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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...

Create a Plan to Cover the Necessities of Retirement

Planning for Retirement What’s going to happen when your paycheck stops? It’s one of the biggest questions that people nearing retirement have. It’s difficult for people to imagine what life will be like when they start to withdraw money from their hard-earned savings. For many, the feeling of anxiety often comes from trying to determine whether they have enough to cover essential living costs that will continue in retirement. Many people would consider these the basics of day-to-day living. They include: Food, shelter and clothing...

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,...

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...

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...

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...

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...

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...

How to Avoid Too Much Student Debt

Back to School It’s that exciting time of year when high school seniors have decided on where they’ll head for college in the fall. At the same time, many juniors begin to apply to the colleges of their dreams. A school’s academic rigor and programs, student-to-teacher ratios, athletic opportunities, size and location are all important considerations when identifying a good fit. So is cost — especially if your child plans to take out student loans. The best way to help your child avoid...

Lending Money to Family Members

Is it Ever a Good Idea? It’s harder than ever for young adults to save and get ahead in our current economy. Modest incomes and college loans make it tough to assemble enough cash to purchase a car or make a downpayment on a house. It doesn’t help that credit standards have tightened, putting bank loans out of reach for those without a strong credit history. It’s no wonder people are looking to family members for some financial help, and while you may...

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