loans
Goodbye Mortgage Insurance (Buyers Can Save Money!)
My preferred mortgage professional Elvin Wesley recently sent this information regarding mortgage insurance (MI) – this is good to know for all buyers or future buyers: Great news, buyers no longer must wait until they have 20% down to purchase a home and get a mortgage loan without Mortgage Insurance (MI)! If they meet the…
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B of A is Offering Up to $10K to Qualified Homebuyers
Bank of America announced a new program to help buyers purchase homes by offering up to $10,000 in closing costs to close a home loan. This assistance can be provided to qualified low to moderate income earners and multicultural homebuyers under B of A’s Neighborhood Solutions Program. The goal of the program is to provide…
Read MoreLoan Limit Rate Changes for 2018
There is some good news on the real estate horizon for borrowers – the Federal Housing Agency (FHA) recently announced that the maximum conforming loan limits will be increased for Fannie Mae and Freddie Mac mortgages in 2018. High balance/super conforming maximum loan amounts in San Diego County will be $649,750.00 for single unit properties.…
Read MoreFHA Annual Mortgage Insurance Premiums Reduced
By Elvin J. Wesley, President and Broker of Ranch and Coast Mortgage Group What a great way to start the week and 2017!!! Monday morning HUD announced that it had achieved the balance of its statutory operational goals and as a result of that it requires a reduction of the Annual MIP charged. This exciting…
Read MoreLenders are Messing Up Real Estate Sales!
I don’t know if it’s just bad luck, but I have been having MAJOR issues with lenders lately – messing up (and almost killing) escrows at the 11th hour. (I should say that these mistakes are not from MY preferred lenders, but from lenders whose clients are purchasing my listings). Here is what I know:…
Read MoreHome Financing Trends in California
Can Shorter Term Loans Save You Money?
Bank of America Issues Notice that May Affect Short Sales
Bank of America issued a notice recently to agents about the possibility of selling off loans in the middle of a short sale, which could drastically affect your short sale (and even cancel it last minute). It is very important that both homeowners and their agents understand what is happening, before listing a property for…
Read MoreA History of Interest Rates
Pre-Qualification vs. Preapproval: Do You Know the Difference?
Do you know the difference between a pre-qualification and a preapproval for a mortgage? Surprisingly, many buyers – and even many agents – do not. It is important to understand the difference before you prepare to search for a property. Pre-Qualification: When a buyer gets pre-qualified for a mortgage, it means that s/he has submitted…
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