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About Mortgages: 2019

A survey of 200 mortgage lending professionals showed that nearly two in three mortgage lending professionals expect mortgage purchase production to increase, according to Lenders One Mortgage Barometer.

The overall anticipated increase for 2016 is set at 11%. In addition, 87% of mortgage professionals believe the mortgage purchase market will be somewhat to extremely active.

The survey was conducted online to a random 200 mortgage lenders, and independent research was also conducted by Market Intel Group in January, where it showed that 79% of millennials, are now reaching the peak age for home buying

Lenders One is a national alliance of independent mortgage bankers, correspondent lenders.

Featured Posts, Real Estate

Home Buyer: Approved!

Once again the voices of the REALTORS® were heard loud and clear on Capitol Hill, and we scored a big win for future homeowners! Thanks to the more than 139,000 REALTORS®,

or 15% of our members, across the nation, the Housing Opportunity through Modernization Act of 2016, or H.R. 3700, passed the U.S. Senate by unanimous consent, and was signed into law

by President Obama on July 29, 2016. 

This legislation:

          1. Solves a number of concerns regarding FHA’s condo rules:Reduces the FHA condo owner occupancy ratio to 35%, unless FHA takes alternative action within 90 days.

          2. Directs FHA to streamline the condo re-certification process.Provides more flexibility for mixed use buildings.Mirrors the Federal Housing Finance Agency’s (FHFA) rules regarding private transfer fees for FHA condo lending.

          3. Provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service (RHS) loans.

          4. Makes reforms to federally assisted housing programs to streamline the programs.

On behalf of the NAR Leadership Team, we would like to thank you and your colleagues for this amazing grassroots effort and for all your support for this national Call for Action. 

Our state and local association partners did a great job in leading the efforts to get the U.S. Senate to act on this critical legislation.   This victory was made possible by the collective efforts of the

NATIONAL ASSOCIATION OF REALTORS®, and our state and local association partners. When REALTORS® speak in a single unified voice, Congress listens.

 

Should you have a comment, questions or inquiries just reach us 714.493.2657 or email us at  jflores@homeloansondemand.

We are here for you, every step of the way!

Featured Posts, Real Estate

Home Sales Rebounded Sharply!

There is a lot of upbeat news in the September 2016 existing home sales report released by the National Association of Realtors® (NAR) on Thursday.

Sales rebounded sharply and the improvement was seen in all four regions.  More good news, NAR attributed part of that to increased participation from first-time home-buyers, a group that has worried the housing industry by its relative absence.

Total existing home sales during the month, including single-family homes, town homes, condos, and co-ops, rose 3.2 percent to a seasonally adjusted annual rate of 5.47 million.  First-time buyers accounted for 34 percent of sales, the highest portion in more than four years.

Should you have a comment, questions or inquiries just reach us 714.493.2657 or email it us at:  jflores@homeloansondemand.

We are here for you, every step of the way!

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5 things to know before purchasing your first home

By, Jesus Flores, Loan Officer

Buying your first home is a big investment – one that can affect your lifestyle and your credit. The more information gathering you do before making your decision, the greater your satisfaction is likely to be before, during and after your move. To get you started, here are 5 things to know before buying your first home.

How much you can afford: Consider all costs involved, including the down payment, closing costs, your monthly mortgage payment, taxes and maintenance, insurance and any applicable association fees.

Your credit score: Credit is an agreement to borrow money with the promise that you will pay it back later through scheduled payments. Good credit may get you a lower rate on your loan. To learn about credit and how to get your score.

Your financing options: Rates, terms, discount points and other details vary by loan type and with your credit. If you’re ready to take the next steps, find out what’s available to you. .

The right real estate agent for you: Real estate agents specialize in a variety of areas and are each familiar with different neighborhoods.  Choose one who you feel best aligns with  your needs and personal preferences.

The neighborhood: Safety, commute times, noise and other surrounding factors can influence your quality of life. Make sure you visit the area, walk around the neighborhood and get a feel for the community. Take the time to research the community online to learn of any upcoming developments that may impact the housing market in that area, and look for other red flags that may impact your choice to live there.

Ready to get started? Find out more about your financing options, the home-buying process and what you can afford by contacting us at 714.493.2657

Featured Posts, FHA, Loans, Mortgage, Rates, Refinance, Refinancing

Loan Origination Fees Vs Discount Points

When taking out a mortgage, you probably were considering buying discount points whether for a new purchase or to refinance an existing loan, one decision you’ll undoubtedly will have, is to   make sure it’s worth paying discount points to obtain a certain interest rate on your mortgage.

Before going any further, it’s important to note that the term “points” gets thrown around loosely, and can refer to the loan origination fee and/or discount points. The loan origination fee is the commission charged by the bank or the loan officer for working on your loan, where on the other hand discount points are used to buy down your interest rate.

It’s an important distinction because the loan origination fee pays for the costs of originating the mortgage and these fees involves:

  • Paperwork
  • Verification’s
  • Calculations done to determine your mortgage rate

Finally, it is important to know that a good credit score may help you get a lower origination fee, and an excellent credit score can be an even better bargaining tool in your negotiations.

While paying discount points (prepaid interest) is entirely optional depending on the rate you desire. Discount points are a one-time, upfront mortgage closing cost which give a mortgage borrower access to “discounted” mortgage rates as compared to the market.  

We at Home Loans On Demand are devoted to your real estate financing needs as we partner to assure you receive only the best home-loan solution specifically suited to your financing and lifestyle needs

Featured Posts

my credit score

What is a credit score?

