Looking to Buy a Condominium? What You Need to Know

Buying a condo in L.A.? What you need to know

If you're presently in a house hunt, or even just dabbling with the idea of buying a home, you've probably done some research and run across multiple articles regarding the current Mortgage Process ... and its challenges ... You've probably also heard that you'll be asked to submit plenty of documentation regarding your finances (savings, credit/debt), employment, down payment ability, and more to meet lending requirements.  And that the home your hoping to buy will need to pass muster (via … [Read more...]

Is Now the Time for You to Sell Your Home and Buy the Next?

Is now the right time to well your Los Angeles home

The final decision to Refinance your existing Mortgage (or  not), should be based on one simple thing.  It must make good financial sense ...That decision is often times determined by the length of time you, as a Homeowner, "guesstimates" you'll own your loan (i.e., stay in your present home).  A good rule-of-thumb is that the monthly payment savings received through the Refinancing (at minimum), should "pay back" your Closing Costs for your Refinance. Similar (and additional) considerations … [Read more...]

Heading to College? Protect Your Finances For The Future

How to protect your finances when going to college

It happens fairly frequently ...      While reading through a potential Mortgage Applicant's Credit Report, I'll discover that many of their reported debts and Credit Cards were first established while they were in college.  And now years later, they're still trying to pay off those debts. Yes, it's true.  The Credit Card Act (signed into law May 22nd of '09) is supposed to be addressing some of these issues by removing Credit Card companies ... and the temptations they offer to college … [Read more...]

Are You Self-Employed and Hoping to Get a Mortgage?

How to get a mortgage when self-employed

From a Mortgage Lender's perspective, the most complicated Mortgage Applicant is often the Applicant that is Self-Employed.      Why?      Full Documentation Loan Files are demanded in today's Mortgage lending.  IRS transcripts are requested (and received) on the vast majority of Mortgage Loan Applications.  With Self-Employed Borrowers, the only way to verify income (and expenses) is through an Individual U.S. Tax Return and the Tax Returns filed by the business they own.  And that is true … [Read more...]

Looking for Trends in Mortgage Lending During 2014

Mortgage Lending trends in 2014

Turn on the TV.  Read a newspaper. Check-out Social Media ... and you'll run into an article(s) regarding the latest "trends".  Heck, on Twitter they have a trend list that's constantly evolving and updating.  Trends ... and being able to report them ... are big news. That's certainly true in the Real Estate/Mortgage world too.  Whether a hopeful new Home Buyer, someone looking to Refinance, or a Real Estate or Lending professional ... being educated and capable of responding to the latest … [Read more...]

Balancing Risk with Affordable Financing

Lower loan limits can mean a higher cost of borrowing

Lower Loan Limits & Higher Costs of Borrowing An interesting phenomenon is taking place within the financing world these days ...      What "used" to be ... doesn't "remain that way" long! This has always been the case in quickly-changing JUMBO financing.  JUMBO loans are defined as those loans above $417,000 on Single-Family Residences (except in those areas considered as more high cost*  (*See me for more info).  JUMBO loans are typically financed through: Private … [Read more...]

When Inaccuracies Show on your Credit Report

Buying a home in L.A. Inaccuracies on your credit score

When Inaccuracies Show on your Credit Report ... What Then? Credit Scores and Credit Reports are very important ... That's true whether someone is hoping to buy a home (or refinance) or not.  But should you be someone in the hunt for Mortgage financing to purchase or refinance a home, the stakes get higher.  Your Credit Scores and Credit Reports become paramount to the success you'll discover when financing and the end-costs you face. Most of my Mortgage clients understand this when we … [Read more...]

Will Your Mortgage Co-Signor Deliver Magic?

Will your mortgage co-signor delivery magic?

More and more often, the topic of co-signing on a Mortgage is being brought up both during my initial inquiries and Pre-Qualification conversations.  I'm presented with questions regarding Mortgage co-signing from both hopeful recipients of the co-signing and those actually considering becoming a co-signor. I find that there is often confusion surrounding this topic.  (Some simply have co-signingconfused with co-borrowing.    Two different things.)  And many times, recipient and co-signor … [Read more...]

Do You Possess the Perfect Recipe to Become a Home Buyer?

Are you ready to become a Los Angeles home buyer?

If you are buying a home in Los Angeles read another great post from Gene Mundt, Chicago mortgage lender, about the necessity of talking to a lender. As a Mortgage Lender, one of the most important messages I impress on area Home Buyers/Owners is one regarding timing ... the timing of when they should contact me when Buying a Home or Refinancing. If you've read a few of my past posts, you'll know the topic of timing is a drum I beat loudly and often.  My rule of thumb regarding proper … [Read more...]

The Mortgage Process is Like a Fingerprint or Snowflake No Two are Alike

The Mortgae process, no two are alike

Yesterday, I received a call from a First-Time Home Buyer.  During that call, my young caller's inquisitiveness and enthusiasm ran high.  He peppered me with question after question regarding Mortgages and the Mortgage Process.  And I loved every single minute of it. The questions he asked covered a wide range of topics and went into quite a bit of detail.  He'd obviously prepared ahead of time for the call.  Everything from Mortgage programs ... to the value of Pre-Qualification ... to … [Read more...]

