In most cases the closing costs are not actually higher, although they appear that way due to accounting for reoccurring costs such as mortgage interest, property taxes and fire insurance. Before we dive into the nuts and bolts let’s go over closing costs…. Re-occurring Vs. Non-reoccuring Closing Costs Recurring Closing Costs: are the carrying costs…
Buying a house is still a pivotal point in life. Your funds play a key role in your ability to get a loan. If you’re serious about buying a house or will be, how much of your income you should be saving to realistically get the keys… Ask Yourself Shorter Term Or Longer Term?…
If you’re looking to refinance an investment property in Santa Rosa or the Sonoma County surrounding area and your loan is not owned by Fannie Mae or Freddie Mac, the property will have to appraise for market value. Here’s the catch, investment properties require a minimum of 20% equity as well as other lending criteria.…
Home-equity has reappeared for many Sonoma County homeowners, making home improvement projects a reality. Redoing the kitchen, adding on a bathroom, how about replacing the roof? All of these and can be a pricey investment. Here are three ways to cut the mustard… Top 3 Loan Solutions Home-equity line of credit a.k.a. HELOC– the program…
As of October 24, acting director of the Federal Housing Finance Agency (FHFA) Ed DeMarco announced there would be no mortgage limit reduction til at least Spring 2014. Industry changes support current conforming loan limits extending through Spring 2014. How the data adds up.. Top 3 Financial Factors Support Keeping Loan Limits Status Quo…
As house prices continue to rise, the chance to refinance is ever more present considering favorable rates are still at historical lows. One the biggest dilemmas Sonoma County homeowners face is having a favorable appraisal valuation to refinance. Simple calculation any homeowner can do… *Divide your current principal loan balance by .8, doing so will…
Mortgage lenders are under incredibly tight protection laws from the Consumer Financial Protection Bureau, CFPB. As a result, lenders must send disclosures every single time there is a change to the loan amount, loan program, fees, apr, any aspect of the payment including principal and interest, taxes, insurance or mortgage insurance, think of it like…
The shutdown has spooked many people about whether or not they will be able to secure financing for buying a home or refinancing a mortgage. While these concerns are certainly valid, it’s going to depend on your individual mortgage company, bank or mortgage broker on how your loan may or may not be affected. The…