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Mortgage lenders are dealing with economic uncertainty caused by the Covid-19 economic shutdown by tightening qualifying standards. They began increasing the minimum credit scores, demanding larger down payments, verifying your employment status multiple times, and even taking away specific loan products completely. Job losses have gotten to astonishing levels due to the corona virus pandemic.…
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Buying your very first home tends to be an exciting process yet it’s also a definite nerve-tester. Not surprisingly, it is among the largest financial transactions you will do in your lifetime and if you’re not comfortable or using an experienced loan originator to guide you, it can be somewhat overwhelming. Being familiar with the…
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Usually the largest payment you have to make every month is your mortgage payment. Naturally, the thought of eliminating that debt payment as quickly as possible sounds very attractive to many homeowners. Then again, the opposite side of doing so means you are putting more of your income to reduce the principal balance. The following…
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Applying for a mortgage loan is not usually an easy process. The loan process can be even more challenging to be approved when you are a self-employed in Virginia. A solution to make the process easier is the Bank Statement Loan program which requires a self-employed borrower. According to the SBA, there are approximately 725,000…
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If you’re in the market to buy a home you should be ready to pay around 2 to 5 percent in closing costs based on the purchase contract price. At the same time, moderate- to high-cost homes $1 million and above typically end up being a lower percentage. How could there be such a difference?…
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Summary: Due to an increase in home prices in Orange County, FHA loan limits in Orange County, California have risen for the year 2021. In this blog post, we’ll go over the amount the limits went up for 2021 in Orange County, and how it affects you. If you’re one of the many prospective home…
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As soon as you feel you’re ready to buy a home or condo, the question of do you qualify for financing or will pay all cash comes to mind for the seller and the real estate agent. Almost half of foreign investors have paid all cash for their California home purchase. Unfortunately, if you need…
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If you are a homeowner who has a mortgage, it’s likely that you’ve been told about refinancing through the media and friends. This experience has probably cemented some arguments why refinancing your home loan is not a good idea. Without a doubt, refinancing is not the right thing to do for all homeowners. For this…
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One of the most important factors during the mortgage process is having a high credit score. The reason why is because it plays a huge role in getting a low interest rate, in addition to lower fees on your home loan. After all, that is what most borrowers want, a low interest rate and low…
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As mortgage rates have fallen the past few months, is now the time to refinance? Homeowners who bought in the last couple of years may have some great options available. Almost all loans now give borrowers the right to prepay their mortgage without penalty. This means you can lower your monthly mortgage costs in the…
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