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

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

Joint Tenancy vs. Community Property

Bill LewisProperty Ownership

joint tenancy

Most California married couples own their homes as “joint tenants,”  because they want the surviving spouse to own the entire home, without any formal court proceeding to confirm the transfer. Unfortunately, owning property as “joint tenants” can seriously affect the taxation of any subsequent sale of the property after the death of one spouse.  This is because the U.S. Internal … 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

Homeownership Information

Bill LewisProperty Ownership

homeownership

Links to information related to home ownership and mortgages. Topics include “What is Title Insurance and Why do I need it?”, “Ways to hold title to a property”, “Property taxes and Proposition 8”, “Homestead Declaration” and 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