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Debby Wiesner

Office: 949.650.0770 x 1126
Cell: 949.400.8725
Email: Debby@backbayfunding.com
BRE# 01354686
NMLS# 302192

 

I graduated from UCLA in 1987, with a BS in Economics & Psychology. Even then, I was studying the understanding of why people spend money! After 20 years in the Corporate Retail environment, I decided to put my business savvy and expertise in analysis and spreadsheets to a better use. I became a mortgage broker with Back Bay Funding in 2001, and have usually enjoyed the experience. I most enjoy the financial mortgage planning aspect. I like to provide an analysis of your current debt obligations and recommend a strategy to maximize your taxable interest deductions and reduce your monthly outlay.

I take great pride in servicing my clients with the respect and service that I would demand. I offer recommendations based on your specific needs, but am very conservative in what I recommend. I believe that this honest approach has won me Orange County’s Five Star Mortgage Professional Award each year since 2010, along with Business Professionals Executive Who’s Who since 2013.

Why a Mortgage Broker?

The advantage of using a mortgage broker is the fact that independent mortgage brokers have access to, and knowledge of, the entire mortgage market. Using a mortgage broker can help you find a wider range of loan offers, and may even be able to find you loan options that you were previously unaware of or may not have been able to apply for on your own. A big bank has its own company’s funds to lend, and has fast access to them. However, they have only one source of money. Mortgage banks offer the same products at the same price through brokers by offering the loan to the brokers at a wholesale price- without any out-of-pocket costs. This enables the mortgage broker to competitively shop the lending market to find the right fit for your mortgage needs at the lowest rates.

Why Me?

As your mortgage broker, I am able to advise which lenders will consider your case and which lenders will not, based on your individual circumstances. I can use the relationships that I have built with lenders over the years to negotiate better rates and mortgage loan terms than you would be able to find on your own, helping you save money on both interest rates and other costs that may be associated with your mortgage. I work with dozens of lenders from which I can shop for the best rate. If you have any challenges in your file, I act as your advocate and do not get paid until those challenges are addressed. Should your loan be turned down by a lender, I will shop your loan elsewhere, finding a new way to tell your story to a lender if it seems appropriate. I don’t get paid until your loan closes- I work for you.

The Process

In general, underwriters will evaluate your application to make sure you meet the minimum guidelines for the specific loan program you are requesting. In particular, they will analyze:

Your Income and Employment- Verification of Employment- base income, last 2 years average of bonuses or commissions, W2 statements and tax returns, and your most recent pay stubs.

Your Assets- liquid assets such as stocks, bonds, mutual funds, etc. In addition to enough for the proposed down payment and closing costs, & you must also have reserves. What they are looking for: Sufficient assets to cover unanticipated contingencies.

Your Credit History

The lender wants to know about your current obligations and the payments you must make each month. How well you have paid your obligations in the past is a better indicator of how you will handle additional debt obligations.

Lock in Strategy

All other things being equal, the longer the lock period, the more the loan will cost you. Why? You are obviously asking the lender to assume the risk of market change. The market flucuates daily, however- or even hourly at times.

Costs and APR

Comparing loan products can be difficult. APR makes comparison easier by lumping the costs into an annual percentage rate- actually, subtracting the costs from the effective amount being lent to you. If you choose a no-point, no-fee loan, the APR will be roughly the same as the note rate. With costs involved, the APR will always be slightly higher than the note rate- the higher the costs, the greater the difference.

Now you have the basics to enable you to make an informed decision. Should you be looking for a mortgage broker that looks out for your best interests, please contact me. I would appreciate the opportunity to work for you.

 

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Debby Wiesner
Certified Mortgage Planner
Toll Free: (949) 650-0770 Ext. 1126
Cell: (949) 400-8725
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