Inland Empire Direct Mortgage Lender | FHA VA USDA HARP 2 Home Loans » First-Time Home Buyer

$8000 Home Buyer Tax Credit Extended for Military Combined with a No Down Payment VA Home Loan…WOW!

Brad Yzermans — Fri, 24 Sep 2010 21:02:37 +0000

California's military Armed Forces received an extension for both the $8000 first time home buyer and $6500 repeat/move-up home buyer tax credit. Combine this with a VA $0 down payment home loan and the you could purchase a home with literally nothing out of pocket.

Seven Things Your Agent Should Know About Your Mortgage Approval

Brad Yzermans — Thu, 01 Apr 2010 17:59:03 +0000

While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied. New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA [...]

Ten Credit Do’s and Don’ts To Consider Prior To Getting Your Mortgage Loan Funded

Brad Yzermans — Thu, 01 Apr 2010 16:56:12 +0000

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.

How Much Can I Afford?

Brad Yzermans — Thu, 01 Apr 2010 05:29:19 +0000

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 [...]

Where Does My Earnest Money Go?

Brad Yzermans — Sun, 28 Mar 2010 20:21:45 +0000

Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? A basic and very obvious question that most First-Time home Buyers ask once their purchase contract gets accepted. According to Wikipedia: Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a [...]

Renting vs Buying A Home

Brad Yzermans — Sun, 28 Mar 2010 20:18:49 +0000

Buying a home versus renting is a big decision that takes careful consideration. While there are several biased sources that can make arguments for or against owning a home, we’ve found that most home buyers base their ultimate decision on emotion. Yes, there are some tax advantages of owning real estate, as well as the [...]

Understanding the FHA Mortgage Insurance Premium (MIP)

Brad Yzermans — Sun, 28 Mar 2010 19:50:32 +0000

The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) – financed into the total loan amount at the initial time of funding 2. Monthly Mortgage Insurance Premium – paid monthly along [...]

First-Time Home Buyer Credit Checklist

Brad Yzermans — Sun, 28 Mar 2010 19:36:32 +0000

Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps. Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval process: DO: Continue [...]

Making Sure Your Cash-To-Close Comes From The Proper Source

Brad Yzermans — Sun, 28 Mar 2010 18:21:33 +0000

Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the [...]

Talk the Talk – Know the Mortgage Lingo at Closing

Brad Yzermans — Sun, 28 Mar 2010 18:19:43 +0000

What the heck are they talking about? Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek. Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminology so that [...]