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…
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[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…
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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…
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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…
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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…
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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…
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Fed, Lies and Mortgage Rates
There have been a string of striking turnabouts by Fed officials in recent months that have whipsawed mortgage backed securities (MBS) markets. Who Said What and the Impact on Mortgage Rates May 22, 2013 - Federal Reserve Chairman Ben Bernanke answered Congress's questions about when the central bank might begin to slow down its monetary stimulus program, “If we see continued improvement and we have confidence that that is going to be sustained, then we could in the next few meetings we could take a step down in our pace of purchases, he…
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Government Shutdown Will Delay Loan Closings
Its finally here, not that anyone was wishing for it. A flurry of moves by the House, Senate and White House late Monday night failed to break a budget standoff over President Obama's health care law, setting in motion the first government shutdown in nearly two decades. The shutdown means that 800,000 federal workers will be furloughed and more than a million others will be asked to work without pay. It will also have direct impact on the time it takes to close a mortgage loan. As you may be aware all loans…
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Home Warranty: Learning the Basics
Why you need Home Warranty? For many new owners, this is a great way to gain peace of mind about problems that they used to call the landlord to fix; ones that often aren't covered under their homeowner's insurance. But make sure you read your contract carefully to see what is covered, and the company offering the warranty will fix the water heater when it breaks on a wintry Saturday midnight. Two Types of Coverage: New Homes and Pre-Owned Pre-Owned Home Warranties: - This covers normal wear and tear but not major pre-existing…
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Home Owner’s Insurance: Why you should and need to get one
Most lenders will require that you have homeowners insurance in place before the closing. This is also be called hazard insurance because it covers natural disasters like fire and storms, and theft. Why do you need insurance for a house? The lender won't fund the loan on a property that isn't insured, and the lender will often require certain types of insurance and at a specific financial level (usually at least the amount of cost of replacement) to make sure they won't lose their money in the event of a disaster. Depending on…
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