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If you haven’t been able to check out the Napa Lighted Art Festival yet, you still have time.

Per the city of Napa, this is “a celebration of creative arts and technology where light becomes art in this unique lighted art walk.”

The festival includes “light art, video art, 3-D video mapping projections and projects that use technology or interactivity.”

After recently taking the time to enjoy the festival, I quickly realized that there are many similarities between a lighted art festival and the mortgage lending world.

As an example, the art festival supports innovative techniques using light and light technologies as a growing art medium.

In parallel, the mortgage lending world has embraced a vast amount of new technologies to help digitize your lending experience and gain deeper access into your online credit behavior and activities.

Collectively, this information is used by your lender in an artful way to determine your loan eligibility.

Furthermore, the art festival offers different flavors of art such as light, video, 3-D mapping projections and interactive projects.

By comparison, your home loan lender offers a variety of different lending categories too. One of the most common is called conventional. This is where Fannie Mae and Freddie Mac play a critical role in the mortgage world.

Typically, the underwriting rules for conventional financing are effectively used as a baseline or a guide to test out the strengths and weaknesses of your file.

Alternatively, if your loan application is unable to pass a conventional underwriting stress test, then you can try the slightly more flexible guidelines of a government insured loan like the FHA or even the VA if you meet the criteria.

However, the potentially more flexible government-insured loan guidelines often carry some insurance costs to help better manage various risk layers in your file.

Basically, a simple transition from the conventional to government lending category requires the coordination of a skillful lending professional.

Lastly, resembling an art festival, there are plenty of other lending categories that are either newer or continuously developing as well.

For instance, your lender probably showcases a healthy supply of different Jumbo financing options for those of you who need larger loan amounts or who have a substantial amount of assets.

There’s also specialty financing categories that include construction, renovation and what’s called “non-qualified mortgage” options. In fact, the “non-qualified mortgage” category has been surging lately.

These are loans that don’t comply with the Consuner Financial Protection Bureau’s rules for fitting into the standard “qualified mortgage” box.

Just like light, loans themselves in any form are the actual artwork.

While artwork can be created around the core concepts of innovation, contemporary, uplifting, inspiration and imaginative, your lender instead has core values that govern their work.

Most likely, you’ll find the core values of honesty, reliability, insightfulness, approachability and forward thinking to be the main drivers of your loan process.

Therefore, it’s important you work together with your lender to fully maximize the walk through your own ‘Festival of Loans.’

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Chris Salese can be reached at salesechris@gmail.com or (707) 363-4439. He is a licensed California mortgage lender Equal Housing Lender.

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