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About Ankur Patel
I’m Ankur Patel, a loan officer here to help you understand your mortgage options. Whether you’re purchasing a home or considering refinancing, I’m available to answer your questions and provide honest feedback about your next steps.
My goal is to help you compare your options, make informed decisions, and feel supported throughout the loan process. Let’s talk about your goals and explore what makes sense for you.
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A conventional loan is a type of loan that doesn't have government backing or insurance, unlike FHA, VA, and USDA loans, which are insured by the government. Conventional mortgage loans, whether conforming or non-conforming, usually require a slightly larger down payment than some government loans. However, conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job. Your credit record contains information about your income, debts, and credit payment history. It also indicates whether you have been sued, arrested, or have filed for bankruptcy.
On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.
It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.
At Patel Home Loans, Ankur Patel helps homeowners explore HELOCs, home equity loans (HELOANs), and cash-out refinancing, with personalized guidance to compare financing options for home improvements, major expenses, and other financial goals.
Serving Irvine, Chino Hills, Tustin, and borrowers across 23 states and Washington, D.C., we also offer home purchase and refinance options, including Conventional, FHA, VA, USDA, and Jumbo loans. First-time homebuyers, self-employed borrowers, and real estate investors can explore additional programs such as down payment assistance, bank statement loans, and DSCR financing.
Whether you are buying a home, refinancing, or accessing your home equity, Ankur provides clear communication and support throughout the mortgage process. Contact Patel Home Loans today to discuss financing options for your goals.
States We Serve:
Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Maine, Maryland, Minnesota, Nebraska, New Hampshire, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Wyoming, and Washington, D.C.