Your Local Mortgage Lender
Located in Beverly Hills, California
Personalized Mortgage Experience
Mitchell Milat offers personalized service and loan options you'll love. We shop multiple lenders to find the best rate and product for you, getting you into your dream home faster.
With wholesale interest rates and cutting-edge technology, we make the mortgage process seamless. Trust the experts who focus solely on mortgages. Support your local community and experience elite client service.
Let us help you achieve your homeownership dreams!
The Home Loan Process
Mortgage Pre-Approval
Get pre-approved from one of our Loan Officers to see how much you can afford.
House Shopping
Work with a trusted Real Estate Agent to find a home you would like to move into.
Loan Application
Complete your home loan application to get the lending process started.
Don't take my word for it
Mortgage Programs
Experience the best mortgage experience located in Beverly Hills, California.
Home Loan Options
Our experienced mortgage advisors will walk you through the best mortgage loan program that will fit your specific scenario.
Conventional Home Loans.
FHA Home Loans.
USDA Home Loans.
VA Home Loans.
Frequently Asked Questions
How often can I refinance my mortgage?
There is no limit to the number of times you can refinance. However, you must qualify every time you apply and there will be costs associated with closing the loan each time.
Can I buy a home if I do not have money for a down payment?
Yes! There are a number of bond programs that offer low or no down payment financing options.
How do I know which mortgage is right for me?
The key to choosing the right mortgage is to understand the range of options and features available to you, as well as your budget, circumstances, and goals. Our licensed mortgage professionals are here to help you navigate that process. The more you know, the more comfortable and confident you will be choosing the best option for you and your family.
How long will the loan process take?
The Truth in Lending Act (TILA) does not permit a lender to close a loan until at least seven (7) business days have passed from the date your application was received. A typical home loan takes 30 days, as a number of third-party services such as appraisals, title work, and credit are required in conjunction with the mortgage process. Once you familiarize your Loan Officer with the details of your specific loan scenario, they will be able to provide you with a more specific timeline.
Will I qualify for a home loan?
The only way to find out is to speak with a qualified mortgage professional. Our Loan Officers have helped numerous clients who didn’t know if they could qualify to become home owners. We take the time to understand your financial situation and long-term financial goals, and then match you with the loan program that best fits your needs. Your approval for a loan may also largely depend on the price of the home you are financing. Getting pre-qualified prior to beginning your home search can give you an idea of what you may be able to afford.
Why do people refinance their mortgages?
Homeowners typically refinance to save money, either by obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.
How much money will I have to pay upfront to buy a home?
This question does not have a simple, one-size-fits-all answer. The exact amount will depend on the price of the home you buy as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the home’s price or as little as 3%, while some loans require no down payment at all.
Can I get a mortgage after bankruptcy?
You may still qualify for a home loan even if you have experienced a bankruptcy. The best way to find out if you qualify is to talk with a Loan Officer to discuss your options. Be sure to bring all paperwork regarding your bankruptcy so your Loan Officer can find the program that best fits your situation.
Should I lock my interest rate now, or wait until we are closer to our closing?
Interest rates fluctuate all day, every day. If an interest rate is good, it may be in your best interest to lock now. If you wait, you run the risk of an increase in rates later. If you are concerned that rates may go down after you lock, contact your Loan Officer to discuss your options. Some programs allow you to lock for an extended period and choose to lower your rate should a better one become available.
Most Recent Blog Updates
The Credit Pull Myth That Is Costing Homebuyers Thousands and the Truth That Changes Everything
The Credit Pull Myth That Is Costing Homebuyers Thousands and the Truth That Changes Everything
The Belief That Is Quietly Keeping Buyers From Shopping for a Better Rate
One of the most persistent and most costly myths in the homebuying process is the idea that you can only let one lender pull your credit. Buyers who believe this are accepting the first rate they are offered, avoiding comparison shopping out of fear, and leaving thousands of dollars on the table as a result.
Here is the truth that changes the entire calculation.
How the Credit Scoring System Actually Works for Mortgage Shopping
When multiple mortgage lenders pull your credit within a 45-day window the credit scoring models treat all of those inquiries as a single hit rather than as multiple separate events. Not five hits. Not ten. One.
The system was designed this way intentionally because the scoring models understand the fundamental difference between someone who is responsibly shopping for the best mortgage terms and someone who is applying for multiple new credit cards simultaneously. Mortgage shopping is recognized as a smart consumer behavior and the credit system was built to accommodate it without penalizing the borrower for doing the right thing.
The fear of multiple credit inquiries has been preventing buyers from shopping their mortgage in a way that could save them significant money and that fear is based on a misunderstanding of how the system actually functions.
What the Savings Actually Look Like
The financial case for shopping multiple lenders is straightforward once you run the numbers. As Mitchell Milat explains a quarter percent difference in rate on a $400,000 loan is approximately $60 per month. Over the life of a 30-year loan that quarter percent difference adds up to more than $21,000 in total interest paid.
That is real money that stays in your pocket simply because you took the time to compare options rather than accepting the first quote you received. The effort required to get multiple loan estimates is modest. The savings potential is significant. And thanks to the 45-day window rule your credit score is protected throughout the process.
How to Shop Mortgage Lenders the Right Way
The most effective way to compare lenders is to ask each one for a Loan Estimate on the same loan type and amount. The Loan Estimate is an official standardized document that presents your rate, fees, and terms in a consistent format across all lenders. Because every lender uses the same document structure you can compare every line item side by side rather than trying to reconcile quotes that are presented differently and make apples-to-apples comparison difficult.
The Loan Estimate covers the interest rate, the annual percentage rate, the monthly payment, the estimated closing costs broken down by category, and the projected total interest paid over the life of the loan. Reviewing those documents side by side tells you not just which lender is offering the better rate but which lender is offering the best overall combination of rate and fees for your specific loan.
The One Thing to Avoid During the Shopping Process
While you are shopping mortgage lenders and comparing Loan Estimates there is one important behavior to avoid. Do not open any new credit accounts during the process. A new credit card application, an auto loan inquiry, or any other new credit account opened during the mortgage process can affect your score and your qualification in ways that are separate from and not protected by the 45-day mortgage shopping window.
The 45-day protection applies specifically to mortgage inquiries for the same purpose. Other types of new credit activity during this period can still create issues and the safest approach is to keep your credit profile completely stable from the time you start seriously shopping for a mortgage through your closing date.
Mitchell Milat works with buyers to navigate the mortgage process with real information rather than myths that cost money. Text, call, or message Mitchell Milat to get your real numbers and find out how shopping your mortgage the right way could save you thousands of dollars on your home purchase.
Sources
ConsumerFinancialProtectionBureau.gov
MyFICO.com
MortgageNewsDaily.com
FannieMae.com
Investopedia.com
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