Couples don’t enter into a marriage expecting it to soon end. Quite the opposite in fact, when they get married they do so “until death do us part” and are so much in love they couldn’t imagine being separated much less getting a divorce. Unfortunately however divorce is a real thing and too often marriages […]
Does APR Really Matter?
The Annual Percentage Rate, or APR, is perhaps one of the most misunderstood numbers in the mortgage process. Even some loan officers can misinterpret that the APR is for and why it’s needed but in this article we’ll talk about how to use it. The APR was first introduced back in 1974 as part […]
Conforming, High Balance and Jumbo: What You Need to Know
If you’re in the mortgage business you automatically know what these terms mean. And they’re important but if you’re not in the business you might have a vague awareness of the terms, especially if you’ve recently bought a financed a home here in the San Jose area. In other parts of the country where home […]
The Big Jumbo Myth
Jumbo loans earned that moniker because the loan amounts are greater than what Fannie and Freddie currently allow. Each year Fannie Mae reviews the current housing market and prevailing median property values. If the property values are higher year-over-year, the conforming limit is adjusted upward accordingly. This analysis takes place each fall so if home […]
How to Use Your 401(k) or IRA to Help Buy a House
One of the employee benefits human resources departments put together is the 401(k) plan. Employees can elect to have the company withhold a certain amount each pay check and have those funds go toward a 401(k) savings account. The funds are withdrawn before taxes are deducted from the pay. The employer can also provide a […]
The FHA Loan: When It’s Perfect and When It’s Not
The Federal Housing Administration was created way back in 1934 as a way to help an economy still struggling to climb out of the Great Depression. Prior to the introduction of the program, many lower to middle income buyers could not afford to buy a home, not necessarily because they couldn’t afford the monthly payments, […]
Fed Raises Fed Funds Rate Yet Again
The Federal Reserve Board of Governors hold the Federal Open Market Committee meetings around once every six weeks. At these two-day affairs, economic policy is discussed from various perspectives but one in particular is the cost of funds. The Fed can raise, lower or keep the Federal Funds rate the same, depending upon its view […]
Appraisal Issues: Here’s What We Can Do
No matter what you think your home is currently worth or what you and the sellers agree to, it’s the appraiser who has the final say. On the standard loan application, when someone is refinancing an existing mortgage there is a section that essentially asks, “How much is your home worth?” and the applicant puts […]
Mortgage Loans: Guidelines for Qualifying After a Bankruptcy
When someone files for bankruptcy it’s typically due to some sort of catastrophic event or several events that occurred beyond the individual’s control. For example, a loss of a job or unemployment can cause someone to get into financial trouble. An extended illness is a contributor and so too is a death in the family. […]
Ways You Can Help Your Kids Buy Their First Home
Dad, can I borrow the car? Mom, can I borrow this dress? Hey, can I borrow $250,000? Parents are used to being asked for things by their kids from a very early age. When they’re young, the requests can be a bit benign. Yet as they get older, the things being sought after get a […]
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