Sunday, September 21, 2014
While Sacramento may not beat Orange and San Francisco on the list of the wealthiest counties in California anytime soon, it does have a good deal of wealthy neighborhoods that made it the 10th wealthiest county in the state in 2011. If you want to move into one of its affluent communities, you will need to fork out a little bit more to get a big property. To support your upcoming huge purchase, it might be a good idea to take explore your options for jumbo home loans from Sacramento mortgage companies like Iron Point Mortgage. Jumbo home loans are mortgages that exceed the conforming loan limit (the amount Fannie Mae and Freddie Mac can insure). Due to the large amount of money involved and the absence of government funded insurance, most lenders tend to secure their interest by requiring sizable down payments. However, this has slowly changed in the favor of borrowers over the years.
Friday, September 19, 2014
The housing market trend in Roseville, California changes many times each year. Within just one month (July to August) this 2014, there have been 30 price increases and 243 price decreases recorded. It is on these changes that mortgage lenders base the terms and interest rates they offer in their loan programs. The unstable market affects homeowners with adjustable-rate mortgages the most since their regular payment changes with the trends and the when the next upsurge in interest rates will occur is difficult to tell. If they are able to get a new home loan from Roseville lenders with a low and fixed interest rate, many of them opt to refinance. Refinancing can also help homeowners shorten their loan terms.
Wednesday, September 17, 2014
In most cases, changing jobs won’t affect one’s ability to qualify and/or pay for a mortgage loan. However, commissioned employees (i.e. those who earn their pay from commissions), part-time workers, and self-employed individuals are in a different situation because their income isn’t fixed. Therefore, they’re less likely to be approved for a home loan should they switch jobs. Their best bet is to find a job that pays them by the hour or a fixed wage as salaried employees have less risk in the eyes of lenders. Even if you are a homeowner with a steady source of income it shouldn’t discourage you from being aware of your options for refinancing your mortgage. Some people do so if they think that their mortgages rates are too high while others refinance so that they can borrow against their home’s equity and pay for other expenses.
Monday, September 15, 2014
In general, a buyer’s gross monthly income and expenses, plus the real value of the prospective property, affect his or her ability to pay a mortgage. However, other factors like equity can also play an important role. For example, if someone is selling their old house to buy a new one and has home equity built up, it can be used as the down payment or to lower payments on the new home. For a quick check, prospective buyers use an online mortgage calculator to get a clearer idea of size of loan they can afford for a home mortgage in Roseville, Sacramento, and other places in California. It’s not just the monthly payments that buyers have to consider. There could be tax consequences for certain purchases, like buying a second house that can prove costly in the long run. According to the IRS, a secondary home is typically tax-deductible if it isn’t used as a rental property as well.