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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

Calculating the Cost of Buying a California Home

Cost of Ownership Home prices continue to rise in California, not nearly at the pace we experienced in 2013, and not quite as much as many home sellers would like. At any rate, as home prices increase, so do downpayment and closing costs as these variable expenses are tied to the sales price, or financing of the home. The timing of the market is critical for first time buyers, and low to moderate income families trying to become homeowners, as affordable housing slowly...

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Creative Ways to Pay for Downpayment and Closing Costs

More Than Assistance There are many ways that you can raise the money to cover your down payment or closing costs without liquidating your personal savings. Downpayment and Closing cost assistance programs are also available options, but only if you meet the income and loan amount limits. I really want to dig deeper and talk about sources that can be used for down payment or closing costs that you might not have thought of. Here's a list of common, and creative ways to come...

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3 Ways to Buy a California Home for $1,000 Out of Pocket Cost

Cost of Ownership Coming up with a down payment and closing costs for the purchase of a home in California is not always about whether or not you can come up with the money, but whether or not you want to liquidate all of your savings, or call in all of your favors. Sometimes it's just about leveraging the resources available to you, so that you can can reduce or eliminate the money required for the down payment, or closing costs required to purchase...

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5 Reasons Why Your Pre-Approval Might Be a Lie

Need Assistance? We get calls, emails and comments on this website almost every week from homebuyers that claim to be pre-approved with another lender, except that the lender does not offer down payment assistance programs. The trusting, and unsuspecting homebuyer ventures off onto the internet in search of downpayment, or closing cost assistance programs to help them buy a home. This scenario is really saddens me for the simple fact that you are NOT Pre-Approved, and your lender is lying to you.  Plain...

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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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