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Reverse Mortgage Requirements Are Changing Many seniors have taken advantage of reverse mortgages in recent years. These unique mortgages allow seniors who are existing homeowners to tap into their home equity without taking on a mortgage payment. This can be a true benefit to seniors who are on a tight budget or who want to take advantage of their home equity without giving up ownership of their home. However, with new rules and requirements in place regarding reverse mortg...ages, the fact is that some of the benefits associated with reverse mortgages may be limited. In addition, some who may have qualified in the past may no longer qualify for a reverse mortgage. One of the major changes related to reverse mortgage programs is tied to merging the Saver and Standard programs together. This change is already in effect, and the result essentially means that borrowers may qualify for as much as 15 percent less in loan proceeds than with the Standard program than they previously would have qualified for. Additionally, this merger has resulted in some borrowers being charged higher fees. One reason for this change related to a drop in housing prices in recent years. Because borrowers are guaranteed to never be upside down in their reverse mortgage, some changes were necessary to compensate for declining home values. Another important change in reverse mortgages relates to how much money the borrowers can draw on their loan initially. At one time, borrowers were able to pull up to 100 percent of the loan proceeds out on the loan as soon as the loan closed. However, some borrowers were not using their proceeds wisely and wound up in a more dire financial situation after spending most or all of their loan proceeds very quickly. To prevent this from happening, a new regulation is now in place that limits the amount of funds that can be drawn from the loan to 60 percent within the first year after the loan closes. This is designed to prevent the borrower from going into default by not keeping up with property taxes and premiums on homeowners insurance. While there are some changes that have been implemented recently regarding reverse mortgages, it is important to note that many homeowners will still benefit from tapping into their home equity in this way. You can learn more about some of the different requirements in place for home equity loans and begin the loan application process when you contact me 619.565.0221

The Pros and Cons of Putting in More Than 20 Percent as a Down Payment on Your New Home. One of the most common questions home buyers ask today relates to how much money they need to put down on a home. There are mortgage requirements in place that establish minimum down payment requirements, and some home buyers will barely have enough to pay the minimum down payment as well as closing costs. However, if you have access to more money, you may be wondering if you should make ...a larger down payment. There are several points to consider to determine if making a larger down payment is right for your financial situation. Having Liquid Assets Available After Closing It is important to consider how much available cash you will have access to after closing if you do make a larger down payment. There are many costs associated with home ownership to think about, such as unexpected repair costs, paying a homeowners' insurance deductible if a mishap occurs and even furnishing your new home. Once your funds are invested in your home, you will only be able to tap into those funds by refinancing. You may consider placing extra cash into a more liquid asset if you do not have a lot of extra cash available to you. Qualifying for a Lower Interest Rate Depending on your loan program, you may be able to qualify for a lower interest rate if you place more money down with your new mortgage. This is not always the case, so you will want to review this option with your mortgage representative. Keep in mind that interest will impact your mortgage payment as well as the amount of your mortgage interest tax deduction at the end of the year. Having a Lower Mortgage Payment When you obtain a lower loan amount with your mortgage, your mortgage payment will be lower. This can make your budget more affordable going forward. Because a mortgage payment is generally one of the higher expenses in a budget, the importance of this cannot be understated. An alternative to this is to establish the loan on a shorter term. Using a shorter term option generally makes your payments higher, but with a larger down payment, it may be easier for you to manage a shorter term length and to pay your mortgage off more quickly. Using Funds for Other Purposes You should also consider other ways that you could use your additional funds. For example, you may have high interest rates debts that you could pay off, or you may be able to invest the additional funds in the stock market. For some, tying funds up in a home is practical, but it is not always the best option available. There is no catch-all answer regarding how much money you should use as a down payment. Each situation is unique, and you should speak with me to discuss the pros and cons of a larger down payment with your specific loan application. 619.565.0221

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How Often Should I Refinance the Mortgage on My House? Refinancing a home mortgage can provide you with an incredible range of benefits. These include everything from reducing your mortgage term and lowering your payments to helping you more effectively build equity or pulling equity out to use for beneficial purposes. One common question that many homeowners ask is how often a mortgage should be refinanced. While there are benefits associated with mortgage refinancing, there... are also some points to consider before you rush into the process. Think About Refinancing Costs First, remember that each mortgage application will come with refinancing costs. These costs can equate to thousands of dollars in some cases, and they include title fees, lender fees, appraisal fees and more. While these costs can typically be rolled into your home mortgage so that you pay very little money out of pocket, these costs will increase the amount of debt that is tied to your home. When you refinance too often, you are negating the effects of principal reduction from your mortgage payments. Consider the Impact On Home Equity Some who refinance will choose a straight rate and term refinance, and they will not pull equity out of their home. Others, however, have the desire to tap into their home equity to pay off other debts, to fix up the house, to take a vacation or for other purposes. When you tap into your home equity, you may be having a negative impact on your financial situation, depending on how you use the funds. Pay Attention To Your Final Loan Payoff Date Before you make a decision to refinance your home mortgage, you also should focus on your loan payoff date. Many have the goal in mind of paying off their home mortgage before they retire, and this is especially true if you plan to live in the home after retirement. On the other hand, you may have plans to sell the home and downsize before retiring. Your refinance will adjust your loan payoff date, so this is an important factor to weigh into your decision making process. You may know people who refinance every year, and you may know others who have owned their home for a decade or longer without ever having refinanced. Each homeowner has a unique financial situation. You can speak with me to learn more about the specific benefits associated with a refinance loan, and you may also keep these points in mind to assist with your final decision. 619.565.0221

