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Home > Financial Services > Mortgage Brokers > McAdams Financial Services
McAdams Financial Services
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
McAdams Financial Services was founded in 1982 in Santa Barbara, California. Gail McAdams started this local family business with the intent to give residents in the Santa Barbara area the personalized service that they deserve and to obtain the lowest possible interest rates.
In 1985, Gail was joined by Joel Maloney in opening several other offices in California. These offices were built with the principle of building long lasting relationships between clients in a localized community while making the home buying process as pleasurable and informative as possible.
McAdams Financial Services offices are located in Santa Barbara, Lompoc, Santa Monica, and San Diego. The loans include Government Loans equity Loans, first time homebuyer programs, e to z qualifier loans, commercial and construction loans jumbo conforming loans, free pre qualification, 24 hour pre approvals. Both the interest and principal can be adjusted. It is tied to U.S. Treasury Bill, or the 11th district cost of funds.
If the measuring indicator moves up a point, than the interest rate on the loan is adjusted upwards. If the indicator drops, so will the interest rate on the loan. In many contracts, the interest rate change is limited to a maximum of a certain percentage usually one or two percent. This is called a Cap.
This loan carries a lower interest rate than the thirty year fixed. The higher monthly payment goes towards the principal. The borrower therefore pays off the loan in 15 years. This saves considerable interest for the borrower.
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