I’ve been involved in credit and lending since 1968, and at one point I even taught an 8th-grade class on financial and credit management. Over the years, one thing has remained constant: maintaining strong credit is essential for long-term financial … Read the rest
The Refinance Process: What Homeowners Need to Know
Refinancing a mortgage can lower your monthly payment, shorten your loan term, or help you access cash for improvements and other needs. But before a lender can approve a refinance, there is a clear workflow every loan officer follows. Understanding … Read the rest
Mortgage Loan turn downs – sometimes nobody knows why
More than 35 years ago I was working on a refinance cash-out mortgage loan for a friend. The loan was only for $50,000 and the credit was excellent (no credit score in those days), The debt ratio was 28/32 (we
Having Income is Required for a Reverse Mortgage Loan
If you’re considering a reverse mortgage in California, it’s important to understand the “hidden income test” — the financial assessment lenders use to ensure you can sustain your home long-term. While reverse mortgages don’t require monthly payments, borrowers must still … Read the rest
Buyers: Get Ready to Buy
I tell those who ask about buying in San Jose that now is not the time to buy; but, get ready. It seems like this economic misery has been with us forever but it has only been a short while … Read the rest
When is it a good time to buy ? California
A customer sent me an email asking when is it a good time to buy. Instead of re-writing the contents here is the email I sent to him.
I will have a funny answer. The answer is always “Buy Now”
… Read the rest
How is the Interest Rate Determined ?
Well, for an individual buyer the rate is determined by a lot of factors: primary home or investment home, loan size, Loan to Value, credit score, credit history, debt ratio, type of income, job history, job stability, w-2 or 1099 … Read the rest
The Wall Street Journal today has a front page article Fed Hikes Don’t Go Far Enough For Some Investors.
The Wall Street Journal today has a front page article Fed Hikes Don’t Go Far Enough For Some Investors. In the article there is a quote from an analyst “When you’re looking at where deals are pricing, it is simply … Read the rest