Suffering from Credit Problems? Understanding Mortgage Lenders and How They Assess Your CreditOne of the most significant factors a mortgage lender will review when you apply for a new mortgage loan is your credit history and rating. While some people have stellar credit, others have a troubled credit history with lower scores. If you fall into the latter scenario, you may be wondering how lenders will assess your credit situation when you apply for a mortgage in the near fut...ure. Reviewing Your Credit Scores Initially, lenders will review your credit report to determine your credit scores. Your scores will have a direct impact on the interest rate that you qualify for or if you qualify for a loan at all. There are prime mortgages for good credit borrowers and sub-prime mortgages for those with a blemished credit rating. If your scores are too low, however, you may not qualify for a mortgage. A mortgage representative can tell you more about their credit rating thresholds and the terms that you may qualify for. High Debt Balances Your mortgage lender will dig deeper into your credit report after an initial review of your credit rating. Your debt balances will be reviewed to determine your debt-to-income ratio. Provided your debt-to-income ratio and your credit rating are in line with requirements, high debt balances may not be an issue. Essentially, the lender will determine if you are able to make your payments on time as scheduled or if your debt balances appear to be burdensome. Even if your debt balances are high, you may be approved for a loan if you can afford to make the payments. Difficulty Making Timely Payments Your mortgage lender will also review the number of late payments on your credit report as well as the dates for those late payments. When late payments are clustered together, this may indicate a temporary rough patch rather than an on-going issue with making payments on time. However, if you have multiple payments that have been late over the course of the last year or two, this may indicate that you are not creditworthy as a loan applicant. A credit report can tell a lender many things about you. While it superficially can tell a lender more about your outstanding debts, it also delves into previous financial issues and your overall responsibility with managing debt. If you have suffered from credit problems in the past, you may consider reaching out to a mortgage professional for more insight on how a lender will assess your credit situation. Ph. 619.565.0221

NAR President Chris Polychron recently outlined four reasons why the FHA's new policies are good for consumers. Watch the video: http://bit.ly/1CQLTjA

Mortgage interest rates are touching the lowest they've EVER BEEN once more. If you want to lower your payment, knock years off your current loan and/or need cash out please message me and we'll run the numbers for you.

NOW OFFERING PRIVATE MONEY LOANS AT 8% ANNUAL INTEREST RATE UP TO 80% LTV

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Linda Paz Santiago Orvananos Michael Romero Gibran Acosta Jerome Morlet Jacques Rojo Morlet Laura Reyes Banuet Nissim Sasson

Rates Are Up Today - May 29th, 2013, Why ??? - Rates rose at their quickest pace yesterday than they have in the last 48 months. It was not a great day for mortgage rates. Rates are nearly one half percent higher in rate and almost 1.5 points higher in fee, than just 15 days ago. Wednesday’s bond market has opened in positive territory with stocks showing early losses. The Dow is currently down 83 points while the Nasdaq has lost 15 points. The bond market is currently up 7/3...2, but this is not enough of an improvement to erase losses from afternoon trading yesterday. Despite the positive open, we will still likely see an increase of .125 - .250 of a discount point in this morning’s mortgage rates if comparing to Tuesday’s morning pricing. Even with this morning’s gains, the yield on the benchmark 10-year Treasury Note currently stands at 2.14%. That is a long way from the 1.63% we were at on May 2nd. Unfortunately, I don’t see it moving back down to that level anytime in the near future. See more

Disappointing employment data this morning as Initial Jobless Claims surged 25,000 to 429,000, completely unexpected. It was disappointing to see the recent pop to 404,000, and expectations were for a small dip to 395,000. Bond prices jumped on the news pushing interest rates lower. As the day wears on, however, the bond market is slipping causing mortgages to give back half of the days gains.

http://money.cnn.com//econo/fed-qe2-announcement/index.htm

LOW, LOW, MORTGAGE RATES TODAY, STARTING AT 4.25% 30 YEAR FIX UP TO $417,000

Amazing Rates Today, 4.375% Conforming 30 year fix, anyone???

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