Author - mylenderjackie

Lake Forest – A Dining Celebration!

Once a year, Lake Forest has a literal Dining Celebration! On “Taste of Lake Forest” day, restaurants from around the city set up shop at the Foothill Ranch Towne Center to showcase their wares. For a single reasonably-priced ticket, only $10 per person, you can enjoy tasty bites from vendors you might want to put on your short list of eateries to visit.  It’s a great chance to enjoy the outdoors, visit with friends, and discover new restaurants.  For the rest of the year, you’ll enjoy endless combinations of dining styles and ethnic offerings.   2017 Taste of Lake Forest is Sunday, [...]

Getting Mortgage Approval After Loan Modification

Many homeowners faced financial hardships during the recession. Loan modifications were and still are a  way for homeowners to hold on to their home instead of losing it in foreclosure. If you are in the middle of a home modification or have had an approved modification you may be wondering what will happen if you want to move to a new home. Here is what to expect when you are in a modification and searching for a new home and home loan. The loan modification is a change from the original terms of a mortgage that resulted in the restructuring of [...]

What is Debt to Income Ratio?

In the mortgage industry there are a lot of big words and terminologies being thrown around and while those that are familiar with the industry understand completely, most of the general public is left scratching their heads. So what is this term "debt to income ratio"? When you apply for a mortgage your lender will analyze all of your debt and figure out how much income you have coming into the household versus how much debt is going out every month. Lenders will calculate the debt to income ratio to make sure that you have enough income to comfortably pay [...]

Understanding Debt and What Your Options Are

Debts: Understanding Your Options and How You Could Benefit from Freedom Financial Are you drowning deep in debt? Well, it's a fact that a lot of us—at some point in our lives—find ourselves financially indebted to someone. The sad truth is that debt repayment is not as easy as borrowing the money in the first place. That's why a huge percentage of borrowers often end up defaulting on loans which cause more and more people to lose their flawless credit scores as time goes by. Having financial struggles is not something to be ashamed of, but the steps you take toward [...]

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 is above $700,000 purchase price, 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 or rules that most Fannie Mae and Freddie Mac loans require. They are a monster all on their own. These loans at a larger loan amount than conventional loans (Loans under $424000), have requirements and qualifications which are also higher. Usually, only those with higher credit scores and strong finances [...]

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! 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 and Freddie Mac, have rolled out a new program that allows lenders to skip the collection of many documents that borrowers may need to submit. Lenders may be able to access third-party verification portals [...]

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 [...]

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