“How much home can I afford?” “How long will it take me to pay off my loan?” “How much money could I save with this type of mortgage?” “What is the total cost of buying a home?” I get a lot of questions like these daily from clients looking to buy a home in San Diego. And you know what? These are all smart questions to ask. Whether you’re a new … [Read more...]
Why Mortgage Costs May Soon Grow For Many Homebuyers
What Is The True Cost of Mortgage Payments? Since the beginning of the housing crisis, in 2008, there have been many up and downs in the housing market. Some potential homebuyers have found it difficult to purchase a home, while others, along with real estate investors and home flippers, have taken advantage of the crisis and had great success. As … [Read more...]
How To Estimate Your Monthly House Payment
If you are planning on applying for a mortgage to purchase a new home but would like to estimate just about what the monthly payment would be for a certain amount, here are a few tips that will help you out. Know the difference between estimate and calculation While you can estimate an approximate monthly mortgage payment by using just a pen, … [Read more...]
How Mortgage Interest Rates Are Determined
When you take out a mortgage, the bank as the lender takes a risk. The risks assumed by the lender are expressed in the form of interest rates, and the costs you must pay for obtaining the loan. The calculation of your mortgage interest rate depends on the amount of risk taken by your lender. The interest rate determined for your mortgage is the … [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 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...]
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...]
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...]
Difference Between a Primary and Secondary Mortgage Market
Primary Mortgage Market A primary mortgage market is the market where mortgage loans are originated. Borrowers and lenders meet in the primary mortgage market to negotiate the terms of loans and hopefully enter into lending agreements. Once a loan has been established, it could be sold to another financial institution, by this entering the … [Read more...]
Comparing Mortgages – Points, Interest Rates and Fees
Points A point is a fee equal to 1% of the loan amount. A 30-year, $150,000 mortgage might have a rate of 4% percent, but come with a charge of 1 point, or $1,500. A lender may charge 1 or more points. There are two kinds of points: discount points and origination points. Think of discount points as pre-paid interest, which helps the borrower. … [Read more...]
