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…
Let’s say, you want to put more down when buying house or your in the process of refinancing and your home appraisal comes in lower. In any case, an event transpires during the loan transaction that causes you to want to switch loan types, can be anything from moving from an FHA Loan, to a…
Buying a Sonoma County fixer property? Be prepared to do some work. What many see as a fantastic fixer-upper property, potential property issues associated with the dwelling could easily derail an appraisal and your mortgage loan. Key characteristics the property you’re interested in purchasing has some “hair on it”……………. Red Flags That Could Jeopardize Your…