescue and made sure he did whatever he could to keep our close date in tact - AND HE DID!!! Nowadays, as we were forewarned, a 30 day close of escrow is next to impossible, with all the new regulations and extra steps that buyers and brokers must go through, pushes the process by a few weeks. But because Michael and Debra are so amazing at their job, this was a non-issue. As a matter of fact, most of Michael's obstacles during the escrow process was him having to educate all the other professionals involved, LOL!
Again, we are beyond grateful for Michael and his partner Debra for all the did to get us into our new home that we love and enjoy every single day with our three daughters!
Thank you Michael & Debra!! We will forever recommend you". ❖

Christopher & Sara Arrington