5 Financial Perks of Being a First-Time Homebuyer

If you're going with the idea of buying your first house, you're probably doing some research on the financial side of it. Most of us don't have the cash to purchase our first home so we are looking at financing. This is probably one of the biggest loans you'll ever get but if you plan on buying more homes in the future it probably won't be your last. It's important to understand the financing behind a home purchase and all the financial perks you could receive simply by being a first-time homebuyer. There are a lot of forms and documents [...]

Who Pays Closing Costs on a Home?

Who pays for closing costs when you purchase a home or when you sell a home all depends on what type of loan the buyer is getting. First-time buyers are often shocked when they realize how much closing costs can actually be. Closing costs are the various fees, charges, and taxes to purchasing the property they can easily add up to thousands of dollars. Depending on the loan, some homebuyers can actually roll these fees into the purchase price of the home saving themselves thousands of dollars up front. But who typically pays these closing costs and where do [...]

How Do I Increase My FICO Score?

How Do I Increase My FICO Score?

FICO is different than that unknown entity that seems to take money from your check each week (FICA - an Acronym for Social Security). Your FICO score is a credit score provided by one of the major credit agencies in the U.S. This is the main score lenders and underwriters look at to determine your financial history. The higher the number the less risk you are to lenders. How high does the score need to be for a home loan? Any score above 680 usually qualifies for any type of home loan.  There are so many different loan programs and options [...]

Are You Ready to Buy a House Together?

Together... that may be a new word for you and now your SO (Significant Other)... but if you've decided that "together" is what you're going to be you might also be wondering if buying a house together is a good idea or not. Together means so many things to different people these days; married, engaged, dating, living together, whatever. So it's not just that old adage of we are married now so buying a house is the next logical step. Because it might not be the next step, or the first step, or any step in between. Buying a house is a [...]

Some of the Most Common Questions When Buying a Home

Buying a home can be one of the most exciting and nervous times in your life. It's a lot of money to buy a house and when we are talking about this much money, it's bound to make people a little skittish. My job is to make you feel as confident, comfortable, and knowledgeable as possible throughout the entire process. Knowledge really is power and the more you know and understand about the process, the more confidently you can buy. Here are some of the most common questions most first time home buyers have. #1. What does it cost to buy a [...]

Major Changes to the Reverse Mortgage Program

On October 2, 2017, major changes to the reverse mortgage program came down the pike. Here's what you need to know. What is it? HECM, or Home Equity Conversion Mortgage, also known as a reverse mortgage, underwent some changes this year as the MBA (Mortgage Bankers Association) President supports a call to remove reverse mortgages from MMI (Mutual Mortgage Insurance) Fund and joining HUD (the Department of Housing and Urban Development. This would allow lawmakers to develop more long-term solutions to the HECM issues and current problems. This is also designed to protect borrowers as well as the FHA from major losses. Reverse [...]

Which is Better? Loan Modification or Refinance?

Which is Better for My Situation? Loan Modification or Refinance? If you're currently facing a situation where you are not sure if you're going to lose your home you probably want to know your options before defaulting on the mortgage. You may have heard of the terms refinance and loan modification but really not understand the differences and which would work best in your situation. There is a difference between these two routes; one is more permanent and one is a temporary fix. One of the first things you need to do is contact your lender and let them know that you [...]

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 [...]

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