Mortgage Rates Spike On Janet Yellen’s Testimony

After trending lower for most part of 2014, mortgage rates have started edging up. Janet Yellen's first testimony to the Congress as the new Fed Chairperson was the trigger behind the mortgage backed securities (MBS) rout. When MBS go down in price, mortgage rates go up. Yellen made it clear that she would continue the policies seen from Bernanke. She provided an upbeat assessment of the economy and said that recent weak data and turmoil in emerging markets did not change the economic outlook. Her comments suggested that the Fed will continue scaling…continue reading →

6 Silicon Valley Schools Rank In The Top 25 High Schools In the Country

There is a reason why Silicon Valley is one of the hottest real estate markets in the country. Home to top tech companies, coolest start-ups, thriving job market, and 300 days of sunshine each year - its not hard to think why! But there is one other reason too - top schools. Silicon Valley boasts of some of the best schools in the country, proven yet again when 6 Silicon Valley High Schools ranked in the top 25 in the country. Take a look at the top Silicon Valley high schools: Ranked #2…continue reading →

7 Reasons Why You Should Refinance Now, Even If You Think You Can’t

If your rates are below the current market rate and you thought you couldn't refinance - think again. There are several reasons to refinance. In some cases, even if you get rates higher than your current rates you could still end up saving a ton of cash. Stay with me and you will find out how. Below are 7 reasons why you should refinance. Whatever your current situation is, chances are you can find at least one reason for your benefit. Move to a Shorter Term: I wrote a blog post sometime back…continue reading →

[Infographic] How To Spot The Best Rental Market

Unlike the real lottery, hitting the rental property jackpot requires experience, knowledge, and skill. You need to know exactly what to look for and where to look for it. Without both of these factors you can easily find yourself buying a rental property sinkhole. We've put together a collection of facts and tips to help you avoid the pre-mentioned rental property disaster. Below you'll find stats on some of the most popular markets, do's and don't s for purchasing rental properties and tips on how to successfully navigate the purchasing process.continue reading →

Qualifying for a Mortgage On EAD and H1B, L or O Work Visas in 2021

If you are a non-permanent resident on a valid work permit like H1B, L1A, L1B or O Visa or an Employment Authorization Document (EAD), you need to be aware of few mortgage guidelines to qualify for Conventional or FHA loan. The following base qualification is required: 2 years of employment history in the US (In some cases employment history in a foreign country may be combined, especially if working for the same organization) 2 years of credit history in the US (In some cases, a foreign credit history may be combined, especially from…continue reading →

Mortgage Pre Approval Process to Get the Pre Approval Letter

Whether you are a first-time home buyer, looking to buy a second home or an investment property, the first step is to understand the mortgage pre approval process so that you can get a pre approval letter. What is a pre-approval? The mortgage pre-approval process is where a lender reviews your income, employment, credit, and assets. After reviewing the credit qualifications, the lender will issue a pre-approval letter mentioning how much home loan you might qualify for. Why should I get pre-approved? There are several reasons: You will know how much loan you…continue reading →

2014 FHA Loan Limits For All California Counties

FHA recently announced the 2014 loan limits for all counties in California and rest of the country. In a significant move, the FHA maximum loan limits for 1-unit properties have been reduced from the current $729,750 to $625,500. California will see the biggest impact of this reduction, more so San Francisco Bay Area counties like Santa Clara, Alameda, San Mateo, Santa Cruz, Contra Costa and San Francisco. Get a live rate quote for an FHA Loan Below are the 2014 FHA loan limits for all counties of California. Blank cell 1 Unit 2…continue reading →

4 Things That Will Make Home Financing More Difficult in 2014

If you thought lending environment in 2013 was tough, think again. 2014 promises to get worse. Whether you are buying a new home or refinancing your current one, getting a mortgage will be stricter and more expensive. Lets take a look at top 4 changes taking place in 2014 that promises to make life more difficult for you: Qualified Mortgage (QM) Rule - Qualified Mortgage (QM) rule, also called Ability To Repay rule is part of implementing the Dodd-Frank act. QM rule implemented by Consumer Financial Protection Bureau (CFPB), is the first ever…continue reading →

12 Ways to Secure a Down Payment for Your Mortgage

If you are a first time home buyer in California (or anywhere else in the country) one of the biggest challenges could be to accumulate the necessary down payment. I have put together the most comprehensive list of possible down payment sources. Below are listed 12 different ways to secure a down payment for your home purchase. You can use one or a combination of many. 1. Savings/Checking Account - Two most recent bank statements, may be used to verify savings and checking accounts. If there is a large increase in an account,…continue reading →

2014 Conforming (Conventional) Loan Limits For California Counties

The Federal Housing Finance Agency (FHFA) recently announced the 2014 Conforming (Conventional) loan limits for all counties in California. This applies to conforming and high balance (also called Conforming Jumbo or Agency Jumbo) mortgages sold to Fannie Mae or Freddie Mac in 2014. Loan limits remain the same as 2013 with following base loan limits: One Unit - $417,000 Two Units - $533,850 Three Units - $645,300 Four Units - $801,950 Get a Live Rate Quote for a California Mortgage Some high cost counties will have the loan limits as high as $625,500…continue reading →