10 Commandments During Home Loan Process

10 Commandments when Applying for a Home Loan in California 1. Thou shall not change jobs or become self-employed (The previous 2 years prior to applying is best to be stable at the same job) 2. Thou shall not buy a car, truck or van until "after" you close on your CA home loan (lest you may be living in it) 3. Thou shall not use your Credit Cards excessively or let payments fall behind (I know it’s the California lifestyle, but when getting a home loan, the only plastic surgery you should consider is to have your credit cards removed.) 4. Thou shall [...]

Wondering About The Weather in Lake Forest?

 Wonder no more. The weather is, in a word, perfect. All of Southern California is known for its mild Mediterranean climate. Daytime highs in the summer average in the mid 70’s and in the winter in the mid 60’s. Even in the winter there are stretches of days in the 70’s. Outdoor activities can be enjoyed year-round, day and night.   At the time of this writing, Feb 2016, we are currently having a beautiful week with temperatures in the mid 80’s.   Southern California weather has been hailed as the most pleasant of any place in the continental United States. Zillow, for [...]

Top 10 Ways to Prepare for Property Appraisal

& List of Top 10 Low Cost Improvements that Add BIG Value   You sold your house!   Or, you are thinking of getting a lower rate and refinancing your current mortgage.   You are going to need property appraisal on your home.   While the actual 10-12 page report may only take an hour or two for the appraiser to complete. Help him or her with these tips and you might get a faster turn time and possibly a higher value when they finish your property appraisal.   Curb appeal – Cut that lawn, plant some colorful flowers by the front door. The first thing the appraiser will judge [...]

Get Schooled in Lake Forest

  Educational opportunities are a big factor in many people’s choice of a home town. There are the K-12 schools for one thing, but there also are kids’ sports and extracurricular offerings to consider. On every point, Lake Forest offers just what you may be looking for.   Lake Forest’s K-12 schools are part of Saddleback Valley Unified School District—one of the top school districts in California. In most neighborhoods, homes are within walking district of an elementary school, and both Serrano Middle School and El Toro High School are centrally located.   The elementary schools are lively, happy places, with lots of parent [...]

So… You want to live in Lake Forest?

The small city of Lake Forest is bordered on the north by Irvine, and on the south by Mission Viejo. All three of these cities are ranked among the safest cities in the country.     True to its name, Lake Forest is home to both lakes and forests—a rarity in Southern California communities. The lakes and forests are both man-made; still, they afford a peaceful atmosphere that is lacking in the much more densely populated beach cities that are all only a 15-25 minute drive away.   Let’s start with the beaches. Lake Forest is centrally on a 75-mile stretch of beach cities [...]

Best Christmas Lights Lake Forest

It's the most wonderful time of the year !! Time to hop in your car , drive-through Starbucks or Chocxo and grab some hot cocoa's and go for a drive for the best Christmas lights in Lake Forest. These are my favorites and the pictures don't hold a candle to the real thing so go take a drive and check em out before year end. Start your night off with a bang on Belquest 22981 Belquest in Lake Forest. Jim and Bob's house blink together with music/ radio station you listen to in your car.  If you're lucky, you might even [...]

Getting a Home Loan with Bad Credit – How long to wait?

Below are the newest guidelines for Fannie Mae and Freddie Mac (Conventional Loans) which show how long you would have to wait to get a home loan after a "Bad Credit" event.  Conventional loans are typically the best rates and terms available. There are other options if you don't fit the rules below. Call me with your scenario. I can help!  949 -600-0944 Waiting Periods to get a Home Loan with Derogatory Credit  (Effective September 2015) FANNIE MAE FREDDIE MAC Derogatory Event Waiting Period Requirements Waiting Period with Extenuating Circumstances Waiting Period Requirements Waiting Period with Extenuating Circumstances Bankruptcy Chapter 7 or 11 4 years 2 years Defined by Loan Prospector [...]

The Rules Have Changed for Mortgage Loans

               --- All About TRID (the new mortgage disclosures) Starting this week – after October 3rd – getting a mortgage loan has a new disclosure process designed to help the consumer understand, in a clear format, the complexities of a real estate transaction and mortgage loan. The Consumer Financial Protection Bureau (CFPD) has your back, and wants to be sure you don’t miss any of the risky features that can be confusing in a mortgage/ real estate transaction. If you are a home buyer or getting ready to refinance, understanding the new rules and mandatory review [...]

Year of the Boomerang Buyer – Home Loans After Bankruptcy

  2015 is looking to be the year of the boomerang buyer, or repeat homebuyer.   The housing crash in 2008 caused financial hardships for many, but now buyers are looking to get back into the market to purchase a home and take advantage of the low rates and rising housing market.   If you experienced a bankruptcy or foreclosure or short sale, be aware of the new rules of lending.   Borrowers today have 5 options in obtaining financing to purchase a home. The majority of mortgages are funded by: Fannie Mae           2. Freddie Mac             3. FHA                  4. VA   If you are looking to purchase and need financing, chances [...]

How Rising Interest Rates affect Borrowers and Affordability

  Average mortgage rates jumped from 3.5% in April to 4.125% in July on 30-year fixed rate conventional loans, an increase of .625%. Due to increase in rates, home buyers have lost around 7.5% in purchasing power in just the past four months. HOW RISING INTEREST RATES AFFECT BORROWERS AND AFFORDABILITY Mortgage rates increasing, effects purchase power more than increasing home prices. Chart shows the “impact of rising rates on buyer purchasing power or affordability”. Notice, when rates increase by just 1%,  buyer loses 10% in purchasing power or affordability. Example, notice the payment at 3.5% rate on a $400k loan, is about the [...]

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