Expanding Your Long Beach Mortgage Options

Dreaming of Long Beach Mortgage optionsLet me help you get into your dream home by providing you with even more Long Beach mortgage options. A recent merger between loanDepot.com and imortgage.com now provides customers, my clients, with even more options and a vast array of resources to make the mortgage process as painless as possible. By joining forces, we can rely on the expertise of nearly 700 licensed loan consultants and the resources of licenses in all fifty states. That allows me to be able to offer you a very competitive package for either a new purchase or a refinance. You will be impressed with your Long Beach mortgage options! When can we meet to go over YOUR options?

The growth of mortgage companies is vital to reviving this housing market and I’m grateful to be connected to a company that honors and stimulates growth. Since I consider all my clients as family, this merger allows me more opportunity to work hard to put together options that meet your needs as a Long Beach home borrower. I am excited to work for you to explain the whole mortgage process and give you peace of mind in your decisions. If you need competitive pricing and unparalleled servicing on your loan, I am here for you no matter the loan you need. Contact me, Ric Dizon, to help make your dreams Long Beach mortgage dreams a reality today!

Is Long Beach Home Loan Approval After Short Sales Possible?

Long Beach home loan approval can be yoursHave you worried about getting a Long Beach home loan approval?

If you have been through a recent short sale, it may still be possible to obtain an FHA loan for a beautiful Long Beach home. If your short sale has closed on a non FHA property before the application date for the new loan, you may be eligible for a new FHA loan if you meet certain criteria. For instance, the short sale home must have been your primary residence and mortgage and installment debt payments on the previous residence must have been made within the month due for twelve months before the short sale.

In addition to these criteria, you may still obtain a Long Beach home loan if the reason for your short sale was not to take advantage of the depreciating real estate market or to buy another property in a nearby location for a reduced price. Furthermore, if you were in default at the time of the short sale, you may not have to wait for the three year requirement if documentable extenuating circumstances existed. If you experienced  an “economic event” due to employment or reduced income, you are likely eligible for a Long Beach home loan. Programs require housing counseling and proof of current steady employment and income recovery.

If you have been through a recent short sale or recent job transition and are interested in purchasing a new Long Beach home, give me a call today or spend a couple of minutes and fill out this pre-approval application. As a professional lender, I may be able to make this dream a reality sooner than you think.

A Financial Advisor Coaches Toward The House You Can Afford

Financial Advisor Helps You Get the House You Can AffordWorking with a financial advisor can be very helpful when you are starting the process of buying a house you can afford. Accuracy, details, and accountability are extremely important and beneficial to you and your loan officer as you try to gauge where you are at in the home buying process.

Often times I hear that people avoid financial advisors (or financial planners) because they are embarrassed or afraid. I want to introduce you to a local friend of mine who can help you understand your finances and get you closer to the house you can afford. Her name is Jennifer Fontanilla and you can reach her via email or at 714.798.3392. Mention my name and you’ll even get a free financial consultation.

Jennifer will help you navigate through the often muddy financial waters and help you determine savings goals and cash flow along with insurance and retirement needs, as well as help you envision your plan of finding a house you can afford. Her goal is to create financial success for you, as your personal advisor. Trust me, you’ll like doing business with her and she’ll get your finances in order so you may be able to buy the house you can afford much sooner than your expected!

10 Ways to Reduce Stress and Increase Loan Approval For the House You Can Afford

Increase Loan Approval with Ric DizonWhen it comes to getting a home loan for the house you can afford, we all expect to have some obstacles. However, when you work with me, Ric Dizon, I make it as easy as possible. That’s just part of who I am and how I operate and honestly, I really DO want you to find the perfect rate for a house you can afford, so I do all I can to make it happen and increase your loan approval.

Top 10 Ways I Reduce Stress and Increase Loan Approval Rates?

1.  I ask you to fill out an EASY application (under 5 minutes) once.
2.  I evaluate all loan products and am a one-stop source for funding, whether you are refinancing or buying a new home.
3.  I assess your individual situation and recommend what’s best for you.
4.  I call and email you back (within 12 hours) and will answer your questions accurately.
5.  I am honest with you about your rates, fees, points and options. If I know a better program I will share it with you.
6.  I believe in solid timeframes. When I say your loan will fund, I mean it.
7.  I share my valued network of industry professionals with you if additional counseling is needed.
8.  I respect your comfort level – your security and savings are my goal. I listen to your needs and wants and determine ways to achieve them.
9.  I know the local community and LOVE Long Beach and can even help you in your Long Beach home search!
10.  I can refer you to other resources throughout the community and keep you posted on events even AFTER you have purchased the house you can afford.

Take a few minutes and fill out this home loan application now and you will be on your way to your house you can afford!

