When renters desire to become home buyers, they quickly learn once in the mortgage process that their single rent payment will morph into "PITI" or "principal, interest, taxes and insurance," or a "total monthly housing payment." So, yes, there are additional monthly expenses to consider when you become an owner. Historically, ownership has bestowed tax benefit on the buyer and that's been an offset to the higher cost of ownership and because of this, the "rent vs. own" calculation has been used to more fairly compare the cost of putting a roof over one's head. Rent may be simpler, … (2 comments)
Whether or not you believe that the United States presently has a "border crisis," I'm sure most of us take comfort in the fact that our country can rely on its reservists to step in where and when needed and lend additional support to our nation's active military. And it's not too much unlike this in the lending industry when a borrower seeks to obtain some kinds of mortgages --- especially jumbo loans, which have amounts that exceeds the conforming loan limits in any area.
The active military of any loan qualification, in our example above, would be the … (7 comments)
You might have been lured into reading this blog post under the false assumption that I'd be discussing the controversial subject of financing cannabis-related businesses and property. Well, you can let that notion go up in smoke. Instead, we're going to talk about the ways you can get a great jumbo mortgage in California if your debt-to-income ratio (also known as "DTI") is higher than Jeff Spicoli at 4:20pm. OK, dude, not really, but we are going to address the ways you can get a decent home loan with a very competitive rate … (1 comments)
If you are self-employed and attempt to get a mortgage, you know it's tough to get a fair shake. It seems like lenders never give the self employed the benefit of the doubt. But what if you could have just ONE great year, instead of two, and then qualify for the loan you need?
With baseball season upon us, I thought it would be fun to look back to the illustrious "steroid era" of the late 1990's and early 2000's to show us exactly how we can "juice" your application and take advantage of some of the totally legal programs … (0 comments)
Stated income. No other phrase in the realm of home lending evokes as many good and bad memories, does it? For some --- mostly loan originators who wore an ethical stripe of a different color --- the days of the liar loans are fondly remembered as "the boom years." So too by their customers, suspecting or otherwise. Though in that case the "boom" signaled the implosion of their financial houses, often along with the four walls they inhabited.
But we're not going down that memory lane again today and we're definitely not talking about some no doc … (20 comments)
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)
What Is an Escrow Account?
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