Unlike rent, which you pay beforehand (i.e., your Jan. 1 bill covers your stay in the rental unit for that coming month), your mortgage payments are made at the end of your occupancy period. That means your Jan. 1 mortgage statement represents interest for December, making it a tax-break-eligible bill for this year. By accelerating that payment … [Read more...]
Mortgage Insurance Refund
Premium Refund: You may be eligible for a refund of a portion of the insurance premium if you: acquired your FHA loan after September 1, 1983 paid an up-front mortgage insurance premium at closing on your FHA loan and did not default on your mortgage payments AND are within a 36 month period from the time of acquisition. Review your settlement … [Read more...]
Qualified Mortgage Rule – What Is It?
The “ability-to-repay” rule or Qualified Mortgage Rule is slated to come into effect in 2014, and it could impact mortgage availability with a number of newly-defined underwriting standards. This new regulation comes in response to a time prior to the mortgage crisis, when loans were being offered to consumers with little concern for their actual … [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...]
Home Buying Process in California
Patience and Preparation Buying a home in California can be an exciting, but intimidating process. If you are a first-time homebuyer, terms like mortgage insurance, counter offer and escrow can be enough to make you reconsider the upside of apartment living. However, with a little preparation you can glide through the steps of buying a home in … [Read more...]
FHA Expert Tips from Maureen Martin in San Diego, CA
You can obtain an FHA loan for the purchase of a multi-family unit, single-family residence, and condominiums. Restrictions vary by location, so ask your FHA-approved lender for additional information. To protect yourself from predatory lenders, work with FHA-approved lenders only. You can become a victim of loan fraud by giving your personal … [Read more...]
How to Qualify for an FHA Mortgage
The Federal Housing Administration (FHA) has a loan to help both low- and moderate-income families with purchasing housing. All FHA loans are federally backed, and FHA lenders have been approved by the federal government to service the loans. Requirements Make sure that you meet basic FHA loan requirements. You must be able to meet most, if not … [Read more...]
First Time Home Buyer in San Diego Tips & Advice
Check the selling prices of comparable homes in your area. Search Web sites to get a general idea of what you should expect to pay. You can also do a quick search of actual MLS listings in your area on a number of Web sites, including the site of the National Association of Realtors. What Can You Afford See what you can afford. Use a mortgage … [Read more...]
What Is the Best Mortgage Rate Available in San Diego?
You'll need to contact a lender to get your credit scores. You should share your credit scores with other lenders rather than letting each one you contact pull your credit history, because multiple inquiries could lower your scores. Be prepared to answer the following questions before a lender can provide an accurate mortgage rate quote: How … [Read more...]
Income Limits on FHA Loans
Lending Limits FHA lending limits vary based on a variety of housing types and the state and county in which the property is located. These are the limits in San Diego County, CA: Single Family $697,500 Duplex $892,950 Tri-plex $1,079,350 Four-plex $1,341,350 Links CLICK HERE to search a different state CLICK HERE to search a … [Read more...]
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