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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.
Fixer-Upper: A Money Pit?
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.
Deeper Debt for Millennial Buyers
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.
Top Three Holiday Hazards
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.
Autonomous Cars Change Housing
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,...
Density: An Issue with Inventory
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.
New Program to Help Buyers Bypass Appraisals
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.
Mortgage Rates Aren’t Budging
30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.5 point, rising from a 3.92 percent average
Mortgage Rates are Stagnant, Stalling Loan Demand
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.
Freddie: Lean Inventory Won’t Stop Housing
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.
Mortgage Rates Fall Below 4% After Brief Hike
30-year fixed-rate mortgages: averaged 3.96 percent, with an average 0.6 point, dropping from last week’s 4.03 percent average
Mortgage Demand Weakens as Rates Jump
Total mortgage application volume for refinancings and home purchases tumbled last week, plunging 7.4 percent from the previous week
Mortgage Rates Hit Another Low for 2017
30-year fixed-rate mortgages: averaged 3.88 percent, with an average 0.5 point, dropping from last week’s 3.90 percent average. Last year at this time, 30-year rates averaged 3.48 percent.
Use Escrow Accounts for Paying Real Estate Tax and Insurance
Nearly 80 percent of all borrowers are paying for real estate taxes and home insurance through escrow accounts.
Reverse Mortgage – What is it? and Is it Helpful?
With a reverse mortgage, the homeowner is leveraging the home equity they’ve built up, and the loan is paid out in a lump sum, line of credit, or set monthly payment.
Lenders Easing Up Credit Standards
More mortgage lenders are reporting that they have lowered their credit standards and expect to continue to do so in the coming months.
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MORE HOME LOAN BLOG ARTICLES
Mortgage Rates Going Up
Mortgage rates moved higher at the fastest pace in more than 3 weeks today, following a much stronger-than-expected jobs report.
Mortgage Application Stats
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.
Boomerang Home Buyers
Of the 4.4 million owner-occupied foreclosures completed since 2000 less than one-quarter of the owners have returned to the market.
Rental Appreciation
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.
Documenting Your Assets
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.
Important Factors When Applying for a Home Loan
Lenders want to see an applicant who is credit worthy and can show ability to repay. Here are the 3 important factors.
Housing Data Looks Good
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.
New Home Sales
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.
Brexit Turns Out To Be Good For The US
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.
More Foreign Investment in the U.S. Real Estate
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.
Mortgage Rates Increase Slightly
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.
How Brexit Affects Freddie Mac
Brexit Freddie Mac sees it as both a plus and a minus for the U.S., and not necessarily a short-lived one. Its economists predict it will raise global risks while keeping domestic mortgage rates near historic lows.
Home Builder Confidence is Steady
For the past six months, builder confidence has remained in a relatively narrow positive range that is consistent with the ongoing gradual housing recovery that is underway.
Recovering From a Foreclosure
How quickly you can recover from a foreclosure or short sale is going to depend on three factors: How bad your financial situation was; How much better your situation is now; and How well you’ve recently been managing your money…
Southern California Housing Market
Housing market in Southern California is hot. The median home price in Orange County in May was $651,500, surpassing its bubble-era peak reached in 2007. What fueled the gain?
Home Mortgage Rate Prediction – Where is it going?
Mortgage rates have dropped to near record lows in the last couple of months. Thousands of Americans are lining up at the mortgage office to refinance their house or finance a new one.
Home Purchase Sentiment Index
Home Purchase Sentiment Index (HPSI), an outgrowth of its National Housing Survey, pulled back a bit in June, largely due to weakened optimism about household income and the direction of home prices which offset some positive changes from the previous month.
Mortgage Rates Get Lower
The 30-year fixed mortgage rates averaged 3.41%, down from 3.48% a week ago and 4.04% a year ago.
Foreign Investors Still Buying Homes in the US
Foreign investors purchased $102.6 billion of residential property in the U.S. from April 2015 to March 2016. What does it mean to local investors?
Credit Score Differences Among Generations
Credit score for the older generation shows stronger credit profile. Millennials are trending up this year.
Increasing Rents – Better to Pay Mortgage?
Rents across the U.S. are increasing, and not just in the expected regions of New York City, San Francisco and Boston. Still renting? Call our mortgage broker in San Ramon and start owing a home.
Brexit Could Help US Real Estate
Brexit is likely to have a short-term positive effect on commercial real estate in the United States, especially in large gateway cities and in the office market, according to market observers.
Rent Prices
Average U.S. rent rose 0.4% in May, matching the record high, according to consumer price index data released this month, the 67th consecutive month of increases.
Cash Out Refinancing by Homeowners
Freddie Mac says that the trend toward increasing levels of cash out refinancing paused during the first quarter of 2016. The share of refinancing in which homeowners took a new mortgage that was at least 5 percent larger than their old mortgage eased back from 42 percent in the fourth quarter of 2015 to 40 percent. The volume was also down quarter-over-quarter from $11.0 to $10.9 billion.
