About Bret Temple Expertise I can answer any question that pertains to Real Estate Finance, both in Residential and commercial Real Estate. This includes questions on Financing the purchase of a new home, refinance, debt consolidation, 100% Financing Loans, FHA, VA, and pers/Sters Loans as well just to name a few.
Experience I have over 10 Years in the Mortgage Lending Field, working as both a Banker, and now currently owning my own Mortgage Brokerage Firm. I specialize in working with Family Law Attorneys, Estate Attorneys, and First Time Home Buyers, although I don't limit myself, and welcome any kind of client in need of financing. Because I also Interned at Merrill Lynch, I have thorough knowledge of Financial Planning and utilize that knowledge when helping someone to find the proper loan to suit their needs. I am also qualified to assist clients in credit counseling, at no charge to them at all.
Organizations Southland Regional Association of Realtors
Education/Credentials Bachelor Degree in Business Administration (emphasis on Finance)
California State Real Estate License
Awards and Honors Highest Producing Agent 2004, 2005, 2006
Question Hi Bret - I have 2 questions. I am purchasing a new home in Southern California and have a mortgage company working on a loan for me. I was supposed to close on June 1st but the mortgage company and lender have not been able to complete on time and I am now paying $100 per diem to the seller. I told the mortgage company about the purchase decision on April 29, but they did not appear to actively start working on it until May 13, hence the delay. Do I have anyway of recouping the per diem from them since the delay is due to their tardiness?
Second question is related to my current property (condo - also in CA.), which I plan to rent once I move into my new home. Can I refinance the rental at any point. If yes, are rates for rental properties much higher than regular rates?
Answer HI Nancy,
First of all, there is little recourse from a lender that takes too long to close a loan. Unfortunately, in lending, we never guarantee when a loan is going to close. However, unless your deal is complicated for one reason or another, it should not take more than 30 days to close it unless they did start working on it late. However, you can always take someone to small claims court and sue for the money. If your having difficulty closing, Please feel free to email me at bret.temple@yahoo.com, and I can help you with the financing. In addition I also do Home and Auto insurance, so even if the lender does close your deal, your more than welcome to contact me for an Insurance quote.
Secondly, the interest rates for rental properties are in fact higher than owner occupied. Yes you can refinance your rental at any point, however, you might want to start now before you close on the new home, that way you can classify it as an owner occupied property and get the lower rate. Technically you have not closed on the new property or moved in to the new property, so it is in fact your primary residence. Again, if you would like help on it, please contact me and I can help refinance the property, and help structure your situation.
Best Regards,
Bret J. Temple
bret.temple@yahoo.com
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
