What not to do when you are planning to buy a home!!!

So you want to bu a new home.  You have made the decision and you and your family really want to buy a new home.  We talk so much about what you should do, save money, watch your spending, get your credit in line, get pre-approved etc...

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But what should you NOT do?

*Make any large purchases.  Do not by a new car, toys like atv's.  Anything that will hit your credit and increase your DTI

*Charge up your credit cards.  Do not go out and by new furniture, charge a trip.  Let things ly.

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*Make large deposits into your accounts.  Any large deposits will need to be sourced.  Meaning you will have to prove where they came from.

* Have anyone give you large cash deposits.

*Make Late payments

*Mix business and personal account funds

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*Pay off or allow any collections.  Pay the collections through escrow.

* Quit, Retire or Change jobs.

* Get divorced

These are just a few things that I have seen that effect loan files in the past.



 Keith Woeste

 

Home Loan Consultant

 

American Financial Network

 

330 Tres Pinos Rd.,Ste F3

 

Hollister, CA 95023

 

"Making Clients Family for Life"

 

 

 

PH.831-801-8667

 

FX. 831-665-5260

 

NMLS#292588

 

To complete and secure online application go to http://www.hollistermortgage.com

 

http://www.onlinemortgage-lenders.com/

 

http://www.repairmy-fico.com/

 

http://www.hollistermortgage.com/

 

http://www.mortgages4california.com/
 

20 Whats of Home Mortgage

Here is 15, 16 and 17 of the Whats of Home Mortgage


15. What is a Discount point? - It is an amount paid to the lender, bank or investor to lower your interest rate.

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16. What is an Origination point? – It is an amount paid to the person that is doing the loan for you, the “mortgage originator”.

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17. What is a point? - A point is 1% of you loan amount. So if your loan amount is $200,000, a point is $2000. A loan amount of $500,000 a point is $5000.


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For more information call me any time..

Keith Woeste


Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

Home mortgage information

Her is the number 12 and 13 of thee 20 whats of home mortgage.

12. What are impounds or escrows? - It is when the property taxes and home owners insurance are included in your payment. This is required by FHA, USDA and VA. For conventional loans you will have a slightly higher interest rate if you do not have impounds.

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13. What is mortgage insurance? – It is an insurance that you will mortgage. It is an insurance policy for the lender. Should you default that policy will pay off the loan to the lender. It will not pay you payment! FHA, USDA and conventional loans under 80% loan to value (LTV) require mortgage insurance.

FREE credit evaluations here


Keith Woeste


Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

To complete and secure online application go to http://www.hollistermortgage.com


http://www.repairmy-fico.com/

http://www.hollistermortgage.com/

http://www.mortgages4california.com

The 20 Whats of Home Loans and Mortgage #11, 12, 13

11. What is a mortgage payment made up of? - Many times you will hear PITI. So what is PITI? It stands for principle (which is the money paying off the loan), Interest (the rent you are paying for borrowing the money), Taxes (property taxes) and Insurance (homeowners insurance).

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12. What are impounds or escrows? - It is when the property taxes and home owners insurance are included in your payment. This is required by FHA, USDA and VA. For conventional loans you will have a slightly higher interest rate if you do not have impounds.

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13. What is mortgage insurance? – It is an insurance that you will mortgage. It is an insurance policy for the lender. Should you default that policy will pay off the loan to the lender. It will not pay you payment! FHA, USDA and conventional loans under 80% loan to value (LTV) require mortgage insurance.

For FREE credit evaaluation and mortgage evaluation contact me.


Keith Woeste

Home Loan Consultant

American Financial Network

330 Tres Pinos Rd.,Ste F3

Hollister, CA 95023

"Making Clients Family for Life"



PH.831-801-8667

FX. 831-665-5260

NMLS#292588

To complete and secure online application go to http://www.hollistermortgage.com

The Cost of FHA Home Loans going up?

So is the cost of buying a home going up?  The answer to a lot of home buyers is YES. 

FHA has announced that they will increasing the Up Front Mortgage Insurance Premium (UFMIP) by.75% and the annual by .10%.   As of April 1st  2012, the new UFMIP will 1.75% and the annual will go up to .65%

What is a FHA mortgage?  A FHA home loan is a loan that is backed by the Federal Housing Administration.  It provides for low donw payment home loans.  Through FHA you can buy a home with 3.5%  down payment and a FICO score down to 640 and in some cases 620 in California.  FHA also allows for higher DTI's,  non-occupying co-borrowers, gifts for down payments. 

 FOR FREE PRE-QUALIFICATION GO TO HERE

So what do this increase mean to you.  #1 It will not mean more money directly out of your pocket.  Why?  Your UFMIP can be financed into your loan.  But it will mean that you will have a higher loan amount and subsequently payment.  Also it will increase your payment with the increase in annual MI or monthly MI with the .10 increase.  

But will it decrease your buying power or how much you can buy??

 Click here to see if will effect your buying power

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For more information on California Home Loans and Mortgages

Call me at 831-801-8667

Keith Woeste
American Financial Network
NMLs 292588
Get a FREE home buying evaluation Here

http://www.mortgages4california.com/
http://www.hollistermortgage.com/