When qualifying for a home loan, a high FICO score and a large down payment are commonly considered the most important factors. In fact, many other factors are equally important, but the #1 factor that affects your ability to qualify for a home loan is income. Income is king! Here are the top 3 things to keep […]
Owning a home is part of the American Dream, though renting is not always a bad idea. Renting can be cheaper, require less maintenance, and offer the flexibility to pick up and move with little hassle. Still, eventually, most people want to stop renting and own their home. Here are the 3 top reasons why renting may no […]
Here are the Top 10 Do’s and Don’ts for Home Buyers currently in escrow: #1 – DON’T change jobs. #2 – DON’T make new purchases with your existing credit cards. #3 – DON’T apply for new credit. #4 – DON’T make large deposits into your bank account. #5 – DON’T accept gift funds unless they […]
Here are the top 10 insider tips about mortgage interest rates. Mortgage interest rates change daily, Monday through Friday, and can go up or down multiple times per day. Rates are locked for a specific time period. Most commonly, rates are locked for a 30-day period, but 45-day, 60-day, 90-day, and 180-day lock periods are […]
Mortgage Insurance (MI) aka Private Mortgage Insurance (PMI) is a necessary evil in today’s lending environment for many home buyers. Here are the top 10 things to know about mortgage insurance: What is Mortgage Insurance? Mortgage insurance, aka MI, is an insurance policy which compensates the lenders or investors for losses due to the default […]
The FHA was established in 1947 and experienced a re-birth after banks discontinued the stated-income qualification around 2008. For buyers who had between 3% and 10% down FHA became the “only game in town,” as conventional loans required 10% down before the minimum down payment dropped to the current 5% level. Here are the top […]
Many home buyers are unable to avoid monthly mortgage insurance–it’s part of taking that next step and buying a property even if you don’t have a large down payment. But if possible, use these 5 strategies to avoid paying monthly mortgage insurance. Make a minimum 20% down payment on a conventional loan. 20% down is […]
When calculating a mortgage payment, here are the four basic costs: Principal Interest Property Taxes Insurance Online mortgage calculators tend to give you the principal & interest payment but don’t forget about property taxes and insurance! Property taxes rate are county specific. LA County charges 1.25% (of the purchase price) every year, for example. Insurance […]
Did you know that in 1913 only 1% of the population paid income taxes, with a rate of up to 7% depending on their tax bracket. Yes, taxes are higher today (to say the least), but the good news is that there are still a number of great tax benefits out there. In fact, the […]
If you are home buyer of more modest means who has had a challenging time qualifying for a home loan, you might enjoy reading this article! In today’s lending environment, even being rich does not necessarily mean that qualifying for a loan will be easy. Income is just one of many factors needed. In fact, […]
