Homebuyers, do you finance now or wait for Fed to drop rates?
Can you make homeownership more affordable by waiting out an interest rate drop? Plenty of borrowers are sitting on the sidelines waiting for home prices to flatten or drop further in ZIP codes already...
View ArticleHomebuyers will spend at least $1,500 before escrow closes
Homebuyers, you will have to spend roughly $1,500 or more, upfront, just to learn if the escrow on the home you are attempting to buy and its finances are going to close. Is there any way to protect...
View ArticleHow to shop for a mortgage loan originator
Last week’s column explored finding a buyers’ agent and negotiating commissions.Today’s features tips on mortgage shopping. Mortgage shopping can be a complicated and time-consuming process. Here’s...
View ArticleHow to find a buyers’ real estate agent and negotiate the commission
Last week we explored escrow and title insurance pricing. Today’s tips are on finding your best buyers’ real estate agent and negotiating the commission. Starting with the buyers’ realty agent, if you...
View ArticleHow to avoid overpaying for escrow and title insurance
If you want to make your home purchase just a little more affordable, focus on the transaction costs. You may not be able to do much about the home price because you and the seller must come to a...
View ArticleMortgage applications explode as interest rates drop
The biggest news is not that the Fed cut short-term rates by one-quarter percent earlier this week with more to come, but that mortgage applications exploded, increasing nearly 30% compared with one...
View ArticleTiming your refinance: Should you wait for Fed rate cuts?
This week the Freddie Mac 30-year fixed interest rate averaged 6.35%. Sam Khater, Freddie Mac’s chief economist, noted the 15 basis point-drop from last week was the largest weekly drop in a year....
View ArticleHow 4 exotic mortgages can help unconventional borrowers
If you want the cheapest mortgage rate, you must meet certain underwriting standards from mortgage giants Fannie Mae or Freddie Mac. For example, you must prove your stable income with W2s, tax returns...
View ArticleOwn 2 homes? What is and what is not mortgage fraud
Federal Reserve Governor Lisa Cook stands accused by the Trump administration of mortgage occupancy fraud, claiming two owner-occupied properties in 2021. U.S. Sen. Adam Schiff is being accused by the...
View ArticleCalifornia’s tappable home equity slips in second quarter
California’s tappable home equity eased in the second quarter as several key markets saw softening appreciation, according to data from Intercontinental Exchange. The Golden State held $3.229 trillion...
View Article30-year fixed rate mortgage drops to 5.99% for California buyers
A well-qualified borrower in California can lock down a 30-year fixed rate mortgage at 5.99% with 1-point cost. It was July 2024 — 13 months ago — when the rate was this low. That’s also for a loan up...
View ArticleBarrage of mortgage lenders in your mailbox coming to an end under new law
You shop around for a home loan or a home equity line-of-credit. You apply. Your mortgage loan originator asks and receives your permission to run credit reports. Almost immediately after that credit...
View ArticleEconomists, experts say status quo for mortgage rates, home prices
It’s been 10 months — October 17, 2024 — since the Freddie Mac’s 30-year mortgage rate dropped below 6.5%. It’s been 37 months since rates dipped below the 6% mark. This week the Freddie rate landed at...
View ArticleHow gig workers can qualify for Fannie Mae loans
Time and again, potential homeowners tell me, “I can’t qualify for a mortgage.” Let us not confuse “qualifying” with affordability in high priced Southern California. Some folks can qualify for a shoe...
View ArticleFannie Mae, Freddie Mac adding a dose of competition to FICO credit scoring
Exactly 30 years ago, Fannie Mae and Freddie Mac adopted credit reports and their scores from FICO as a basis for mortgage credit decisions (approval or denial) and risk-based loan pricing. That FICO...
View ArticleHow the Big Beautiful Bill offers tax relief for homeowners in Southern...
The One Big Beautiful Bill Act or OBBBA brings certain tax benefits if you are a residential property owner or buyer. Let us count the ways. First and foremost, the 2017 Tax Cuts and Jobs Act...
View ArticleHow bridge financing alleviates need for contingency offers in home sale
It’s a sign of the times when America’s largest lender, Rocket Mortgage, starts offering bridge financing, a somewhat complicated niche loan product. Why now? Well, the housing market is on ice with...
View ArticleHome equity contracts offer no monthly payments, no interest in exchange for...
Today, I’m going to share with you the story of two clients, a married couple, who, back in 2020, were in desperate need of cash to cover some credit card debt and assist their children with financial...
View ArticleSouthern California homeowners have $1.645 trillion of tappable equity
U.S. homeowners, some 48 million of them, are sitting on a record $17.6 trillion in total home equity and $11.5 trillion in tappable equity, according to Intercontinental Exchange. Tappable equity...
View ArticleTips to boost, protect credit scores and get a lower mortgage rate
Boosting your FICO credit score as a pathway to a lower mortgage payment is easier than you might think. Hopefully, the tips in this column will help you. First, a brief explanation of a FICO credit...
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