The answer is no, you do not need to have a second adjustable-rate mortgage. You are entitled to having a fixed rate second mortgage just as you are an adjustable rate note. While this is true, there are not many second lenders out there that offer fixed rate seconds paying principal and interest over time.…
Anyone who has purchased a home in Sonoma County with an FHA Loan has probably thought about refinancing with today’s incredibly low mortgage rates. One of the main advantages of refinancing under the FHA is the ability to take part in their Streamline Refinance Program. In a nutshell, the program allows those who have a…
Home Loans are made against your ability to repay. While the mortgage loan is secured against the house, it is really made against your income. That’s what mortgage lenders are look for, income to offset liabilities. Yes, a house payment is liability for a borrower. Oftentimes, there is a disparity between how much house you…
If you are thinking about how to get a Sonoma County Mortgage loan please stop and make sure to read this article in its entirety. The mortgage loan process has transformed in the last few months and obtaining a Sonoma County mortgage loan is not a simple as it used to be. For illustration purposes…
“Why can’t I get the interest rates I see advertised on the Internet.” One of the most important characteristics of securing a mortgage is your Fico Score. Simply put, the lower the credit score higher the interest rate. How Your Fico Score rates is what determines both your eligibility for the mortgage as well as…
For many, seeking a home loan is an exchange of trust and privacy when it comes to providing a social security number to obtain a credit report. The credit report is one of the foundational pillars mortgage companies use to originate a loan by taking into consideration debt obligations which impact borrowing ability. After reviewing…
In the latest Fed meeting, Ben Bernanke and the Federal Reserve Board announced it will purchase up to $40 billion per month in additional mortgage-backed securities in an effort to further facilitate quantitative easing until the economy begins to improve. Financial markets on September 13, rallied on the news of the government’s intervention to improve…
As mortgage lender, we see it all the time, cash funds being used in consideration on a purchase mortgage or on a home refinance. People earning non-reported money doing cash side jobs otherwise known as money “under the table.” These funds are ineligible as consideration for procuring a home loan. The reason is simple, all…