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Author Archives: theloanguy
Termite Reports Commonly Obtained When Homes Are Sold
We’ve all seen those big canvas circus tents over homes with “for sale” signs in their front yards. Wood Destroying Pests and Organisms Inspection Reports are commonly obtained when a home is being sold. Repairs are almost always recommended to … Continue reading
Low Down-Payment Buyers Need Mortgage Insurance
Prior to 1996, buyers with less than a 20% down-payment on a home purchase and homeowners refinancing with less than 20% equity would be stuck with paying mortgage insurance premiums. This payment is variously referred to as MI, PMI, and … Continue reading
Flood Zone Designation Affects Many Homes in California
When obtaining a home loan, the borrower and the property are subjected to scrutiny relative to meeting guidelines established by the lender. When the property securing the loan is located in a FEMA designated Flood Zone, most lenders require that … Continue reading
Insurance Coverage Requirements When Refinancing
When refinancing your home loan, the new lender must obtain an update to your homeowner’s insurance policy showing their name as the loss-payee. As part of the loan approval process, insurance agents are asked to provide evidence of an updated … Continue reading
3 Step Documentation Process for Home Loans
All home loans require documentation to help demonstrate the creditworthiness of the borrowers. At the beginning of the loan process, your home loan professional will ask you for all of your income, asset, property and any other type of relevent … Continue reading
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Paid Off Loans Can Come Back to Bite
Any time a home loan is paid off in full, the paid-off lender is supposed to prepare and record a “reconveyance deed” with the County Recorder acknowledging the full payment, releasing the obligation. In years past escrow and title companies … Continue reading
How Can I Beat The Tax Man?
Unbelievably, 44% of the net worth in the United States is tied up in real estate. If people think differently about their property, they can improve their financial circumstances, increase their income, and invest in their community through a charitable … Continue reading
How an Existing Line Of Credit Can Affect Refinancing
Many homeowners have a line of credit secured by their home as a 2nd mortgage. When deciding whether to refinance your 1st mortgage, you must decide what to do with the line of credit. Your options include (1) paying the … Continue reading
Help for Homeowners from the Feds
Most homeowners with home loans that exceed the value of their property are having a tough time dealing with declining interest rates and home values, since they are stuck with their original loans. Most of these loans have higher than … Continue reading
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WHEN CAN I LOCK-IN MY INTEREST RATE?
Prior to securing an interest rate-lock for your home loan there are a few simple steps. You will need to supply income documentation and authorize accessing your credit history. If you are buying a home, you will need to provide … Continue reading
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