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LINDA BANALES
REALTOR, NRBA
REO & Short Sale Specialist

RE/MAX MAGIC Real Estate
201 New Stine Rd, Ste 300
Bakersfield CA  93309
OffIce: 661-617-4407

RE/MAX MAGIC CENTRAL COAST
860 Price Street
Pismo Beach CA  93449
Mobile: 805-295-0410
Email: lindabanales@yahoo.com
 

Testimonials

Working with Linda was great. She was able to work around my bizzy schedule and provide me with quick, accurate information in laymans terms. The house close on the date she had said, so we had a smooth move for our old house to our new one. I am going to get the rest of my investment properties with her as well. November 17, 2009 Top qualities: Expert, On Time, High Integrity George Diaz hired LINDA in 2006, and hired him/her more than once George Diaz
"I had the chance to work with Linda Banales a while ago, she as the listing agent and I as the selling agent, it was a pleasure to work with her, she did her part of the job on time, sent me disclosures and everything necessary to close without delay. I definitely recommend Linda Banales for her professionalism. It would be a pleasure to be able to work with her in the future!!" Sandra Dominquez, REALTOR
It was a pleasure working with you and your team! The way you guys process everything is awesome. makes it so easy to process everything... My file has been ready since forever all the disclosures are there...you guys are just great! Hope to work with you guys in the future. Thank you, Alma Prado, Transaction Coordinator
"Linda is a great Realtor, very professional in all her dealing with clients and other professionals in the field. Always responsive to the needs of others, she is great in anticipating what needs to be done and is always on top of each transaction through to the close of escrow." Phil Brown, REALTOR
"LINDA IS GREAT SHE WILL GET THE RESULTS YOU ARE LOOKING FOR" Ben Atwood, Contractor
"Linda has responded to our particular needs in a prompt and professional manner. When we purchased our first home in Bakersfield, we lived outside the area and depended on her referrals and recommendations. We were never disappointed with her choices. I would highly recommend Linda Banales for real estate purchases. She is a long-time resident and knows the communities within the city exceptionally well." Service Category: Real Estate Agent Year first hired: 2003 (hired more than once) Top Qualities: Great Results, Expert, High Integrity Linda LeBron, Homeowner
"Linda is a very knowledgeable, experienced and hardworking realtor. She is focused on staying educated and learning the best techniques to help her clients. Linda really cares about her clients and goes above and beyond for them." Tisha Borda, iMortgage Sales Manger
"Linda has always been a great customer of Primetime Signs, Inc. She has been a Real Estate Agent for a long time and that to me shows dedication to serve her clients. We see agents come and go all the time and she has evolved to serve her clients in all kinds of markets." David Whisler, Owner, PrimeTime Signs
"Linda is a very detailed and custome service driven professional. I have had the privilge to have known Linda professionally for over 7 years. Linda would be a great asset for any company or organizaton." David Rodriquez, Loan Officer
"Linda is a wonderfull Boss and the Best Realtor I know. She is always 10 steps ahead of the game and sets treads for other Realtors. She will never stop her real estate Education and always moves towards the next best thing. Her number one priority is being the best Realtor!" Monique Banales, Transaction Coordinator
"Linda and I have had multiple transactions together. Linda and her team are always on the top of their game, if we are in a pinch and need assistance, Linda is right there to help out. She will go above and beyond the call of duty. I would recommend Linda and her staff to anyone that is in the Real Estate market." James Lough, Escrow Officer, Glen Oaks Escrow
"Linda is an experienced and educated Realtor who can be counted on to provide her clients with consistent personal and professional service." Pat Jelletich, Manager, Wells Fargo
"I have known, Linda, for a number of years. She has always been very dedicated to her business and a pleasure to be assocated with her. Charlie Rosas" Charlie Rosas, REALTOR
"Linda is very detail oriented, and on the ball with any of her properties. She will give you good up to date information, and try to get help you get the escrow closed. It is a pleasure working with her or any member of her team. I look forward to doing business with her." Juanita Brooks, Realtor
"You are awesome to work alongside Miss Linda! Keep the awesome work going! Look forward to working with you soon! :)" Jessie Barajas, REALTOR
"We have had the pleasure of doing business with Linda for several years and have found her to always be professional, curteous and honest which are qualitites we admire." 2009 TMC Pest Control
It's simple...Linda is AWESOME! She's absolutely, 100% dedicated to Real Estate. She is constantly finiding new ways to expand her expertise and to better serve YOU. There could not be a better, more dedicated, honest, and helpful professional in the business. Real Estate is not just a job to Linda-It is a career and a passion. She has established longevity in Real Estate, no matter the market. If there's a way, she will find it. If it can be done, she will do it." Raquel B
"I was in a working relationship with Linda from May 2007 to present, we are both REO agents in Bakersfield that are servicing some of the same accounts for asset mangagment companies. We just returned from the 5 star convention for REO servicing in Fortworth Texas. Linda's team is well seasoned in the REO world having sold many non-preforming bank owned assets. She is experience in all facet of the REO world. Run Sullivan, Distress Property Specialist
"I have just recently began a working relationship with Linda. In all of the dealings that I have had with her, Linda's professionalism has been very impressive." Henry Esparza, Loan Officer, iMortgage
"Linda Helped me buy my first home about 6 years ago. I was really surprised at how attentitive and thorough she was at getting me into the first home. She walked me through the proccess, and even sat down and went over the paper work. I really have to say that the service was exceptional becuase she drove some 250 miles north of Bakersfield to Stockton, Ca to help me get into my first home." Richard Valenzuela,Homeowner
View all testimonials
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The Advantages of Different Types of Mortgage Lenders

