gmhTODAY 17 gmhToday Nov Dec 2017 - Page 63

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