Mortgage Information
Understanding How Mortgage Rates Work
February 28, 2010 by Jane Peters · 1 Comment
Thanks to Rick Pelleriti, Upfront Mortgage Broker, I am providing a video that explains in simple terms how mortgage rates are calculated. The mortgage rate itself never changes, but the price associated with the rate you choose, does. You may have heard the term “Yield Spread Premium”, also known as a rebate. This video should help you understand. ... [Read more...]
Don’t Let the Credit Report Companies Market Your Personal Information
February 9, 2010 by Jane Peters · 1 Comment
The major credit report companies, Equifax, Transunion, Experian are marketing the information they gather from your credit reports. Opt Out of Credit Report Marketing To opt out go to OptOutPrescreen.com ... [Read more...]
With New Federal Guidelines Short Sales Should Become Easier
January 27, 2010 by Jane Peters · Leave a Comment
With new guidelines due to take effect in April, and with lenders able to implement them earlier, the frustrating process of short sales should become easier. The guidelines are part of the new government Home Affordable Foreclosure Alternative Program (HAFA). The purpose is to enable borrowers who are eligible for loan modification programs but are unsuccessful in their attempts, to work out a plan with their New Short Sale HAFA Guidelines lenders... [Read more...]
Buyers Beware of the Good Faith Estimate
January 17, 2010 by Jane Peters · Leave a Comment
The Good Faith Estimate, or GFE was intended to protect the buyer by documenting all the fees that need to be paid by a buyer at closing. The fees at closing cannot differ more than 10% of what was quoted, and if it is more, the lender is liable for the difference. This was put in place to keep lenders honest. Previously, cost estimates would be massaged in order to lure a borrower away from the competition, and when it came time to pay up at... [Read more...]
New Loan For California Healthcare Workers
January 3, 2010 by Jane Peters · Leave a Comment
There is a new mortgage available for California Healthcare Workers. Broadview Mortgage has an exciting new loan for healthcare workers making home-buying affordable. Healthcare Workers New Mortgage Program This loan is available to almost anyone in the medical field – medical office receptionists, ambulance drivers, doctors, nurses, physicians aids, physical therapists, etc. Here are some of the program’s highlights: Fixed origination... [Read more...]
Good Faith Estimate – Buyer Beware
December 17, 2009 by Jane Peters · Leave a Comment
This post is courtesy of Bill Ladewig, a mortgage broker who specializes in FHA, VA loans. Good Faith Estimate Buyers should educate themselves on the revised Good Faith Estimate (GFE) due to come into effect in January. The revised GFE is another failed attempt to protect consumers, The problem is, consumers cannot be protected with forms because those who wish to deceive will always find a way. Consumer education is the only real consumer protection. The... [Read more...]
CalSTRS and CalPERS Loans Available for Public Employees and Employees of the California School System
November 14, 2009 by Jane Peters · 1 Comment
If you are a a member of the California Public Employees Retirement System, Legislators Retirement System, Judges Retirement System, or employee of a California school district, school or community College or a public employee the CalPERS and CalSTRS loans allow you to purchase a home with little money down and affordable rates and fees. CalPERS and CalSTRS home loans CalPERS Special features of the CalPERS home loan are: 3.5% down Co-signers allowed Fixed... [Read more...]
Now is a Good Time to Buy – How is Your Credit Score?
October 22, 2009 by Jane Peters · Leave a Comment
Credit Score How is your Credit? Tougher lending laws are now are now leading Fannie Mae to require a minimum of 620 credit score as a qualification for some loans. This includes FHA and VA loans. However, in order to get the best rate, a credit score of 720 is required and verifiable income. In the past a mortgage broker was able to shop around for the best rates, but the new procedures and the Home Valuation Code of Conduct (HVCC) have made... [Read more...]
Should I Refinance?
September 23, 2009 by Jane Peters · Leave a Comment
Courtesy of Rick Pelleriti an Upfront Mortgage Broker with Clarion Mortgage Capital, below are some tips to decide whether you should refinance your California home loan. How much will it cost to refinance? This is based on a current rate of $729,750 financed at 5.50% with a new rate of 5.00%. That cost, including the loan origination fee will be $6,791. What will my monthly savings be? Monthly savings with the lower interest rate will be $225.98. How... [Read more...]
Smaller Down-payments May Result in Better Interest Rates – But
September 7, 2009 by Jane Peters · Leave a Comment
Strange as it may seem, the less you put down on a house, the lower your interest rates will be. However, this may not always be of benefit to the borrower. For example, in late August a borrower putting $80,000 on a $400,000 purchase, with a good credit score, around 720, would have qualified for a 4.875 rate on a 30-year fixed mortgage. The same rate was offered to borrowers only putting 5% down. And those who put down 25% got an even higher rate,... [Read more...]
FHA Loans
September 4, 2009 by Jane Peters · Leave a Comment
Mortgage Application Process In 1934 the Federal Housing Administration started its quest to help Americans become homeowners by offering them mortgage insurance on loans through FHA approved lenders. They wish to keep the dream alive that millions of Americans can secure a home of their own with affordable rates. So you have a mortgage and you are interested in refinancing your home through FHA Refinancing, but there is one problem, you don’t have... [Read more...]