Mortgage Activity
Mortgage application activity was down across the board during the week ended June 24. The Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of application volume, dropped by 2.6 percent on a seasonally adjusted basis from the week ended June 17. On an unadjusted basis the loss was 3 percent.
How Brexit Will Affect Interest Rates
“For the Federal Reserve, a Brexit vote would make it more difficult to raise interest rates,” says PNC senior international economist Bill Adams.
First Home: Additional Costs
Overlooked additional costs can shock many first-time homebuyers. If you’re in the market for a new home, consider some of the following when you think about the true cost of purchasing a home.
Mortgage Rates Remain Stable
The 30-year fixed-rate mortgage averaged 3.56% for the week ending June 23, up from last week when it averaged 3.54%, according to Freddie Mac. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.02%.
Homebuilders’ Confidence Rises
Confidence among homebuilders climbed to a five-month high in June, signaling the residential real estate market may have some scope for a pickup, according to data Thursday from a National Association of Home Builders/Wells Fargo survey.
Car Payments: Don’t Buy a Car
Even if you feel you can afford the car payment, mortgage companies approve your mortgage based on their guidelines, not yours. Do not get discouraged, however. You should still take the time to get pre-qualified by a lender.
Mortgage Applications
Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 10, 2016. The previous week’s results included an adjustment for the Memorial Day holiday.
Down Payment Importance
When preparing to buy a home, the first thing many homebuyers do is look at “homes for sale” ads in newspapers, magazines and listings on the internet. Some potential buyers read “how-to” articles like this one. The next thing you should do – before you call on an ad, before you talk to a Realtor, before you shop for interest rates – is look at your savings.
HPSI: Home Purchase Sentiment Index
While consumers are still conflicted about whether it is still a good time to buy or to sell, their perceptions about financial aspects of their lives improved and along with it Fannie May’s monthly Home Purchase Sentiment Index. The HPSI, a distillation of answers to the company’s National Housing Survey, increased by 1.6 points to 85.3 in May.
Mortgage Rates
Most analysts believe low mortgage rates have contributed to the housing recovery in a big way. The combination of low real estate prices and low borrowing costs enticed buyers to come off the sidelines during a time when uncertainty reigned in the housing market.
Reasons You’re Having Trouble Selling
Taking steps to address reasons your home isn’t selling can boost buyer interest and help sell your place sooner rather than later, so you can move on to a different home.
Applying For Home Loan and How It Will Affect Your Credit Score
If you are applying for multiple forms of credit at the same time, such as a credit card, a mortgage and an auto loan, such actions will negatively impact your credit score.
Common Loan Terminology
Learn more about common loan terminology you need to know. Contact our home loan agent in San Ramon for more questions.
Bad Credit – Should you apply home loan anyway?
It’s human nature to fear the unknown. Many people think their credit is way worse than it actually is. Why not apply for a loan in advance so you know how you rate?
Loan Process Stages
Who issues the commitment letter? What is a conditional approval? Why did the underwriter give me a list of conditions to satisfy, before I can close the loan? How long does it take to reach the final approval?
A New Home: Factors to Consider
Are there jobs, schools, healthcare options, restaurants, theaters, parks and industries in the town? How’s the crime rate? Is there a spiritual community suited to your faith?
Preparing for Loans Today
Just as you’d train for a major sporting event such as a marathon, you need to get into great financial shape for what may be the most important transaction you ever make. As you would for a race, you need to begin many months before the big day – the one on which you make your mortgage application.
Self-Employed?
Being self-employed has its benefits. You can choose the hours and you are the boss. However, when it comes to getting a mortgage, you face more hurdles. You have to provide more paperwork than an employee and must work harder to prove that you can afford the mortgage.
Today’s Mortgage Stats
Mortgage interest rate hit the lowest level in 3 years, but applications dropped, according to the latest data from the Mortgage Bankers Association.
Prequalify for Home Loan: How Income Is Calculated
When a loan officer prequalifies you, he works backwards to figure your maximum mortgage amount. You can do the same thing. The first step is to determine your monthly income. It isn’t quite as easy as it sounds…..
Extra Paperwork for Loan Application
When submitting loan application be prepared with extra paperwork o provide your loan officer to avoid delay. For help call our San Ramon Mortgage Broker
San Francisco Real Estate – The Snapshot
San Francisco real estate market has been scorching hot since 2011. Reports of million-dollar homes attracting several buyers within days of their listings and selling at premiums within a couple of weeks have become commonplace. What’s next?
Buy House or Rent? Another Reason Why You Should Buy
Major cities continue to boom, rent costs are skyrocketing. Competition for affordable housing is getting fiercer. The question is: buy house or rent?
Mortgage Rates Hit a 3 Year Low!
Mortgage rates didn’t move any lower today, but you’d have to go back 3 years to see any lower mortgage rate. Is it time to refinance?
Home Prices Keep Climbing
Home prices have been climbing as job growth helps fuel demand for a limited inventory of properties for sale. The jump in values has made it difficult for many first-time buyers to compete in the most heated areas.
55+ Housing Market Demand Figures
According to the National Association of Home Builders, confidence in the single-family 55+ housing market remained in positive territory in the first quarter of 2016.