One of the top questions I hear from clients is, “How much house can I afford right now based on my salary?” Usually, they tell me what they make and want to know how much house they can afford based on that criteria. But salary is only one part of the equation. To figure out […]
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, […]
First, primary residence and principal residence mean the same thing. So when we talk about mortgages, primary residence and principal residence are interchangeable terms. What is a Primary Residence? In short, a primary residence is the main location where a person lives. It could be a home, condo, apartment, or even a boat. The main defining criteria are simple: […]
When you’re ready to buy a home, you can lower your interest rate by buying mortgage points. If getting the lowest interest rate is your primary goal, then choosing to buy mortgage points or “discount” points can make a lot of sense. But paying mortgage points at closing isn’t always the best financial decision when […]
If you’re having trouble getting a condotel loan or financing a luxury condominium, you’re not alone. Many property owners and investors are looking to diversify their portfolios while rates are still low. But conventional guideline restrictions on condotels and non-warrantable condos have made it a little more challenging to apply and get approved. Well-qualified borrowers […]
Does your employer offer restricted stock units as part of your compensation package? Recently, a client asked if they could use restricted stock units as qualifying income to apply for a home loan. It’s becoming more common for big tech companies like Amazon and Google and large corporations to offer company stock to their employees. […]
Buying a fixer-upper can be a fast way to get into a great home that is selling below market value and build home equity fast. But buying a home that needs a lot of repairs and remodeling can also be a money pit with whole lot of stress. If you want to dive into a […]
Renting vs. Buying a Home in 2021 No matter where you live, this past year brought a lot of uncertainty. Now with 2021 underway the housing market is shifting again. Deciding to rent or buy a new home in 2021 comes with a whole new set of questions this time around. Deciding Whether to Rent […]
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 […]
If you’re thinking about buying your next home then you’ve probably heard about getting pre-qualified or pre-approved for your home loan. Whether this is your first home or you haven’t purchased a new home for a while, the home-buying process can still feel overwhelming. Let’s face it, going to open houses is a lot more […]
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