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Home Loan Blog Articles from Golden Pacific Home Loans of San Ramon
Stay informed and learn more about home loan matters and housing market from our home loan blog articles below. Scroll down to the Categories section or to the bottom of this page to see more home loan blog articles.
Contact our Golden Pacific Home Loan agents in San Ramon for questions about best home loan mortgage and refinance opportunities.
Walkability
925-855-3250 New home sales are up. Are you ready for new home purchase? Contact our mortgage broker in San Ramon. CONTACT US What Buyers Will Give Up for Walkability Living in areas that are close to shops and restaurants is becoming increasingly attractive for both…
Mortgage Rates Inch Down
Mortgage rates decreased for the second consecutive week but still remain above 6.5%, a far cry from a year ago, muting any celebration from borrowers. Freddie Mac reports the 30-year fixed-rate mortgage averaged 6.69% this week.
Mortgage Rates Rise as Debt Ceiling Deadline Looms
Home buyers faced higher mortgage rates this week as all eyes remain on negotiations in Washington over the nation’s debt ceiling. Economists warn of dire economic consequences if America goes into default on its debt, and that would almost definitely impact borrowing costs.
Mortgage Rates Are Poised To Fall
The U.S. Federal Reserve isn’t expected to announce another interest rate hike in the wake of the banking crisis, especially as the inflation the Fed has been fighting continues to slow. The change in policy could give mortgage interest rates some room to come down. (Mortgage rates are separate from the Fed’s short-term rates, but they have been following a similar upward trajectory.)
Economic data suggests the U.S. economy is only gradually losing momentum
Consumers continued to spend, albeit at a slower pace, and industrial and housing activity are seeing some stabilization.
Home Mortgage for Self-Employed Americans Becomes Easier
Home mortgage for self-employed Americans and freelance or contract workers have long had to struggle to qualify for a mortgage compared with those with W-2 forms or pay stubs that lenders can use to verify their incomes
Refinancing Secret for Homeowners
A recent sharp drop in mortgage rates hasn’t unlocked savings just for those looking to purchase a home—homeowners may also benefit.
Are More Homeowners Cashing In on Their Equity?
Despite increasing equity, fewer homeowners are taking out home equity lines of credit. A March 18 report from ATTOM Data Solutions shows the number of HELOCs issued in the fourth quarter of 2021 was down 5.5% from the previous quarter, and 4.2% below the level issued in the fourth quarter of 2020.
Are Mortgage Rates Finally Stabilizing?
Mortgage rates have remained below 3% for more than two months. And they likely aren’t going to drop much further, according to Freddie Mac.
Lower Mortgage Rates Propel Surge in Loan Applications
Borrowers came in swarms last week to take advantage of another massive drop in mortgage rates. Mortgage application activity, which includes refinances and home purchases, surged 55.4% last week compared to the previous week
Mortgage Prepayments Climb to 6-Year High
925-855-3250 Question about mortgage rate and refinancing? Contact our San Ramon mortgage broker CONTACT US Mortgage Prepayments Climb to 6-Year High Mortgage prepayments, a common gauge for housing and refinancing demand, jumped to its highest level since May 2013—a…
Mortgage Meltdown Unlikely Despite Hike in Risky Loans
Unconventional mortgage lending is on the rise, in 2018 reaching its highest level since the financial crisis of 2008. These mortgages include subprime loans, financing offered to borrowers with blemished credits.
For the Fourth Straight Week, Mortgage Rates Rise
925-855-3250 Question about what mortgage lenders can approve? Contact our loan agent in San Ramon. CONTACT US For the Fourth Straight Week, Mortgage Rates Rise Mortgage rates have slowly been inching up over the past month, but they remain below their levels a year…
Mortgage Rates Rise Again, But Remain Below Yearly Lows
For the third week in a row, mortgage rates inched upward, but economists were quick to reassure home buyers and potential refinancers that rates remain still remain well below year-ago averages.
Drop in Mortgage Rates Could Put Market in 2005 Territory
925-855-3250 Know your loan limits. Every borrower is different! We can help you find the right mortgage product for your needs. APPLY NOW Drop in Mortgage Rates Could Put Market in 2005 Territory The recent plunge in mortgage rates may help the market for home loans…
MORE HOME LOAN BLOG ARTICLES
TV Home Makeover Downside
Caution about TV Home Makeover: Bigger tax bills. They may be forced to pay a higher tax bill due to receiving gifts of new high-end appliances or furniture. They also might see higher property taxes due to the upgraded additions made to the home.
