Can You Waive the Appraisal Contingency?

Question: “I want to buy a home in the $400,000 range, but I know there’s heavy competition and multiple offers on many homes. I think I read in one of your newsletters that you suggest one way to make your offer more attractive is to waive the appraisal contingency. Will a lender let you do
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Advantages of an FHA Loan

Question: “What’s the advantage of getting an FHA loan? And is that only for first-time homebuyers?” Answer: Good questions! I’ll take the second one first: Contrary to somewhat popular belief, there’s no requirement that you be a first-time homebuyer to use an FHA loan. FHA loans are generally easier to qualify for, and specifically to
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Beware Bad Lenders When Buying a San Diego Home

Question: “Hi Gary. We’re ready to look for a home and have already talked to a lender, so…” Answer: Careful! Just like there are very nice but very bad Realtors, the same holds true for lenders. I could write 100 pages telling you of all the bad experiences my clients and I have had from
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Paying Off the Loan if the Owner Dies

Question: “My father passed away and left his house to me and my sister. She wants to move in and keep the house. But isn’t there some rule where you have to pay off the loan when the owner dies or moves out?” Answer: If available, you should read the loan documents and/or call the
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Pre-qualifying, Pre-approval, and REAL Pre-approval

Question: “I just talked to a lender for about 10 minutes and I got pre-approved for a $550,000. That seemed a little too fast. I thought getting a loan was a little more complicated. Do you think I’m really approved? Answer: No, I don’t. You’re right to be dubious. There’s pre-qualifying, there’s pre-approval, and there’s
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Must You Be a First-time Buyer to Get an FHA Loan?

Question: “Do you have to be a first-time homebuyer to get an FHA loan?” Answer: No. There’s no requirement whatsoever to be a first-time buyer if you’re getting an FHA loan.
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Why You Pay More Interest Than Principal on Your Mortgage

Question: “Hi Gary, Thank you for your email. Question: Why do we pay more towards our interest than principal in our monthly mortgage payments for the first several years? Shouldn’t your payments spread evenly between interest and principal so that you can pay down your principal quicker?” Answer: Thanks for the question. A banker may
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Is It Hard to Get a Loan for a San Diego Home?

Question: “I’ve heard that banks aren’t lending. Is it still hard to get a home loan?” Answer: Short question, long answer… Banks lost billions of dollars in the foreclosure crisis. They’re under the microscope by the press, political groups, and politicians for any possible misdeed or mistake, big or small, accidental or intentional. And regulations
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