Ready Bell Home Loans @ Mason McDuffie Mortgage » Blog

Most important mortgage news this year

readybell — Thu, 03 Jun 2010 23:57:04 +0000

If you are purchasing or refinancing a home with a loan (not FHA)

DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS.

As of June 1st Fannie Mae is requiring lenders to check the borrowers credit right before funding. If anything changes on your credit your loan that you already have signed loan documents on could be denied. In order to protect yourself

1) DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS OR OPEN NEW LINES OF CREDIT.

2) PAY YOUR CREDIT CARDS ON TIME

3) DO NOT ALLOW ANYONE TO RUN YOUR CREDIT.

By following the three above rules you will have no problems. If you decide to go against any of the above you could be setting yourself up for disaster.

USDA IS BACK!100% Financing! HOORAY!

readybell — Thu, 27 May 2010 01:44:57 +0000

I am a huge fan of USDA financing. Recently there was no funding but great news the program is back:)

USDA Highlights:

100% financing
NO MORTGAGE insurance
Competitive rates

Call or email today to see if you qualify

Hidden Gem to Visit #2 Healdsburg Twilight Parade; May 27th 2010

readybell — Tue, 25 May 2010 18:00:42 +0000

The Healdsburg Twilight parade is a town tradition. Every year in honor of the Future Farmers of American the town comes together to put together a local parade. Local businesses and people create and design floats which are supposed to play into a general theme. This years theme is “what grows in your backyard.” The best part of this parade is not just the quality of the floats but rather the variety and general good cheer. Some businees such as Pine Tree preschool (great school) spend months perfecting their floats while once in a while a local just drives his truck down the street and waves. Regardless of which float or truck it is, the entire town is cheering and waving right back. The streets are packed for this parade and there are many parties and gatherings in order to watch and celebrate. This is a must go to event.

I suggest coming prior to 5:30 so that you can ensure parking and a good viewing spot. Bringing a chair and a snack is suggested.

How a lender checks your employment

readybell — Fri, 21 May 2010 22:17:25 +0000

In this market it is key to work with a lender that is well informed and has your best interest at heart. Unfortunately, not every buyer is so fortunate. Today I was surprised when a person I was pre qualifying told me they were leaving their job in 3 weeks and they had no other employment lined up and they would be going back to school. The lender they had been working with told them this would not be a problem because the bank would not find out.

There are two issue with this.

#1 misrepresenting income or continuance of income is fraud. Mortgage fraud is very serious and carries severe penalties.

#2 the bank would find out because every single lender verifies employment right before the loan funds. If the lender finds out there is no longer a job and the borrower does not qualify without it the buyer loses the loan and generally their deposit as well.

There are 3 ways employment is verified on every loan.

#1 Current paystubs and w2′s

#2 The loan processor requests a written or verbal verification of employment before the loan is submitted to underwriting. They contact your employer directly for this

#3 Verbal verification of employment at Funding. They will not fund the loan unless your employer verifies you are still working there.

If you are leaving your job and do not have another job lined up you should not be using that income to qualify for your loan. If you switch jobs in the middle of the loan you need to tell your lender so that they can adjust the transaction. Many people think that if they get through underwriting and they sign loan documents they are in the clear. You are not in the clear until the loan closes and the house has recorded./ Honesty is the best policy. If you are working with a lender that is encouraging you to misrepresent yourself leave that lender quick. Mortgage fraud is serious and no house is worth it.

We are now financing up to 10 properties per Borrower!

readybell — Thu, 13 May 2010 21:53:06 +0000

We are now officially financing up to 10 properties per borrower. That is great news for investors who have had to sit on the sidelines because they own 5 or more properties. Call or email today for details.

