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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.
Mortgage applications hold steady as rates remain low
Total mortgage application volume rose 0.6% on a seasonally adjusted basis from the previous week. Volume was nearly 14 percent lower compared with the same week one year ago.
Credit Score of 12M Consumers May Get a Boost
In a survey by the Federal Trade Commission, one in four people say they spot errors in their credit reports, most commonly concerning tax liens and civil judgments.
Steadier Mortgage Rates Buoy Loan Demand
Mortgage rates continued to give consumers incentive to make a move, resulting in mortgage applications for refinancing and home purchases remained elevated last week.
Mortgage Rates Hit Lowest Averages of the Year
Mortgage rates dipped to their lowest averages of the year this week. 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.5 point, falling from last week’s 4.02 percent average.
Calculating Home Mortgage Interest
How much mortgage interest am I paying? Read more about ways to calculate home mortgage interest you are paying.
Mortgage Rates Got Cheaper This Week
30-year fixed-rate mortgages averaged 4.14 percent, with an average 0.5 point, falling from last week’s 4.23 percent average. Last year at this time, 30-year rates averaged 3.71 percent.
Closing Times Are Speeding Up
Home purchase loans took an average of 45 days to close in February, down from 48 days in January. Refinanced loans took an average of 47 days to close in February, down from 53 days
Higher Mortgage Rates are Impacting Borrowers
For the second consecutive week, mortgage rates were on the rise. 30-year fixed-rate mortgages averaged 4.30 percent, with an average 0.5 point, rising from last week’s 4.21 percent average.
FHA Strong Enough for MIP Cut?
Is now a good time for FHA to reduce hurdles to homeownership with a lower mortgage insurance premium? NAR says yes, but the Trump administration and some members of Congress aren’t so sure.
Mortgage Rates Are Mostly in a Holding Pattern
Mortgage rates continue to defy expectations, with the 30-year fixed-rate mortgage rate barely budging for the fourth consecutive week.
Mortgage Refinancing Pullback Stalls Loan Demand
As mortgage rates have inched up, refinance applications have continued to fall, dropping 3 percent last week. Volume is about half what it was a year ago, when mortgage rates were lower.
Big Down Payment Myth
Having the spare capital to put 20 percent down on a home purchase is great, but it’s certainly not the norm. Still, many people think it is and that belief may be holding some would-be home buyers back, particularly young adults.
‘Bank of Mom and Dad’ Funds Young Renters
Nearly half of people in their early 20s still receive help from their parents in paying their rent, according to a new analysis by the New York Times of more than 2,000 young people from 2007 to 2013.
Home Purchase Sentiment Index® (HPSI) Increased in January
Fannie Mae’s 2017 Home Purchase Sentiment Index (HPSI) increased in January by 2 percentage points to 82.7. The HPSI is up 1.2 percentage points compared with the same time last year.
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.
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MORE HOME LOAN BLOG ARTICLES
Options to Help Get Approved For A Home Mortgage
Trying to get approved for home mortgage? Everyone’s financial situation is unique. With that in mind, here are five different options for making your homeownership dreams a reality.
Mortgage Rates Still at Record Lows
Mortgage rates held steady today, marking the 9th straight day without a move higher. 6 of those 9 days have seen mild to moderate improvements, ultimately bringing rates back within striking distance of 2016’s lows.
Pointers Before Paying Off Your Mortgage
Paying off your mortgage may be tempting. First consider the opportunity cost of paying off your mortgage early at the expense of other goals or investment options, as well as the impact to your tax situation.
Loan Application: the Importance of Bank Statements and Tax Returns
Why do mortgage lenders need to see your bank statements? Why do they want to look at your tax returns?
Loan Application: What Could Jeopardize Loan Application
Common trouble spots that mortgage lenders find with loan application. Here are five of them. Any of these issues could sink your application.
Fixed Rate Mortgage – What is a 30 Year Fixed Rate Mortgage?
30-year fixed-rate mortgage loan is one of the most popular loan programs for home buyers today. What pros and cons do they offer to you, as a home buyers? These are just a few of the questions we will answer in this article.
Mortgage Underwriting Process – How Long Does it Take?
Mortgage underwriting is a detailed process that usually takes a few days. In some cases, however, it can take as long as several weeks. The timeline varies because every borrower is different.
How to Pay off Debt Fast
It’s better to attack the debt with the highest interest rate first. Each month, pay the minimum on the other three debts, then take whatever’s left of your $600 and apply it to your high-interest target.
Interest Only Loans – The Mechanics
If you want a monthly payment on your mortgage that’s lower than what you can get on a fixed-rate loan, you might be enticed by an interest-only mortgage.
