WHAT CLIENTS ASK THE MOST

 

General Questions

How do I apply?


Click the "APPLY" at the top of this page. Our secure online application will open in a new window. On that page, you can select the "Apply Now" at the top of the page to begin. You will be asked to create an account to follow your application throughout the process.




What if I have already been turned down by a Bank or Mortgage Company?


Because our mortgages are a form of seller financing, they have lower barriers to financing approval. If you're free from tax liens, you can meet our basic credit requirements and have sufficient down payment, we can generally make a loan work.




What is the Loan Qualification Process?


Guidelines can be unique for each borrower and property. Completing the initial online application is free and only takes about 10 minutes. Within 3 business days, you will be provided with an approval letter or a prequalification letter if you haven't yet selected a property.




What are the normal loan terms?


Standard terms are a 5-year initial interest rate guarantee on a 30-year amortization. Interest rates are tied to the Wall Street Journal Prime rate plus a set markup amount. Markup amount may vary based on borrower(s) track record, borrower credit, property location and condition.




Do you have pre-payment penalties?


There are no pre-payment penalties on our loans.




Is Mortgage Insurance Premium (MIP) or Private Mortgage Insurance (PMI) required?


No, mortgage insurance is not needed for our loans.




How much will my monthly payment be?


A payment estimate will be provided with your initial disclosures following the submission of your application. The initial disclosures are provided within 3 business days of us receiving your application and all required documents. Actual payment amounts are not known until the final property contract price is negotiated, a tax certificate is received and your insurance binder is received. You may use our calculator page to get a rough estimate for closing costs and monthly payment amounts for our wraparound mortgages.




When are the Property Taxes and Insurance payments due?


1/12th of your annual property taxes and annual homeowner’s insurance will be collected and reserved for you with each monthly payment. Borrowers are required to escrow property taxes and insurance with our third party loan servicing company.




What types of properties do you lend on?


  • Single family residential
  • Mostly constructed properties
  • Multi-family rental properties (2-4 units)
  • Town homes




Are you a direct lender or do you just broker to investors?


We are a direct lender. We deal directly with borrowers and their realtors. We have many sources that refer business to us, but we provide financing directly to each borrower.




What are your lending minimum and maximum limits?


We extend loans between $135,000 and $1,000,000, but most of our loans are between $150,000 and $400,000. We will consider every opportunity individually based on the property specifics and borrower's credit and history.




Will you roll the closing costs and down payment into the loan?


You may finance our Funding Fee into your loan, but because our loans have almost none of the closing costs charged by a traditional lender, borrowers are required to pay the down payment and the remaining closing costs such as pre-paid interest, taxes and insurance at closing. Additionally, we do not allow for the financing of any fees paid to a 3rd party in the transaction.




Do you make loans to Self Directed IRA investors?


Yes, we accommodate the special provisions for lending to Self Directed IRA borrowers.




Do you provide second lien loans?


No, we do not provide any financing outside of a first lien position.





Wraparound Mortgage

In a Wraparound Mortgage, How will the Property Title be held?


The property will be transferred in the borrower’s name. Ownership will be transferred by a Special Warranty Deed with a Vendor’s Lien at closing. Loan documents will be recorded at the county clerks office and loans are secured with a Promissory Note and Deed of Trust just like a traditional mortgage




Can I hold title in a corporation, LLC or Trust?


Yes, We require your entity documents and you must be in good standing with the Texas Secretary of State, but the title can be held by any legal entity.




How soon can we close?


We approve most loans within 3 business days of receiving all required information. Expect 21 days from the day you receive the loan approval to close on the property. Closings requiring less than 21 days are often possible based on the circumstances.





Direct Funding


Realtor Questions


We know how hard it can be to secure a loan for a house, which is why we want to provide you with the best information and resources up front. Below you’ll find answers to some of our clients’ frequently asked questions. Still have a question? Feel free to get in touch with us with additional comments and questions.

Let us know if you have any additional questions not covered by our FAQ

Casita Capital

NMLS# 1863598

806.391.2272

3309 67th St
Suite 15
Lubbock, TX 79413
- By Appointment Only -

©2019 by Casita Capital.