Finding the right mortgage involves some digging. Interest rates, points, processing costs and adjustment features all affect how well a mortgage suits your needs. 1) Current Offerings To find out about lenders’ current offerings, you have a couple of options: call lenders directly, or google lenders in your area and interview them to see if they … [Read more...]
How To Find and Choose a Mortgage Lender
Mortgage Broker Buying a house can be a daunting task. A mortgage broker can help. They are the professionals that match your needs with a home loan from a selection of lenders. But, it's important to choose the right lender. Choose one who is knowledgeable, accredited, and has proven results. Start by asking someone you know that has recently … [Read more...]
Guide To Buying A House In San Diego
Home Sweet Home – How To Buy A Home In San Diego The first step in buying a house is to identify a lender. Once you get qualified for your home loan, it's time to find yourself a Realtor! Your lender is the best source for a referral as they work with many agents around the area and will know one that is well qualified to help you with your … [Read more...]
Looking For A FHA Lender In San Diego
The FHA loan limits in San Diego for 2013 are the same as in 2012. The maximum loan amount will stay at $697,500. Loan amounts below $417,000 are considered “conforming” and will have slightly lower rates and less stringent guidelines. Loan Limits FHA Loans in San Diego that exceed $417,000 and up to the maximum of $697,500 are classified as … [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...]
What Happens if Escrow Doesn’t Close On Time?
Escrow is a contractual arrangement between transacting parties, where an independent trusted third party receives and disburses money and/or documents. Escrow generally closes between 30 and 60 days. Reason for Escrow Not to Close There are many reasons for escrow not to close on time. Someone might be dragging their feet, making things slow … [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...]
Home Loans for First Time Buyers in San Diego
Many home loan programs have been specifically created for first time home buyers. These loans feature low down payments and approval guidelines that make it easier to qualify. Some of the more popular first time homebuyer programs are FHA and VA. FHA is a loan that comes from the Federal Housing Administration. These loans are insured loans made … [Read more...]
Private Mortgage Insurance (PMI) in California
PMI, or Private Mortgage Insurance is a policy provided by private mortgage insurers to protect lenders against loss. If you are making a down payment of less than 20 percent, you will most likely be required to get PMI. This guarantees that the lender will receive 80 percent of the loan, if you happen to default. The insurance premium amount … [Read more...]
Using a FHA Mortgage Calculator with PMI and Taxes
It is soooo important to know that when shopping for a mortgage using a mortgage calculator, that the calculations are accurate. I recently had a borrower coming up with different payment options that never seemed to coincide with the figures that I used, even if we used the same rate. The reason being is that when he was punching in the numbers, … [Read more...]
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