A credit score is a statistical measurement used to predict how likely you are to repay a loan. The score is drawn from information on your credit report and data from millions of consumers. It provides lenders with a fast, objective way to evaluate your credit history.

What factors influence my credit score?

Any action you take related to your credit practices influences your credit score, from timely, regular monthly payments (which will have a positive influence) to minimum payments on maximum credit card balances (which will have a negative influence).

What is a good credit score?

Credit scores typically range from 300 to 850. A credit score that falls between 680 and 850 is considered more favorable and a lesser credit risk.

Can I change my credit score?

Yes – in fact, you are the only person who can change it. You can improve your score by paying off loans, reducing credit card balances and making monthly payments on time. After a period of time, generally a year or two, such practices will usually be reflected in your credit score.

Does a lender take anything else into consideration when I apply for a loan?

Yes. Although lenders rely heavily on credit scores, other factors are taken into consideration, including your job history, income, savings and checking accounts, the types of loans you currently have and the type of mortgage loan you want.

What can I do if I don’t have credit?

If you don’t have credit as reported by the credit-reporting agencies, most lenders will accept alternative sources of credit. This could include “credit references” in the form of bills you have paid on a regular basis for rent, utilities, cable TV or insurance.

Featured Posts

what you should know about your credit

By, Jesus Flores, Loan Officer

Owning a home is one of the most single important decisions we make in our lifetime. However, one critical element for realizing this dream is developing and maintaining good credit.

Although credit simply means you are using someone else’s money to pay for a purchase with a promise to pay that money back, it will help you obtain a loan when you want one, with favorable terms, and it also gives you more control when shopping for loans.

Why not pay with cash?

Paying cash for smaller items, such as clothing and groceries, is generally a good idea. However, using credit cards for larger purchases, such as appliances, can help you establish the good credit history that will help when it comes time to make even larger purchases, such as cars and homes. But remember: your credit is only as good as how well – and on time – you pay your monthly debts.

Does it matter how many credit cards I have?

Yes. Having numerous credit card accounts open, even if the accounts have low or zero balances, may affect your ability to get a loan. This is because a potential lender considers all available credit limits – not just debts – when deciding if you would be a good credit risk.

What happens if I don’t make timely payments?

Each time you make a payment after its due date, you may have to pay penalties or late fees. In addition, a history of making late payments may affect your credit history and ultimately mean higher interest rates on subsequent loans.  

What is considered a late payment?

Generally, a payment is considered delinquent if it’s received 30 days past its due date. A mortgage payment, however, is considered late when it’s received 15 days after its due date. If an account has payments that are 60 or 90 days late, that account is considered to be in serious delinquency. Any late rent or mortgage payments in the past 12 months could affect your qualification for a mortgage loan and its interest rate.

A typical credit report is made up of four types of data: personal information, credit information, public record information and inquiries about your credit. Credit information includes details for all loans and lines of credit: the date it was opened, the credit limit or loan amount, the total balance and the monthly payment amount. The report also shows your payment history over the past several years and the names of anyone else responsible for paying an account, such as a spouse or a co-signer.

 

Featured Posts, Home Loans, Loan Origination, Loans, Mortgage, Rates, Refinance

why refinance your home

By, home loans on demand

Because refinancing with a new loan can bring you many options and benefits. However, make sure you understand why refinancing your home will be a solution that  will actually benefit your unique situation such as:

lowering your monthly payments

refinancing at the right time especially when interest rates drop one percent or more lower than your current mortgage interest rate can make a notable difference in your monthly cash flow.

refinancing may shorten your repayment period but increase your monthly payments: You may find it’s a worthy tradeoff to make higher monthly payments in order to own your home sooner, especially if interest rates are favorable to you. Your personal financial situation and long-term goals will help determine the right move.

refinancing to obtain cash: Cash out refinancing allows you to get an additional lump sum of cash right away to use for major purchases, including home improvements, automobiles, vacations or weddings. However, you should compare the benefits of refinancing to other methods, including home equity loans – especially if you don’t need a large amount.

it is important to consider the following:

know what you owe: determine the payoff amount on your existing mortgage to know how much you will need to borrow from a new loan. Also, find out if your current lender charges any fees or penalties for paying your entire mortgage before it’s due (called prepayment)

you have options: there are numerous loan options out there for your home, ranging from loans that give you a more stable interest rate to those that help consolidate your debt. Work with a lender to determine if any option benefits you more than your current mortgage loan.

refinancing will include closing costs:  you will need to go through another property appraisal, as well as provide essential documents  which will vary based upon your location and loan option. Closing costs are also involved.

 

you have time to change your mind: By law, you have three business days after you sign your loan contract to cancel the loan for any reason. For this same reason, you do not receive any money until three days after signing the contract. This applies to primary residences only.

Featured Posts

Home Ownership Rate

Home Ownership Rate in the United States increased to 63.50 percent in the third quarter of 2016 from  62.90 percent in the second quarter of 2016 which it was the same as in 1965, when the US Census started tracking the metric.  Home Ownership Rate refers to the percentage of homes that are occupied by the owner.

What factors drive Home Ownership rate?

There are several factors that will drive Home Ownership Rate, here are just some of those:

Income growth

• Higher rents and housing costs

• Constrained credit

• Loss of confidence in wealth through Home Ownership

Nevertheless, owning a home is a financially savvy move because builds wealth over time,  and in general makes “cents”, and indeed there is no place like Home.

 

 

Should you have a comment, questions or inquiries just reach us 714.493.2657 or email us at  jflores@homeloansondemand.

We are here for you, every step of the way!