Los Angeles Home Buyers, Do You Want to Save a Little or a Lot?

Los Angeles home buyers, do you want to save a little or a lot?

When bad things happen once or twice, I find it to be circumstance.  Add a few more "things" into the mix and I consider it plain ol' bad luck.  Add several more and I say it's not bad luck anymore.  Maybe it's time to analyze the choices you're making. Lately, I've been seeing a trend developing within some  clients' Home Buying transactions ... that being Home Buyers holding firm on purchase offers (and their demands) while yet another property they've dreamed of buying is sold to a higher … [Read more...]

In Mortgage Financing: It’s Not Simply about Being Employed

Getting a mortgage is not just about employment

I try to keep track and analyze those blog posts that receive the most attention and get the most comments.  What I learn from doing this, is that posts that recount actual transactions and actions that have transpired within a client's mortgage process seem to educate best and hit a chord most often.  My readers can obviously put themselves in "someone else's shoes" easily and learn from their actions and experiences. Well, today I have another such post.  It concerns employment ... and I'm … [Read more...]

Should you take out a Jumbo Loan or is there an Alternative?

Should I get a jumbo loan when buying a Los Angeles home?

To Jumbo or not to Jumbo, that is the question. Many of my Chicagoland referral partners have been reporting that their higher-end housing markets are seeing healthier sales this Spring.  Finally!  Our local housing markets are healing!  All very good news. Paired along with that is even more good news.  Lending options are once again appearing for high-end real estate purchases and refinancing.  "Jumbo" loan options are re-emerging. But what is considered a "Jumbo" loan? Like so … [Read more...]

Mortgage Anatomy 101, the Current Mortgage Process, Part 1

Anatomy of a mortgage part 3

This is the first in a great series about the mortgage process from our own Gene Mundt. Please visit Part 2 and Part 3 for more......   There's no doubt about it ... the current mortgage transaction bares little resemblance to the transactionthat took place even a few years ago.  The process has definitely evolved.   I liken these changes, to say  Fred Flintstoneevolving intoIron Man.  Initially fairlysimplistic, with few details ... eventuallyturning intovery sophisticated … [Read more...]

Mortgage Anatomy 101, the Current Mortgage Process, Part 3″

Anatomy of a mortgage part 3

      In Part 1 of the post,  "Mortgage Anatomy 101" ... the Current Mortgage Process"  ... I detailed much of what happens in the initial portion of your mortgage process.  In Part 2, I dug a little deeper into the mortgage process and touched upon your mortgage file's submission into  Underwriting, the Underwriting itself, and then Loan Approval.        In this Part 3, the last article in the series, I will talk about the Closing of your home's financing.  YourMortgage Closing is the … [Read more...]

Mortgage Anatomy 101, the Current Mortgage Process, Part 2″

Anatomy of the mortgage process part 2

In Part 1 of the post, "Mortgage Anatomy 101" ... the Current Mortgage Process" ... I detailed much of what happens in the initial portion of your mortgage process. In Part 2, I will continue to dig deeper into the mortgage process and touch upon your mortgage file's submission into Underwriting, the Underwriting itself, and then Loan Approval. At this portion of the mortgage process, your  Loan Officer  and Loan Processor have reviewed your file and agreed that it is ready for submission … [Read more...]

Good News. The New Non-Traditional Credit References May Help

New non-traditional credit references

When talking with potential clients seeking mortgage financing, one of the very first things I do is provide the address to my website.  I've loaded my mortgage website with helpful info and tools to benefit all those that visit there. One of the bits of info that I use and stress the importance of, is my "Mortgage Checklist".  This list includes the info and documentation that is typically needed for mortgage application and processing.   Having this list available ahead of time … [Read more...]

Getting Married Establish a Lifetime of Good and Sound Financial Habits

Getting married? Here are some good financial habits to plan togehter

Gene Mundt was asked to participate in a recent Bridal Show and Expo in Joliet, IL.  Below is the advise he put together to share: My suggestion to newlywed couples is ... let the excitement of your wedding day die down a bit.  Take some time to relax and just bond.  Then have a few serious talks together.  Ones where you each take the opportunity to communicate your future financial goals and dreams to the other. During your talks, tackle the following tips and suggestions one by one and … [Read more...]

Credit: Who Needs It? Why is it Important? How do you Establish it?

Why is having good credit important

I've been receiving more and more inquiries from young potential Home Buyers as of late.  That's reason for celebration, as I believe now is a great time to enter the housing market.  With home prices still affordable and interest rates so low, there truly is a golden opportunity for young Buyers. But with the growing number of young Buyers, I am also seeing a larger number of hopeful clients with what is deemed as insufficient credit "histories".  That can mean several things, but … [Read more...]

Credit and Credit Management: Reasons to Pay Attention to Both

Take care of your credit before you buy a home

Gene offers excellent advice on how to manage your credit before it becomes a problem. It's not hard to find advice on a full-range of credit issues today.  Experts (or so called experts) are everywhere.  So I find that most of my clients come to me already understanding that credit scores are very important ... and growing more so each day.   But experience with Borrowers pertaining to credit managementhave made it abundantly clear to me, that way too many do not spend enough time or … [Read more...]