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Home Loan Blog Articles from Golden Pacific Home Loans of San Ramon
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The recent tax bill could cause the Federal Reserve’s rate increases to come faster—mortgage rate projections display an increase of three or four times in 2018. This could push 30-year mortgage rates up past 4 percent in the new year.
Real estate professionals have some good news to share with their clients. On Jan. 1, buyers will be able to get much larger mortgages, whether they’re applying for conventional or FHA-backed loans due to higher loan limits.
Fannie Mae and Freddie Mac are weighing an update or switch to its credit score requirements from Classic FICO to possibly another scoring model.
The winter season brings more foot traffic, which can be risky on a home—holiday parties, family gatherings and even open houses in the winter can bring tears and marks on the floors. How do you prevent costly wear of scratches and stains that result in costly floor repairs?
With inventories so tight, some home buyers may be giving a fixer-upper home a second thought. The price point and location may attract more buyers to bite, even though the home itself may need some TLC.
Millennials are taking out the greatest share of all new mortgages and buying homes across price ranges. But a new study also shows they’re going more into deeper debt at an alarming rate.
A new study from insuranceQuotes has identified the top three holiday hazards to homes this holiday season: porch pirates, decoration vandals, and house fires. The survey was based on responses of more than 1,000 consumers.
New home sales are up. Are you ready for new home purchase? Contact our mortgage broker in San Ramon. Autonomous Cars Change Housing Experts predict the advent of autonomous cars will radically change homes and towns alike. By 2021, major automakers, like Ford, Volvo,...
Total mortgage application volume for refinancings and home purchases tumbled last week, plunging 7.4 percent from the previous week, the Mortgage Bankers Association reported Wednesday.
Mortgage giant Freddie Mac has announced a new program allowing some home buyers to skip a traditional appraisal, which could lower the fees the buyers pay and speed up the closing process.
30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.5 point, rising from a 3.92 percent average
Home purchase applications are now at the lowest levels since March. The average interest rate on a 30-year fixed-rate mortgage was unchanged at 4.17 percent last week.
Buyer demand remains strong amid low mortgage rates, even though home prices this year are expected to be about 6 percent higher than last year.
30-year fixed-rate mortgages: averaged 3.96 percent, with an average 0.6 point, dropping from last week’s 4.03 percent average
Total mortgage application volume for refinancings and home purchases tumbled last week, plunging 7.4 percent from the previous week
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While you can get approved for a mortgage with a credit score below 600, the best terms and lowest interest rates are likely to go to those home buyers with scores above 700. Increase your credit score before purchasing a home.
What are the key differences between a 15- and 30- year loan? First of all it’s the term of the loan. Generally 15-year loan terms will come with lower interest rates, but the shorter term means that you’ll make higher mortgage payments each month,
A jumbo mortgage loan is a home loan for an amount that exceeds what’s known as the “conforming” mortgage loan limits set by housing regulators.
A home purchase isn’t complete until you make it to the closing. Until then, the transaction can fall apart for many reasons. Here are five tips for avoiding mistakes that cause a home sale to crater.
It’s easier to settle happily into your new home if you’re confident you can afford it. Here’s what you need to know about your mortgage financing options, including how to choose the loan that matches your income and tolerance for risk. Understand which mortgage loan is best for you so your budget isn’t stretched too thin.
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Consider those lifestyle issues as you check out these four methods for estimating the amount of mortgage you can afford.
Five different things that you should never hide from your loan agent or mortgage broker.They are doing their due diligence, so it’s important to be as open as possible to avoid any missteps in the process.
FHA loans face competition from other products, and one of them might be a better fit for you. Weigh the benefits of FHA against those of similar products to find your best mortgage choice.
The good news is that it is possible to refinance a personal property loan into a lower interest mortgage loan, especially once you have built equity in your mobile or manufactured home or the land it sits on.
Home equity loans vs. Mortgage Loans. While the two loan types share this important similarity, differences exist between them, and consumers should understand their options when borrowing against their home’s value.
Term: Conventional mortgages are generally offered in term of repayment periods of either 15 or 30 years, although some lenders also offer terms of 20 years.
Now that the economy and housing markets are recovering and becoming stronger again, many homeowners are looking at home equity loans and/or lines of credit in order to upgrade their home, pay off debt or make large purchases. Like any loan, there are some great ways to use home equity loans and lines of credit, and some not so great ways to use that money.
With the rebounding housing market across the country and a hot rental market in many areas of the nation, lower interest rates coupled with higher rental rates could result in you having that investment property paid off before you know it. But, is it even possible to refinance a rental or investment property that you don’t live in? The answer is yes!
The good news is that yes, you can still qualify for a VA loan if you have declared bankruptcy in the past. In order to qualify for a VA loan, your home loan will need to have been at least one year from the date of your Chapter 13 bankruptcy or two years from the date of your Chapter 7 bankruptcy. Additionally, you must have had no late payments reported to the credit bureaus since emerging from bankruptcy.
if you are underwater on your home, a call to your local lender may be a great option, as refinancing your mortgage could bring your relief each month via lower interest rates and monthly mortgage payments
Many mobile home owner become interested in ways to reduce either the interest rate on their loan, or their monthly mortgage payment or both. It is possible to refinance a personal property loan into a lower interest mortgage loan.
If you own a home or are planning on owning a home in the near future, there’s a chance that you might want to perform some home renovations. Or you could be planning on purchasing a “fixer-upper.” Consider home renovation loans.
