How do I get a bridge loan?
Friday, 07 February 2020
Question: “Do they still have bridge loans, where you can temporarily borrow against a home you plan to sell so you can buy your next home?” Answer: Good news! Bridge loans are back, finally! My preferred lender just told us he can now get our clients a bridge loan. For more info, call me at
- Published in Q&A - Home Investing Questions
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Are solar loans a problem when you sell your house?
Friday, 17 January 2020
Question: “I’ve heard that those solar loans are a problem when you sell. Is that true?” Answer: Yes, most if not all solar loans (often called HERO or PACE loans) are a problem unless your buyer is paying cash. That’s because they won’t go “junior” to a buyer’s new loan, meaning the solar loan stays
- Published in Q&A - Home Financing Questions
What are the responsibilities of cosigning a loan?
Friday, 08 March 2019
Question: “Any downside to cosigning on a loan?” Answer: Before you co-sign on a mortgage, you should understand what it means. I suspect some people think it’s more like a reference on steroids than an actual commitment. But it’s a commitment. If you co-sign, you and the other party are both 100% responsible for payment.
- Published in Q&A - Home Financing Questions
Can I buy a rental property with a VA loan?
Friday, 01 March 2019
Question: “Can I buy a rental with my VA eligibility?” Answer: Sorry, but VA loans are only for your primary residence.
- Published in Q&A - Home Investing Questions
How do I get a good home loan rate?
Friday, 22 February 2019
Question: “We’re going to be buying a home in a couple of months and want to get our finances in order so we can get a good loan rate. What do you recommend?” Answer: Here are the Ten Commandments Of Getting A Home Loan: Thou shalt consult with a lender six months before getting a
- Published in Q&A - Home Financing Questions
Do I have to talk to a lender before I see a home?
Friday, 08 February 2019
Question: “A real estate agent told me she wouldn’t show me any homes unless I talked with a lender to see if I was qualified. Isn’t that a bit much? Having to talk with a lender just to see one home?” Answer: It doesn’t sound like the agent explained the benefits to you of talking
- Published in Q&A - Home Financing Questions
What is the difference between a home equity line, an equity loan, and a HELOC?
Friday, 01 February 2019
Question: “Hi Gary. My wife and I want to buy an investment property. We want to conserve our cash, so we plan to borrow against our home. Can you tell us the difference between a home equity line, an equity loan, and a HELOC?” Answer: A home equity LINE (aka HELOC, acronym for “Home Equity
- Published in Q&A - Home Financing Questions
Should I take out a reverse mortgage?
Tuesday, 29 January 2019
Question: “What do you think of reverse mortgages?” Answer: I think they’re a great option for many older people. My parents had one and it allowed them to stay in their home until they passed away. The downsides are the high 15K+ upfront costs and the obvious fact that the equity is slowly used up
- Published in Q&A - Home Financing Questions
Can You Borrow Money for a Home Down Payment?
Friday, 31 July 2015
Question: “Can you borrow the money for the down payment on a home?” Answer: It depends how and when you borrow the money. Generally, banks only want you to borrow from a secured asset: HELOC, car loan, savings account loan, 401-k loan, etc. They don’t like personal loans that are not secured by an asset
- Published in Q&A - Home Financing Questions
Will Lenders Make a 30-Year Loan to a Senior?
Friday, 10 July 2015
Question: “I’m 63 years old and would like to move and buy a home in San Diego. Will lenders make a 30 year loan to a senior? That would mean I’d be 93 when the loan is paid off” Answer: Good news. Lenders are not allowed to discriminate based on age. If you qualify, they’ll
- Published in Q&A - Home Financing Questions