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ByAnngelli Abenes
Posted on
This article analyzes the advantages and disadvantages of buying versus renting in California. The state has some of the highest real estate values nationwide and a similarly high cost of living. Expenses across the board—including taxes, real estate costs, and rent—tend to be higher in California than in other states. On the positive side, workers in…
ByAnngelli Abenes
Posted on
When applying for a mortgage loan, homebuyers must present verified assets for home loan to the lender. Verified assets include the following: Checking accounts Savings accounts IRAs 401(k) accounts Keogh plans Investment accounts All assets must be properly sourced and verified to count towards a home loan. Cash is not recognized as verified funds in…
ByAlex Carlucci
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This guide covers comparison of mortgage rates on purchase and refinance loans. Mortgage rates have been steadily going up to all time highs for home buyers shopping for a home loan or homeowners thinking of refinancing their current home loans. Mortgage rates have been steadily increasing and are at the highest rates since the 1980’s….
ByAnngelli Abenes
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This guide covers home inspection before proceeding with the mortgage process. A home inspection is an inspection of a home purchased by home buyers where they hire an independent home inspector to go over the subject property with a fine toothcomb. Lenders do not require home inspections. It is voluntary for the buyers to have…
ByGustan Cho
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In this blog, we will discuss and cover using FHA loans for self-employed borrowers on a home purchase. Using FHA Loans For Self-Employed Borrowers on a home purchase is very popular because of the high debt to income ratio caps. FHA loans allow up to a maximum of a 46.9% front end and 56.9% back…
ByGustan Cho
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Many homebuyers have substantial value on their 401k. They can use up to 60% of the value of their 401k for their down payment and/or closing costs on their home purchase. The amount used from their 401k is not used for their debt to income ratio calculations.
ByGustan Cho
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This guide covers housing demand strong despite highest mortgage rates and surging inflation numbers. Home sales throughout the United States remain strong due to a combination of factors. Rumors of higher mortgage rates in the second half of 2021 have not slowed down demand for homes. The reduction of the FHA annual mortgage insurance premium has…
ByBrent Norkus
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Brent Norkus, an insurance agent for Goosehead Insurance covers property homeowners insurance in this extensive guide. Property homeowners insurance is mandatory on all homes that are mortgaged with lenders. Lenders require homeowners insurance in the event the property gets damaged due to fire or other hazards. The home is the lender’s collateral and needs to…
ByRonda Butts
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In this guide, we will cover how rent-to-own homes work for homebuyers who cannot quite get traditional financing. When you want to buy a home, the usual process involves applying for a mortgage to finance the purchase. This is a whole different process, where you will have to be approved to get the funds, and…
ByAlaina Phillips
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There is no sign of any housing market crash, especially in Florida. Home prices are booming with no signs of any correction.
ByGustan Cho
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This blog will discuss how mortgage underwriters calculate property taxes on new construction homes. Property taxes on new construction homes can often affect the homebuyer’s debt-to-income ratio due to being estimated versus an exact number. The exact property taxes on new construction homes are not known until a few years after the development has been…
ByGustan Cho
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This article will discuss buying home near railroad tracks and its negative impact on appreciation and resale value. No doubt buying home near railroad tracks has a lower market price compared to a comparable home. During a booming housing market, when there is a shortage of homes, some homebuyers may only have the choice of…
ByPeter Arcuri
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This article will cover HUD DACA mortgage guidelines on FHA loans for DREAMERS. Gustan Cho Associates have some good news surrounding FHA mortgage lending. The Federal Housing Administration (FHA) has recently added “dreamers” to the list of acceptable borrowers for all FHA mortgage products. This is a big step. This news means roughly 640,000 people…
ByGustan Cho
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This guide covers how qualified mortgages affect borrowers and lenders on residential loans. To avoid another 2008 financial crisis, Congress under the Dodd-Frank Wall Street Reform and Consumer Protection Act created qualified mortgages. Qualified mortgages are also referred to as QM. QM is a mortgage that needs to meet certain guidelines in order to protect…
ByMike Gracz
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Congrats on your new home purchase! We’ll guide you through the exciting process of Furnishing Your New Home Purchase Prior To Closing On Home Loan. From budgeting to creative tips, we’ll help you make your new home feel like home. Let’s discuss how to make the transition as smooth as possible. Furnishing Your New Home…
ByMike Gracz
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The practice of home builders steering lenders refers to the common industry practice of recommending or ” steering” homebuyers toward using a specific lender for their mortgage needs. This practice is often seen in real estate transactions where builders have established relationships with preferred lenders. The introduction of preferred lenders by builders raises questions about…
ByRonda Butts
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This guide covers the benefit of buying a house in California versus other states. California reached record home prices Despite the historic high rate and soaring inflation in June 2023. California has the nation’s highest home prices. California is also one of the highest-taxed in the nation. The California real estate market is one of…
ByDustin Dumestre
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This guide covers upfront costs for mortgage loans prior to closing. What would you do as a borrower if a lender asked for upfront costs for mortgage loans? The mortgage process is time-consuming and involves a lot of work for both the lender and the loan applicant. The borrower must complete a 4-page mortgage loan…
ByAlex Carlucci
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This blog will cover how to build wealth by owning versus renting a home. We will show you how quickly you can become wealthy by owning a home versus renting. If you’ve been an adult long enough to live through several recessions, then you might question the very headline of this content. The Great Recession,…
ByGustan Cho
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This article covers the lawsuit question on a mortgage application and what to do if you’re in a lawsuit during mortgage process. There are no issues if you are a lawsuit plaintiff during the mortgage process. However, borrowers can have issues getting a loan approval if they are defendants in a lawsuit during mortgage process….
ByGustan Cho
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This guide covers EPM Empowered down payment assistance mortgage programs. There are several types of down payment assistance mortgage programs for homebuyers. We have some very exciting news at Gustan Cho Associates. The team at Gustan Cho Associates offers two different types of down payment assistance mortgage program: Forgivable and non-forgivable DPAs. We offer the…
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