credit: How to Buy a House When You Have Bad Credit
- 01/18/23 07:54 AM
How to Buy a House When You Have Bad Credit
It can be a real jungle out there if you're trying to buy a home and get a mortgage, especially when you have bad credit. But if you've got an appetite for instruction, I'm going to show you the ways you can overcome the stress, intimidation and fear of the failure and succeed with the purchase of a home --- even if your credit scores and credit history are down and dirty.
In just the time it takes to listen to your favorite tune, let's learn how to rock buying a home when … (9 comments)
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credit: How to Rock Adding a Co-Signer on a Mortgage!!!
- 08/25/22 08:17 AM
How to Rock Adding a Co-Signer on a Mortgage!!!
When your fantasy of owning a home meets the reality of qualifying mortgage, it can sometimes mean that you'll need a little help. And in more than a few of those cases, the most elegant solution can be a co-signer, technically known as a "non-occupant co-borrower" within the mortgage industry.
So, who makes a good co-signer and who's just "bad company?" Let's learn how co-signers can impact, both good and bad, the three most critical elements of any loan approval; income, assets and credit.
I won't deny it,
Rob Spinosa
SVP of Mortgage Lending
Guaranteed Rate
NMLS: 22343
Cell/Text: 415-367-5959
rob.spinosa@rate.com
Marin … (10 comments)
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credit: How to Rock a Mortgage Application Without Hurting Your FICO Score
- 03/24/22 07:48 AM
How to Rock a Mortgage Application Without Hurting Your FICO Score
"What's your rate?"
"How much will I qualify for?"
"Are you a banker or a broker or a lender?"
Nope, nope and nope. None of these are the #1 question we get before a prospective borrower makes an application for a pre-approval. So what is the most asked question?
"Will making a mortgage application hurt my FICO score?"
Yep, that's it. That's the one that keeps some otherwise strong and qualifiable buyers on the sidelines and paralyzed by the irrational fear that simply by having a lender make a hard credit inquiry, and access their Equifax, … (6 comments)
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credit: HELOC or Cash Out Refinance?
- 02/03/22 07:52 AM
HELOC or Cash Out Refinance?
As a teenager in the '80's, our dilemmas were a little simpler --- should I stay or should I go? --- for instance. But today's homeowner faces some additional complexities, especially when it comes to deciding the best way to finance a home renovation or other large purchase.
Using the equity in one's home has always been an enticing way to cost-effectively confront large-ticket expenses, but what's the best way to convert that equity into cash? Should you get a home equity line of credit (a "HELOC") or should you do a cash-out refinance? We get this question … (5 comments)
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credit: What Are Credit Tradelines?
- 09/27/20 09:12 AM
What Are Credit Tradelines?
I think I've made it clear before that I find no shame in talking about how hard we work for our clients. My assistant, Jamie, and I see a good number of mortgage applications come across our desks every week and in 2019 and 2020, a high percentage of them have been for jumbo home loans, which means that our borrowers must demonstrate strong credit depth by way of an adequate number of tradelines on their credit report. Gone are the days when one could just have a decent FICO score in order to cross credit concerns off of the loan approval list.
When … (12 comments)
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credit: How Long Does It Take to Get Pre-Approved?
- 07/05/20 08:16 AM
How Long Does It Take to Get Pre-Approved?
Many real estate markets in California move fast, but it's been this way for years. When a hot property hits, perhaps there's a showing on Sunday (more on that in a bit, and in the context of COVID-19) and then offers are due on Tuesday, with some buyers scrambling to make a pre-emptive offer, if possible.
This reality can run counter to some buyers' inclinations to get their mortgage financing in order by dipping one toe in the water at a time. It's not uncommon for us to get a call that starts something like this: "My partner … (5 comments)
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credit: Can I Get a Cosigner for a Jumbo Mortgage?
- 09/12/18 07:35 AM
Can I Get a Cosigner for a Jumbo Mortgage?
Parents have been helping their kids buy homes since, I'd guess, kids have been buying homes, but in today's lending environment, it's important that both borrowers and real estate professionals avail themselves of the most current options, advantages and guidelines. After all, knowledge is power and there are really only two main approaches, gift funds and co-signing, that come into widespread use when we talk about introducing family help into the mortgage approval process.
Gift Funds
Borrowers of all stripes use gift funds and do so far more often than the general public would estimate. But on … (12 comments)
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credit: Jumbo Mortgage with an H-4 Visa
- 04/15/18 08:07 PM
Jumbo Mortgage with an H-4 Visa
"I pledge my head to clearer thinking,
my heart to greater loyalty,
my hands to larger service,
and my health to better living,
for my club, my community,
my country and my world."
Hold on a second! That's the pledge for 4-H Club, Rob, and you're supposed to be discussing the H-4 visa here. You've got it backwards. Ah yes....sorry about that.
