Category Archives: California home loan

What is a Lender Overlay, What Does This Mean?

    In the California home loan world you may come across the term “overlay”.  An overlay ia an additional rule that a lender applies to an already existing list of guidelines associated with a specific loan program. For example, Fannie Mae guidelines say it’s o.k. that applicants can payoff credit card debt to help […]

Gift Funds Have Rules for California Home Loans

  When qualifying for a California home loan gift funds and their rules are coming into play these days more often. A gift, when it comes to real estate lending is quite simple.  A gift is a sum of money that is given to a home loan applicant preferrabley by a blood relative, for the […]

Foreclosure And Short Sale Waiting Periods Before Buying A Home Again

Okay. The hurt is over.  You’ve moved on to a new home after losing your home to foreclosure or a shortsale.   But now your situation has improved and you’re now thinking about owning a home again in the future but how long will the credit world hold your traumatic event against you?  Well there’s several […]

Debt Consolidation Refinance Loan Lending Has Tightened

Debt consolidation refinance loans are commonplace in 2011.  Rolling in credit cards debt and obtaining home improvement funds are two of the most popular things homeowners include in a cash out refinance. The past 10-15 years people would routinely run up debt knowing that they have equity available to pay it all off if they wanted to.  When […]

California First Time Home Buyer Things To Know

I see home buyers go through a cycle of emotions when buying a home in and securing a California mortgage, but here’s some things a California first time homebuyer should know. It’s initially exciting to buy a home. Than it’s nervous time when qualifying for a California home loan. Than anxiety can happen due to […]

Shopping For A Mortgage Rate? New Rules Consumers Need To Know

Shopping for a mortgage rate, there are some new rules consumers need to know. In the past interest rate shopping conversations for a California home loan were 10 second conversations.  “What’s your lowest 30 year fixed rate?”  An order taker loan originator would check their rate sheet and answer and than the consumer would hang […]

Do I Choose My Loan or Does It Choose Me?

  You may ask yourself, do I choose my loan or does it choose me. Choosing which California home loan to use when purchasing a home can seem daunting regardless if you are California a first time homebuyer or a move-up buyer or a refinancer.  But with today’s market the loan almost chooses you.  That’s right, the […]

Loan Originators No Longer Able To Waive Fees As Of April 1 2011

As of April 1, 2011, the lender/loan originator compensation law kicks in. This is not good for consumers. We’ve all had those transactions where at the close of escrow the buyer is short closing costs or wants lender fees to be waived in order for the deal to close and usually the lender/originator obliges in […]

Fannie Mae Loan Costs Skyrocket. Is FHA A Cheaper Deal?

  The rumour has turned into reality as Fannie Mae has increased their fees for consumers to obtain a California home loan.  It boggles my mind as to why they would choose to do this now.  Our industry needs a shot in the arm and a instead they’ve given consumers a nasty flu bug that […]

Getting A California Real Estate Loan with 1/2 Percent Down Payment Has Arrived

  Actually this California mortgage has been available for several years but it just doesn’t get any press. The program is government backed and has been around since 2002 but only one lender has the authority to offer this California home loan which is why the general public isn’t familiar with it. The loan is called the […]