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

Closing Costs when buying a home

Bill LewisMortgage Basics, Property Ownership

La Quinta Refinancing

One of the first questions most homebuyers ask is “What are the closing costs?”   It’s an important discussion, because buyer’s are often stretched to come up with more than just a down payment.  Certain fees are automatically assigned to either the buyer or the seller and other costs are either negotiable or dictated by local custom.  Here’s what you … Read More

Understanding No-Cost Mortgages

Bill LewisMortgage Basics

mortgage points

Is it really possible to get a mortgage and pay no points or closing costs?  Yes and no . . . The reality is, you won’t pay any closing costs up front – but you will pay for them over time. In a no-cost mortgage, lenders charge a higher interest rate to compensate for the fact they’re not collecting any … Read More

Should I Impound my Taxes and Insurance?

Bill LewisMortgage Basics, Mortgage Strategies

impounds

Is it better to impound my property taxes and homeowners insurance into my monthly mortgage payment? Many of our clients prefer to have their taxes and insurance impounded in their monthly loan payment (the lender adds 1/12 of your property tax and homeowners insurance bills to the normal payment, sets them aside in an escrow account and then pays the … Read More

What is an FHA Streamline Refinance?

Bill LewisFHA Loans, Mortgage Basics

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