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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

Does My Financing Really Matter to the Seller?

Making a Strong Offer When you write an offer to buy a home, two-thirds of the 1st page of a standard California Residential Purchase Agreement requires you to describe the type of financing you are using for the purchase of the home. Does the type of financing really make a difference to the seller of the home?  Depending on who you are asking this question to, the answer will vary as to the specific reasons why it is important to disclose where the...

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3 Ways to Eliminate FHA Mortgage Insurance with Less than 20% Equity

What is Mortgage Insurance? Let's start by explaining what Mortgage Insurance Premiums are and why they exist. Mortgage insurance is an insurance policy that protects the lender if you default on your mortgage. This insurance policy is required if you take out a loan that exceeds 80% of the appraised value of your home at the time of the financing. Like most insurance products, the chances of you defaulting on your mortgage are extremely low, and it certainly would only happen in the...

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Why it’s Harder to Buy Condominiums in California

Condominium Conundrum It is often said in the Real Estate business that Condominiums are the first to lose equity in a declining market, and the last to recover when the market begins to improve. California has particularly difficult and unique challenges for condominium buyers when it comes to getting qualified for a home loan to buy a condo. Much of the reason for this is that California experienced higher than national average exposure to toxic loan programs, which led to higher than national averages...

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Buyers Beware: Understanding Open Houses

Open House, or Open Pit? The danger of window shopping is that you could fall head first into an emotional roller coaster of homeownership, without first preparing yourself to make the potentially most important financial decision of your Family's future. Buying a home is not something you do like you're picking up a pack of gum, or breath mints in the check-out aisle at the grocery store.  But sadly, some buyers get coaxed into a situation where the desire to buy is greater than the...

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A Homebuyers Guide to Credit Repair & Improvement

Don't Take No For An Answer As a direct lender that works with a lot of first time buyers, we encounter many credit challenged buyers that need a little direction and help correcting errors, or building good credit. Lenders that are not willing to take the time to work with credit challenged buyers, will often leave you with an answer of "NO", without a great explanation of why, and how can you fix it so you can get into a position to...

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CalHFA Temporarily Suspends Extra Credit Teacher Program

Educator Loan Options The State of California Housing Finance Agency (CalHFA) sent out a notice to Approved Lenders notifying us of the Temporary Suspension of the Extra Credit Teacher Program, also known by the acronym ECTP. A Brief History of ECTP The Extra Credit Teacher Program was designed to provide extra financial help for staff at California's high priority schools. A high priority school is any California School with an Academic Performance Index (API) of between 1 and 5. These schools are also known as Title 1 schools....

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Waiting Times Extended for Buying After Short Sale

Changes to Conventional Mortgages During the weekend of August 16th, 2014, Fannie Mae is making a pretty significant update to it's Automated Underwriting engine, Desktop Underwriter (DU) that appears on it's surface to carry both good news, and bad news for some homebuyers. Let's take a look at the major changes, and then explore how it may affect your ability to qualify for a Conventional mortgage loan. Inaccurate Foreclosure Information The last DU update included a change that allows Lenders to identify inaccurate reporting information regarding...

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CalHFA Waives First Time Buyer Requirement

Effective Immediately March 16th, 2014 - In an effort to help CalHFA-approved lenders provide more affordable financing opportunities for California’s homebuyers, CalHFA is pleased to announce that non first-time homebuyers may now be eligible for CalHFA first mortgage loan programs, effective immediately. This was the announcement we, as a direct lender approved with the California Housing Finance Agency (CalHFA), received earlier this month. All First Mortgage Loans Affected CalHFA offers both first mortgage programs, as well as assistance programs to help cover your closing...

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Homebuyers need Education, not Advertising

Deceptive Advertising The whole reason we got into this housing mess is because Real Estate professionals were willing to mislead and misinform consumers, and consumers were willing to believe anything that was told to them, even if it did sound too good to be true. Have you ever watched one of those old Western movies with the lovable character that rolls into town with their magic elixir wagon, selling bottles of wonder stuff that will cure everything from a hang nail to tuberculosis. Educating vs Advertising In today's society,...

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Rent vs Own Doesn’t Address All Buyer Concerns

Affordability Gap When the market gets slow, Real Estate Agents and Mortgage Lenders start the marketing machine to try to get home buyers "off the fence". One of the most popular of these marketing messages is Rent vs Own, which delivers a compelling message for sure. I have noticed a lot more marketing materials and advertisements in the past few months that focus on the age old message of "Is it better to Rent or to Own?". Know The Benefits of Rent vs Own It's not that the...

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