What kind of lender is best?

If you ask a loan officer, “What kind of lender is best?” the answer will be whatever kind of company he works for and he will give you a list of reasons why. If you meet the same loan officer years later, and he works for a different kind of lender, he will give you a list of reasons why that type of lender is better.

Realtors will also have differing opinions, and those opinions have and will continue to change over time. In the past, it seemed like most would recommend portfolio lenders. Now, they usually recommend mortgage bankers and mortgage brokers. Most often they direct you to a specific loan officer who has demonstrated a track record of service and reliability.

This article discusses the advantages and disadvantage of different types of institutions, not the individual loan officers. However, it is often more important to choose the correct loan officer, not the institution. The loan officer has many responsibilities, one of which is to act as your representative and advocate to the lender he works for or the institutions he brokers loans to. You want someone who has proven dependable and ethical in the past.

Regarding the institutions, the truth of the matter is that each type of lender has strengths and weaknesses. This does not even take into account the variety of other factors that influence whether a lender is good or bad. Quality can vary, depending on the loan officer, the support staff, which branch or office you are obtaining your loan from, and a variety of other factors.

PORTFOLIO LENDERS

Savings & Loans are quite often portfolio lenders, as are some banks. Portfolio lenders generally promote their own portfolio loans, which are usually adjustable rate loans. They will often pay more compensation to their loan officers for originating a portfolio product than for originating a fixed rate loan. You may also find that they are not as competitive as mortgage bankers and brokers in the fixed rate loan market.

However, it is often easier to qualify for a portfolio loan, so borrowers who may not qualify for a fixed rate loan may be able to obtain a loan from a portfolio lender. A borrower may be able to qualify for a larger loan from a portfolio lender than he could obtain from a fixed rate lender.

Portfolio lenders also can serve as niche lenders because certain things are more important to them than meeting the more standardized underwriting guidelines of a mortgage banker. An example would be a savings & loan, which is more concerned with an individual’s savings history than being able to fully document income and other things.

If you apply for a loan with a portfolio lender and you are declined, you usually have to start the process over with a new company.

