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, divorce is a real thing and too often marriages end. […]
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 or financed a home here in the San Jose area. In other parts of the country where home […]
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 […]
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 paycheck 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 The funds are withdrawn before taxes are deducted from the pay.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 matching […]
The Federal Housing Administration (FHA) 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, […]
The Federal Funds rate, or Fed Funds, is the rate that banks can charge one another for overnight short term lending. 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 […]
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 […]
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. […]
Dad, can I borrow the car? Mom, can I borrow this dress? Hey, can I borrow $250,000 to buy my first home? 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 […]
Not only have home prices recovered from their lows over the past few years they’re hitting new record highs in some areas, making jumbo loans more common for many borrowers. This isn’t something to be concerned about. The housing bubble of the last decade was primarily created by toxic loan programs that would approve just […]
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