Hidden Gem to visit #1 Sonoma County

readybell — Sat, 08 May 2010 19:21:17 +0000

The Russian River Rose Company is unlike any other rose company. It is only open in April and May on Saturdays and Sundays or by appointment. It is not a traditional nursery but rather acres of roses situated around the owners homes. They have roses cascading through trees and on arches and anywhere there is a surface there are roses. If you love roses it is akin to walking into paradise. They cultivate and create rare roses while also maintaining some of the solid staples. They sell roses for a great price as well and they are really some of the best roses I have ever bought. Below is a picture of a rose we bought 3 years ago. It is now climbing a redwood and cascading over it onto our neighbors side. (they love roses too)

They also make rose perfume and have a perfume class that you can go to, to learn how to harvest roses to make perfume and yes, the perfume smells delicous. If you like roses this is the place to go. Make sure you stop to smell the roses and take a few home so that you can enjoy the beauty from your window too:)

http://russian-river-rose.com/

California Tax Credit for homebuyers up to $10,000

readybell — Fri, 07 May 2010 04:34:47 +0000

California first time homebuyer tax credit of up to $10,000. Governor Schwarzenegger signed AB 183 into law, offering a First Time Homebuyer Tax Credit to home buyers buying their first home or purchasing newly construction, previously unoccupied homes. The credit will be extended from May 1, 2010 to December 31, 2010. Last year, funds for the tax credits ran out after four months so you need to act fast.
Here is a link to the state web site for more details: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

Remeber to always contact a tax advisor for specific questions and answers regarding the credit.

Great News! Ready Bell 5% down loan.

readybell — Fri, 07 May 2010 04:32:40 +0000

Introducing: The Ready Bell 5% down conventional loan

As the market changes we are constantly looking for new loan products to help buyers get into homes faster and with as little trouble as possible. With recent changes to FHA we have determined it is crucial to have a conventional loan that competes with FHA.

FHA vs The Ready Bell 5% down Conventional loan;

1) FHA has upped their upfront MI fee to 2.25%. So with the 5% down program you still have mortgage insurance but there are no upfront MI fees. That saves you 2.25%
2) Also with FHA you have to have mortgage insurance for a minimum of 5 years. With this you do not.
3) FHA appraisals are tougher than conventional appraisals. With the 5% down you do a conventional appraisal.

Bottom Line: This is a great option for borrowers with limited amounts down. As many buyers have found some asset managers are not FHA fans and for those properties you now may have an ace in your pocket. Please note that not all lenders will have access to this loan. This is a specialty loan. Please inquire for more details

*In order to qualify you need to have a credit score over 680 and a maximum debt to income of 41%

Home Purchase Loan Tips

readybell — Mon, 18 May 2009 19:25:57 +0000

If you are thinking about purchasing a new home, don’t wait until you find the perfect home to get prequalified! Make sure your credit is healthy and find out how much you can qualify for before you find the home of your dreams. This helps insure that you not only choose a home in the right price range, but help avoid falling in love with a home that you can’t afford!

Another great reason to get quaified as early in the process as possible is to insure the fastest closing possible. If there are multiple offers going in on a home, you may be at a disadvantage if you are not able to secure financing quickly. Don’t wait until the last minute!

We have home purchase specialists standing by that can give you FREE home purchase finance advice. Feel free to request a FREE Rate Quote or to Contact Us directly.

How Recent Market Changes Can Affect You

readybell — Mon, 18 May 2009 01:42:17 +0000

As the Real Estate and financial markets continue to move up and down, mortgage rates can also be affected. Since mortgage rates are more closely tied to the bond markets, an up or down move in the stock market may not have the result in mortgage rates that one might expects. In fact, many times the resulting mortgage rate changes are counter-intuitive.

More importantly, rates change daily and they can change quickly. Some mortgage professionals have recently noted that their rate quotes have only had shelf lives of three to four hours before market changes have deemed them inaccurate.

How does a consumer navigate fast changing markets in order to refinance their existing loan or purchase a home with the most favorable terms possible?

Plan – Define your needs ahead of time, do not wait until the last minute. This is especially true of home purchases.
Consult – Talk to your mortgage professional on a regular basis so they can interpret recent market events to you and communicate how those events can affect you.
Execute – When you have defined your needs and have determined that now is the best time to move forward, don’t shop yourself out of a good loan! What does this mean? It is easy to get caught up in shopping for the best rate, but it is not uncommon for home owners to miss locking their loan at a great rate because they are in search of better rates that do not exist or that they do not qualify for. It is important to shop to insure you are getting the best rate possible, but set limits to the number of companies you are going to consider doing business with and be careful of having your credit report needlessly and more times than is necessary!