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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

How to Remove Home Loan Mortgage Insurance

What is PMI and MIP? Both Private Mortgage Insurance (PMI) and Mortgage Insurance Premium (MIP) accomplish the same thing, which is to allow home buyers and homeowners the ability to borrow more than 80% of the value of the home. PMI and MIP are insurance policies that the borrower is required to pay the premiums on, that protect the lender in the event of a mortgage default. PMI is exclusive to Conventional mortgages using Fannie Mae, or Freddie Mac underwriting and qualifying methods,...

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Does Your Agent Understand Buyer Assistance?

Survey Says..... I ran across an article the other day that really reinforced something that I see every single day, real estate agents do not understand California buyer assistance loans and grants. Over 150 real estate agents were polled in the U.S.  by TD Bank to help lenders understand Agents' perspectives surrounding the housing market, and offer insight about Realtors' understanding of lending options, specifically affordable lending programs designed to help more buyers get into homes. According to the survey, nearly 70 percent of the agents polled...

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Luther Burbank Savings “Daisy” Program Highlights

Stop to Smell the Daisies A couple of weeks ago I introduced you to the Daisy program being offered by Luther Burbank Savings Bank through approved lenders.  Broadview Mortgage is one of those approved lenders. Last week we received many more details about the program, and I have to say that I am impressed! For first time homebuyers in California, the Daisy program offers a great hybrid alternative to California grant programs like CHF Platinum and SCHFA, and silent second programs like CalPLUS, CalHFA...

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Why do Lenders Lie About Homebuyer Assistance?

You're Not Alone A local lender friend of mine, Brad Yzermans of HomeLoanArtist.com, is one of the good guys in the home loan industry. Brad is a staunch consumer advocate, and invests heavily in educating and empowering consumers, similar to my mission here on this website. Last week, Brad posted this very familiar story on Facebook: HOW EMBARRASSING - The level of incompetence is at EPIDEMIC PROPORTIONS in my industry. Folks, this happens way more often than you could possibly imagine. I get a...

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California Buyer Assistance Basics Everyone Should Know

Empower Yourself As a direct lender specializing in California buyer assistance loans and grants, we get thousands of readers a month on our website, many of whom have already been lied to, or misled by a lender that does not understand the basics of homebuyer assistance programs. Last week, I received an email from a homebuyer that is currently in escrow on their dream home, only to be told at the 11th hour that the $12,000 in buyer assistance they were expecting, is...

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Low Interest Rates Benefit the Prepared

Warning: Falling Rates It's happening again, interest rates are behaving in a way that is completely inconsistent with everything we know about how interest rates should move. In the last couple of weeks, rates have been dropping without rhyme or reason.  For those of us in the business, we are at a loss to understand how rates can continue to drop, when all economic indicators would lead me to believe that rates should be rising. Last week, FHA interest rates dropped into the high 3 percent range...

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HELOC Draw Period is Time Bomb for California Homeowners

HELOC Headaches During the fast and furious equity years that led up to the great real estate crash of 2007, many homeowners took out a Home Equity Line of Credit, or HELOC, to get access to their equity. There are many appealing qualities that made a Home Equity Line of Credit an almost irresistible proposal, and the big banks had the approval process streamlined to the point that it only took about 5 minutes to complete an application, and only days after...

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How to Remove Permanent FHA Mortgage Insurance

Pay For it Now or Later Many first time buyers believe that FHA financing is the only option for getting into a home with a low down payment, that's simply not true. Conventional mortgage options using Private Mortgage Insurance are available with as little as a 5% down payment, or 5% equity if you are refinancing an existing mortgage. The question then becomes, why would you ever choose to use FHA financing?  There are actually many really good reasons why you would have to. When FHA...

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Local Bank Required to Offer Assistance to California Homebuyers

Daisy Assistance Loan Luther Burbank Savings is required to offer $2,000,000 dollars for downpayment and closing cost assistance to qualified first time homebuyers as a result of a Department of Justice Settlement over alleged fair housing violations from 2006 to 2010. The Daisy program offers a second mortgage loan of up to $15,000 toward closing costs and down payment to the first 133 qualified borrowers.  Since this program has limited funds, interested first time buyers should move quickly. Available Counties The Daisy program is available in select California counties only....

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Using Market Data to Make More Competitive Offers

Understanding the Market We've all heard the terms "a buyer's market", or " a seller's market" to describe which party in a real estate transaction has the most influence and control over the negotiation process that occurs when you submit an offer to purchase your next home. Using detailed market reports, you can see the median price trends, days on market and number of price reductions in a neighborhood. If days on market have been decreasing, and median price trends are increasing, and if...

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