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Scott Schang

Branch Manager

Branch Manager at Broadview Mortgage Long Beach, California, I am passionate about educating and empowering consumers. Feel free to call, text or email me at (562) 999-1355 or ScottS@broadviewmortgage.com

Specializing in the following areas

Blog

What Your Lender Doesn’t Know Will Hurt You

There's No Excuse Homeowners and homebuyers have plenty of reason to be both suspicious and cautious about working with mortgage lenders in the aftermath of the great mortgage credit meltdown of 2007. There have been so many changes to lending guidelines, laws and programs that it's almost impossible to keep up with all of it. What this means to mortgage professionals like myself is that we have to work extra hard to keep up with all of the changes on a weekly, monthly...

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California Veteran Home Loan Benefits You Might Not Know About

More Ways to Say Thanks Veteran home loan benefits extend beyond special 100% financing available using a VA Home Loan. There are several other benefits available to California Veterans that are often overlooked or misunderstood that can save thousands. VA Home Loan Benefit VA Home Loans provide up to 100% financing for eligible Veterans for the financing of an owner occupied home without paying mortgage insurance. VA Buyer Assistance Programs In addition to zero down payment and no mortgage insurance, VA allows buyer assistance to be...

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California Offers FHA Mortgage Insurance Alternatives

Reducing Costs Any achievable alternative to FHA financing will very quickly become your first option, due to FHA mortgage insurance being forced upon you for the life of the loan. It is inevitable, if using a FHA loan, that you will refinance that loan at some point in the future to remove the mortgage insurance. FHA mortgages are tempting in todays market, consistently offering lower interest rates than Conventional financing. When you calculate the long term (more than 3-5 years) cost of the lower...

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CHF Platinum Conventional Grant Stumbles

Temporarily Suspended This was the message we received last week when researching guidelines for a CHF Platinum Conventional Homebuyer Grant. If you also received this message, or have been told by your lender that the program is not available, I want to give you an update and an assurance that the program is currently available. CHF Conventional Grant Reduced When the CHF Platinum Conventional Grant was initially introduced, the Grant amount was equal to 4% of the first loan amount. Apparently, the reason for the temporary...

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Extra Credit Teacher Program Improvements Announced

ECTP Interest Rate Reduced Available through the California Housing Finance Agency (CalHFA), the Extra Credit Teacher Program helps fund down payment and/or closing costs for eligible teachers, administrators, classified employees and staff members working in California's high priority schools, those with Academic Performance Index (API) ranks of 1-5. On March 17, CalHFA announced that it is reducing the interest rate of the Extra Credit Teacher Program (ECTP). Beginning March 17, 2014, the interest rate for the Extra Credit Teacher Program will be reduced...

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CalHFA Loosens Guidelines to Help More Buyers in 2014

Homebuyers Get a Break? California first time homebuyers are given an unexpected surprise last week when the California Housing Finance Agency (CalHFA) announced that it is increasing it's Debt to Income (DTI) limits from 43% to 45% for all loan reserved beginning March 24th, 2014.  Click Here to View CalHFA DTI Release While it doesn't sound like a significant difference, 2% debt to income ratio could mean the difference between being able to make competitive offers on homes, and not. Opening Homeownership Doors This...

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Refinancing Options over 80% Loan to Value

Do You Have a Plan B? Home values are sliding in most areas of Southern California, and interest rates are on the rise. Do you feel like you're watching your opportunity to refinance sail away into the sunset without you on board? What we're seeing is a correction in the market.  Home values cooling off is just a reaction to the almost 30% equity increases we was in 2013. Many folks were able to refinance while rates dropped late January through February, 2014. Many more...

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What’s the Catch With Homebuyer Grants?

To Good to be True? California offers several Grant options that provide down payment and closing cost assistance for homebuyers looking to purchase an owner occupied, primary residence. Homebuyer grants do not create a lien, there is not interest rate, there are no payments, it is not a loan. California Homebuyer Assistance Grants The grants we cover in this article were chosen for one of 2 reasons. Available Statewide throughout California and/or Perpetually funded for as long as the program exists CHF Platinum Grant offers three options...

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HELOC Helps CalSTRS 80/17 Homeowners Refinance

Consolidation Refinance The CalSTRS 80/17 was an amazing home purchase loan available to teachers and employees of California public schools and community colleges. The crown jewel of the CalSTRS 80/17 is the 17% silent second mortgage that allowed eligible homebuyers to borrow 97% of the value of the home without paying mortgage insurance. Reducing Interest Rate and Payment Many of these loans are maturing and quickly approaching the end of the 5 year market that signals the payment of the 2nd mortgage kicking in. It...

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HELOC vs Mortgage Insurance

HELOC Creates Opportunity for California Borrowers With the availability of Home Equity Lines Of Credit (HELOC), there are some powerful options now available to homebuyers and homeowners. One of the most powerful options being used in 2014 is using a HELOC to remove or avoid mortgage insurance. Let's explore the pros and cons of using a HELOC vs Mortgage Insurance. HELOC Highlights A short list of Pros for using a HELOC: Payments based on Principal Balance - pay down, payments go down Paid Down Principal Available to...

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