el dorado hills mortgage: “No Closing Costs” Loan? Think Again. - 01/23/12 12:16 PM
“No Closing Costs” Loan?  Think Again.
I recently had two clients opt to use an online lender rather than me for their financing.  The reason?  They believed they were going to get a VERY low interest rate AND pay “no closing costs”.  That’s right.  Gonna buy a home with nothing more out of pocket than the down payment!
I explain to clients that, with extremely rare exceptions, the only way to avoid or minimize closing costs is through the lender credit associated with the interest rate.  The higher the rate, the higher the borrower’s credit for closing costs. 
Face it—the title … (5 comments)

el dorado hills mortgage: What It REALLY Costs to Get a Mortgage - 11/28/11 06:29 AM
What It REALLY Costs to Get a Mortgage
Recently, I have had a few clients be shocked at closing cost quotes I have given them.  On each, I went back and checked my numbers very carefully and, yes, the quotes were right!  The client just didn’t realize that there were many costs associated with a home purchase! 
No one wants any unpleasant surprises that involve money!  So, here is some information on closing costs to help you better prepare for a home purchase.
In addition to a down payment, home buyers should anticipate these possible costs:
Home Inspection
An inspector will … (3 comments)

el dorado hills mortgage: Understanding a Mortgage Payment - 10/13/11 04:33 PM
Understanding a Mortgage Payment
As you go thorough the Folsom mortgage process, you’ll hear a series of terms and acronyms related to your mortgage payment.  Let’s look at what they mean.
Your mortgage payment is generally due on the first of the month, and most lenders start assessing late fees on the 15th. It is extremely important not to make a mortgage payment late.
When you receive a mortgage bill, there will be a few numbers that add up to your total payment:
This is the portion that goes towards paying down your balance on your Folsom mortgage.
The interest … (4 comments)

el dorado hills mortgage: Every First-Time Home Buyer Needs a Team! - 10/12/11 07:03 PM
Every First-Time Home Buyer Needs a Team!
A Sacramento home purchase is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention. It's important that every Sacramento first-time home buyer have a team they can trust and that the individual players have the ability to effectively communicate and execute  important tasks together.
Real Estate Agent
A Realtor® is a licensed agent that belongs to the National Association of Realtors®, which means they are pledged to a strict Code of Ethics and Standards of Practice.

el dorado hills mortgage: Waiting to Buy a Home May Not $ave You Any $ - 02/05/11 04:47 PM
Waiting to Buy a Home May Not $ave You Any $
Are you holding off on buying Sacramento real estate because you believe that property prices will continue to drop?  Think the payment will be lower the longer you wait?
Let's look at an example.  While I can provide financing on homes throughout California, I am located in the Sacramento area and will use this area as my example.
Say you buy right now, getting a $200,000,t 4.75%, 30-year fixed, Sacramento mortgage.  Your monthly principal and interest payment would look like this:

Interest rates have been extremely low lately. Many industry experts, however, believe that the low rates we … (12 comments)

el dorado hills mortgage: How Much Down Payment Money Do I Need for a Mortgage? - 01/01/11 03:05 PM
How Much Down Payment Money Do I Need for a Mortgage?
As a Sacramento mortgage broker, I get asked this question a lot during the prequalification process.
First, what is a down payment?  It's a percentage of the purchase price which is paid at the time the home is purchased. 
Here is a helpful list of how much you can finance with each of these loan products: 
Veteran's Administration (VA) loans:  up to 100% financing* U. S. Department of Agriculture (USDA) loans: up to 100% financing* Specific rural areas; a list is also available Income restrictions on eligibility Federal Housing Administration (FHA) … (4 comments)

el dorado hills mortgage: 95% Conventional Financing Back for California! - 03/25/10 07:41 AM
Remember when you could get 95% Conventional financing in California?  Seems like a long time ago, doesn't it?
The reason it ended was because no private mortgage insurance companies would write MI above 90%.  This was one of the ways they chose to minimize their losses in The Golden State.
Unless a borrower qualified for USDA Rural or VA, they needed 10% down for Conventional financing.  Without the 10%, FHA remained the only loan option.
Now 95% LTV Conventional is back!  There is a minimum credit score requirement of 740 and the maximum loan amount is $417,000.  Only SFRs and detached … (0 comments)

el dorado hills mortgage: The Lowest Interest Rate Isn't Always the Best Deal - 10/21/09 04:17 AM
The Lowest Interest Rate Isn't Always the Best Deal

As a El Dorado Hills mortgage broker, I am sometimes asked by clients, “What is your rate?” Little do they know that I have scores of different rates offered by more than 50 lenders!  Interest rates are a very interesting subject to most people when financing a home.
Everybody seems to want the “best rate”. When I hear that, I sometimes ask, “What is more important to you a lower cost loan or a lower interest rate loan?” Many buyers are solely focused on interest rates without considering the closing … (0 comments)

el dorado hills mortgage: You Choose the Title and Escrow Provider for Your El Dorado Hills Mortgage - 10/13/09 05:22 PM
You Choose the Title and Escrow Provider for Your El Dorado Hills Mortgage
In 2009, the Governator signed AB 957, also called the “The Buyer’s Choice Act.”
With that signature, buyers of residential, 1-4 unit foreclosed properties in California could select their own title and escrow companies.  Previously, banks and their representatives required REO property buyers to use a particular title or escrow company.  Some even went so far as to not entertain offers from buyers who requested to use a different title and escrow company.  If you think this sounds unethical, unfair and detrimental to competition, you’re right!  The consumer … (6 comments)

el dorado hills mortgage: Is Your Client Being Ignored by Their Lender? - 05/15/09 10:18 AM
I have clients tell me that some of my competitors wouldn’t return their calls.  Some went so far as to take the client’s application but seemed to fall off the planet after that.  Heard similar stories from your buyers?
It doesn’t seem logical that someone wanting to make money wouldn’t respond to potential customers.  But often, making money is exactly the problem.  Some mortgage folks are in the business to make a quick commission on as many loans as they can.  If a customer is not quite ready to move forward, has a loan scenario that will be time-consuming to … (0 comments)

el dorado hills mortgage: You Really Don't Want that 3% Rate for Your El Dorado Hills Mortgage - 04/13/09 05:53 PM
You’ve probably heard the ads.  It’s often for one of the major banks and the commercials go something like this:  “30 year mortgage just 3%!”  A few of my customers have heard these ads and asked me to match the rate for their El Dorado Hills mortgage.  I could but I don’t.  Here’s why…
What the banks don’t advertise is that you can only get that screamin’ low rate if you are willing to pay “discount points”.  One discount point equals one per cent of the loan amount.  I saw a quote last week that included 2 ½ discount points … (0 comments)