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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!

Featured Posts

Refinancing your Home Loan could benefit more than you think

One of the largest, singular monthly expenses for the average household in the U.S. comes from Home Loan repayments.   A refinancing loan will essentially see you take out a new loan to cover your previous loan, and while this might sound counter-intuitive, it could actually help you manage your current mortgage and monetary needs more efficiently.

Here are some reasons why:

  • Better interest rates
  • Remove Private Mortgage Insurance
  • Extend your loan maturity day to pay lower monthly installments.
  • Debt and need to consolidate
  • Better Home Loan Programs

Refinancing can offer a way out of high interest rates, unaffordable repayments, and a way into more freed cash. Therefore it’s imperative to review your loan commitments periodically and as a result, get more for your money.

The best way to score a good deal on refinancing mortgages is by simply comparing and shopping around. For quick and effective access to the most attractive rates and loan packages.


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

Fed’s hike of .25 point in short-term interest rates

By, Jesus Flores, Loan Officer

For the first time in a year and only the second time in a decade, the Federal Open Market Committee (FOMC), the policy making arm of the Federal Reserve, voted on Wednesday in its eighth and final meeting of the year to raise the federal funds target rate by 25 basis points up to the 0.50 to 0.75 percent range. Analysts in the housing industry have been speculating for weeks as to what the effect of a Fed rate hike would be on mortgage interest rates and overall affordability. In the month prior to the Fed voting to raise the federal funds target rate, the average 30-year FRM rose by more than 50 basis points to a level above 4 percent for the first time in more than a year.

“While the Fed’s hike of 0.25 point in short-term interest rates may trickle down to long-term rate products like 30-year mortgages, the more immediate impact will be felt by borrowers with variable-rate mortgages and home equity lines of credit who can expect an increase in their payments at their next rate reset,” said Tim Manni, mortgage expert at NerdWallet. “Homebuyers shouldn’t be particularly concerned with today’s Fed move. Even with rates hovering over 4 percent, they’re still historically low.

The Fed released a new forecast Wednesday and it projects U.S. economic growth this year to be 1.9% and next year to be 2.1%, both slightly better than the Fed’s previous projection in September. The rate increase indicate that the U.S. economy no longer needs the Fed’s crutches and consumers and businesses can afford to pay more to borrow.

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

FHA 2017: Abriendo más puertas para Compradores de Casas!

2017 se inicia con más oportunidades para las familias de bajos ingresos económicos que quieren ser dueños de su casa propia. La Agencia Federal de la Vivienda (FHA) acaba de aprobar la reducción del seguro hipotecario en los programas de préstamos del gobierno FHA, permitiendo ahora a más compradores calificar para estos préstamos ya que se verán ahorros en este tipo de préstamos.

La reducción de las primas de seguro hipotecario reflejara un aumento en el número de prestatarios que serán elegibles ahora para comprar una casa a través del programa FHA

Más familias van a ver HOY que si se puede hacer realidad el sueño de la casa propia.

El nuevo programa entra en efecto el próximo 27 de enero, y por propósitos de ilustración se espera un ahorro promedio aproximado de $500 dólares al año por cliente en estos costos.

Tu algún día seré dueño de mi Casa Propia comienza HOY!  Llámanos para darte toda la información que necesitas o visita nuestra página de internet www.homeloansondemand.com

¡Estamos contigo cada paso del proceso!