On November 25, 2015, the Federal Housing Finance Agency announced the 2016 new loan limits. Most notably, four counties in California have increased as well as various others throughout the country. Here’s what you need to know regarding the changes… Know Your Loan Category When you apply for a mortgage to buy a home or…
If you have a home-equity line of credit, or thinking about getting one, here is what you need to know to make a smart choice given today’s rate environment. Home-Equity Lines Of Credit (HELOCS) These loans are relatively simple to obtain and in exchange for a few hundred dollars of fees you can have access…
If you’re thinking about qualifying for a mortgage, here’s what you must know if you have payments with a few months left to go. Get the facts… When you apply for a mortgage loan, the lender takes in the consideration your credit score, your cash you plan to use to spend on a home, your…
Ever wonder the best way to gain more control of your debt? A low rate and payment helps, but discipline and smart income choices play an important role as well… Income is a crucial component lenders look at when granting you a mortgage loan. It is the basis by which they are going to get…
Not sure when to lock your interest rate on your mortgage? Here’s a few things to consider in getting the best possible combination of rate and price… The biggest things that determine the final rate and pricing are: loan size occupancy loan program i.e. Conventional, Jumbo, FHA, VA credit score property type loan to value…
If you’re serious about reducing your interest expense associated with your mortgage, refinancing is a guaranteed bet to reduce your payment, reduce your cost of funds and pay off your home faster. Haven’t refinanced yet? Know your options… Rate Reduction This is number reason most consumers elect to refinance. The biggest driver of payment reduction…
Renters everywhere are feeling the constraints of rising rents. Rising rents erodes your ability to save for the cash needed to buy a home. It becomes a catch 22 because the longer you rent the more you need to save in order to offset rent increases while maintaining the rate at which you are saving.…
If not handled properly, your student loan may adversely change your home purchase plans. Here’s what you probably don’t know regarding your student loan servicer… Just like any other credit obligation, your student loan servicer reports to the credit bureaus. Even if the payment is deferred, the obligation still reports every 30 days much like…