If you really want to buy a home in San Diego you really can!!! 

Those loans we all saw in the first decade of this century are gone.  They were based on custom unreliable underwriting guidelines and practices that  were designed to put people in homes; the problem was it was done with loans they could not afford. 

The good news is we are back to the old guidelines that followed good lending practices. 

The best news is the historic loans like VA and FHA and community programs are still there for those who can afford them and want to buy a home.  Therefore the veteran can still buy with no money down, the FHA loans with 3.5% down and lesser credit requirements, and the cash to new loans are still there.

Can you lower your interest rate and payments or not?  Refinance?   If you are able to keep your home even though your mortgage is higher than the current value this article in the San Diego Union may help.  To help you with those payments we offer one more thought.  When you have more than one mortgage you may want to refinance the first mortgage to bring down your interest rate and payment.  Your ability to do that is based on the loan to value ratio for that loan by itself.  Most important at this time is to consult with your loan professional to determine your options.

SHOULD I, CAN I REFI

With the right credit scores and other numbers, refinancing themortgage can be a wisemove

LILY LEUNG • U-T
Dan Fox and his wife, Mildred, have refinanced their mortgage not ...Article Continued →

This is an interesting read.  I believe that the latest changes to lending are going to make it easier for and more likely that, consumers will compare. 

Kenneth R. Harney

More home buyers should put faith in good-faith estimate

What if the federal government spent years designing a tool to help consumers shop intelligently for mortgages — comparing lenders’ rates, terms and total settlement costs — but consumers ignored it or didn’t use it?

No need to speculate here; it appears to have happened. A new survey of 1,000 American consumers suggests that the ‘good-faith estimate” (GFE) disclosures that all home buyers and refinancers receive at loan application to facilitate shopping are not getting the job done.

Federally mandated good-faith estimates spell out the lender’s charges, all anticipated fees for title insurance, escrow and settlement services, plus other key costs. The mo...Article Continued →

Mortgage loans are vital to the purchase of most real estate.

Residential loans are based mainly on the credit history and income of the buyer.

You and the bank must know your income and expenses, and that you can be counted on to repay the loan amount. This is subject to or modified by the terms of the loan you are borrowing. The recent and ongoing lending crisis taught us all how important this simple concept is. A fixed rate mortgage is the most conservative and the best in most circumstances. For the best loans banks require 20% down, strict credit history, and confirmation of earnings.

Commercial and investment loans are based mainly on the sustainable income and expenses related to the property being purchased.

When you buy, the verifiable income of the property is represented by leases which are seasoned with rate ter...Article Continued →