Down Payment Saving Statistics
California is home to four of the five cities of the places where it takes the longest to save for a down payment: San Francisco, Los Angeles, San Jose, and San Diego.
Home Loan Demand Softens from HUD Reversal
Total mortgage application volume—which includes applications for refinancing and home purchases—dropped 3.2 percent on a seasonally adjusted basis from the previous week, the Mortgage Bankers Association reported Wednesday.
FHA Home Loan Fee Reduction On Hold
925-855-3250 Need help with FHA home loan? Contact our San Ramon mortgage lender for FHA loans. CONTACT US FHA Home Loan Fee Reduction On Hold On January 23, the new administration suspended a 25 basis point fee reduction that the past administration announced on the…
Home Buyers Need to Add These Items to Their Budgets
Buying a home is much more than just paying a mortgage bill. Once you factor in association fees, property taxes, utility bills, and home maintenance, owners are often facing a much steeper price that is hundreds of dollars more.
Mortgage Rate Changes
925-855-3250 Contact our mortgage broker in San Ramon for the latest Mortgage interest rate CONTACT US After nine straight weeks of increases, long-term US mortgage rates fell Mortgage buyer Freddie Mac says the rate on 30-year fixed-rate loans declined to an average…
Home Affordability and Home Loans
Houses are getting more and more expensive, making it difficult to buy a home. You may be wondering “just how much house can I afford” and if home ownership is even possible in your future. What loan programs are available?
Choosing The Right Loan Program
Picking what type of mortgage to apply for can be confusing. Different banks offer different home loan and mortgage products, but in general there are a few major categories of mortgage loan programs.
VA Loans – Can You Use Your VA Entitlement While On Active Duty?
Are active duty service members eligible for VA loans? Are newly enlisted service members eligible to apply for VA mortgage loans?
Cash from Holiday Gifts as Down Payment
Cash is king. Receiving cash during holiday season? Think about saving that money away to use towards down payment. The generosity of the giving season may just get you into the home of your dreams in less time than you think!
Mortgage Rates Increase Slightly This Week
925-855-3250 New home sales are up. Are you ready for new home purchase? Contact our mortgage broker in San Ramon. CONTACT US Mortgage Rates Increase Slightly This Week Average mortgage rates increase slightly this week, but the 30-year fixed-rate mortgage remains…
Monthly Mortgage Payment Calculation
Monthly mortgage payment is only one major factor when calculating home affordability. Water, utilities & other cost should also be considered.
ARM Mortgage Loans
925-855-3250 What are the various ARM Mortgage Loan options? Contact our home mortgage lender in San Ramon. CONTACT US ARM Mortgage Loans – Adjustable Rate Mortgage Loans Our San Ramon home mortgage lender explains that there are many mortgage products available on…
Increase Credit Score By 100 Points!
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.
15 Year Fixed or 30 Year Fixed Mortgage?
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,
Jumbo Loan
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.
Keep Your Home Purchase on Track
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.
Find Home Loan that Fits Your Needs
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.
How Much Mortgage You Can Afford – 4 Tips
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.
Things You Should Tell Your Loan Agent
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 Mortgage Loan Considerations
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.
Refinance Manufactured Home Loan
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
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.
Conventional Mortgage Loans
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.
HELOC: How to Use it Well
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.
Refinance a Property You Don’t Live In
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!
VA Loan Qualifications
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.
Underwater Home Owner – What to do?
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
Refinancing Mobile Home
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.
Home Renovation Loans: Fannie Mae HomeStyle and FHA 2013k
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.
Credit Card Debt and Getting a Loan
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.
USDA Home Loan Program
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.
What Can an FHA Loan Be Used For?
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.
APR: Annual Percentage Rate
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.
Interest Only Mortgage Loans
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!
Loan Application Document Requirements
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.
What is 80-10-10 financing?
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.
Loan Types: Conventional Vs FHA
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:
Potential Risk Features For Lenders
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! It Will Save You Time
Get pre-approved means you’ll know what you can afford. There are other reasons to get pre-approved before hunting for homes.
Home Equity: What is it?
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.
Bankruptcy – How Soon Can You Buy Home?
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.
Construction or New Build Mortgage Loan
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.
Low Credit Score and Buying a Home?
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.
Closing Your Home: What to Expect
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?
Refinance Home Loans and Points
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.
Reverse Mortgage Can Help Multiple Needs
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.
Refinance Your Home Mortgage – Should You?
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?
Mortgage Rate Affected by Inflation Rate
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.
Home Price Gains Cooling
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.