Yes. We are licensed by the California Department of Financial Protection and Innovation, which allows us to be registered by The National Mortgage Licensing System, more commonly as the NMLS. Our NMLS license number is 362366. Consumer protections are at the highest levels, and they are more stringent on us than a bank.
We are available for you during business hours and also by request on nights and weekends. When you call Park Place Financial you get an expert on our team to assist you.
This depends mainly on three factors – the type of loan, the loan amount, and the applicant’s financial history. We recommend you ill out our Mortgage Inquiry Form and Checklist prior to speaking with us. Following due diligence, we will provide you with a written loan estimate and show you various cost options including but not limited to no points, no points no fee, or with paying points to buy down your rate to the lowest level available.
Park Place Financial has strong relationships with lenders who provide not only provide the A Paper Full Doc financing but also to Non QM loan programs which offer “Out of Box” financing solutions with slightly higher rates and fees.
Your credit score is the deciding factor in determining how much you can borrow and the loan’s interest rate. A higher credit score (740+) usually gives a borrower the best terms and rates. Usually with a 640credit mid fico score one still can obtain Conventional financing, and a minimum 580 credit score to obtain a FHA loan.
Usually lenders will require an appraisal to complete a loan for a purchase or refinance. Having an appraisal for a purchase transaction protects you as the borrower by making sure that they are not overpaying for the property. As for refinances, on a case by case basis, for conforming loans a limited appraisal and or appraisal waiver is granted if the loan to value is less than 60 percent.