Millennials are the first generation to come of age in the post-recession housing market in a relatively positive light. Yet the No. 1 barrier to entry for young, would-be homebuyers? Credit. "The mortgage industry is poised to experience a monumental shift as more millennial homebuyers begin to enter the market," said Joe Tyrrell, executive vice … [Read more...]
The Drop of Housing
We are well into February and starting to see a seasonal housing drop. We’re experiencing the lowest levels in three months, shedding light on the limit of gains possible within residential real estate in early 2016. Housing saw a drop of 3.8% (1.1 million), down from 1.14 million the month prior. Like most things in real estate, there are many … [Read more...]
San Diego Interest Rates
On Thursday the National Association of Realtors said the share of first-time buyers is at the second lowest level in over 30 years. The 2015 Profile of Home Buyers and Sellers reveals a home buying market driven by repeat buyers within two income households. Historically, first-time buyers constitute nearly 40 percent share of primary home … [Read more...]
What's Up With Ben Bernanke Not Being Able To Refinance His Mortgage?
What's Up With Ben Bernanke Not Being Able To Refinance His Mortgage? Anyone who has watched the news lately will be surprised to see that Ben Bernanke, the former chairman of the Federal Reserve is unable to refinance his mortgage. While this may seem as a bad joke, it is actually the result of strict regulations set by the government owned … [Read more...]
The Dos and Don’ts of Mortgage Credit
It’s no secret that mortgage lending is perceived as tight among borrowers. So if you’re looking to purchase a home, you’ll want to avoid any misconceptions that can impact your ability to qualify for a mortgage. There are plenty of credit myths floating around. According to a recent TransUnion survey, 48% of respondents believed that their rental … [Read more...]
Will FICO Changes Rock the Housing Market?
Fair Isaacs Corp., a credit-scoring company more commonly known as “FICO,” is used by mortgage underwriters to help determine credit risk when reviewing applications. FICO scores range from 300 to 850—with a higher score typically resulting in a lower interest rate. FICO just announced there are some changes in the works. Beginning this fall, … [Read more...]
How To Shop For A Mortgage
Credit Check First, you should check your credit well before you begin hunting for a home, and work to increase your score if needed, or dispute errors on your report, since those can take time to rectify. You’re entitled to a free credit report from each of the three bureaus (Experian, Equifax and TransUnion) once a year. If there are errors, fix … [Read more...]
How To Compare San Diego Mortgage Rates
Mortgage packages consist of more than interest rates. They consist of a quoted rate, points and closing costs. Points Points are an up-front fee paid to the lender at closing. Each point equals one percent of the loan amount. Points are charged, or paid, to lower or increase the rate on the loan. Most lenders will allow you to choose amongst a … [Read more...]
FHA Loan Requirements – What You Need To Know
The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes, as well as FHA approved condominiums, in the United States and its territories. FHA insured loans require mortgage insurance to protect lenders against losses that result … [Read more...]
Mortgage Approval Process FAQs
As a preliminary step, you should get pre-approved by a reliable lender before searching for a home. Documents Needed to Apply for a Home Mortgage To apply for a home mortgage, you will need to provide your lender with documentation, verifying your employment history, credit, and overall financial situation. If you are applying with someone else … [Read more...]