Michael Bardales

MY PHILOSOPHY

A Residential Lender working in the San Francisco and East Bay Area since 2004. My experience ranges from working with 1st Time Home Buyer(s) and Real Estate Investor(s) buying multiple properties. My Real Estate experience & passion has given me the ability to understand all dynamics in Real Estate Financing. Passion keeps me learning - Experience keeps me understanding.

My commitment is simple - Tailor each loan to suit my client(s) financial lifestyle and keep my client(s) well informed through out the entire loan process.

PROFESSIONAL EXPERIENCE

The Home Loan Group - Oakland, CA - Present - Residential Lender

Sterling Bank & Trust - San Francisco, CA - 2009 - 2010 - Residential Lending Manager

Cornerstone Financial - Emeryville, CA - 2004 - 2009 - Co-Owner / Residential Sales

Archer Management Services - San Francsico, CA - 2001 - 2004 - Office Service Manager

United States Navy - International - 1997 - 2001 - Petty Officer Third Class - USS Constellation CV-64

ORGAINIZATIONS

• Thornhill Elementary - Board Member- Oakland, CA
• East Bay Habitat for Humanity - Volunteer - Oakland, CA
• Oakland Chamber of Commerce - Member - Oakland, CA
• Oakland Association of Realtors - Member - Oakland, CA
• Emeryville Chamber of Commerce - Ambassador - Emeryville, CA
• Meals on Wheels - Volunteer - Emeryville, CA

Contributions to Lender411

Blogs First Time Buyers: The Evolution of a Loan.. Mar 25th 2011 Home Purchase: Pre Qualification vs Pre Approval Mar 24th 2011 FHA Loans: FHA - Perfect Start Mar 23rd 2011 more... Answered Questions Commercial Loans: We are looking to refinance our office property with cash… Apr 5th 2011 more... Contacted consumers with following loan scenarios California, Home Refinance, Excellent Credit, Amount: $360,000, LTV 62% Apr 27th 2011 California, Home Purchase, Excellent Credit, Amount: $937,500, LTV 75% Apr 22nd 2011 California, Home Refinance, Excellent Credit, Amount: $484,999, LTV 68% Apr 13th 2011 California, Home Refinance, Excellent Credit, Amount: $324,999, LTV 34% Mar 28th 2011

 ASFDASFDSDFSDFSAAZXCXCASFSAs a Mortgage Banker, it gives my clients access to variety of loan programs.  Were are a Direct Lender who maintains their servicing and also have the ability broker loans with Nationals Banks.  This strengths gives us the ability to lend to clients that have a variety of financing needs.

1. Fannie Mae & Freddie Mac Loans
2. Jumbo Loans above $729,750
3. High Balance Conforming $417.001 - $729,750
4. Conforming Loan Limit up to $417,000
5. 30 Year Fix, 15 Year Fix, & ARM's

I will be more than happy to provide a Good Faith Estimate & Truth-In-Lending for accurate account of fee's and rates. 

Who is the Winner in the battle of Prequalification Process vs Preapproval Process?  

Here are my thoughts

Prequalification is a general method of qualify a client for their maximum loan amount.  The only requirement is to take a Loan Application and inputting the information into our Loan Origination System. The Loan Officer relies on the information given by the client to be accurate. This Pre Qualification is pending review of income documents, proof of funds and an accurate credit report.

Here is my problem with pre-qualification:  The information given by the client may be 100% accurate, however, the guidelines may offset their income and assets. This can cause big problems, especially if a Pre Qualification letter is submitted in an Offer.

Pre-Approval is the most accurate method of loan qualification.  This is based on a loan application, an accurate credit report, reviewing income documents and proof of funds.  Once the data is collected it is inputted into the Loan Origination Automated Underwriting System. 

The system then runs the clients information along with Fannie Mae or Freddie Mac guidelines together to compare all data.  We then receive an “Approved/Eligible” response from the system and you got yourself a “Conditional Loan Approval”!

This is the best method and gives you a clear cut qualification for your home loan.

So….the Winner in this battle – Pre Approval Process. 

It may be a lot to gather the needed documents together in time for submitting an offer. Just remember the 1^st step is Pre-Approval and the 2^nd Step is Home Shopping.

Most Loan Officers has pushed away from Pre Qualification and are now only doing Pre-Approvals to ensure they have the most accurate data! 

Contact me should you need to get Pre Approved for a Home Loan!