T
Th e
“Other”
Loans
he “other” loans are the loans
outside the “normal” mortgage
loans we do every day.
As Mortgage Bankers, we are limited
in what types of loans we can close,
and that depends on the appetite of
our parent company. Every Mortgage
Company has a different appetite for
loans that fall in the “other” category.
Some have a wide array of unique
programs, others stay focused only on
fi rst mortgage loans. Below is a list of
some common “other” loans and where
you can fi nd them.
Home Equity Lines of Credit
These instruments are great for long-
term planning or short term access to
the equity in your home. Local Banks or
Credit Unions are great places to shop
for the best terms on these interest-only,
adjustable loans.
Bridge Loans
Not as popular as it used to be, bridge
fi nancing is designed to lend short-term
money guaranteed by equity in a home
for use to buy another home; the as-
sumption being that the bridge loan will
be paid when the home is sold. Private
money lending is usually where you can
fi nd these loans, or perhaps a local bank.
Construction Loans
By Jayson Stebbins
Mortgage Professional
Jayson Stebbins is a 23 year
veteran of the Mortgage Banking in-
dustry and an Accredited Mortgage
Professional through the Mortgage
Bankers Association. He grew up
in Morgan Hill and currently lives
in Gilroy. He is the local Branch
Manager of Guild Mortgage, a
56 year old Mortgage Banking
firm. His office is in Morgan Hill
and serves all of Santa Clara, San
Benito, and Monterey counties. You
can reach Jayson and his Team at
408.782.8800 or at jstebbins@
guildmortgage.net
If your goal is to build a home, you
will need fi nancing that is based on
the future value of the property. A
construction loan is ideal and it will
create a loan that can disburse funds to
contractors until the home is fi nished.
Banks are usually the best for something
like this, but some mortgage banks offer
them as well.
Land Loans
Some people want to acquire bare land
in anticipat