Due to financial hardships caused by the recession, many homeowners were forced to forfeit their houses in a foreclosure or sell them as a short sale. Typically, an ex homeowner who lost their home in one of these situations would have to stand aside and wait a minimum of 36 months before attempting to purchase another home with a loan from the … [Read more...]
Why Millennials Are Having Trouble Buying Homes
There are many reasons why the millennial generation – young adults in their 20s and early 30s – are either having trouble buying a home or have decided to delay their purchase. Recent troubles in home purchasing have left many millennials feeling discouraged and wondering if they will ever become homeowners. Many experts are also worried about the … [Read more...]
Spring Buying Season Ends on a High Note
July managed to produce the best price appreciation and inventory increase in three years—as well as the highest existing sales for 2014. While affordability levels are far from ideal thanks to the extreme price appreciation we witnessed in 2013, a healthy rise in home values continues to benefit the housing market. For instance, previously … [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...]
FHA Has Agreed To End Its Controversial Full-Month Interest Policy
Are you responsible for paying interest on your mortgage even after you have paid it off in full? When your principle balance reaches zero, does your interest clock stop running? The answer to these questions has been a shock to many home sellers and refinancers. If your home was financed with a loan insured by the Federal Housing Administration … [Read more...]
Are FHA Spot Loans Coming Back?
History of spot loans The Federal Housing Administration (FHA) originated spot loans in 1996. The goal of spot loans was to allow single loans on smaller projects that chose not to get approved with the Federal Housing Administration or did not make changes to their legal documents in order to conform to FHA project approval standards. Spot loans … [Read more...]
The Benefits of Buying a Second Home in San Diego
Buying a second home in San Diego might seem a crazy idea in times like ours, but believe us, it is a sound decision from a financial and emotional perspective as well. Second homes usually serve as vacation homes or investments that will generate income to the owners – whatever purpose appeals to you, purchasing a second San Diego home is an … [Read more...]
Home Interest Mortgage Deduction 2014
Regulations and How to Make the Most of Your Loan Taking out a mortgage and managing it is a complex process. However, if you understand how mortgages and mortgage interests work, you can make your life much more simple and your financial situation much more stable and predictable. Taking Out a Mortgage – A Viable and Affordable … [Read more...]
Lending San Diego – Get Your Dream Home with Money Borrowed Wisely
There are two ways to get your dream home in San Diego: you can either chose to buy property in the area or you can rent your home. While renting property is the choice of many, buying property and moving into your dream home is obviously the best option, viable even if you do not have the money necessary at the moment of the purchase. If you do … [Read more...]
11 Reasons Why You Should Own vs. Rent A Home
Is is better to Own vs Rent a home? What questions should you consider when deciding whether or not to purchase a property? While there are numerous arguments in favor of property rental, there are even more advantages to owning property. In what follows, we will present 11 of the most important ones: Buying a home is an investment that provides … [Read more...]
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