When you refinance a mortgage or buy a new home, the escrow process can take 30-60 days and an escrow account will often be required. Escrow accounts are created to protect both buyers and sellers in the homebuying process, along with mortgage lenders and real estate agents. In short, an escrow account is a temporary […]
How do I finance an investment property for the first time? Last week I offered a 5 step blueprint to help answer this question. Mortgage rates are still low and a lot of homeowners want to know the best way to access capital to expand their real estate portfolio. What’s more, new legislation in California […]
For many homeowners, saving money for a large down payment can take years. Add to that rising house prices and discouragement can set in, especially if house prices are rising faster than you can save. But you don’t need to put 20% down on a new home to get a good mortgage. In fact, putting […]
Mortgage rates are still low and a lot of homeowners are thinking about expanding their portfolio. If you have a good chunk of home equity right now, it’s a good time to think about investing in a second property. I’ve been fielding questions from clients recently: Is now a good time to purchase an investment […]
When you’re ready to buy a home or refinance a mortgage, an escrow account will inevitably be part of the mix. A purchase escrow account safely holds funds during every real estate transaction. A mortgage escrow account holds funds during the life of the mortgage to cover property taxes and insurance premiums. Escrow accounts protect buyers, sellers, agents, […]
Private mortgage insurance (PMI) is typically required for homeowners who put less than 20% down toward their home loan. In general, private mortgage insurance (PMI) is 0.5 – 1.5% of the total loan amount and is tacked onto the monthly mortgage payment. It can easily add a few hundred dollars to your mortgage payment every […]
Some of my clients are asking, should I refinance my jumbo mortgage now or wait? It might not be the right move for every homeowner but it could be a smart financial decision depending on your financial goals. Yes, mortgage rates are starting to rise. Mortgage interest rates are still low, but as mortgage rates […]
Refinancing your mortgage is nothing more than replacing an existing home loan with another. Why refinance? Most homeowners refinance their mortgage because rates have fallen below the interest rate on their current mortgage. Lowering Your Mortgage Rate Each week, Freddie Mac comes out with its weekly mortgage rate survey which reports an average rate culled […]
If you’re new to the world of investing in real estate, one term you may run into is the vacancy factor. As part of the approval process to buy a rental property, one of the early qualifying factors will be income. Rental income from the property might be able to be used to qualify for […]
What are Overlays? An Overlay is a mortgage industry term. In simple terms, overlays are additional qualifying requirements on top of the guidelines set by Fannie Mae and Freddie Mac, as well as FHA, VA and USDA. These guidelines are set forth for several reasons but one is to provide lenders with mortgage program stability. […]
Sign up to receive the latest from C2 Financial Home Loans
