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Here’s why you should work with a mortgage broker instead of a big bank.Today we’re looking at the major differences between working with a mortgage broker and working with a direct lender or bank. When I say “bank,” I’m referring to banks like Wells Fargo, Chase, etc.The main advantage of working with a broker is that their hands aren’t tied like …
 
Here’s what’s happening with interest rates and why you should act soon.What’s happening with interest rates? That seems to be the hot topic of conversation everywhere I go these days. Rates did increase recently; they’re no longer in the low twos, but they’re still in the high twos and low threes, which are still excellent rates! If you’ve been on…
 
Here are some important points to know about a reverse mortgage.Lately, I’ve been receiving a lot of phone calls and emails from clients who have questions regarding reverse mortgages: Are they safe? Should I get one? Do I even qualify? Due to all the intricacies of this topic, I’ve asked our team’s reverse mortgage specialist, Tim Baudis, to help …
 
This is how you can tap into the equity of your investment property.If you have an investment property whose equity you want to tap into, there are several ways to do so. The first is by using traditional financing, where you show your taxes, look at your Schedule E form, and see how much money the property is generating versus how much you’re maki…
 
Here’s a look at the options available for today’s self-employed buyers.First, I wanted to give you a little advice if you have an investment property and you want to tap into that equity. You can always do so through traditional financing with a big bank, but there are other options. For example, there are equity-based programs where we look at th…
 
Here’s what you need to keep in mind when using various forms of credit.There are three main factors used to determine your credit score. The first and most obvious factor is your payment history; have you been paying what you owe on time? The second factor is the length of time you’ve had lines of credit open—the longer, the better. Lastly, there’…
 
Here’s how we’ve been ahead of the tech curve in the mortgage industry.Like pretty much every industry in this country, the mortgage industry has changed as a result of the COVID-19 pandemic. What will a post-pandemic mortgage industry look like?The first big change is that people aren’t able to walk into a bank or lender’s office and ask for a loa…
 
Interest rates have been hard to predict, but here’s the latest news.There has been so much unpredictability with interest rates lately that it’s even hard for us real estate agents to keep track sometimes. However, there’s light at the end of the tunnel. Now that things are starting to return to a more normal state after the initial panic of the p…
 
Is mortgage forbearance the same as mortgage forgiveness? No, and here’s why.It’s clear COVID-19 isn’t going anywhere, and as we head further into the summer months, the nation is struggling with morale. However, I’m confident we will get through this together. My heart goes out to all of the families who have been affected either financially or ph…
 
Now that the state is opening back up, lenders are getting back to work.Now that we’re into phase two of our state’s reopening, what does that mean for the lending world? In case you’re not aware, many lenders suspended their operations once the COVID-19 outbreak hit. Not only that, but they also added a lot of overlays to protect themselves becaus…
 
If you’re having trouble paying your mortgage during the pandemic, don’t seek out a forbearance before reading this.What is a forbearance? Put simply, a forbearance is an agreement in which your mortgage provider allows you to delay your payments for a certain period—but it’s not the same as mortgage forgiveness. For example, suppose you’re in the …
 
Here’s a quick rundown of how the COVID-19 pandemic has impacted our market.What’s been happening in our market since the COVID-19 pandemic hit? There are a few key developments to know about.First, as I’m sure you’ve heard, the federal funds rate has been lowered, but this doesn’t necessarily translate into lower mortgage rates for mortgage holder…
 
Homebuyers: there are five big mortgage misconceptions that could lead you astray if you believe them. Today I’ll name them and discuss the actual truth behind them:1. You’ll get the best rate with your current bank. Some banks offer discounts to their clients, but that’s not usually the case. You’re always better off shopping around and talking to…
 
Today I want to provide you with a list of documents you’ll be required to have in order to get pre-qualified for a home loan if you’re going FHA, VA, or if you’re self-employed.With both FHA and conventional loans, you’ll need the same documents: The two most recent pay stubs for both the main borrower and the co-borrower if there is one Tax retur…
 