Mortgage Tips for Millennials
Millennials are eager to buy their own homes. Qualifying isn’t as easy as it once was, but many millennials can and do qualify for home financing successfully. Here are some mortgage tips…
Status of the Housing Recovery
Existing home sales rose 3.4% in March to a solid annual rate of 5.3 million but below the 5.5 million mark reached early in the year. Is housing market recovering?
Mortgage: How Much Should I Spend?
You never want to stretch yourself so thin to the point of wiping out your entire paycheck every month. This would leave you without a financial buffer for emergencies. What is a good amount?…
Housing Market Lacked Momentum With Spring Season Underway
Better buyer traffic and growing optimism about the outlook for the next six months made up for a drop in current sales of single-family homes,
What is A Foreign National Mortgage?
As the U.S. dollar is becoming stronger and the home values are also on the rise, foreign buyers, now, have a real incentive when it comes to purchasing properties. Plus, the U.S. economy, too, has an incentive, foreign buyers invested more than USD 99.2 billion in the country’s residential real estate within 12 months (which ended on March 2014).
HARP and HAMP
Fortunately, there are many government programs that will help borrowers looking for assistance. THE Home Affordable Adjustment Program (HAMP) and Home Affordable Refinance Program (HARP) are two such initiatives that will benefit struggling borrowers.
Home Loan Applications Increasing
Mortgage applications leaped 10% from a week ago on favorable conditions. The market composite index jumped 10% on both a seasonally adjusted and unadjusted basis compared to the week prior. The refinance index also lifted 11%, to its highest level since February.
Ways to Boost Credit Scores!
Consumers reap many rewards when they raise their current credit score, because higher scores mean shelling out less money in interest, which can yield thousands of dollars in savings. A high credit score also means consumers receive a lower interest rate for credit cards, auto loans and mortgages, and the benefit extends to lower rates for auto and home insurance premiums.
Pre-Loan Checklist
It’s harder to qualify for a mortgage loan these days. New regulations require lenders to verify every aspect of a borrower’s financial background, before making the loan. Additionally, most lenders have tightened their underwriting criteria in response to losses suffered during the housing crisis.
Home Ownership May Not Be As Expensive As You Think
Is home ownership that expensive? First-time home buyers are often apprehensive about the extra costs of owning a house, fearful that routine maintenance and repairs will add up quickly, exceeding their original budget.
Rebuilding Credit Score Tips
The longer you live with bad credit, the more daunting the road back to good credit can feel. That’s why it’s important to break down the process of rebuilding credit score into manageable steps.
Mortgage Rate Getting Close to 3-Year Lows!
Mortgage rate moved lower, continuing the recent trend of improvement. The most aggressive lenders are back to quoting 3.5% on top tier conventional 30yr fixed scenarios, with the bulk being at 3.625%.
Mortgage Refinance and Save Monthly Payments
About 6.5 million mortgage borrowers could qualify for and benefit from refinancing their home loans, which could translate into massive savings for those consumers.
What is a Balloon Loan?
A balloon loan is a mortgage loan that requires a larger than usual one-time payment at the end of the term. This means your payments are lower in the years before the balloon payment is due, but the end, you may be required to pay tens of thousands of dollars to pay off the remaining balance in full.
What is an Adjustable Rate Mortgage?
Home lenders offer 3/1 ARMs, 7/1 ARMs, and 10/1 ARMs. Picking the right ARM depends on how long you plan to stay in the home you are buying and your financial situation.
You May Be Able to Cancel Your Private Mortgage Insurance
If you put down less than 20 percent of the total cost, typically you need to purchase private mortgage insurance (PMI), can be 1.75 percent of the total loan, and 0.85 percent of the total charged in the monthly mortgage payment (approx. $100-$200/mo). Can you cancel it?
Home Price Continued Rising
Home prices continued rising at a steady clip in January, another sign that 2016 will offer more of the same in the housing market: tight inventory leading to rising prices and sales volatility.
How To Get Your Home Ready To Sell
Getting ready to sell your home? You leave thousands of dollars on the table by ignoring some simple tasks that might boost your sale prices and improve your chances of finding buyers quickly.
How To Buy a House – Your Parent’s House
Many people today live with their parents, grandparents or both. These arrangements, known as multigenerational housing, have become so common they’re even trendy. But you don’t have to live with your parents to buy their home.
Differences in Urban and Suburban Growth
Americans are moving to the suburbs is once again outpacing the rate at which they are moving to cities.
What Is A VA Loan?
VA Loans require no down payment or private mortgage insurance. For competitive rates and terms or questions on VA Loans contact Golden Pacific Home Loans San Ramon.
