The July jobs report will be released tomorrow. Do you have a rate lock strategy in place or willing to miss an opportunity to lock in a crazy low mortgage rate? At 8:30 AM ET Friday, the Bureau of Labor Statistics will release the July 2011 Non-Farm Payrolls report. Mark it in your calendar. If […]
Are FHA Mortgage Loans Better Than Conventional Home Loans?
A common question home buyers in California ask me is if an FHA loan is better than a Conventional loan. The increase in popularity between the two loan programs may be an indicator as to which is better. FHA now insures 25% of all home mortgage loans in the United States, which is the […]
What’s Ahead For California Mortgage Rates: July 25, 2011
Mortgage markets in California’s Inland Empire Region worsened last week as the Greek sovereign debt situation came closer to final resolution, and as the U.S. housing market showed signs of life. After many weeks, European leaders agreed on a financial package for Greece that featured favorable loan terms designed to slow Eurozone contagion, along with […]
What Mortgage Rate Do I Qualify For? (the truth)
The most common question I’m asked during the mortgage prequal or pre-approval process is ‘What Interest Rate Do I Qualify For?’ My answer often confuses people when I respond by saying, “You don’t qualify for a rate, you choose the interest rate you want.” This isn’t auto financing where some used car salesman is trying […]
What’s Ahead For California Mortgage Rates: July 18, 2011
Mortgage rates in Temecula, Murrieta, Menifee, Corona, Riverside and Moreno Valley area of California’s Inland Empire worsened last week as concerns for the global economy drove investors to “safe haven” buying. Fear continues to dominate mortgage bond market movement. Home buyers who work with a mortgage lender who tracks the real time bond market on […]
What Is Annual Percentage Rate (APR)?
More commonly called APR, Annual Percentage Rate is a government-mandated mortgage comparison tool. It measures the total cost of borrowing over the life of a loan into dollars-and-cents. A loan’s APR is printed in the top-left corner of the Federal Truth-In-Lending Disclosure, as shown above. When quoting an interest rate, loan officers are required by […]
Difference Between a Mortgage Prequal, Pre-Approval and Conditional Approval
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 prequalification, pre-approval, and a conditional loan approval? Each […]