Bayview Residential has access to mortgage loan programs from multiple lenders and can find the most competitive mortgage loan for your needs. Click on the links below to learn more about some of the more common questions regarding mortgage loans. Call Bayview Residential at (408) 298-2591 and one of our experienced loan agents will be glad to help you.

CONFORMING LOANS

Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans. Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year. 

JUMBO LOANS

Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy. 

HOW DO I START?

The first step is a phone call to our office 1-877-298-6050 to schedule an initial interview with one of our loan modification specialists. If after the interview if we feel that we can assist you with a loan modification, we will need you to submit a complete loan modification package, which includes your current financials. After we receive your financial informaiton, our legal and negotiating departments will review your information to determine a best course of action. The information and documentation required will depend on your individual situation. Please keep in mind that normal collection proceedings, up to and including foreclosure, may continue during the reviewing process. Therefore, we recommend that you provide us with the required financial information as soon as possible, so that we can quicklly assess your options for avoiding foreclosure as well as for modifying your current loan.