Buy a Home in San Diego CAWhen obtaining your first mortgage it is beneficial to know the difference between a loan pre-qualification and a pre-approval. Pre-qualification is the first step in obtaining mortgage financing. A potential borrower answers a few questions to provide the loan consultant with a quick snapshot of the borrower's income, … [Read more...]
First Time Buyer Programs in California
Shopping for a Mortgage? In theory, finding the right mortgage should be a fairly simple process, especially since there are fewer product options to choose from these days than there have been in the past. However, obtaining the right mortgage is a complex financial decision no matter how many products there are to choose from. At a minimum, … [Read more...]
What is the Difference Between a Short Sale and Bank Owned Homes?
Clients often ask me what the difference is between a short sale and a bank owned home or REO so I thought that it would be helpful to bullet point that for your information. In a short sale situation the home owner is still the seller whereas with a bank owned or REO home situation the lender is the owner of the property. Home Buyers will NOT … [Read more...]
San Diego Refinance Rates
Why Refinance? Homeowners refinance for different reasons, but the process of refinancing a mortgage should result in some benefit to the homeowner. Borrowers may choose to refinance to obtain a lower interest rate and a lower monthly payment, or change the type of loan that they have. Some homeowners refinance to 'cash out' and take advantage of … [Read more...]
Conventional Financing and 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...]
What is a VA Funding Fee?
I am often asked what is a VA funding fee? A VA funding fee is just like an insurance policy for the lender that loans the money for the home. The VA 'guarantees' the lender against default. So if something goes wrong and the homeowner can no longer make the payments, the lender will be covered for any loss by the VA. Unfortunately just like … [Read more...]
What is a VA Mortgage?
A VA loan is an amazing program that is eligible only to those who have been honorably discharged in the military or who are still active duty. In order to be on a VA loan you must either be a veteran, or married to a veteran. VA loans require NO money down up to the maximum $477,000 in San Diego County and $621,000 in Los Angeles and Orange … [Read more...]
What is an FHA Loan?
I'm often asked what an FHA loan is. FHA loans were originated in the 1930's during the Great Depression to insure lenders against default with the sharply rising defaults and foreclosures which is similar to our market today! A few highlights of FHA financing include: As little as 3.5% down lower credit score restrictions … [Read more...]
Apply for VA Loan
Apply before you buy. As a home buyer, it's best to contact a lender before signing a contract for a home. Getting pre-approved helps you to determine your maximum mortgage amount. When starting the VA loan approval process, you will want to make sure that you are prepared to review your past/present job history and credit history - as these will … [Read more...]
Apply for FHA Loan
Like most loans, certain information will need to be presented when starting the application process to apply for a FHA loan. You will need to be prepared to provide a lot of information to be included with your loan application. Maureen can help. She'll provide you with a list of the data required, along with a timeline on the application. FHA … [Read more...]
