Author: Scott Sheldon
Here’s why the VA mortgage is the best home loan
The U.S. Department of Veterans Affairs guarantees loans up to 100% loan to value for purchase rate and term or Cash out refinance loan scenarios. The …
Be wary about paying off this type of debt when getting a home mortgage
Paying off debt to qualify is a wonderful way to drive borrowing power. For example, let’s say you have a couple of credit card payments totaling …
Can you use your roommate’s rent payment to qualify for a mortgage?
Refinancing or purchasing a house requires an ample supply of cash, credit and income. Here’s what you need to know with regards to getting a mortgage …
5 quirky mortgage refinance scenarios that really work
In the last few years, mortgage lending guidelines have begun to loosen as the broader economy is stronger now that the recession has passed. The following …
This is the No. 1 mistake people make when getting a mortgage
To apply for a mortgage, get approved and close escrow you must have some sense of urgency. Whether you are buying a home or refinancing a …
These little nuances may affect mortgage options for first-time buyers
Purchasing a house for the first time requires careful planning and consideration so you can make the right financial choice for you and your family. Here’s …
How to get a mortgage if you’re self-employed
Applying to purchase or refinance a mortgage is going to require you providing an ample supply of credit, cash and documentable income to support the loan …
Ready to buy a house? Make sure you have the closing costs covered
When you make an offer purchase a house you have two types of closing costs: reoccurring closing costs, which are interest, taxes and insurance; and non-recurring …
This change to FHA Loans might help you land a mortgage more easily
Fannie Mae and Freddie Mac’s mortgage calculation of use net income is super conservative and will make your mortgage on your rental property worse from a …
2 conventional mortgage programs with better interest rates & terms
When you’re buying or refinancing a house it goes without saying you want to get a competitive interest rate with favorable terms associated with the money …
5 quirky mortgage refinance scenarios that work
In the last few years mortgage lending guidelines have begun to loosen as the broader economy is stronger now that the recession has past. Following refinance …
How much of your monthly income should you spend on a mortgage?
One of the challenges home buyers face when purchasing a house for the first time is how much of their income should go toward a mortgage …
Mortgage inquiry make your credit score drop? Not so fast…
Mortgage loan officers hear daily from consumers that they don’t want their credit score pulled because they’re worried about their credit score dropping. Unfortunately, the internet is full of …
How 1031 tax-deferred exchanges work
A 1031 tax-deferred exchange is a deferred exchange in the gain of an investment property used to acquire another investment property. Make no mistake this is …
How to transfer property in California & still be protected under Prop 13
Proposition 13 was enacted in California in 1978 to limit the amount of property taxes that homeowners pay. Prop 13 protects your property taxes from increasing …
The credit score you need to get a mortgage
To buy a house, you need to have at least a good credit score, provable income that supports your ability to repay the mortgage and enough …
Why your mortgage payment keeps changing
Why would a mortgage payment ever change? Consumers are often given little explanation by their bank on why their payments are suddenly due to a different …
Home loan programs that require little to no down payment
Looking to move up in the housing world, but don’t quite have the cash? The following are a few programs that may be available to you: …
Why you should consider buying a house that needs work
If you’re purchasing a house – whether it’s a primary home, move-up home or secondary home – and the house needs work, don’t shy away from …
5 common credit mistakes to avoid when getting a mortgage
Do you think your credit score qualifies you for some of the best mortgage terms available today? Maybe you’ve requested your credit scores recently and you …
3 reasons not to buy a home
The first and most important factor to consider when buying a house is, quite simply, whether you can afford it. Is your income rising, remaining stable …
The No. 1 factor that can drive up your mortgage costs
Time is not on your side when it comes to an escrow. The mortgage process can be a bureaucratic, complicated gauntlet that punishes today’s borrowers more …
How to plan the best time to buy rental property
Depreciation, mortgage insurance and other factors can affect owning a rental property. In fact, if you’re financing another property while you have a mortgaged rental space …
Watch out for these 2 sneaky mortgage practices
It’s no surprise that banks are coming up with innovative ways to elicit new mortgage business. The following tricks are ethically questionable: 1. Getting your contact …
6 common mistakes to avoid when buying a home
Purchasing a home in Sonoma County has never been easier. However, houses still sell for an average of $700,000 here, making careful planning a must. Here …
How to get a mortgage without providing a tax return
If you’re looking to purchase or refinance a house providing tax returns can sometimes just be inconvenient especially if your tax returns have various extending schedules. …
How child support & alimony can affect getting a mortgage
When you apply to purchase or refinance a home, the mortgage lender adds your monthly fixed expenses to your housing payment, creating a debt-to-income ratio. When …
5 common home buying mistakes you can avoid
When you talk to a lender about pre-approval, you’re going to go through a full range of emotions, including anxiety over whether you should buy a …
What to look for in a mortgage on a manufactured home
Want to borrow money to purchase or refinance a manufactured home? Here’s how it’s done. A manufactured home is a property that was constructed in a …