What’s the difference between a mortgage banker and a mortgage broker?

Question: “I’m shopping lenders for my home loan and one said she’s a mortgage banker. Is that the same as a mortgage broker?” Answer: Great question…and the answer is “no.” Mortgage BANKERThey handle everything in-house and lend you their own money, though they’ll probably sell the loan later. Mortgage bankers include banks, credit unions, and
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Can A House Fail Its Inspection?

Question: “I just got married and my wife and I are planning to buy our first home and I have a question. What happens if a house fails a home inspection?” Answer: Home inspectors don’t pass/fail a home. They inspect it, describe its condition, and indicate what needs attention now or possibly in the future.
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Does a home need to be brought up to code before I buy it?

Question: “We’re buying a home and had it inspected. It’s an older home and there are several issues. The main one is that the electrical is not to code. Don’t they have to fix that and bring it to code?” Answer: A common misconception amongst homebuyers and many agents is that items must be brought
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How do 1031 exchanges work?

Question: “Hi Gary. My wife and I want to sell our rental condo in Mission Valley and buy a triplex or fourplex in North Park. I know I can avoid taxes by doing a 1031 exchange, but I don’t know how they work. Can you enlighten me? “ Answer: Happy to… There are 3 common
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Anticipate delays in closing when planning your move out date

Question: “Last time I sold my home, I moved out the day we were supposed to close and got burned. The buyer had loan problems and the closing was delayed for 3 weeks. I got stuck making payments on an empty condo. Now I’m planning to sell my house and want to protect myself so
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Is a house that had mold safe to buy?

Question: “We found a house we like, but it had a major mold problem. The seller says it’s all been taken care of.  Do you think it’s safe to buy it?” Answer: There’s benign mold, and there’s “toxic mold,” so I assume you’re talking about the latter. Many people can live in a home even
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How do I know if I should change my carpets?

Question: “Should I change my carpets before we sell our house?” Answer: Good question. It depends on what I call the “Eww, Oh, Ooo Test.” “Eww!” If your carpets are so torn, worn, stained, smelly, or of such an ugly color that a homebuyer would say “EWW!”, it could make your home hard to sell
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Should I get a loan or pay cash?

Question: “I want to buy a home and can afford to pay cash. Do you recommend getting a loan or paying cash?” Answer: Congratulations on being able to pay cash for your home! The answer to your question depends on your circumstances and priorities. Reasons to pay cash include: Your offer will be much stronger
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How much should I list my home for relative to its value?

Question: “How much should a person list their home for relative to the value?” Answer: Great question. To get the most activity and leave a bit of negotiating room, the optimal amount is about 2% over value, except for higher price ranges. If your home is valued over $1,500,000, I recommend you list about 3%
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What’s a capitalization rate?

Question: “What’s a cap rate?” Answer: Cap rate is short for “capitalization rate.” Cap rate is the rate an investment property earns money, as a percentage of the value of the property. It’s similar to an interest rate on a CD. And it’s also your % return if you buy the property for cash. You
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