Sep 12, 2014

No Loan Contingency Seals the Deal Again!


The team just closed escrow on this wonderful home.   Great rate, docs out 7 days early, happy client… all the same old good stuff when it comes to the Groves Lending Team and Movement Mortgage; however, what really was special about this deal is how we got the offer accepted.

Thanks to our up front underwriting process, full loan approval and unique offer strategy, the buyer’s agent was able to present this offer with NO loan contingency.  Knowing that the buyer was 100% approved, the listing agent was able to ensure her client that this was a deal that wasn’t going to fall apart.

As usual, three great agents were involved in this transaction.  The seller got a great price, the buyer got into an amazing house with no headache and the team closed early.  A true win-win for all parties.

Looking for a wonderful agent to help you buy in the Atwater area?  Mark Mintz with KW Los Feliz is wonderful and can be reached    Thinking of listing your home in Atwater Village?  Few if any Realtors have the local expertise of Kurt & Courtney.  Kurt & Courtney can be reached via email at

Want to close your deals early?  Call Scott Groves @ 818-679-5188


Sep 12, 2014

5% Down To Avoid Costly Up Front Mortgage Insurance


The team just closed escrow on this very cute starter house for a client who was looking to keep her monthly payment as low as possible.  With only 3.5% down, most lenders would have immediately steered this client into an FHA loan.  FHA loans are great for certain buyers; however, for buyers with superior credit scores and access to 5% down, there is a better option.

Many clients are unaware that by putting 5% down, they can avoid the costly up front mortgage insurance associated with an FHA loan.  Additionally, homeowners can usually save 30% on the cost of monthly mortgage insurance by obtaining a 5% down mortgage with private mortgage insurance versus an FHA loan with government mortgage insurance.

In our business it’s all about helping clients find the right product.  By making this one small tweak on the loan application — 5% down versus 3.5% down — this client is saving $250 a month.  Big win for our team, the client and the Realtor who referred her to us.

As always, this deal couldn’t have happened without the support of our amazing Realtor partner Kenya Reeves-Costa over at   Need help buying a home on the eastside?  Get in touch with Kenya and her team.

Need help structuring the correct low money-down purchase for you and your family?  Call Scott Groves @ 818-679-5188 or apply online at

Sep 10, 2014

Closing a Condo Purchase in 11 Days – Ya, We Can Do That



Recently one of our Realtor partners brought us a deal that was falling apart because one of the big banks had dropped the ball.  Appraisal came in 20% low, condo department was having trouble approving the project and the client had already paid for two different appraisals in hopes of finding a way to close escrow on this awesome Pasadena property.

To add insult to injury, this purchase was transaction #1 in a string of 3 different purchases and sales.  This deal falling apart would mean the lives of six different families would be disrupted, Realtors would lose commissions and properties would have to go back on market.

With only 4 days to remove all contingencies and 15 days to close escrow, our team took over.  We received the appraisal back, AT VALUE, in 48 hours, obtained condo approval in 5 days, and were out to docs in 10 days.  Amazing effort by The Groves Lending Team, Movement Mortgage, the buyer and the agents.

As always, this deal wouldn’t have come together nor would it have closed so quickly were it not for the professionalism and amazing response time provided by our Realtor partner Richard Wilkinson.  If you’re looking to buy or sell a condo in the Pasadena, Eagle Rock or Highland Park areas – the team highly recommends Richard.  You can reach Richard via his website @

Need helping closing a deal quickly that has fallen apart with a big bank?  Call Scott Groves @ 818-679-5188 or apply for a mortgage at

Sep 2, 2014

Jumbo loan in Pasadena, No Problem


The team recently closed this loan with one of our jumbo portfolio lenders.  The great thing about being a direct lender with correspondent jumbo sources is that we have the low rates and financial backing of larger jumbo portfolio lenders while STILL controlling the work-flow and underwriting in-house.

