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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

Managing Your Taxes in 2015

Important Changes There’s one thing you can count on as we kick off a new year – changes to the tax code. While there are few major new laws affecting taxpayers in 2015, it is important to understand how any adjustments to tax rules or your income might affect your tax liability. It is a critical aspect of your overall financial plan and can help you avoid any surprises when you file your 2015 tax return next year. Be aware that new laws can...

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How Does a FHA Streamline Refinance Work?

When Interest Rates Drop If you've ever refinanced your mortgage, you know that it can sometimes be an expensive and sometimes cumbersome process. By the time you pay lender, title, escrow and appraisal fees, the costs can really add up. A streamline refinance is a special type of refinance only available to homeowners that currently have a FHA or VA mortgage. Both FHA and VA home loans have a built in benefit of allowing you to reduce your interest rate without having to go...

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FHA Reduces 2015 Mortgage Insurance Premiums

Effective January 26th, 2015 Thursday, January 8th 2015, President Obama made the announcement reducing FHA's Mortgage Insurance Premiums. The cost to purchase a home using FHA financing will be a whole lot more affordable on or after January 26th, 2015. This announcement comes as somewhat of a surprise, but I can't say that it's unexpected. The Mortgage Banker's Association has been pushing hard to loosen up FHA mortgage insurance guidelines, most recently asserting that FHA is harming the housing industry by not addressing the high cost...

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Qualifying Basics – First Time Homebuyer Survival Guide

Demystify The Process As a first time homebuyer, the whole process of applying for home mortgage and buying a home can seem quite overwhelming. More often than not, not knowing what you do not know, is the greatest culprit for causing unnecessary stress and anxiety. With this simple survival guide we will take the mystery out of the most basic steps you will take on your journey towards becoming a first time home buyer in the State of California. Qualifying for a Purchase Mortgage All lenders...

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Mortgage Insurance Tax Deductible in 2014

2014 Tax Deduction The Tax Increase Prevention Act of 2014, also known as H.R. 5771, was introduced to the House on December 1st, and became law on December 19th, 2014. Among other expiring tax deductions saved by this 11th hour lifeboat, is the ability for homeowners to take a tax deduction for mortgage insurance. Here is an excerpt of the other tax deductions that were due to expire, but extended as a part of this Bill. Tax Increase Prevention Act of 2014 Title I: Certain Expiring Provisions - Amends...

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How to Prepare for Buying a Home After Bankruptcy

A Simple Plan Going through bankruptcy is both emotionally and financially exhausting. Buying a home after a bankruptcy is not difficult, and in some cases can be as easy as having a simple plan for putting yourself in a position to buy as soon as you are eligible. The one thing you can count on, is the waiting period.  The time required before you will be eligible for apply for a loan, is a perfect opportunity to get yourself in a position to...

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FHA Being Asked to Lower Fees in 2015

FHA Making Housing Easier? Last week, a group of 18 senators called upon Housing and Urban Development Secretary Julian Castro to lower the fees to consumers on Federal Housing Administration (FHA) loans. FHA has increased Mortgage Insurance Premiums over the past few years, and finally made it permanent in June, 2013. Currently, borrowers using a FHA insured home mortgage loan are required to pay 1.75% of the first loan amount, and 1.35% annual fee (on loans greater than 95% Loan to Value - LTV), which...

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2015 California Housing Market Predictions

2015 Housing Market Well, it's that time of the year when we reflect on the state of the California housing market over the past year (2014), and try anticipate what to expect come the new year. I polled Local Real Estate Experts in California, and have compiled some of those responses for you here. Thank you in advance to the Local Pros that will contribute to the survey throughout the year. Local Real Estate Professionals will be reporting from the trenches about the state of different Real...

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How Does Downpayment Assistance Work?

Free Money? Downpayment assistance is absolutely not free money. However, it is an incredibly valuable and accessible resource for homebuyers in the State of California in 2015. Even though we tend to talk in terms of "downpayment" assistance, most of the programs I will be talking about can be used toward the downpayment, or closing costs for the purchase of a home. Acceptable Sources for Down Payment Where you have to be aware with down payment, is where the money comes from.  If it does not...

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Fannie Mae Opens Door for 100% Home Loan?

First Time Buyer Fannie Mae continues to impress me with it's "make sense" approach to making qualifying guideline changes. The last big change to Fannie Mae Guidelines was over the weekend of August 16th, 2014, when new qualifying guidelines were released regarding buying a home after short sale. Over the weekend of December 13th, 2014, Fannie Mae is going to make another of those potentially very impactful qualifying guideline changes. Fannie's data analysis looked at default rates between loans that were made between 90%...

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