Planning on buying or refinancing a home in 2019? You couldn’t have picked a better time for it! We’ve got some fabulous news to welcome in the New Year, and that is that conforming loan limits have taken a jump! Straight from the Federal Housing Finance Agency, the baseline limit for Fannie Mae and Freddie Mac has increased from $453,100 in … [Read more...]
5 Advantages of a Direct Lender
When you work with a direct mortgage lender, you apply with the same company who will be documenting, approving and funding your home loan. It’s a one-stop shop and it has some major advantages. Pros of Direct Lenders The benefits of working with a direct lender are many but two distinct advantages stand out: Competitive mortgage rates … [Read more...]
Comparing Mortgages – Points, Interest Rates and Fees
Points A point is a fee equal to 1% of the loan amount. A 30-year, $150,000 mortgage might have a rate of 4% percent, but come with a charge of 1 point, or $1,500. A lender may charge 1 or more points. There are two kinds of points: discount points and origination points. Think of discount points as pre-paid interest, which helps the borrower. … [Read more...]
How to Compare Home Loan Rates
Finding the lowest-cost home loan can be confusing. But, it has gotten easier thanks to the standardized good faith estimate, or GFE, that the U.S. Department of Housing and Urban Development implemented in January. The new GFE clearly specifies your interest rate, the number of points you're paying for such rate, and lays out the terms of the … [Read more...]
Maximum Conventional Loan San Diego
The maximum conventional loan varies from county to county. San Diego County has a temporary limit for FHA and a permanent one for conventional. The permanent one for conventional financing is $546,250. The temporary one for FHA is $697,500. Now, just because they say that it’s temporary vs. permanent doesn’t mean that it’s not subject to … [Read more...]
Conventional Financing & Max LTV
There are a lot of variables that determines the maximum loan to value on a conventional loan. The type of property, the zip code in which the property is located, the credit score of the borrower, the debt to income ratio of the borrower and the reserve requirements just to name a few. With that said, assuming all is ‘perfect’ you can go with as … [Read more...]