2019 Riverside County Conforming Loan Limit

2019 Riverside County Conforming Loan Limit

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

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

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

Tips for Mortgage Refinancing

refinancing

Follow these steps to better understand the process of mortgage refinancing and to set yourself up for the best possible outcome. Call CHOICE ONE today!

Understanding APR or Annual Percentage Rate

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

Should I Lock or Should I Wait?

Lock your rate

When buying a new home or refinancing, how will I know when to lock my mortgage rate? “Interest rates rise like a rocket and fall like a feather.”  This old axiom holds a lot of truth.  Generally speaking, rates tend to fall in a poor economy and rise in times of prosperity.  But more to the point, it takes a … Read More

Mortgage Rates

mortgage rates

All of our Mortgage Rates are offered at 0 point cost with minimal or no closing costs on most programs. Call us today for a FREE LOAN ANALYSIS. CALL (800) 224-999 for current rates Trends Here’s a look at the Freddie Mac Primary Mortgage Market Survey. Compare our rates to the National averages: [iframe http://www.freddiemac.com/pmms/pmmsthin.html 230 274] The chart below … Read More

What is an FHA Streamline Refinance?

Conforming Loan Limits

  The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. Homeowners with conventional mortgages via Fannie Mae or Freddie can’t use it. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages. The FHA Streamline Refinance program’s defining characteristic is that it does not require a home … Read More