If you are thinking about buying a home in Los Angeles or you are already a Los Angeles homeowner, there is a way for you to lower your monthly mortgage payments without going the refinance route. Lowering your monthly mortgage payments can be accomplished by recasting or re-amortizing your loan. What is recasting your loan? […]
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If you want to get an extra deduction on your Los Angeles real estate taxes, pay your January mortgage early. Your mortgage is paid in arrears, so your January payment covers your December interest. Since your interest is tax deductible, if you pay this in December, you can apply the interest paid to your 2010
Want an Extra Deduction for 2010 Los Angeles Real Estate Taxes? Read More »
When shopping for a mortgage avoid these mistakes: It is a temptation for those shopping for a mortgage to look for the lowest monthly payments, but that is not always the best tactic. 8 out of 10 homeowners are looking to refinance their mortgages now. Here are some of the mistakes made by mortgage seekers:
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If you have ever taken out an FHA loan it is possible HUD owes your a refund. HUD has been attempted to identify people owed a refund on an old FHA loan and you may qualify for one. Maybe there was money due from an impound account, but after close of escrow you moved and
HUD May Owe You a Refund on Your FHA Loan Read More »
Reverse mortgages now less costly. If you are 62 or older and interested in a reverse mortgage you now have more choices as upfront fees have come down substantially and some lenders are eliminating them totally and even offering to pay some of the mortgage insurance premium fees up front. A reverse mortgage allows homeowners
Reverse Mortgages Now Less Costly Read More »
This post is courtesy of Bill Ladewig, a mortgage broker who specializes in FHA, VA loans. Buyers should educate themselves on the revised Good Faith Estimate (GFE) due to come into effect in January. The revised GFE is another failed attempt to protect consumers, The problem is, consumers cannot be protected with forms because those
Good Faith Estimate – Buyer Beware Read More »
If you are a a member of the California Public Employees Retirement System, Legislators Retirement System, Judges Retirement System, or employee of a California school district, school or community College or a public employee the CalPERS and CalSTRS loans allow you to purchase a home with little money down and affordable rates and fees. CalPERS
Here are some points to take into account when considering a Reverse Mortgage. What is a reverse mortgage: A reverse mortgage is a loan given to seniors on the equity in their home. It can be in one lump sum or several payments. In a conventional loan, amortized payments are made to the lender on
Should I Take Out a Reverse Mortgage? Read More »
Strange as it may seem, the less you put down on a house, the lower your interest rates will be. However, this may not always be of benefit to the borrower. For example, in late August a borrower putting $80,000 on a $400,000 purchase, with a good credit score, around 720, would have qualified for
Smaller Down-payments May Result in Better Interest Rates – But Read More »
