Q:I have the Sonoma County Energy Independence Program Loan on my house. Through my property taxes, I financed the cost of putting solar on my house, and doing a new roof and some more energy-efficient upgrades. From what I understand, a second put on my house much like a home-equity line of credit. Other lenders…
The FHA announced they are reducing loan limits for 2014 in high-cost areas in an effort to scale back their role in the housing market. Looking back to 2008, financial markets depressed in the aftermath of the meltdown, economy on the verge of recession, enter loan bailout- the Federal Housing Administration. This direct government involvement…
Calculating monthly mortgage insurance on a conventional loan is best handled directly with the mortgage company whom you’re hiring to do your purchase preapproval and/or refinance loan with. However, to have a general understanding of how mortgage insurance works, know that it is required for any loan with less than 20% down. Plan on on…
In short risk-based pricing, the higher the risk the lender incurs the higher the mortgage rate you will be quoted on the new mortgage. This is especially true with conventional mortgages, not so much on the FHA variety. FHA unlike conventional loans does not discriminate to the degree conventional does based upon credit score. Following…
Real estate investors get targeted the most by multiple finance property restrictions the majority of mortgage lenders enforce. To set the record straight a multiple financed property situation is when there is more than four financed residential properties by anyone borrower/consumer. Multiple finance properties include every other residential property with debt- beyond the borrower’s primary…
Refinancing your home is based upon a variety of current listings as well as closed sales around your property. In most circumstances, appraiser will look for comparable data in a half mile radius from the subject property, your home. They will take into consideration the main facts, lot size, property square footage, bedrooms and bathrooms…
Refinancing can be less appealing for many homeowners because the clock resets each time. In some circumstances, especially if you’re a few years away from paying off the home in full a refinancing may even not make sense. Ways to refi without starting the term over… The traditional 30 year fixed rate mortgage remains most…
In the last few years, many consumers bought homes with low down payments and have seen a dramatic rise in their home-equity-opening the door to trade up to more a desirable homes and/or locations. Perhaps the family is expanding and or timing is right to trade up. As attractive as the concept sounds, due to…