Tag Archives: home loan information

Are You Leaving Money On The Table When Buying Your Home?

What can you do to save some cash on your home purchase?

As a home buyer, you know that your purchase will come with some out-of-pocket costs. Even if you’re taking advantage of a zero down loan, there are

Buying a home: Cash at closing

still associated costs before you can get into your home.

So what can you do to insure you’re not paying more than you have to in order to close escrow? Here are a few suggestions.

First and foremost, do your best to have the best credit score possible.

The better your credit, the better your chances of qualifying for a loan with a lower interest rate, which will save you a lot of money on your monthly mortgage payment, as well as the overall cost of your loan.

Shop for the best loan. read more

Will Interest Rates Rise In 2015?

Federal Reserve chair recently hinted that rates may rise sometime this year. What might that mean to the Santa Clarita real estate market?

With exception of a minor hiccup in hiring last month due to unseasonably cold weather in other parts of the country, our national economic federalreservecondition has seen much improvement since the dark days of the so-called “Great Recession” that reared its ugly head in 2008.

“But what does this have to do with mortgage interest rates?”, you may ask. 

Interestingly enough, it all ties in together. Banks and mortgage lenders borrow money from the Federal Reserve who sets a “wholesale” base borrowing rate for lending institutions. From there, consumers are charged a “retail” rate that is usually a few points above (Based on credit rating, etc.). read more

The Return Of The 3 Percent Down Mortgage Loan

Fannie Mae and Freddie Mac announce plans to re-introduce low down loans.

The real estate news just keeps getting better! From lower interest rates to loosened loan restrictions, there are great things happening for home buyers and sellers as we head toward the New loan programs for home buyersnew year.

The “Great Recession” had done a lot to change things in real estate, especially when it came to qualifying for a home loan. Standards had tightened in an attempt to correct mistakes made by practices such as “sub prime” and “stated income”, which had helped fuel issues that led to the near collapse of the industry a half decade ago. read more

Interest Rates Drop Back Below 4%….Again!

Home buyers should take this opportunity to leverage this incredible purchasing power.

It seems to have defied all expectations by major financial analysts who predicted that rates could jump as high as the mid 5% range by 2014. Amazing to see how those predictions Mortgage rates continue to dropturned out, as interest rates fell below 4% this week for the second time in a month.

So how did the analysts get it so wrong? If you remember, in early 2013 rates were down nearly to 3 and a half percent before taking a jump back as high as the mid 4’s by summer. This was a result on a selloff of mortgage-backed securities based on information from the Federal Reserve that they would consider reducing the monthly stimulus that had guaranteed mortgage stocks since November of 2008. The monthly stimulus added up to $85 billion. This practice is known as Quantitative Easing (QE). read more

New 15 Year Mortgage Is Offered To Buyers With Zero Down Payment

Wealth Building Home Loan program gives buyers an opportunity to pay off mortgage faster with less risk.

There are many home loan types available to home buyers. The most popular is the traditional 30 year fixed-rate mortgage. However, these loans, while usually offering some of the best Santa Clarita Real Estaterates to qualified buyers, require a down payment of 20%. There are other loan options with lower down payment qualifications. The ARM (Adjustable Rate Mortgage) is an option used by many who are looking to get into a home with a lower mortgage payment to start, but know that their interest rate (And loan payment) will eventually rise over time. read more

Santa Clarita Real Estate Shows Continued Growth In Equity

Home prices are still on the rise in the Santa Clarita Valley.What is your home's value?

It’s hard to believe that only a few years ago, home prices were dropping across the country, even in the Santa Clarita Valley. By the end of 2011, the median price of a single family home in the SCV had dropped to $340,000; down from a pricing zenith in April of 2006 when they temporarily topped out at $643,000. Now, that high price was predicated on shaky ground made up of sub-prime loans and market overspeculation, but even still, it stung a lot of homeowners to know they lost over $300,000 in equity during the “Great Recession.” read more

Real Estate Market Creating More Opportunities For Buyers

More inventory in Santa Clarita coupled with steady prices give buyers a Santa Clarita Home Buyersbetter shot at their dream home.

We can’t stress enough the positive aspects of home ownership. From adding to personal wealth, to tax benefits, to the satisfaction of knowing that the home you live in is yours, and not someone else’s, owning your own property is definitely a worthwhile venture.

While Santa Clarita home buyers had it a bit rough in 2013 due to a severe shortage of available houses for sale, we’re seeing a slight shift in the real estate market this year that is creating wonderful opportunities for buyers to find, and own, their dream home. read more

What is an APR, and Why Is It Different From An Interest Rate?

Understanding how your loan works can possibly save you money in the long run.

Good news! As of close of business on July 1st of this year, fixed-rate mortgage interest rested at 4.14%.interestrates

In other news, even with a perfect credit score, this will still not be the interest rate you’ll end up with for your home loan.

There are a lot of factors that go into determining how high (or low) mortgage interest rates will go. The buying and selling of Mortgage-Backed Securities make up a large part of the “cost of lending money.” The simple explanation behind Mortgage-Backed Securites (MBS) is that your loan may be sold by your lender, along with a group of other loans, to a securities broker who will bundle them and sell them on the open market to investors, who make their money either from trading, or by money brought in through payments and equity. read more

Mortgage Rates Continue To Fall

Mixed economic news gives strength to bond market, which in turn helps lower loan rates.

Mortgage rates have dropped to their lowest point in 2014, with conventional fixed rate loans dropping to 4.16% as of Friday, May 16th. This news flies in the face of Mortgage rates continue to droppredictions made late last year by some financial analysts who said rates would be over 5% this year.

What is driving these rates downward?

Stocks and bonds have a lot to do with interest rates as financial investors have been making significant moves toward the bond market in light of mixed news about economic recovery. Bonds, while granting potentially smaller yields than stocks, are a safer investment. A stronger bond market will almost always drive interest rates downward. read more

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