The Wrong Way to Find a Lender

“I’m looking to refi my condo and I’m calling lenders out of the phone book trying to find the lowest rate. Can you recommend me the lender you think has the lowest rates?” Answer: STOP! Shopping rates is NOT the way to find your lender. Here’s why: 1. There’s more to a loan than interest
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Signing a Buyer-Broker Agreement

“Hi Gary. It’s been about 10 years since my wife and I bought our home. We recently met with an agent to talk about finding a bigger home. When we were done, he asked us to sign a Buyer-Broker Agreement. I’ve never heard of this. What do you advise?” Answer: A “Buyer-Broker Agreement” outlines how
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Should You Go to Where You Bank for a Mortgage?

“Do you recommend I go to where I bank to get a mortgage? Will they give me some kind of preferential treatment?” Answer: The answer would have been “yes” 50 years ago. However, today it’s very rare for a bank to give any significant benefit to one of their customers who gets a mortgage. Call
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How We Can Help You Buy Outside San Diego

“Hi Gary. Thanks for your emails. You did a great job when you sold our condo in San Diego. Now that I’ve moved to Los Angeles, I’ve decided to go ahead and buy a home here. Can you help me buy a home in L.A.?” Answer: I’m honored that you want me to help you.
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Is APR the Best Way to Shop for a Loan?

“Is APR the best way to shop for a loan?” Answer: From my preferred lender, Robert Geiler of Rancho Financial: “The APR was developed to show borrowers the true cost of getting a loan as an interest-rate rather than a dollar amount. It was supposed to make it easier for to compare rates because, theoretically,
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Home Sales Tax After 2012: Fact or Fiction?

Not sure if you got one of these emails: “Another Obama Nightmare. Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That’s $3,800 on a $100,000 home etc. When did this happen? It’s in the healthcare bill. Just thought you should know.” Answer: I’ve
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Learning More About Home Refinancing

“Dear Mr. Kent, do you have some kind of reading material about home refinancing? We would appreciate it if you can send us some materials on this matter because we are seriously thinking of refinancing our San Diego home before our adjustable loan gets mature.” Answer: Thanks for your email. Since I don’t handle mortgages
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What Is Fannie Mae, Anyway?

“What is Fannie Mae? I hear about it on the news all the time, but they never explain what it is.” Answer: Fannie Mae is the nickname for the Federal National Mortgage Association, a government-sponsored enterprise (GSE) chartered by Congress to provide liquidity, stability, and affordability to U.S. housing and mortgage markets. Rather than making
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FHA Loans on Du-, Tri- & Fourplexes

Is it possible to get an FHA loan on a duplex, triplex, or fourplex? Answer: I was recently discussing that topic with my favorite lender, Robert Geiler of Rancho Financial. Here are the relevant bullet points of our conversation: – All FHA loans are for owner-occupants – The typical FHA loan is 3.5% down –
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Where You Should Buy Multi-Unit Properties

“I see you handle a lot of multi-unit properties like duplexes and triplexes. Where do you suggest buying?” Answer: I’ve actually covered this in past seminars of mine. Where you should buy depends on why you’re buying. If you’re buying to live in one and rent out the other(s) or plan to manage the property
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