Author - mylenderjackie

10% Down Payment on Jumbo Loan

Is a 90% loan to value jumbo loan right for you? If you are in the market for a home that runs on the higher side or over the standard amount, a traditional loan might not be the best option. In this case, a jumbo loan is really what you want. Jumbo loans don't fall into the same categories that most Fannie Mae and Freddie Mac loans require. They are a monster all of their own. These loans are a higher value than most so the requirements and qualifications are also higher. Usually, only those with higher credit scores and [...]

Pros and Cons to the 15-Year Mortgage

Pros and Cons to the 15-Year Mortgage

Whether you are considering a 15-year mortgage as a first-time loan or as a refinance, there are pros and cons to the setup. Let's first talk about a brand-new mortgage. Let's say you are considering a $300,000 loan and a 30-year mortgage. This loan will be amortized over the 30 years, which means you will start off paying higher interest first and more and more principal as the loan matures. Most lenders will give you a lower rate if you choose a 15-year mortgage over a 30-year mortgage but the benefits may not outweigh the interest rate savings. For instance, let's assume [...]

What You Need to Be Ready for Your Home Loan Application

How to Prepare for a Home Loan Application Planning for home ownership is just as important as homeownership itself. Being prepared from the beginning can put you in a better place overall not only now but in the future. Nobody wants to purchase a home only to be foreclosed on or have too short sell it in five years. The purpose of buying a home is to gain equity, responsibility, and a long-lasting investment. If you're like most of us, you have to have a mortgage or a home loan in order to purchase a property. I want you READY - [...]

Buying Your First House After 60

It doesn’t happen often that there are circumstances that make it impossible for people to buy a home before 50 or 60 years old. Perhaps they’ve been in the military and have relocated most of their life or they have preferred to rent, letting someone else take care of all of the maintenance. Whatever the reason, if you’re now considering buying a home here are some tips to purchasing real estate after 60 years old. #1. Understand that it’s never too late. Regardless of the reason, it’s never too late to start building equity, especially if the price is right. The [...]

100% Paper-Free Mortgage Applications?

Getting approved for a mortgage could get a whole lot easier, or, it could just be a whole lot less messy. If you've ever financed a car you know how much paperwork there is, well, buying a house means quadruple that paperwork. There literally is a paper to sign stating that you've signed the previous paper. There is so much paperwork involved in a mortgage application and final closing but, that may start to change. Mortgage giants Fannie Mae has rolled out a new program that allows lenders to skip the collection of many documents that borrowers may need to [...]

Should I Go With the Builders Lender?

I've worked with several buyers over the years who after talking with the lender on-site at a new development have decided to go with the builder's lender rather than myself. You can imagine how frustrating that can be, but, that goes with anything. In any business where there's a commission, there is the risk that someone else will swoop in and snag your customer. So, with that being said, it's important to talk about using a builders lender versus going with one of your own. In just about every new development or subdivision there is a dedicated buyer's agent and lender [...]

Can I Still Buy a House with Low Income?

I love, LOVE talking to people wanting to buy a house, and especially for the first time. I love problem-solving and figuring out solutions that will really work for my clients, and not just immediate but for the future too.  I want all my clients, whether they are ready to buy now or not, to start now with great steps to be a homeowner in the next 3 months, 6 months or year. That's what I do! Not just provide you with the right loan for now, but help you plan and take steps that will help you be a [...]

Is the HERO Program a Good Idea?

The HERO Program is a Property Assessed Clean Energy Program provided by the Federal Government to provide financing for energy-efficient, water efficient, and renewable energy products to home and businesses in approved communities, specifically in California. This program was developed in 2010 in Riverside County California. We became the first region to offer this program and is now available to over 85% of people living in California. But what does this really mean in everyday terms?  How it works: If you are eligible, the HERO Program will allow 100% financing of the cost to purchase and install eligible energy-saving products to your [...]

5 Ways to Tell if a Loan Officer is Ripping You Off

5 Ways to Tell if a Loan Officer is Ripping You Off

It doesn't matter what industry you are in, chances are there are scammers in just about every profession. And it's only getting worse. We really need to keep our feelers up when it comes to scams, hackers, and those just trying to get your money or your identity. Even in the loan industry, this is becoming a hassle, much more than an inconvenience, but a source of deep frustration for those looking to buy a house or refinance. In my industry, there are big red flags to look for so that you know your loan officer or mortgage officer [...]

How Can I Raise My Credit Score Quickly?

If you search for quick fix credit repair on the Internet you're likely to get thousands of responses but surprisingly, it's not that quick to actually do the job. I get this question a lot and that's not surprising at all because most people want to improve their credit score in order to get a lower rate on a home loan, refinance or home equity line of credit. But is there any real way that you can fix your credit score or report fast? There are options for those that need fast credit score improvement such as rapid rescoring. This [...]

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