Blog

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 →

30 Year Fixed vs. 15 Year Fixed – Which One Makes More Sense?

If you are planning to get a purchase or refinance loan in California, this post will help you decide between a 30 Year Fixed and a 15 year Fixed mortgage. Benefits of a 15 Year Fixed Mortgage Huge savings in interest cost: The biggest benefit of a 15 year fixed loan is the amount of interest you save. If you were thinking of getting a home purchase loan in California, today's average rates are around 4.375% on a 30 year fixed and 3.375% on a 15 year fixed for high balance conforming loan…continue reading →

[Infographic] The Ultimate Guide To Home Insurance

Home insurance is a $70 billion industry. According to a recent report, 95 percent of homes in the U.S. are insured. There are a number of benefits associated with home insurance. For homeowners, having a home insurance policy means being able to recover from financial blows that often arise as a result of natural disaster home damage, theft, accidental fires, and other unexpected home-related crises. Finding the right home insurance is an important part of being a homeowner. To help you make the right decision, we put together an ultimate guide to home…continue reading →

10 Myths About California Reverse Mortgages Busted

Below are common myths that are important for you to be aware of as you investigate the benefits of Reverse Mortgage in California or rest of the country. Myth 1: I've heard I won't qualify for a reverse mortgage because of my limited income. Fact: False. Most traditional mortgages require income qualifications and a monthly mortgage payment; however, the HECM (Home Equity Conversion Mortgage) reverse mortgage generally does not use income as a factor and it pays you. Many seniors who don't qualify for traditional financing are eligible for a reverse mortgage. Myth…continue reading →

Mortgage Rates Trend Lower – Opens Short Window For Refinancing

Mortgage rates for California and rest of the country continue to trend lower. Its at a point where a 30 Year-Fixed rate under 4% can again be a reality. Last week mortgage backed securities (MBS) improved 95 basis points. Whenever MBS prices go up, mortgage rates go down. Weaker than expected Employment data caused a large increase in MBS prices again this morning. Against a consensus forecast of 180K, the economy added just 148K jobs in September. The Unemployment Rate unexpectedly dropped from 7.3% to 7.2%, the lowest level since November 2008. The…continue reading →

After The Shutdown, What’s In Store For Mortgage Rates?

The government shutdown has come to an end, but how does the House's last minute deal and the post-shutdown environment impact mortgage rates? With the debt ceiling stalemate in Washington resolved at least until February 7, 2014, rates could dip in the short term. In fact mortgage backed securities (MBS) climbed 95 basis points last week. When MBS goes up in price, mortgage rates go down. The week saw another .125% improvement in rates and brought the average 30 year fixed rate closer to 4%. Home builders stalled by the government shutdown will…continue reading →

Bay Area First Time Home Buyer Seminar At ICC, Milpitas, CA

If you are thinking of buying your first home in the Bay Area, you don't want to miss this free event. I am leading a panel discussion titled - "How to buy your first home in the Bay Area". The seminar is on October 27th, 2013 at 3:00 PM. The event is hosted by India Community Center, 525 Los Coches St, Milpitas. You do not need to be a member to attend. The panel will consist of a Mortgage Lender (Me), Real Estate Agent and a Financial Planner. The goal is to educate…continue reading →

Get Mortgage blog Delivered To You

res-mobile