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selecting a mortgage: California's Answer for the Sub-prime Lending Melt down. - 12/16/07 03:19 PM
Most first-time buyers are now faced with a higher credit score requirement and tighter standards after the sub-prime market went through its shakeup.  For many, that has created an additional challenge above and beyond the high cost of housing in California.  The answer to this is a very much overlooked first-time home-buyer program that solves this problem for many entry-level buyers with low FICO scores.  The CALHFA (California Housing Finance Agency) program is sponsored by the state of California and has many features not available anymore through sub-prime lending.
To start, the program allows for 100% financing with only a 620 fico … (0 comments)

selecting a mortgage: Could Sub-Prime Lending in California Turn Deadly? - 12/16/07 03:16 PM
In the last seven years sub-prime lending has become very popular in southern California.  With the high cost of housing in California was a temporary fix for many home buyers have a more affordable house payment.  This group of loans was made very attractive by offering options such as interest-only payments, lower initial start rates, and 100% financing.  For many consumers qualifying was not as tricky as a Fannie Mae product allowing the borrower to just state their income compared to the Fannie Mae conventional loan which requires full documentation providing pay-stubs hands W-2s. 
                                                
The downside to these loan products … (0 comments)

selecting a mortgage: Don't Risk Overpaying for Your Mortgage- Know Thy Lender - 12/15/07 04:50 PM
In today's real estate market of high-priced housing, finding the lowest rates for a mortgage becomes a priority for many consumers.  With 80% of the home buying public going online to start the search for homes, rate shopping online is now becoming very popular.  In most cases once you identify the real state agent you'd like to work with, they will also recommend a loan officer to pre-qualify you and offer their rates.
            Generally speaking the rate quotes that you get online may be lower than what you receive from your referred loan broker or a tried and true brick-and-mortar bank.  … (0 comments)

selecting a mortgage: Get the best price on a mortgage - Improving your credit score the easy way - 12/15/07 04:48 PM
Your FICO score is the most important determining factor in saving money when you buy a home.  The FICO score you have will determine the loan-to-value ratio or percentage of the purchase price you may borrow.  The interest rate you pay on the life of the loan is dictated by your score; in other words, the impact can translate to hundreds of dollars a month more that you will pay on your mortgage.  The FICO score is an automated system designed to evaluate your payment history, derogatory marks (late payments, delinquencies, etc.), active accounts, types of credit used, and the percentage … (0 comments)

selecting a mortgage: Adjustable Rate Mortgages - Should You Be Concerned? - 12/15/07 04:46 PM
You may have read about many homeowners who are facing large payment increases from the initial payment structure of their loan.  Payments which in many cases may be beyond their reach, you might ask, "What went wrong?"  In order to have affordable payments entry-level buyers may have selected an adjustable-rate mortgage with a two or three year fixed term.  This short-term adjustable-rate does not allow enough time for the property to appreciate in today's sluggish real estate market.  The smarter choice would have been an adjustable-rate mortgage with a term of five to 10 years.  However, not to all adjustable-rate loans … (0 comments)

selecting a mortgage: Buying Your First Home and Sleeping Well at Night. - 12/15/07 04:39 PM
The real estate process of buying a home for the typical family can be a very stressful event, almost at the top of the charts.  The selection of a professional agent can be a tremendous benefit as a counselor and guide to navigate you through the process with as little stress as possible.  The average home buyer spends very little time interviewing and investigating agents for the role as their agent.
  
The first part of the home buying process for many is the desire to look at homes and not the careful selection of a real estate agent.  This can be a … (1 comments)

 

James Dedolph - HomeSniffer.com

San Diego, CA

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