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...]
FHA Loan Requirements – What You Need To Know
The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes, as well as FHA approved condominiums, in the United States and its territories. FHA insured loans require mortgage insurance to protect lenders against losses that result … [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...]
5 Tips to Help You Choose the Right Mortgage
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...]
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...]
Lenders That Do Not Require PMI in San Diego
There is no such thing as ‘no PMI’ if you have less than 20% to put down on a property. You do, however, have the option to do what is called lender paid. Sometimes, it ends up costing too much to use this option, but with a conforming loan amount, and a borrower with great credit, this is totally possible and often times a great option. … [Read more...]
