Choice One Mortgage has Partnered with Quicken Loans!

Bill LewisNews

When you’re looking to buy a home or refinance your existing home, there are times when you want the trusted, personal service right in your neighborhood, and there are other times when you want the speed and digital flexibility of something bigger. Now Choice One Mortgage gives you both! We’re excited to announced that we’re partnering with Quicken Loans® to … Read More

2019 Riverside County Conforming Loan Limit

Bill LewisMortgage Basics, Mortgage News

Loan Limits in California have gone up

2019 Riverside County Conforming Loan Limit   GREAT NEWS for residents of Riverside County, CA! The 2019 Riverside County Conforming Loan Limits is now $484,350 (up from $405,950 in 2018 and $379,500 in 2017).   2019 California Conforming Loan Limits Conforming loan limits have been increased for 2019. The Federal Housing Finance Agency (FHFA) announced the new loan limits on … Read More

Important Facts about Credit Reports and Credit Scores

Bill LewisMortgage Basics

credit scores

So now that I know my Credit Score, what does it mean? When evaluating a borrower for a mortgage loan, we look at all three credit bureaus (Experian, Transunion and Equifax). We call it a “Tri-Merge” report. The underwriter will use your middle credit score when evaluating your file for approval. For example, if you have a 720 score with … Read More

Credit Re-Establishment Periods for Mortgages

Bill LewisMortgage Basics, Mortgage Guidelines

Short Sales

Required Credit Re-Establishment Periods for Mortgages after derogatory credit: Short Sales (Deed in Lieu of Foreclosure) Loan Type Waiting Period Conventional (Fannie Mae, Freddie Mac) 4 years FHA 3 Yrs from Sale Exception: No Wait – If No Lates Prior to Short Sale & no lates on installment debts for prior 12 months VA 2 years from sale if borrower … Read More

Understanding APR or Annual Percentage Rate

Bill LewisInterest Rates, Mortgage Basics

apr

One of the most important terms you’ll come across when shopping for a mortgage is APR, or annual percentage rate. But what exactly does it mean? Simply put, APR is a way of indicating the real cost of a mortgage, expressed as an interest rate. While the regular interest rate is the first thing most people look at when pricing … Read More