Month: May 2018

What to Look For In a Residential Rental Investment

Investing in real estate can be exciting and scary at the same time. While you might stand to make a decent profit, there is always the chance of serious loss too. Before you buy a home for rental purposes, consider what you should look for to make the most of your investment. WHAT’S ITS CONDITION? What are you looking for in a rental home? Are you the type to buy fixer-uppers, make them pretty and then rent them to others? Or would you prefer a home that is pretty much move-in ready, enabling you to secure renters right away? Get...

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What is Considered a Good Credit Score?

Your credit score can make or break your ability to get a loan. So what do lenders consider a ‘good credit score?’ It can vary by lender, but on average, most lenders consider scores over 700 good. Of course, the higher your credit score the better off you’ll be. While rare, some people do have credit scores over 800, which is considered excellent. Compare Offers from Several Mortgage Lenders. HOW LENDERS USE YOUR CREDIT SCORE Your credit score determines many things when it comes to the lending decision. First, they determine your risk level. Lenders look at your score and determine...

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Can you Take Over Someone’s Mortgage if It’s Assumable?

Does taking over someone’s mortgage seem easier than getting your own mortgage? You might be in for a little surprise. Today, an assumable mortgage still requires approval, just like you would need if you took out your own mortgage. Looking for Current Mortgage Interest Rates? Click Here. There are benefits of assuming someone’s mortgage, though, especially if interest rates are higher now than the rate the seller has on their mortgage. Before you think you can assume a seller’s loan, though, you must learn the particulars. THE LOAN MUST BE ASSUMABLE First, not many loans are assumable. Conventional loans never had...

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Take Advantage of California First-Time Home Buyer Programs

Do you live in California and are trying to buy your first home? Did you know that there are California First-Time Home Buyer Programs available? These programs are run by CalHFA. You do not apply for the loan directly through CalHFA. Instead, you apply with a CalHFA approved lender. Compare Offers from Several Mortgage Lenders. Keep reading to learn the programs that are available. CALHFA CONVENTIONAL LOANS CalHFA has two conventional loan options, the CalHFA Conventional and the CalPLUS Conventional Program. Both are 30-year fixed interest rate loans meant for owner-occupied properties only. You can buy a home that...

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