Malibu Funding Inc. Now a Direct Lender
Los Angeles, CA, January 08, 2014 --(PR.com
)-- Malibu Funding Inc. Lends Money!
On a warehouse line from Goldome, Malibu Funding Inc. now has the ability to lend money directly to their clients.
"In this tight market we are now in the position to increase our ability to offer more choices and options to our clients," said Jeff Barton Malibu Funding Inc. president in a recent interview.
"We have brokered loans for the past 12 years and we believe that this is the time to begin the process of transforming the company to become a mortgage banker."
Malibu Funding Inc. has offices in CA, AZ, NV, GA, TX and has funded over 500 million in loans since 2002.
The refinance market has slowed in all states that Malibu Funding Inc. does business because of rising rates. The days of 3% interest rates are long gone and probably never to return in our life time.
However the amazing thing is that there is still a need for refinancing for many people. During the recovery of the last several years many buyers who wanted to take advantage of low interest rates got an FHA loan.
FHA loans now carry large monthly MI which can add hundreds to the monthly payments. It is to the advantage of the borrowers to refinance out of the FHA loan to get rid of this MI payment. Now that the equity in most homes has risen significantly in the last 2 years it makes sense to refinance to do away with the MI payment.
Another reason for refinancing even though the rates have risen to 4.5% is to take cash out of the property.Some borrowers/homeowners want to use the money locked up in their house to invest in real estate. Prices are still low and interest rates on loans are at historical lows, so people with equity in their homes see an advantage in using their equity.