Author: super_admin

If you were recently denied for a mortgage application, it doesn’t mean you can’t get approved somewhere else. There are some application issues that are fixable. The first thing you’ll want to know is why you were denied. We can take a look and shop for other loans options. Credit issues are a common reason for getting denied. The first thing to do is to examine your credit report to see if there are any errors that can be fixed. There are also other loan programs if your score doesn’t fit conventional loans. Debt to income ration or DTI that is too high is another common reason to be denied. The first thing if possible, would be to pay down debt. Another common source of debt is student loans -…

With today’s hot real estate market, many people are moving to new areas – sometimes across the country, sometimes across town, either way here are ten things to look for when considering a new neighborhood. 1. Property Taxes – you should look at property taxes and also how much they’ve increased in the last five years and if any increases are planned. It’s a good idea to build this into your budget too. 2. Amenities – check what’s nearby based on your interests, restaurants, groceries stores, houses of worship etc. 3. Future development – it’s a good idea to check and see what future development is planned – it might be a good or bad thing but either way its worth checking. 4. Crime rates – you can check local…

If you are considering refinancing before rates go up to pay off other debts like credit cards, here is a quick overview. The average American has nearly $40,000 in debt not including home loans so today we ask if you consider a cash-out refinance to pay off other debts like credit card debt. Credit card interest rates are normally much higher than mortgage interest rates and if you are carrying high credit card debt while making minimum payments, there is an opportunity to save a lot in monthly credit card payments that are primarily going to pay high interest rates on the debt. First you will need enough equity in your home to get a cash-out refinance. With real estate values rising many people have seen their home value rise…

The 30 year mortgage is the default standard for home owners, but many ask about 15 year mortgages as well. You may have noticed rates on a 15 year mortgage are amazingly low. A lower rate is better right? Well its not quite that simple. Most people of course get a 30 year mortgage. Lets review the pros and cons. The main pros of a 15 year mortgage are the aforementioned lower rate. You are also paying less in interest over the lifetime of the loan. For example a $200,000 mortgage at 15 years with today’s current rates you’d be looking at less than $45,000 in interest. While the same loan at 30 years you’d pay over double that, over $100,000 in interest over the life of the loan. You…

If you haven’t refinanced and maybe have been procrastinating here are five quick tips to help see if a refinance is right for you. 1. Check Your Rate – Rates are still near historic lows so even half a point can mean substantial monthly savings. 2. Check Your Equity – many home values have increased in equity in the past year so you may be eligible to refinance with cash out. 3. Check Your Debt – if you have a other high interest debt, you may consider consolidating that debt with a lower rate refi. Of course beware the revolving the debt cycle! 4. Check Your Calendar – if you want to pay of your home faster, you can refinance into a 15 year mortgage with extremely low rates. 5.…

You may not be familiar with a joint mortgage – this is where there are two or more parties on a mortgage. Commonly friends, family or a partner will combine their incomes and assets to buy a house. This is often done when one party cannot qualify or can’t afford a property on their own. Unlike a typical mortgage all parties are on the mortgage and all assume responsibility for paying it. The main benefit of a joint mortgage is being able to afford or qualify for more of home than one party is able to on their own. As you may have guessed this creates a more complicated situation where you can have co-ownership, and may be dependent on multiple parties making payments. Further you could have one party…

PMI is private mortgage insurance. If you’re getting a conventional loan and are making of down payment of less than 20% of the purchase price, you generally need to purchase PMI. This insurance is designed to protect the lender in case of default on the loan and it also allows the borrower to buy a house when they can’t afford to make the traditional 20% down payment. PMI is provided by a third party, requirements and rates will be provided before the closing. Once you reach 20% equity in the home – either through mortgage payments or rising home values, the PMI will be terminated. PMI rates are generally between 0.5 percent and 1.8 percent of the original loan amount. According to Freddie Mac, it estimates that most borrowers pay…

If you thought you missed the opportunity to refinance and lock in low rates, you didn’t! We’ve seen a wave of refinance activity in the last week as rates dropped to an average of 2.78% for 30 year fixed mortgages according to a survey from Freddie Mac, which is not far from the all-time record low of 2.65%. Fannie Mae estimates that there are millions of home owners that can benefit from refinancing in today’s rates, with either lower monthly, cash-out or both. Getting the best rates, will depend on a number of factors, including credit scores, debt to income and how much is currently owed on your house. Call us or fill out a quick refi analysis on our website and we can see how much savings you are…

If you’re in the market for a new house, you’ve probably heard that you want to get pre… qualified or pre-approved? What’s the difference anyways? There’s actually a big difference. Pre-qualified is more of a preliminary step. It gives you a general idea of much home you can afford. We will examine your credit, income, assets, and debts and you’ll have a general idea of the price range you’re looking for. You may also see that you need to increase your savings or lower debts before you buy. While pre-qualifying is an initial step, pre-approval is a deeper dive and being pre-approved carries more weight with sellers. To get pre-approved we will verify you income, assets, etc. and you will be more official (of course you still have to apply…

As the housing market remains hot with low inventory, many home owners are adding ADUs (which stands for Accessory Dwelling Units). ADUs often called granny flats, are guest houses or rooms added to garages to create rental income for home owners. Personally, I like the idea of a sperate home office. Home owners typically add ADUs to increase cash flow, as well as looking for their property value to appreciate. Whether ADUs are right for you, depends on a number of factors. ADUs often costs at least $100,000 to build so being in a high rent market helps to offset the initial investment. You’ll also need to make sure local ordinances allow them and what the regulations are. The old real estate adage about location stays true for ADUs as…