MORTGAGE BANKERS

If we are talking about the larger mortgage bankers, you can count on them having several strengths. For the biggest ones, you will recognize the brand name.

Usually, they are much better at promoting special first time buyer programs offered by states and local governments, that have lower interest rates and costs than the current market rate. These programs are often available to buyers who have not owned a home in the last three years and fall within certain income guidelines.

Mortgage bankers may incur problems because they are just too big to manage, or they may operate like well-oiled machines.

If you are buying a home and you need a VA or FHA loan and the development you are buying in has not yet been approved, they will be better at getting it approved than other lenders.

If your home loan is declined for some reason, many mortgage bankers allow their loan officers to broker the loan to another institution. However, because your loan officer is so used to promoting the company’s product, he may not be familiar with which institution may be the best one to submit your loan to. Another reason is because wholesale lenders do not expect to get many loans from direct mortgage bankers, so they do not expend much marketing effort on them.

BANKS and SAVINGS & LOANS

Their major strength is that you will recognize their name. In addition, they will usually be operating as a mortgage banker, a portfolio lender, or both, and have the same weaknesses and strengths.

MORTGAGE BROKERS

The major strength of mortgage brokers is that they can shop the wholesale lenders for the best rate much easier than a borrower can. They also learn the “hot points” of certain wholesale lenders and can handpick the lender for a borrower that may be unique in some way. He will be able to advise you whether your loan should be submitted to a portfolio lender or a mortgage banker. Another advantage is that, if a loan gets declined for some reason, they can simply repackage the loan and submit it to another wholesale lender.

One additional advantage is that mortgage brokers tend to attract a high number of the most qualified loan officers. This is not universal because mortgage brokers also serve as the training ground for those just entering the business. If you have a new loan officer and there is something unique about you or the property you are buying, there could be a problem on the horizon that an experienced loan officer would have anticipated.

A disadvantage is that mortgage brokers sometimes attract the greediest loan officers, too. They may charge you more on your loan, which would then nullify the ability of the mortgage broker being able to shop for the lowest rate.

WHOLESALE LENDERS

Borrowers cannot get access to the wholesale divisions of mortgage bankers and portfolio lenders without going through a broker.

When Realtors or Builders Recommend a Lender

If your Realtor or builder makes a suggestion for a lender, be sure to talk to that lender. One reason Realtors and builders make suggestions is the fact that they have regular dealings with this lender and have come to expect a certain amount of reliability. Reliability is extremely important to all parties involved in a real estate transaction.

On the other hand, a recent trend in mortgage lending has been for real estate companies and builders to own their own mortgage companies or create “controlled business arrangements” (CBA’s) in order to increase their profitability. These mortgage brokers sometimes become used to having what is essentially a captured market and may not necessarily offer you the lowest rates or costs.

Some real estate companies also offer different types of incentives to their Realtors in exchange for recommending their company-owned mortgage and escrow companies or lenders with whom they have CBA’s. Dealing with one of these lenders is not necessarily a bad thing, though. The builder or real estate company often feels they have more ability to expedite matters when they own the company or have a controlled business relationship. They cannot usually influence the underwriting decision, but they can sometimes cut through red tape to handle problems or speed up the process. Builders are especially forceful on having you use their lender. One reason is that there are certain intricacies in dealing with new homes. If you use a loan officer who usually deals with refinances or resale home loans, he may not even be aware of how different it is to close a mortgage on a new home and this can lead to problems or delays.

It is in your interest to know if there is any kind of ownership relationship or controlled business arrangement between the real estate or builder and the lender, so be sure to ask. Do not automatically disqualify such a lender, but be sure to be more vigilant on getting the best interest rate and the lowest costs.

Conclusion

Make sure to do a little shopping. By knowing the interest rates in your market and making sure your loan officer knows you are looking at rates from other institutions, you can use that as leverage to make sure you are obtaining the best combination of service and the lowest rates.

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