Donald Robert Arace is an experienced, efficient, and courteous loan professional that works hard to provide you with the best home loan options and ensures your loan is closed smoothly and on time.
Donald Arace has previous experience as Vice President of Originations for Columbia Home Loans, a subsidiary of Ocean First Bank, a federally chartered institution from November 1986 to June 2007; Manager of Indymac in White Plains, NY (June 2007- August 2008); and Prospect Lending (September 2008 – to present,); and brings his years of experience to bear when dealing with borrowers seeking mortgage financing.
Donald Arace is a leading guest speaker and teacher for real estate association functions and client seminars on varied mortgage products and programs available in the market place. First-time home buyers programs, FHA 203K rehabilitation loans and private mortgage lending options for high net worth individuals are just some of topics he has covered.
Donald Arace’s deep-dive discussions with borrowers helps consumers choose the proper mortgage program for their unique situation. The seminars also help the borrower understand the mortgage process, including common concerns such as interest rates and closing costs. The goal is to prepare borrowers for the application, while setting the proper expectations about the loan process which ultimately helps bring about a quick and efficient closing that satisfies everyone.
With Donald Robert Arace, you'll receive:
Donald is also an expert on 203(k) Renovation Lending, a program particularly well suited for buyers of fixer-uppers and REOs in need of repair. Homebuyers can finance both the purchase and future repairs on their new home with one loan.
The Renovation Loan offers some great features. The amount of money you are permitted to borrow for the purchase and renovations is based on the increased value of your home after improvements are made. Also, because renovation costs are spread throughout the entire term of the loan, monthly payments are often lower than other financing options. With the loan, there is also no need to delay improvements. You can start in immediately after closing. Another great feature is the loan's simplicity - one application, one set of fees and closing costs, one closing to attend and one payment each month. The interest on the cost of your improvements, included in your mortgage, may be tax deductible as well.
Donald values your business and will provide you with the best professional service and mortgage solutions that make most sense for you and your unique financial situation and real estate goals.
Please contact Donald Robert Arace if you’d like more information about our Renovation Loan, or any other mortgage financing solution. I look forward to working with you!