Most brokers and smaller regional lenders have ‘access’ to jumbo lender – but only at a wholesale relationship level.  What this means is that broker ABC has to package a file, send it out to a jumbo lender, then wait for a response.  Our team, through Movement Mortgage, has been able to set-up a correspondent relationship in which we control 90% of the process from start-to-finish with some limited oversight by the jumbo loan provider.

Using our internal underwriters, processors and doc-drawers on a jumbo loans allows us to still to close deals quickly and efficiently.  This jumbo loan in Pasadena closed in under 30 days.   As usual, we couldn’t have done it without our local area expert Liz Johnson.  Liz is a Realtor with Teles Properties and excels in assisting clients who are looking to sell one property and upgrade to a new home.  Check out more about Liz Johnson via her website at

Need to work with a jumbo lender who can deliver a quality loan in under 30 days?  Contact Scott Groves and his team at or 818-679-5188.

Sep 2, 2014

Quick Close in La Crescenta

La Crescenta

The team just closed escrow in 21 days on a great house in La Crescenta.

From opening bell to keys-in-hand, our team, in conjunction with our wonderful Realtor partner Kari Carson, closed escrow on this house in 21 days.

Even a fairly complicated transaction including a departing residence was no match for the quick underwriting and processing of Movement Mortgage + The Groves Lending Team.  Through “pre-underwriting” all our files, our team does not stop at the traditional pre-approval stage.  We take every file a step further and get a full underwriting decision on every loan application we take, before an offer is even made.  By doing most of the heavy lifting up front we are able to close deals more quickly and efficiently than our competition.

Need a wonderful agent to help you find a home in La Crescenta?  The team highly recommends Kari Carson.  She can be reached via email at or by phone at 818-424-5537.

Need a fully underwritten pre-approval completed so that you can make an offer to buy property with a 21 day escrow?  Call Scott Groves and his team at Movement Mortgage at 818-679-5188.

Sep 2, 2014

Getting rid of FHA Mortgage Insurance Feels So Good!


The team just closed on this refinance for a wonderful client who is now saving money in spades.  A recent rise in property values in the Los Angeles area has created refinance opportunities for many clients who bought properties with FHA loans.

A change two years ago created the unfortunate situation in which buyers obtaining an FHA loan must now pay FHA mortgage insurance for the life of the loan.  Prior to 2012, a homeowner could eliminate FHA monthly mortgage insurance when the loan-to-value on the property declined to 78%.  Under the new FHA guidelines, buyers are stuck with these mortgage insurance premiums for the life of the loan, unless they refinance.

Fortunately, increasing property values, combined with our team using only local appraisers who know the market area, has allowed many of our clients to establish the 10% – 20% in equity needed to refinance into a loan which does not carry mortgage insurance.

For this client, we not only dropped the mortgage insurance, we also dropped the rate.  The $500 per month savings is enough to help the client obtain his financial goal of buying a new rental property.  Getting rid of wasteful mortgage insurance premiums feels so good.

Need help getting rid of mortgage insurance?   Call Scott Groves @ 818-679-5188.

Aug 1, 2014

VA Loan on a 4 Unit- We Can Do That


If you ask most lenders about a VA loan all you will get back is a blank stare.  The few lenders who do know VA loans have pre-conceived notions in their heads that certain loans are only for certain property types.  The moment a loan officer hears “VA” he or she instantly thinks of a single family residence without thinking about units.  We here at The Groves Lending Team are experts in VA loans and know that there are multiple opportunities to use a VA loan.

Not only was our borrower able to purchase this property with no money down, but he will have the rental income pay his mortgage.  This is truly a win-win situation for our borrower.  We were also lucky to work with one of our favorite agents, Eugene Ridenour, on this escrow.  Eugene was able to keep all parties on track throughout the escrow.

