Never Use a Lender Who’s Also an Agent

“I just went to your San Diego investing seminar and heard you say never to use a lender who’s also an agent. Sadly, I heard this too late. I bought my San Diego home in 2009 and my (ex) agent did my loan. It was a nightmare. It took almost three months to close and
Read more
No Comments

Home Equity Line vs. Equity Loan vs. HELOC

San Diego Realtor Gary Kent describes the differences between Home Equity Line vs. Equity Loan vs. HELOC.
Read more
No Comments

Top 3 Tips to Increase Your Credit Score

“My wife and I want to buy a home in Clairemont or TierraSanta in the next year or two, but my credit score is below 600. Do you know how to increase it?” Answer: I’m not a credit expert, but “Mr. Credit” Derrick Evens recently stated his Top 3 Credit Tips. This is from a
Read more
No Comments

Switching Banks When Mortgage Shopping

“I’m looking for a San Diego home and shopping around for a mortgage. Once my offer is accepted, is there any rule that prevents me from switching banks if I find a better deal with another bank?” Answer: Probably not, but it depends on your contract. However, some warnings: – You don’t always get the
Read more
No Comments

Do Banks Want to Foreclose on Your San Diego Home?

“I read recently that banks are telling people they need to go into default to do a loan modification, then they’re foreclosing on the home. The article said banks do this so they can get the home at auction for far less than its value. Is that true?” Answer: That’s absolutely 100% incorrect. Despite all
Read more
No Comments

How Loan Brokers Can Mislead Clients

“We’re trying for a loan modification, but may consider a short sale if that doesn’t work. We were really misled about how our loan could change and reset. What is the responsibility of loan brokers and/or banks who lied to their clients about the type of loan they were getting?” Answer: Unfortunately the loan brokers
Read more
No Comments

Buying a House While Doing a Loan Mod

“Hi Gary. I bought a San Diego home a few years ago worth $400K and put a $80K down payment. Right now I’m trying for a modification and still waiting for their decision. …My question is can we still buy a house that is much lower than our current home but one that we can
Read more
No Comments

Is It Hard to Get a Loan on a Fixer-Upper?

“Question. I want to buy a fixer upper house so I can fix and sell it for a profit (hopefully!). Is there any difficulty getting a loan on a fixer?” Answer: Great question. If a home is in poor condition, you may have trouble getting a conventional loan. (An FHA or VA loan would be
Read more
No Comments

What Exactly Is a Homestead?

“We’ve never bought a home before and I heard it’s a good idea to get a homestead on the house. Can you explain what a homestead is?” Answer: A homestead exemption protects some or all of your equity from unsecured creditors. There are two kinds of homestead exemptions: automatic and declared. Both have similar protections,
Read more
No Comments

Should You Agree to a MERS Foreclosure?

“I have been receiving your newsletter via email for some time, and have received some really good information, very informative – Thank you. I was approved for a modification and they’re asking me to sign something agreeing that MERS has all rights to foreclose, etc. I want to ensure I am not signing my life
Read more
No Comments