The Basics of Refinancing: Rate and Term, Cash-Out, and Cash-in

The Basics of Refinancing

“Financing”, in the mortgage world, refers to the act of borrowing money from the bank to pay for a home. Later, the homeowner can replace his mortgage with another mortgage that might perhaps have a lower mortgage rate. He then has to go through the entire financing process again. This repetition is called “refinancing”. Thus, when you take out a new mortgage to pay off an earlier one, it is called refinancing.

The Re-Verification Process

Refinancing basically establishes a new loan under completely new terms. As a result, applicants for refinancing need to undergo verification once again through the same process of approval that they undertook for the first loan. A refinanced mortgage is nothing but a completely new debt, and all the rules are followed accordingly.

An applicant for refinancing is evaluated against three basic criteria, which are the same ones used for the initial home purchase loan:

  • Employment and Income History
  • Credit Payment and Credit Score History
  • Cash Reserves and Retirement Assets

The home which is being refinanced will also be appraised in order to calculate its current value in the market.

Finally, all the above traits will be compared with the prevailing mortgage standards. If all the guidelines are met successfully, the refinancing gains approval and the old loan is replaced.

Types of Mortgage Refinance

There are three types of mortgage refinances. These are rate-and-term refinance, cash-out refinance and cash-in refinance. Individual circumstances will dictate the ideal mortgage refinance for the homeowner.

Rate-and-Term Refinance: In this kind of refinance, there are only things that differ from the original loan. These are either the rate of the mortgage, the term of the loan, or both. Loan term refers to the duration of the mortgage.

The homeowner may thus refinance from a 40 year fixed rate mortgage into a 20 year fixed rate mortgage. He might also refinance from a 40 year fixed rate mortgage at 8 percent mortgage rate to a 40 year fixed rate mortgage at 4 percent mortgage rate.

At closing, the homeowner cannot take away more than $2,000 in liquid money. The loan balance may include escrow reserves and closing costs.

Cash-Out Refinance: Similar to the rate-and-term refinance, in a cash-out refinance, the new loan might have a shorter loan term or lower rate of mortgage compared to the original loan. However, what sets apart a cash-out refinance is that the original mortgage’s loan balance is increased so that it can account for cash at closing that is more than $2,000, to combine existing mortgages or for consolidation of debt.

Since cash-out mortgages put the bank under more risk than a rate-and-term refinance, they have stricter standards of approval. These loans might be limited to lower loan sizes than a rate-and-term refinance or they might even require the applicant to have higher credit scores.

Cash-In Refinance

With this kind of refinance, the homeowner pays down the loan balance by bringing cash to closing. As a result, the refinanced loan might have either shorter loan term, a lower mortgage rate or even both at the same time. While there are various reasons why homeowners decide to go for a cash-in refinance, the most common motive is to gain access to lower rates of mortgage. These are available only at low loan-to-values. They also do it to eliminate mortgage insurance payments for mortgages that are over 80% loan-to-value. Not only do mortgages below 80% LTV receive better mortgage rates, they also do not pay PMI.

Special Refinance Loan Programs

When it concerns refinancing, there are four other mortgage programs in which the approval process differs. These programs are known as “streamline” programs because their requirements are extremely simplified.

With these refinances, the lender often does away with huge portions of the usual approval process, which might include credit score minimums, appraisals and income verification.

The four programs include:

  • Home Affordable Refinance Program or HARP for homeowners that have a Freddie Mac or Fannie Mae mortgage.
  • FHA Streamline Refinance for homeowners who have a FHA mortgage.
  • USDA Streamline Refinance for homeowners who have a USDA mortgage.
  • VA Interest Rate Reduction Refinancing Loan or IRRRL for homeowners who have a VA mortgage.

These streamline refinances are available with any lender and the rates of mortgage are the same as those offered with conventional refinances.

Would you like to learn more about mortgage plans and how to get approved? click here.

Refinance Turmoil: Approximately 40% Quit 30-Year Fixed Rate Mortgage

Mortgage refinancing is a necessary whim and every mortgage home owner likes to think for it at some point of time when you buy a Long Beach home. With old and new mortgage refinancing companies in the fray, home mortgage owners have plenty of options to refinance their mortgage than ever.

Before moving ahead to discuss about the mortgage refinancing turmoil and deflection of mortgage home owners from 30 years fixed mortgage rate, it is quite important to know why one should actually refinance their mortgage.

Refinancing the mortgage becomes necessary if you are having any plans to replace the current mortgage with a totally new mortgage plan. With refinancing option available, the home mortgage owner will get reduced interest rates as well as exploit home equity, early in time. Mortgage refinancing also becomes necessary most of the times when you want to just ward off from adjustable rate mortgage. Furthermore, you can also think about mortgage refinancing as you are in need of quick and good amount of money at the end of day.

Mortgage refinance is available under three prominent options. The first option is of course the popular options of paying the mortgage at 30-years fixed rate of interest, whereas, the second and third option is about paying as 20-year and 15-year fixed rate mortgages respectively.

Reports are ripe that mortgage home owners from Long Beach CA , Los Angeles to Orange County, California, are just falling back from the 30 years fixed rate mortgage.

