PREAPPROVED HOME LOANS EASE FRUSTRATIONS.

Byline: GREG J. WILCOX Real Deals

OK, it's hot and you're steamed because trying to buy the perfect house in a tight market is turning into one big summertime headache.

The problem is lots of other people have the same idea and probably are looking at the same house with the idea of making a better offer. They probably are frustrated, too.

Calabasas-based Countrywide Home Loans Inc., the nation's largest independent mortgage lender, has some tips on beating the competition in a tight market:

Don't just get prequalified, get preapproved. Prequalifying means you satisfy the income requirements needed to get a loan. But it is not the full-blown application. Getting preapproved means securing the financing before starting the house search.

Now your real estate broker can narrow the search to a specific price range, and it gives you some powerful leverage in negotiations.

Preapproval saves time and makes the closing a more efficient process. It also can lower costs since you won't have to pay fees for credit checks and appraisals only to find out later you don't qualify for the loan.

With preapproval, the lender provides a written commitment that you will qualify for a specific mortgage amount provided the appraisal process pans out and there are no changes in your financial status.

With prices on the rise, you might have to borrow more money now than, say, six months or a year ago. Larger loans are called jumbos and the interest rates are slightly higher than they are for conventional loans.

An adjustable rate mortgage, or ARM, might be the way to go.

While loans are typically for 30-year terms, the reality is that they typically last about five years. Then those who bought the house usually sell it and trade up.

Generally, ARM-loan interest rates are usually lower in the first few years than the fixed rates for conventional 30-year loans.

Also explore fixed-period ARMs. These loans have an interest rate set for three, five, seven or 10 years. After that, the terms change to an adjustable rate.

Lock in a rate early. Mortgage rates are like lava, constantly flowing. Some companies, including Countrywide, offer programs that let consumers lock in a rate that is good for 30 days. So if rates go up, you still get the lower rate. But if rates have dropped on the day you sign papers, you get the lower rate.

Some extensions to the 30-day period are also offered.

Broker buzz

The brokers at Van Nuys-based Delphi Business Properties pulled off a hat trick at The Plant, that sprawling industrial-retail complex on the site of the former General Motors plant. The company played a role in three of the five deals that brought industrial tenants to the Van Nuys site.

Delphi represented Ricon Corp., which makes wheelchair lifts, in its move to a 200,000-square-foot facility and bed linen maker Veratex Inc. in its deal for 108,000 square feet of space. Last week Delphi helped Zodax close on a 100,000-square-foot warehouse and distribution center.

Now we have a commercial double play.

Telesis Credit Union has moved into its new 30,000-square-foot headquarters in Chatsworth. The building is at 9301 Winnetka Ave. across from the AMC multiplex.

Interlink Mortgage Services has leased Telesis' former site, 10,000 square feet, at 9121 Oakdale Ave.

NTR Construction Co. of Canoga Park designed and built the new headquarters for Telesis, which was founded in 1965 and has branch offices in Thousand Oaks, Simi Valley and Marina del Rey.

Tony Principe of Westcord Commercial Real Estate Services is the agent for leasing 5,000 square feet of space available in Telesis' new building. He also worked on the Interlink deal.

Calabasas-based ARCS Commercial Mortgage Co. L.P. has completed the $1.95million refinancing of the Mountain View Apartments in Pacoima.

The 62-unit complex was built in 1990. ARCS is a nationwide provider of commercial property financing. The company has a portfolio of more than $4billion, covering more than 700 borrowers in 37 states. The company has 16 branch offices nationwide.