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I’ve never bought a home before and I don’t know if I can afford one.  
Are there lenders out there that can help me?

Yes, especially in California.  California Housing Finance Agency (CalHFA) has been
providing financing and lending programs for first-time homebuyers for over 30 years.  
They offer low interest rate first mortgage programs and a variety of down payment
assistance programs to eligible first-time homebuyers.  Contact us for more information
on these great programs.

I want to buy a home but I have little money for a down payment.
What are my options?

The Federal Housing Administration or FHA enables qualified individuals to buy their
home with as little as a 3% down payment.  This loan also allows the money needed to
close to be a gift from a relative, non-profit organization, or government agency.  The
loan is funded by a lending institution, such as a mortgage company or bank and the
loan is insured by HUD.  Contact us for more information on FHA financing and to see if
you qualify.

I plan on buying a home but I don’t know if I’ll own it for more than 3
or 4 years.  What type of loan is right for me?

ARMs have generally offered a lower initial interest rate, are easier to qualify for and
have the ability to fix the rate for the first 3 or 5 year period.  With a traditional 30-year
fixed-rate mortgage rates have tended to be higher and a borrower is paying mostly
interest in the first phase of the loan.  These two aspects of 30-year fixed rate
mortgages have made ARMs more suitable for a borrower who anticipates a move in
the near future.

HOWEVER, as we state in our Notice Regarding Market Conditions page, the mortgage
markets are changing daily.  The only way to answer this question accurately is to talk
to one of our mortgage specialists.  Contact us today.

My credit history is not that great.  What is that going to mean for me
when I apply for a loan?

Lenders use your credit score to determine your ability to qualify for a mortgage loan
and make the payments. The better the score, the better your chances are of getting a
loan and the better your terms will be.  There are no easy ways to improve your credit
score, but you can work to improve it and keep it acceptable by maintaining a good
credit history. This means paying your bills on time and not overextending yourself by
buying more than you can afford.

Everyone’s situation is different so the only real way of knowing how it will affect you is
to get pre-qualified.  Fill out our pre-qualification form today and get started.

I’ve already been pre-approved with a lender but I’m not sure I have
gotten the best deal.  What should I do?

Mortgage markets are changing daily.  See our Notice Regarding Market Conditions for
more information.  What was a good rate last week may not be the best rate this week.  
Talk to us today for the most up-to-date rates and market information.  We’ll compare
the pre-approval you have to all of our lending programs and let you know whether you
have a gotten the best deal possible in today’s market.

My 5/1 ARM is about to start adjusting?  Does it makes sense for me
to keep the loan in place or should I refinance it?

The answer to this question depends on several variables and your personal situation.  
First you’ll need to know the index and margin of your loan and when it will start
adjusting.  Second, you should find out the value of your home today.  We can help with
this.  Third, you’ll need to have an understanding of your current financial situation.

Once we have the answers to all of these questions we can help you determine whether
or not you should refinance your loan or keep it in place.  Start today by filling out our
refinance pre-qualification form.  Once you do we’ll get back to you with all of your
options.

I have been renting an apartment while waiting for the market to go
down.  Even though it has gone down I still don’t know if it makes
sense to buy a home rather than keep renting.  How can I determine
if I should buy?

Your house is not just a place to call home, it is also an investment. When you rent, you
write your monthly check and that money is gone forever. But when you own your home,
you can often deduct the cost of your loan interest from your federal income taxes and
usually from your state taxes. You can also deduct the property taxes you pay as a
homeowner. Lastly, the value of your home may go up over the years.

This calculator will show you the benefits of homeownership in today’s market.  Give it a
try and then contact us to get started buying a home.

I want to buy a “fixer-upper.”  Will a lender loan me the money to buy
and fix up my home?

Yes and they’re often called home renovation loans.  Unlike first mortgages with a home
equity loan to fund renovations, the amount of money you are permitted to borrow with
a home renovation loan is based on the home's value after improvements are made.
This type of loan gives you the funds to purchase a home and renovate it, all in a single
loan.   Contact us today to get started renovating your “fixer-upper.”
Real World Financing Situations
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