If you are looking for an amazing realtor to work with, the team highly recommend Eugene Ridenour at Berkshire Hathaway in Los Feliz. Eugene can be reached at (323) 671-1276 or at

If you have any questions about VA loans or multi unit properties, you can reach Patrick O’Driscoll at (818) 681-0873 or email him at


Aug 1, 2014

10% Down Duplex – We Can Do That


The Groves Lending Team just closed on this duplex in Silverlake.  Most lenders when they hear a borrower wants to put less than 20% down on a duplex will say that the only loan they can get is a FHA loan. We here at The Groves Lending Team know better. We were able to do an 80-10-10 loan on the duplex since it is owner occupied. The borrower was able to put 10% down and get a second loan for the remaining 10%.  It is this kind of out of the box thinking that sets our team above the rest.

Thanks to the expertise of Dan Ortega, his buyers contacted us early enough to find the best loan program for them.  Dan was also able to help the team keep everyone, from the buyers to the escrow officer, on track.  If you are looking for a realtor who is an expert and a true professional, the team highly recommends Dan. Dan can be reached at (323) 839-3936 or at

If you are looking for a lender with out of the box thinking and solutions please contact Scott Groves at (818) 679-5188 or email him at


Aug 1, 2014

Refinance To Get Rid Of My PMI, With No Closing Costs – We Can Do That


The Groves Lending Team just completed a refinance for this property. After the market collapsed, no one thought that home prices would skyrocket the way they have.  In this case home prices increased enough for our borrower to refinance out of their mortgage insurance.  Homeowners often forget that with home prices rising so fast they can often eliminate their mortgage insurance.  This is often true for those who have purchased a home with an FHA loan in the last year.

In previous years the mortgage insurance for a FHA loan would go away between 5 and 10 years of having their mortgage.  However, since recent changes were adopted for FHA loans, the mortgage insurance is for the life of the loan, making refinancing into a conventional loan the only way to eliminate the mortgage insurance.  We were able to do the refinance for this property at no cost to the borrower.  By doing this, we were able to save the borrower around $300 a month on their mortgage payment.  What could you do with an extra $300 or so a month?

If you are interested in getting rid of mortgage insurance and putting that money back in your pocket, contact Scott Groves at

(818) 679-5188 or at

Aug 1, 2014

Closing Brokered Loans At Super Speed


Groves Lending Team at Movement Mortgage just closed escrow on this beautiful craftsman in Eagle Rock, the most desirable place to live in the U.S. according to Redfin.

Most lenders have trouble closing routine loans on time.  Throw in a brokered loan and you are guaranteed to close late.  Here at The Groves Lending Team we know that speed when closing a loan comes down to one thing: loan structuring.  Anyone can put a loan together, but not everyone is able to look at the full picture.  We are able to anticipate problems that might arise later in the life of a file and structure the deal to avoid them.  When it comes to brokered loans, not does the loan officer have other people looking at the file, but additional guidelines to deal with.  Because at Groves Lending Team we are able to plan ahead, this loan closed at lightning fast speed.  This loan was submitted on a Wednesday and approved on Monday with no conditions.   To everyone’s delight, we were able to close the deal two weeks early.

We were so lucky to work with some of our favorite realtors on both sides of this deal.

Courtney Smith Wiesmore from  Courtney and Kurt Real Estate in Atwater represented the buyer.  Courtney knows that building the perfect loan package takes time.  By having her clients contact the team long before making their first offer, Courtney ensured we had enough time to find the right product for her buyers. The team highly recommends Courtney for all of your real estate needs. She can be reached at or at (323) 667-0700.

Tracy King and Keely Myres from Teles Properties in Pasadena represented the seller.  Both Tracy and Keely are rock star agents that are experts in the area you are working in and can truly help out when you need it. The team highly recommends Tracy and Keely for all of your real estate needs. They can be reached at via email at

If you are looking for a way to close a brokered loan at light speed to give your offer an advantage, contact Scott Groves at (818) 679-5188 or email him at


Scott Groves     |     Your Trusted Lender

Groves Lending Team

A Los Angeles based lending team specializing in conventional and FHA purchase mortgages. The Groves Lending team can manage the entire loan process providing clients with efficiency and accuracy.

818-290-8158 (7:00am-7:00pm)