Owning a home may sound like a good idea, until you start thinking about the credit card bills you have to pay. While having credit card debt can certainly impact your ability to qualify for a mortgage, having that debt doesn’t have to stop you from getting a mortgage, especially once you understand the tips and strategies we’ve outlined below to help improve your chances of not only qualifying, but qualifying for more.
A USDA home loan is also known as a USDA Rural Development Guaranteed Housing Loan Program mortgage loan is a mortgage loan offered by the US Department of Agriculture to prospective homeowners who are interested in purchasing rural properties.
An FHA loan offers home buyers many advantages over traditional conventional mortgages, including lower (or no) down payments, generous credit score allowances and more. For this reason, many people may be interested in leveraging an FHA mortgage to purchase an investment property, whether a single family home they will rent out, a multi-unit building they will rent out or a vacation home that may be occasionally occupied by the buyer and occasionally occupied by (often weekly) renters.
The APR allows homebuyers to compare different types of mortgages based on the annual cost for each loan. The APR is designed to measure the “true cost of a loan.” It creates a level playing field for lenders. It prevents lenders from advertising a low rate and hiding fees.
Are you thinking about buying a home but not sure what you can afford? Have you wondered about interest only mortgages and what advantages and disadvantages they may offer? If so, then you’re in luck because we’ve collected some great information about interest only mortgages!
Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application process.
Surprising as it may seem, some folks with hefty incomes find that it’s mighty tough for them to save enough money to make a 20% cash down payment on their dream homes. Using conventional financing, such buyers must purchase Private Mortgage Insurance (PMI) which increases the cost of home ownership and, ironically, makes it even more difficult to qualify for the mortgage.
If you’re a first time homebuyer, you’re probably confused about the difference between FHA loans and conventional loans. We’ll go over the main differences, advantages and disadvantages of each loan type:
If you’re mentioned below, you might want to take some steps back to determine whether or not you’re really ready for a loan before you find yourself putting out future fires:
Get pre-approved means you’ll know what you can afford. There are other reasons to get pre-approved before hunting for homes.
Essentially, home equity is the amount that differentiates the home’s value and how much the borrower owes. When a borrower pays down the mortgage debt, he or she is also contributing to the home equity.
How soon can you buy a home after bankruptcy? Depends on a few factors, including whether you filed for Chapter 7, Chapter 11 or Chapter 13 bankruptcy.
If you are thinking about buying a home in the near future but don’t see much on the market that meets the needs and wants of your family, you might be interested in building your own home in order to ensure that you end up in a home that has everything you’re looking for. With the economy rebounding and getting stronger each month, construction loans and new build mortgages are a popular option for many families.
The good news is that there are many lenders and mortgage loan programs available for individuals with less than perfect credit. Some lenders are able to work with borrowers with scores as low as the 550’s, and some federally-backed mortgage loan programs like VA loans and USDA loans do not have any minimum credit score requirements.
So you’ve found the home of your dreams. You’ve been preapproved for a mortgage and you’ve submitted your offer, with earnest money deposit, to the seller. The seller has accepted your offer, you’ve had a home inspection performed and now you’re ready to close – – what should you expect at the closing?
Option to pay points or not to pay points could be left to the borrower to decide, with advantages and disadvantages to each. One “point” equals one percent of the total refinance mortgage amount. With a lower rate, the borrower ends up with a more affordable monthly payment.
Seniors with houses worth more than $625,500 can retain their excess equity when they take out a HECM reverse mortgage to help meet certain financial challenges with careful considerations and planning.
Attractive interest may often prompt homeowners to consider refinancing. The best time to refinance may depend on your short-term or your long-term goals. Should you refinance?
Lately, 30-year home loan rates have been running about 2.5 percent above the inflation rate. If inflation rises from 1 percent to 2 percent, it would imply mortgage rates of about 4.5 percent.
The pace of home price appreciation does finally appear to be slowing. The year began with a 6.9 percent gain over the previous January; but 5.7 in June.
Mortgage rates moved higher at the fastest pace in more than 3 weeks today, following a much stronger-than-expected jobs report.
Mortgage applications sagged during the week ended July 29. Market Composite Index and all of its components were down from levels during the week ended July 22.
Of the 4.4 million owner-occupied foreclosures completed since 2000 less than one-quarter of the owners have returned to the market.
As the housing boom ended rents for single-family homes also crashed, going from annual growth of better than 2 percent in late 2007 to -3 percent by the end of 2009. But they began to bounce back long before home sales and prices did so, climbing rapidly into the 4 percent growth range and remaining there for several years.
When buying a home, it is not enough to just “come up” with the money. Lenders want to verify where the money comes from. This is partially a quality control feature to protect against fraud, and partially an underwriting tool to determine your qualifications as a borrower.
Lenders want to see an applicant who is credit worthy and can show ability to repay. Here are the 3 important factors.
Purchases of new U.S. single-family homes just hit their highest level in more than eight years, representing what Wall Street is calling a strong market.
Other data on Tuesday showed moderate gains in house prices in May, which should support consumer spending and keep home purchasing affordable, especially for first-time buyers who have started venturing into the housing market.
Fannie Mae’s economists say that the UK’s exit from the European Union is likely to have only limited impact in the U.S. and that it will be a positive for the housing and mortgage markets, at least in the near term.
Foreign investment interests and other large institutional funds that were drawn to London real estate investments may now shift some of that capital to properties in the U.S. market.
30-year fixed-rate mortgage rose to 3.45 percent from 3.42 percent last week. The average rate is down sharply from 4.04 percent a year ago.