BEVERLY HILLS, Calif., April 22, 2002 (PRIMEZONE) -- In an effort that empowers realtors to help first-time homebuyers overcome the affordability crunch, GoLoan has introduced new second trust-deed programs for buyers with good credit and undisclosed income to qualify with no money down.
The programs, which also help non-citizens and investors, increase the realtors' bottom line.
"Our new second trust-deed programs can do even more for our member realtors. They also can qualify their clients who are foreign-national homebuyers. While most guidelines limit foreign nationals to no more than 70 percent loan to value, GoLoan will fund up to 100 percent," said Adi Harari, president and founder of GoLoan.
Another feature in GoLoan's second trust-deed program helps realtors with clients who are good-credit investors to borrow as much as 90 percent of loan to value even for multifamily units without disclosing income, Harari said.
GoLoan is a new online mortgage services company designed to enable residential real estate brokers and their sales staffs to reap loan origination fees in addition to their normal sales commissions.
For entry-level buyers, the program introduced by the California-based mortgage banking company is significant. A GoLoan 30-year, second trust-deed can eliminate required and costly mortgage insurance while lowering the interest rate on the first loan at the same time, Harari said. Utilizing expanded second-trust deeds, GoLoan will fund up to 100 percent of the property purchase.
Licensed brokers throughout California are utilizing the GoLoan Realtor(r) Direct Mortgage Service System(tm) since the company introduced its online origination system last fall, Harari said.
GoLoan offers competitive loans in all credit-risk categories at wholesale rates. Real estate agents may choose from prime, sub-prime and equity loans to provide their customers with the best financing options regardless of market conditions. This assures real estate brokers and their agents that their customers will obtain the best possible home financing to fit their needs. All GoLoan originations are fully compliant with the Real Estate Settlement Procedures Act and all state and federal regulations.
Within 90 seconds after the real estate sales agent electronically submits GoLoan's simple, one-page questionnaire, GoLoan evaluates the buyer's creditworthiness and reports back to the agent with a loan approval decision. The same one-page GoLoan form also enables GoLoan to give real estate agents loan pre-approvals for borrowers who have not yet selected a property.
Backed by Delta Home Loan and its mortgage bank, GoLoan rewards participating brokers with the entire loan origination fee, which can total up to 1.5 percent of the loan amount.
Residential brokers can enroll simply by logging on to the GoLoan Website. They're up and running the same day. GoLoan requires no up-front costs, lengthy or exclusive contracts, monthly charges or cancellation fees. No training is required.
Experienced GoLoan loan professionals handle every aspect of the lending process from approval to closing.
GoLoan has drawn upon more than a decade of mortgage banking experience to create a RESPA-compliant, online system that allows brokers to participate in the loan process using their existing skills to close the transaction.
GoLoan's services currently are available only in California. Founded in 1989, Delta Home Loans is a mortgage banking company providing consumer, real estate and business-to-business financial services including residential mortgages, loan processing, closing services and other financial products.
For more information about GoLoan, visit www.GoLoan.com or call Delta Home Loans Inc. at (800) 222-0668.