by Irene Moustakas | Jun 27, 2017 | Featured, Loan Programs and Products
Did you know you have options in paying or avoiding Private Mortgage Insurance (PMI)? PMI is charged by the lender when you do not have 20% down payment. It is insurance to protect the lender (not you) against you defaulting on the mortgage, since you are considered...
by Irene Moustakas | Mar 28, 2017 | Industry News, Tips
If you’re a current homeowner over the age of 55 and looking to buy a new primary home, are you aware of Propositions 60 and 90? In the 1980s, California voters approved both Propositions 60 and 90. Prop 60 allows for homeowners age 55 and older to transfer the...
by Irene Moustakas | Jan 9, 2017 | Featured, FHA
UPDATE: THE REDUCTION IN FHA’S MORTGAGE RATES HAS BEEN SUSPENDED INDEFINITELY. In this rising interest rate environment, FHA will be passing along a little reprieve to home buyers and home owners that are securing financing through FHA. The annual insurance...
by Irene Moustakas | Dec 19, 2016 | Industry News
Effective 12/10/16, Fannie Mae’s underwriting engine is issuing out Property Inspection Waivers (PIWs) on refinances, allowing homeowners to refinance without requiring an appraisal report. This will help expedite the closing timeframe, and reduce the cost of the...
by Irene Moustakas | Nov 30, 2016 | Featured, Industry News
Great news, conforming loan limits are increasing in 2017! We haven’t had an increase since 2006. (!) The new conforming loan limit will be $424,100, up from $417,000. With this increase, the high-balance loan limit will increase per county as well. For Bay Area...
by Irene Moustakas | Nov 28, 2016 | Featured, Tips
If you purchased your home with less than 20% down payment on a Conventional loan, you were required to purchase Private Mortgage Insurance (PMI). PMI is a cost that protects the lender in case you default on your mortgage (stop making payments). Lenders are required...
by Irene Moustakas | Sep 27, 2016 | Featured, Industry News
The biggest change in credit reporting in 25 years is now upon us, and implemented in underwriting engines as of 9/24/16. It’s called “Trended Credit Data”. Trended Credit Data allows lenders to see your payment behavior over the past 24 months, in order to give them...
by Irene Moustakas | May 9, 2016 | Featured, Tips
When people ask me what I do and learn that I am a mortgage broker, the usual first and natural question is, “What are interest rates right now?” The answer is always, “It depends.” There are many factors that go into an interest rate, so that’s why it’s important to...
by Irene Moustakas | Apr 25, 2016 | Industry News, Loan Programs and Products
Did you know that if you don’t have a steady verifiable income, but have a significant amount in assets, there are some lenders that will use that assets to determine your qualifying ratio and may lend to you according to it? It’s called the “Asset Utilization...
by Irene Moustakas | Apr 20, 2016 | Featured, Tips
It’s easy to get caught up in the desire to get the lowest available interest rate out there, but you must always ask, “At what cost”? Each day, you have multiple interest rate options, and each interest rate comes either at a cost or a credit. The lower the rate, the...
