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Home > Financial Services > Mortgage Brokers > BWC Mortgage Services
BWC Mortgage Services
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan, which is normally, the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee, which is usually a percentage of the loan or property amount.
The Company is an affiliate of the Bank of Walnut Creek, which has been doing business since 1980. Their representative, Jim Callas, has over 20 years of mortgage experience. The following are fees related to a typical $175,000 purchase loan transaction in the San Francisco area, with this company. This does not include points, if any, nor does it include title insurance, local taxes, prepaid interest payments or prepaid escrow payments for home insurance or real estate taxes. A more complete list, tailored to your specific loan transaction, entitled Good Faith Estimate of Settlement Costs should be provided to you when you actually apply for a loan. All fees are believed to be accurate, but cannot be guaranteed and are subject to change without notice.
At closing, hazard insurance escrow requirements generally range from two months in purchase transactions to anywhere from one to eleven months in refinance transactions.In the event that the loan you are requesting from the lender exceeds 80% of the market value of the property being mortgaged, the lender will generally require you to pay for obtaining a mortgage insurance policy.
This protects the lender if you default on your loan and the equity in the property is not sufficient to cover any losses the lender incurs as a result of that default. Depending on the amount by which the loan to value ratio exceeds 80 percent, the first year's premium generally ranges from 0.35 percent of the loan amount to 1 percent of the loan amount. The first year's premium, which is generally higher than subsequent premium amounts, is sometimes paid at time of closing.
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