COVID 19 and CARES Act are on the forefront of many minds currently. You may have heard that you can forbear on your mortgage payments during the COVID 19 pandemic. The first thing you need to do is contact your servicer. Make sure you understand how forbearance works and if it’s right for you long...
Tag: California
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LOW RATE ADS
You’ve most likely heard on the radio lenders boasting they can get you approved in minutes or days by simply going to the website and clicking a button. Is that all it takes nowadays to get approved and to go to closing? Can you close the loan right after you are approved in mere minutes?...
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INVESTMENT PROPERTY PURCHASES AND QUALIFYING
If you are going to purchase an investment property, you want to make sure the rental income covers the mortgage payment. In addition, you should budget a cushion, i.e. rental income that more than covers your mortgage payment and gives you some profit each month. You can put the profit aside and keep it in...
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WHAT’S THE BOTTOM LINE?
A mortgage payment could be less than your rent payment. You may think you cannot qualify, but you’d be surprised. There are many new products on the market. There are no-money down loans, and low-down payment loans available where the down payment can be a gift. If you do not have good credit, we can...
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FIRST THINGS FIRST
You’ve decided you want to buy a house but don’t know where to begin. You’re not sure what to do. First things first; Here’s where to start: • The first thing to do is check your credit, you will need a good credit score to get a good loan. Student loans, car loans, and credit...
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HOW’S THE COVID-19 CREDIT MARKETS?
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. So much happening so fast – COVID-19 … current and downstream effects! We’ll try to sift through the clutter and focus on those factors affecting our market over the next few months. As I review data accumulated since our...
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CALCULATING MORTGAGE INSURANCE
If you are applying for a conventional loan and put less than 20% down on a home, the lender will require you to pay mortgage insurance. The amount of mortgage insurance will depend on your credit score, what you are purchasing (e.g. condo, single family residence, etc.), the purpose (primary residence, second home, or investment...
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DO YOU HAVE A COLLECTION, CHARGE-OFF, OR JUDGMENT?
Can you get a mortgage if you have a derogatory item on your credit report, such as a collection, charge-off, or judgment? Maybe. Believe it or not, your credit score may be high enough to qualify even with the derogatory item on your credit report. Depending on the dollar amount of the derogatory item, it may...
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BUYDOWN AS AN EXAMPLE
As interest rates fluctuate, you may see lenders offering mortgages with buydowns. This is a different type of mortgage than if you buy down the rate. I’ll explain: If you buy down the rate, you are paying extra money, usually points, to get a lower rate. The rate you buy down becomes the rate for...
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HOW MUCH OF A DOWN PAYMENT DO I NEED?
How much money should you put down on the purchase of a property? If you just want to put the minimum down, then you are generally looking at 3% down for a primary residence (unless it is a down payment assistance, VA, or USDA loan), 10% down for a second/vacation home, and 20% down for...