Monthly Archive February 2018

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Is mortgage refinancing a good option

Mortgage refinancing can save you thousands of dollars and make your financial life easier and it is one of the major reasons why you should consider refinancing. 

Here are four scenarios when you should consider mortgage refinancing:

  • If you have an improvement in your Credit Score

If you have a bad credit mortgage, you’re paying higher mortgage rates than what lenders are offering borrowers with good credit now.

Pat yourself on the back if you’ve paid down credit card debt, caught up on overdue bills, and paid your bills on time recently. Check your credit score. You might qualify for a lower rate on your mortgage if your score has improved significantly.

 

  • Enough Time to Benefit from Home Refinancing

Don’t forget you’ll pay closing costs to refinance, which could add up to a few thousand dollars.

Even if you can get a lower mortgage rate, refinancing might not make sense if you plan to sell the home in the next couple of years.

 

  • Avoid ARM Adjustments

If you’re adjustable rate mortgage is about to reset to a higher rate, refinancing to a fixed rate or a lower adjustable rate mortgage could make sense.

 

Cash-out Refinancing for Home Improvements

With a cash-out refinancing, you tap into the equity you’ve built and take out a larger mortgage than what you currently owe.

This financial strategy can make sense for home improvement projects that could increase the value of your property.

Another benefit: The interest you pay on the cash is tax deductible, unlike the interest you’d pay on a personal loan.

Shop around for the best rates if you decide refinancing is right you. Get in touch with me now!

 

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FHA Loans – Avoiding Big Mistake

Are you applying with FHA mortgage lenders to buy or refinance your house? FHA’s guidelines are more flexible than those of conventional mortgage lenders.

However, the FHA loan is not a bad credit or subprime home loan.

Your income and assets must be thoroughly documented, your down payment must be sourced and tracked, any bad credit must be explained and the underwriter must be convinced to approve your loan.

That’s not a job for just any loan officer or mortgage broker, and you should not trust your mortgage application to a loan agent who’s been in the business about few months.

It’s a simple job to get your FHA Loan approved even though the guidelines are more flexible. You need an experienced mortgage broker with a solid track record to finally get your FHA loan approved.

If you have bad credit, it’s even more important for you to have a loan officer with a lot of experience.

Don’t trust your mortgage refinance or new home loan to your neighbor’s nephew’s wife or your Realtor’s best bud without making sure these folks know what they’re doing.

Why you need a professional FHA lender

Experienced mortgage brokers who work frequently with FHA mortgages keep up with FHA guidelines and program changes by taking continuing education classes — and they’ve had their work cut out for them lately.

There have hundreds of changes to FHA mortgage programs in the recent years. These changes are often dictated by government officials, so they’re not always logical or easy to understand.

The highly trained mortgage broker knows this and takes the time to learn about program adjustments and how they affect you, the borrower.

Dealing with related issues involved in FHA Loans

In addition, people who deal in FHA home loans all the time understand other issues that often also come up for borrowers — for example, if you’re a first-time home buyer, you might be eligible for down payment assistance, mortgage credit certificates or other help.

The wrong loan agent, though, will never think to tell you about this.

There are so many good lenders and smart loan officers. Don’t waste your time or money on those that are not!

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When is the best Time to Buy a House

Well we all us want to buy a house someday. Eventually. But timing matters when it comes to such an enormous investment to reap the benefits in future. Which brings up the question: When is the best time to buy a house?

Does such a moment exist when all lights turn green, guaranteeing this is a decision you won’t regret?

While there’s no crystal ball in real estate, there are some fairly easy-to-read signs that a home purchase is something you should consider.

Let’s dive into some of the factors that can influence whether the time is right for you to pull the trigger.

Your finances

For many people, knowing when to buy a home all comes down to the numbers. Here are the biggest pieces of that equation.

  • You have a down payment: If you need a mortgage to buy a home, you should know that most lenders will want you to show them the money that is, have a sizable down payment. For most conventional loans, you’ll need to scrape together 20% of a home’s price, or $60,000 on a $300,000 home. Amassing that cash can be challenging, but know that some lenders can require as little as 5% down. You also may want to check into down payment assistance programs; many homeowners are surprised to find that they qualify.

 

  • You can afford a monthly mortgage: How much you can afford in monthly mortgage hinges on your income and debts. Higher income is good, of course; higher debt is bad. Check out a mortgage calculator for an easy way to plug in your salary and debts to see how much home you can afford in your area.

 

  • You have a good credit score: Your credit score is a measure of how well you’ve paid off past debts. Lenders look at this number to prognosticate how well you’ll pay them back, too. If you have no credit history, you should get some fast (lenders will want to see at least a year of payments under your belt). If your credit score is poor, you may want to do what you can to bring it up to snuff, because a higher credit score means you’ll stand to land a better loan.

If you are in a situation where you can meet the above mentioned requirements then you can consider yourself in a position to buy a house right now.

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Mortgage Refinance

Explore the best mortgage refinance options with us and save on monthly installments.

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Jumbo Loans Specialist in San Jose

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