The H-4 visa. This is a visa issued by the U.S. Citizenship and Immigration Services (USCIS) to immediate family members of H-1B visa holders. These individuals are not US citizens or permanent resident aliens (green card holders) but "non-permanent resident aliens." Make … (3 comments)
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credit: Work Visa. Go Buy a Home With It.
- 08/14/16 09:19 AM
Work Visa. Go Buy a Home With It.
One of the many benefits of living and working in California’s San Francisco Bay Area (which includes the nine counties of San Francisco, Marin, Sonoma, Napa, Alameda, Contra Costa, San Mateo, Santa Clara and Solano) is that we have a very vibrant employment environment. Indeed, the cutting edge high-tech, biotech, finance and other industries here attract the world’s best and brightest. But what happens when these same employees, who may not yet be US citizens or even permanent resident aliens (“green card”
holders), seek to purchase a home? Can a non-permanent resident alien --- someone … (5 comments)
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credit: Back to the Future - Prepaid Interest Explained
- 08/03/15 12:19 AM
Back to the Future - Prepaid Interest Explained
It doesn't take a time traveler to appreciate the fact some folks are just inherently going to have a problem with paying today for something that won't come due until tomorrow. Especially when that something is perhaps ill-explained and/or part of a complex real estate transaction. Even with the rollout of the CFPB's new disclosure forms, the Loan Estimate (LE) and the Closing Disclosure (CD), consumers will likely still proffer some age-old questions about at least one component of a mortgage loan's cost structure. So let's hop in our DeLorean and venture to find out what … (9 comments)
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credit: Need a Jumbo Loan? Better Call in the Reserves
- 02/27/15 08:30 PM
Need a Jumbo Loan? Better Call in the Reserves
Here in the San Francisco Bay Area, and Marin County, where I'm located, we tend to see a lot of loan amounts that exceed the conforming and high balance conforming loan limits (respectively, $417,000 and $625,500, in most local metropolitan statistical areas). And I'll be honest with you --- this has less to do with stereotypes (hoodie-wearing 25-year olds snapping up funky, $2MM+ Victorians with their handsome stock payouts), and more to do with median home prices that tend to hover around the million dollar mark for the Average Joe. Whatever the combination … (3 comments)
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credit: Ferguson Is My Problem Too
- 08/22/14 09:31 AM
Ferguson Is My Problem Too
Warning: Reader discretion is advised.
This is not meant to be a commentary on race relations. It's not meant to be an analysis of who is right and who is wrong. But I am going to tip toe on some third rails here. Amid the turmoil, heavy with unresolved, centuries-old tensions, there is a lesson I take away from this. A silver lining in a sky of some very ominous clouds.
With Ferguson, MO, as the backdrop, I happened to catch an article about the stark economic inequalities between blacks and whites. To me, the most relevant is the … (43 comments)
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credit: Surviving the Short Sale Seasoning Status Shift
- 07/22/14 03:04 PM
Surviving the Short Sale Seasoning Status Shift
All alluring alliteration aside, I wanted to get serious (there I go again...) about the recent changes to the waiting periods that are required when a buyer attempts to re-enter the mortgage market. "How long do I have to wait after a short sale?" That's been a question that our industry has faced since the downturn. This blog post is going to focus specifically on jumbo loan amounts and RPM's time requirement for buying a home after a short sale.
Up until just recently (July, 2014), many of us in the industry had … (4 comments)
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credit: Your Credit May Be Good, But Is It Jumbo Good?
- 06/15/14 02:15 PM
Your Credit May Be Good, But Is It Jumbo Good?
"I have an 800 FICO so I know I'll qualify."
We, here at Guaranteed Rate, pride ourselves on being a great jumbo lender. Because of our geography and clientele in the San Francisco Bay Area, we encounter a lot of higher loan amounts. Our pricing is very competitive and we have 10+ investors who can cover the needs of just about every jumbo loan scenario that can realistically be done these days. Moreover, we retain control of the underwriting of the vast majority of them, so we can exercise "make sense" judgment and get … (18 comments)
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credit: Reviewing Offers? Boy, Am I Sorry for You!
- 07/27/13 09:51 AM
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credit: "Will Running My Credit Lower My Score?"
- 07/06/13 12:52 AM
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credit: Marin Mortgage Credit Certificate
- 04/13/12 04:25 AM
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credit: Do You Know Your IPC's?
- 01/13/12 05:28 AM
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credit: Weekend Availability + Can a Buyer Use a Cosigner?
- 11/18/11 06:14 AM
… (9 comments)
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credit: Mortgage Pre-Approval: How to Get Started
- 09/02/11 11:33 AM
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How to Buy a House When You Have Bad Credit
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