Why there is a drift from 30-years fixed rate of interest to the 20-year and 15-year fixed rate mortgages? Have you ever thought on this point? Statistics clearly point that in US, around 40% of the home mortgage payment owners are shifting towards the 20-year and 15-year fixed rate mortgages as the 20-year and 15-year fixed rate mortgages come with lower interest rates.

Further going through the statistics, it clearly shows up that 30-year fixed rate mortgage rates have fallen to new depths in the last quarter of year 2012, averaging to averaged 3.92%. The 15-year fixed rate mortgage showed a lowest average of 3.18%.

If the latest mortgage rates are considered, a 15-year loan’s mortgage payment has shown 48% up in comparison to 30-year loan. In the short-term, high amount of payments can substantially pressurize a household budget, whereas, in the long-term, the amount of money saved is huge.

Transferring your 30 year fixed rate mortgage to 15-year fixed rate mortgage or a 20-year fixed rate mortgage has become a popular choice amongst US citizens, though, it is necessary to make the decision after carefully considering the pros and cons. With 15-year fixed rate mortgage or a 20-year fixed rate mortgage you will have the real time benefit of shorter-term loan, you will have to pay back the loan without being eligible for making any further modifications.

Remember, in a situation wherein, you are unable to pay the high principal mortgage loan value, you just cannot get back to the 30 year fixed rate mortgage unless you go for another refinance.

Get your free quote for mortgage rates in Long Beach CA.  It is best to keep yourself informed about various mortgage rates before making the final choice.

See all El Dorado Park Estates Homes for Sale in Long Beach CA.
(all data current as of 9/14/2013)

  1. 3 beds, 3 full baths
    Home size: 1,312 sq ft
    Lot size: 21,433 sqft
  2. 5 beds, 3 full baths
    Home size: 2,652 sq ft
    Lot size: 5,348 sqft
  3. 3 beds, 2 full baths
    Home size: 1,191 sq ft
    Lot size: 11.96 ac

Listing information deemed reliable but not guaranteed. Read full disclaimer.

CalHFA Junior Loans Subordination Process

CalHFA is deliCalHFA Junior Loans Subordination Process for Homeownersghted to state that the new legislation has allowed the subordination of additional CalHFA junior loans that are being offered if homeowners meet certain requirements for eligibility. This legislation will be a great help to the current homeowners to keep their homes as it allows them to refinance their present first mortgage and it will not be mandatory to pay off their existing CalHFA junior loan(s).

Subordination Process For CalHFA Junior Loans

Recent legislation has enabled CalHFA to permit the subordination of existing CalHFA junior loans if homeowners meet certain eligibility requirements. The purpose of this legislation is to help existing homeowners keep their homes by allowing them to take advantage of refinancing their existing first mortgage and not be forced to pay off their existing CalHFA junior loan(s). Homeowners must have demonstrated hardship and be refinancing their first mortgage to avoid foreclosure. To be eligible, all of the following minimum requirements must be met.

To be entitled to subordinate a CalHFA junior loan, one should meet all the following minimum requirements:

  • The borrower has a shown hardship
  • Subordination is needed to evade foreclosure
  •  The new first mortgage loan meets the requirements of Agency underwriting

Eligible CalHFA junior loans now comprise of the following:

  • CalHFA Housing Assistance Program (CHAP)
  • California Homebuyer’s Downpayment Assistance Program (CHDAP)
  • extra Credit Teacher Program (ECTP)
  • High Cost Area Home Purchase Assistance Program (HiCAP)
  • Homeownership in Revitalization Areas Program (HIRAP)

Subordination Process requirements, forms  and procedures can be found on CalHFA web site

Homeowners with a Keep Your Home California (KYHC) junior lien should get in touch with  KYHC directly at 888.954.5337 or go to www.keepyourhomecalifornia.org/payoff.htm for full subordination requirements.  For questions about this announcement, contact Single Family Lending division by phone 916.326.8000, fax 916.327.8452, or email [email protected] In addition, you can always visit CalHFA’sweb site at www.calhfa.ca.gov or Single Family Lending directly at www.calhfa.ca.gov/homeownership.

Are you planning to buy a home located anywhere in California? Well, then I’m happy to help you. Click here for the best mortgage rate quotes for homes located anywhere in California.  I have been serving the mortgage needs of friends and family since 2004. You will find the best mortgage rates with me under the most flexible terms and conditions. I am currently working for iMortgage Long Beach.

The information being provided by CARETS (CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS, and/or VCRDS) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing.

Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprised of CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR), DAMLS (Desert Area MLS), CRMLS (California Regional MLS), i-Tech MLS (Glendale AOR/Pasadena Foothills AOR) and VCRDS (Ventura County Regional Data Share).

Date last updated: 9/14/13 4:57 PM PDT

This IDX solution is (c) Diverse Solutions 2013.