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 [...]

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 [...]

When Should I Lock in a Mortgage Rate?

When is the right time to lock in a mortgage rate? This is an open-ended question. I've had people ask me when the best time is to lock in their rate even the best time of day or the day of the week. But the best time to lock in a mortgage is usually when the unexpected happens. Any unforeseen shifts in the market are some of the best times to lock in a mortgage. You want to lock it in when it is the lowest that you can go for that time period. It's kind of like trying to [...]

Tips for Single Women Home Buyers

This is or should not be an uncommon occurrence, but I do have a lot of women that come to me wondering if they really can buy a house by themselves. Of course! No one says you must own property with another person. But, you DO need to be able to afford it on your own, and that's where I come in. Single women are more than twice as likely to purchase a home than single men, according to the National Association of Realtors. They made up 16% of homebuyers in 2016. If you're planning on buying a home this year [...]

Getting a Mortgage in 2017? Here's What You Should Know

Getting a Mortgage in 2017? Here’s What You Should Know

Trying to find accurate news and information these days seems like a wild goose chase. You never know who to believe anymore and if you hear something you have to check the source and then crosscheck it with other reputable sources. It really becomes a frustrating battle to find out what's real and what you can count on. As a professional in the mortgage and finance industry, it is my job, duty, and passion to give you the correct information 100% of the time. I want to give you the news as it's happening, changes that you might be expected [...]

How to Buy a House After a Foreclosure or Short Sale

I have a lot of people ask me similar questions about buying a house after a foreclosure or short sale. However, it's important to note that just because the waiting period is over doesn't necessarily mean you will automatically be approved. Credit scores, history, debt to income ratio and other factors will always play a part in your eligibility for a home loan. One of the best ways to ensure that you will be eligible after suffering a short sale or foreclosure is to continue improving your credit. You'll want to manage and maintain existing credit, pay all of your bills [...]

How Renters Can Come Up with a Down Payment

How Renters Can Come Up With a Down Payment

Oh, that darn down payment. The reason a lot of people simply cannot buy a house. That down payment is a huge amount to save up for a put down on a house and unfortunately is one of the main reasons many people do not move from renting to buy. Embedded from MGIC Connects But, there are a lot of other options when it comes to coming up with a down payment. Yes, you do need a little bit of money in order to make a down payment on a home, but this is simply smarter financial management. If you have [...]

How Long Will a Bankruptcy or Foreclosure Keep Me From Buying a Home?

This is a common question for many potential homebuyers: how long will a bankruptcy keep them from buying a home or how long after a foreclosure can a borrower apply for a home loan? Both of these situations are very unique and different in and of themselves. A bankruptcy is usually due to some catastrophic event as is a foreclosure, however, many bankruptcies do not entail losing a home should you already be a homeowner. A foreclosure, however, means that there is been no communication between a homeowner and the lender and they have simply stopped paying. This could be [...]

How Much Home Can You Afford?

How much home can you afford? Find out your best affordability with a home loan in Orange County, CA! Maybe you're wondering if you can afford a home in Orange County?  The conforming loan limit is 625,500. While there is no calculator to absolutely determine your affordability, you can take a peek below on the criteria that your home loan will require! Gather your information on: Your name Current address Estimated annual household income Estimated monthly household debt expenses Residential history Personal assets (bank account statements, real estate holdings, stocks, etc.) Employment and income history Personal debt Take a look at your gross monthly income. Your mortgage payment can generally be a maximum of 28 [...]

5 Mortgage Advice Tips for First-Time Orange County Homebuyers

If you are a first- time home buyer, the process of getting a mortgage for a property can be daunting. It’s really important if you are a buyer in Orange County, to work with a specialist to gather mortgage advice, before you enter a purchase contract/ mortgage agreement. In this latest article, Jackie Barikhan of Right Choice Mortgage, a trusted specialist, offers 5 mortgage advice tips for first-time buyers. Set a Budget – Look at all expenses Creating a set budget helps you understand a housing payment that is affordable given your current income and savings levels. Your budgeting process [...]

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