There are many different ways to tap into the equity of your home. We’re going to break it down for you today, whether you have VA, FHA, or conventional financing. We’ll also tell you how to cash into your equity without having to refinance.First, let’s talk about cashing out with a VA loan. A huge advantage of having a VA loan is that you are able…
 
Today I am going to discuss a couple questions that my clients keep asking me: Are we in a housing bubble? Will there be a downturn in home value prices?The economy is extremely strong in San Diego and Temecula and we are not following the same pattern of oversupply that we did in 2007. In fact, we are two years behind on new home construction and …
 
If you’re a real estate agent, an insurance agent, self-employed, or own your own business and haven’t been able to buy a house or refinance your current loan because of how much money you declare, then today’s topic is for you.It seems like there are new programs and guidelines being introduced to the market almost every day, and that’s great news…
 
People have approached me with a number of great questions about VA loan eligibility, so today I would like to highlight and address some of the things I’m most frequently asked.“How do you get a VA loan?” As simple as this question sounds, many people don’t know where to start this process. To get a VA loan, you’ll need to visit a financial instit…
 
I often get questions about how VA loans work and what it takes to obtain one. The very first thing I’ll touch on is the VA lending limit.The VA only allows you to borrow up to a certain amount. This amount will vary by county. In San Diego County, for example, you can borrow up to $649,750 for a single-family residence.One important point to be aw…
 
For the past month, I’ve been meeting with previous clients and doing their yearly loan reviews. When the topic of refinancing comes up, I keep hearing the same things. “Refinancing only means taking money out of your mortgage or your house.”That’s not necessarily true. When refinancing, you have several options. The most common is refinancing an F…
 
When buying a home, there are a few questions that you should make sure to ask your lender.1. What is my interest rate? This is important because the interest rate determines what the principal and interest portion of your mortgage payment will be. Make sure that you discuss interest rates up front so that you know what your payment will be at the …
 
How does the recent interest rate increase affect you? There are a few ways you need to be mindful of.First, you need to know that when the Federal Reserve moves interest rates, what they’re actually doing is moving the federal funds rate. The federal funds rate is the rate at which banks lend money to each other.The first way this affects you is t…
 
One question I hear frequently is, “Is right now the best time to buy a house?”Well, I’d like to let you be the judge of that. Today I’ll provide you with some facts and figures about our market, so that you can get an idea of what’s really going on. The numbers don’t lie.When it comes to the time of year, though, right now is undoubtedly a great t…
 
There are two major changes that will take place in the home lending industry in 2018.The first is an increase in lending limits, both locally and nationwide. Here in San Diego, the lending limit will increase to $679,500. In Riverside, the lending limit is increasing $453,100. This affects conventional conforming loans, FHA loans, and VA loans. Th…
 
People always ask me why someone should refinance their home. To answer that question, I’ve got a few smart reasons why refinancing your home loan could be a good option for you. To lower the term. You could go from a 30-year mortgage to a 20- or even 15-year mortgage. Refinancing to a shorter term will help lower your interest rate and also the am…
 
What are the steps you must take when buying a home?Whether you’re a first-time homebuyer, you’re buying your second home, or you’re looking for an investment property, the first step is to get pre-qualified. Everybody typically does the fun stuff like look at properties online, but getting pre-qualified is the first step you must take.There are th…
 
As a mortgage lender, people always ask me which factors will most affect their credit. Today, I’d like to share a list of these key factors.1. Making your payments on time. You may not realize what a dramatic impact missing even just a single payment can make on your credit score. The effect can actually be between 20 to 60 points, so make sure yo…
 
For most homebuyers, their mortgage is their biggest monthly expense. However, most owners do little to no preparation, negotiation, or shopping in order to get the best deal possible. Here are three of the biggest mortgage mistakes you can make and how to avoid them:1. Believing the advertised rates are what you’ll actually pay. Unless you have ne…
 
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