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Scott Schang

Branch Manager

As a 17 year veteran of the Mortgage and Real Estate industry, I am passionate about educating and empowering consumers. Feel free to call, text or email me at (949) 558-3338 or Scott@FindMyWayHome.com

Specializing in the following areas

Blog

Dow Losses Mean Huge Gains for Mortgage Interest Rates

Roller Coast Ride The past 8 years have defied any traditional logic about how real estate and mortgage markets are supposed to act, and react to normal economic cycles and events. Government interest rate intervention and market volatility have created a very unusual environment with ups and downs driven by metrics and influences that we just have not seen before. As a result, interest rates plummeted to historic lows in early 2012, lasting until mid June 2013, when they began the climb form...

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Boomerang Buyers Struggle to Find Informed Lenders

Ready to Buy During the real estate crash that began in 2007, millions of homeowners fell victim to bankruptcy, foreclosure, short sale or deed in lieu of foreclosure. After years of recovery, improved credit scores, down payment saved, you are ready to get back into the real estate market and own your next home. These new homeowners are being called "boomerang buyers", coming back into the market after a hardship. The biggest challenge that boomerang buyers now face, is finding a lender that is familiar...

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Take a Day to Organize Your Finances

If you’re like most people, you periodically set aside time to clean out your home, garage or closets. It’s equally as important to take time to organize your finances. The following checklist can help you get started: Cancel unused credit cards — If you’re paying an annual fee on a credit card or other account that you don’t use, you’re throwing money away. So, cash in any rewards points you have earned and then cancel the account. Of course, take into...

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CHDAP Offers Lower Cost California Buyer Assistance

There is no Free Money There is an old saying that says that if it sounds too good to be true, it probably is. This doesn't mean that buyer assistance programs are not true, or good for homebuyers, it just means that there is more to assistance than free money to buy a home. There is no such thing as free money, and no amount of buyer assistance will allow you to qualify for a home mortgage if you don't otherwise meet the...

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How Automated Underwriting Decisions Work

What is Automated Underwriting? Computer generated mortgage loan underwriting decisions are the most way to get approved for most real estate financing.   Information from a mortgage loan application (Fannie Mae form 1003) is uploaded to an automated underwriting system (AUS) which retrieves relevant data, such as a borrower's credit history, and arrives at a logic-based loan decision. Automated underwriting engines can provide near-instantaneous loan approval or denial decisions based on the information submitted to the system. Implementing automated underwriting systems save home mortgage...

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3 Ways to Sell Your Home for The Highest Price

Planning for Profits Selling your home for the highest price is much more science than it is an art.  With a little planning, and maybe even some forethought, you can increase the sales price of your home. Yes, there are certain "markets" that are better for selling your home than others.  This is usually called a sellers market, and that usually means that there are more buyers in the market than there are homes for sale. In a sellers market, homebuyer demand drives up home prices as multiple buyers...

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How to Buy a Home Using a Mortgage Credit Certificate

Boost Purchasing Power Mortgage Credit Certificate's are a unique, little known, and incredibly powerful tool for boosting your purchasing power as a first time homebuyer. Also known as a MCC program, this homebuyer tax credit can be offered by the county that you are buying in, or you can use the State of California Housing Finance Agency (CalHFA) MCC, which is available anywhere in California. While most MCC programs are similar in nature, we will be focusing on the most widely available option,...

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How Mortgage Credit Certificates Work – Introduction

Homebuyer Tax Credit A Mortgage Credit Certificate, commonly known as MCC, is a dollar for dollar tax credit similar to the first time homebuyer tax credits we saw in 2008 and 2009, that will directly reduce the amount of taxes you will have to pay, or get refunded at the end of the year. The math for MCC programs is the same all over, but I'm going to specifically focus on the The State of California MCC offered through the California Housing Finance Agency...

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Home Improvement Loans Offered by FHA

Repairs Preventing Refinance? There are two types of home improvement projects.  The first type is not necessary, but very much needed.  Examples of this type of project might be a new kitchen, remodeling bathrooms, new carpet or paint, or landscaping your yard. The other type of home improvement project is one where the repair is necessary to make the home livable.  Examples of this would be exposed wiring, or studs in the wall, a gutted kitchen or bathroom, or ripped up flooring...

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3 Conventional Mortgage Changes that Make it Easier to Qualify in 2015

Fannie Mae Update Underwriting guidelines are finally beginning to loosen up now that we are almost 8 years past the great real estate and mortgage crisis of 2007. Ahead of the August 15th, 2015 Desktop Underwriter (DU) scheduled update, Fannie Mae has lifted restrictions on several key qualifying guidelines that are effective immediately for all homebuyers. Last year's August guideline updates included modifying the waiting periods for homebuyers that experienced bankruptcy, short sale, or foreclosures.  This year, Fannie Mae reveals game changing underwriting relief for all...

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