New Residential Sales in February
Sales of new single-family houses in February 2016 were at a seasonally adjusted annual rate of 512,000; 2.0 percent (±18.8%)* above the revised January rate and 6.1 percent (±17.9%)* below the February 2015.
Down Payment Requirements on Rentals
Meeting down payment requirements is tougher, and because mortgages on rental homes are not covered by insurance, lenders charge higher finance charges and steeper down payments than they do on mortgages of primary residences.
You Should Be Thinking About Home Buying
You could search your budget for ways of meeting the new demands. You could consider packing up and moving to another apartment. The problem is, those solutions are not only difficult, but you may face them year after year as rents continue to rise. Instead, you could solve the problem once and for all by buying a home.
Homestyle Renovation Mortgages
It can be exhausting finding a suitable home for sale that combines must-have and comfort features that will hold up long enough for the mortgage to close.
Are You A H.E.N.R.Y.?
Today, however, lenders are relaxing the 20% down payment requirement on jumbos – especially for H.E.N.R.Y.s (“High Earners, Not Rich Yet”), who tend to be younger professionals with great credit and incomes, but not much cash.
Things To Consider When You Co-Sign a Mortgage
Before agreeing to co-sign on a mortgage for a family member or close friend, it helps to weigh the advantages. Altruism can be its own reward, helping your child or struggling pal to get a home. But that may be the only advantage for a co-signer when balanced against the potential liabilities and shared financial hardships.
Government, Investors and Lenders Make Mortgages Easier
The federal government can back a loan as long as a borrower has a down payment of at least 3.5% and a credit score of 580, on a scale of 300 to 850.
Rates Continue Downward Trend!
Mortgage rates resumed their downward trend after barely moving last week, the latest Freddie Mac Primary Mortgage Market Survey said.
Current Housing Market
Existing-home sales rose 0.4% in January from the prior month to a seasonally adjusted annual rate of 5.47 million, the fastest sales pace since July 2015, the National Association of Realtors said Tuesday. Economists had expected sales would slow last month to a 5.31 million pace.
Reverse Mortgages: Income for Seniors
More than 720,000 reverse mortgages have been taken out in the United States since 1987, according to the National Reverse Mortgage Lenders Association in Washington D.C.
HELOC Market is On The Rise
HELOC originations continue to rise, with line of credit amounts originated increasing 35% in January over 2014 levels. HELOC line amounts are the highest since 2005. The reasons for the increased demand vary but one thing is for sure, interest rates are playing a starring role.
FHA Issues New Multifamily Handbook: MAP Guide
WASHINGTON – The Federal Housing Administration (FHA) today published a new consolidated handbook to guide lenders on underwriting all FHA-insured multifamily housing construction and rehabilitation transactions. FHA’s new MAP Guide offers a new operating manual for multifamily underwriting through the Multifamily Accelerated Processing program.
Debt May Pay for Four Reasons
Debt is a four-letter word of the bad kind, according to some people. The type of thing that shouldn’t even be considered by responsible adults. However, not all finance professionals agree debt is something to be avoided.
Why F.H.A. Loans Are Preferred
F.H.A. is preferred because people who have a need for a low down payment, who are also struggling with income, need flexibility in their debt ratios and flexibility in the credit score requirements.
Lower Mortgage Rates Hit 10 Month Low
The average 30-year fixed rate mortgage fell this week from 3.72% to 3.65%, its lowest point in 10 months, according to mortgage buyer Freddie Mac.
Credit Score Competition Act
Credit Score Competition Act bill is in its first stage of the legislative process. Future homebuyers have good reason to keep an eye on this bill. This may help a number of first-time homebuyers compete in the real estate market. How?
Average Mortgage Rates Fell For the Fifth Straight Week
Mortgage buyer Freddie Mac says the average rate on a 30-year fixed-rate mortgage slid to 3.72% this week, down from 3.79% last week and the lowest since it averaged 3.68% in April 2015.
Home prices in 20 U.S. cities climb by most since July 2014
Home prices in 20 U.S. cities rose at a faster pace in the year ended November, underscoring the shortage of supply amid steady demand.
Home Buying for 2016
Home buying in 2016 will remain challenging for many borrowers. But the market should look closer to normal, as more homeowners who had been stuck underwater reach the surface and more first-time buyers find their financial footing.
Possible Ways to Save Thousands on Your Mortgage
Here’s the problem: When you take out a 30-year mortgage, which many of us do, you wind up paying more interest than you may have realized. Let’s say you’ve got a 30-year, $200,000 fixed mortgage at 5% interest. If you make your monthly payment as required, then you’ll wind up paying a total of $186,512 in interest over time, which is almost as much as the principal.