Prior to starting your home search and qualifying for a home mortgage loan, it’s important you know the difference between a mortgage prequal, pre-approval and a conditional loan approval. Many people, even lenders and real estate agents, wrongly use the terms interchangeably. What’s the difference between a prequal (prequalification), pre-approval, and a conditional loan approval? [...]
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How FICO Credit Report Disputes Can Get Your Home Loan Denied or Delayed
Did you know that disputing an error on your FICO credit report can actually get your home loan denied? And didn’t your lender and/or ‘credit repair’ guru tell you to dispute all the derogatory accounts in your credit report in hopes of increasing your FICO credit score? Fannie Mae and Freddie Mac have adjusted their [...]
Lender Cover Up? Down Payment Assistance for FHA Approved Home Buyers in California
Unfortunately, very few home buyers in California using FHA loans to purchase realize they may qualify for down payment or closing cost assistance. Why is this? Why aren’t lenders telling home buyers about programs that will save their buyers money? OK, I admit it. This may be controversial among some of my peers, and I’ll [...]
Important Changes to FHA’s Insurance Premiums & Why California Homebuyers Should Care
HUD recently announced that starting October 4th (recently delayed), FHA is reducing the amount to be collected for their Up Front Mortgage Insurance Premium (UFMIP). However, FHA will also increase how much they collect on their Annual Mortgage Insurance Premium (MIP – collected monthly) for California’s Inland Empire (Riverside & San Bernardino County) home buyers. Confused? [...]
Ten Credit Do’s and Don’ts To Consider Prior To Getting Your Mortgage Loan Funded
How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan.
Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer? Regardless of the motivation for keeping one property while purchasing [...]
How Much Can I Afford?
How much mortgage money can I qualify to borrow? This is typically the number one question mortgage professionals are asked by new clients. Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow. In other words, what makes for a comfortable long-term [...]
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