Home Loan Advice From Los Angeles’ Leading Mortgage Company

Purchasing A “Short Sale” — And Getting It Funded

Home Loan Tips & Tactics From Southern California’s Leading Mortgage Company

If it’s confusing for us then it must be confusing for you.

I am talking about purchasing a short sale and getting it funded. Recently the numbers for new purchase contracts and their relationship to closed transactions was released. Interestingly enough, there has been a decline in the number of penned contracts to those that close. Two reasons were expressed and one of them has to do with loans.

The first reason given is that an extraordinarily high number of contracts are on short sale properties.  These are properties that are being sold by the owner for (more…)

Is There A “Right Way” To Pre-Qualify For A Loan?

Home Loan Tips & Tactics From Southern California’s Leading Mortgage Company

Every week we are requested to provide a pre-qualification letter for a family that wants to purchase a new home. We are happy to offer the service — however, many people are concerned when we start to ask for documents supporting the facts.

There are two types of pre-qualification letters. There are (more…)

How Do Bonds Affect Mortgage Rates?

Home Loan Tips & Tactics From Southern California’s Leading Mortgage Company

This week we are revisiting a story from the beginning of the year.  It’s worth repeating because we recently did the rate roller-coaster boogie again and we receive many questions when this happens.

We watch the 10 year bond to determine rate.  Once upon a time we were very excited with the bond yield falling below 4%.  At that time we knew rates would fall to 6% and below.  We are now frustrated if the bond goes above 2.3%.  For perspective the bond yield at this time last year was 3.43%.

Let’s do the twist.  Of course one might be inclined to jump up, discard their shoes and find an old recording of Chubby Checker.  Or, one might know that Operation Twist is (more…)

Exactly What Is The “MLS”?

Home Loan Tips & Tactics From Southern California’s Leading Mortgage Company

If you’ve ever gone house hunting, you’ve probably heard about the “MLS.” But what exactly is the MLS?

The MLS (Multiple Listing Service) is a group of services that enables real estate brokers to work with one another in a variety of ways. They can advertise properties for sale, create contractual offers with other brokers and research information. Appraisers use the MLS for research and incorporate relevant information into their appraisals. The listing data stored in a multiple listing service’s database is the proprietary information of the broker who has obtained a listing agreement from a seller.

The primary purpose of the MLS is (more…)

Is A “Reverse” Mortgage Right For You?

Home Loan Tips & Tactics From Southern California’s Leading Mortgage Company

No more mortgage payments for the rest of your life. Does that sound too good to be true?

It’s not — it’s a real and viable option called a reverse mortgage.

However, one should understand reverse mortgages before moving forward. The term “reverse” refers to the interest accrual on the loan. On a forward mortgage the interest accrues and is paid for after 30 days. On a reverse mortgage the interest accrues, but (more…)