Why You’ll Get a Bigger Loan on a House vs. a Condo
Wednesday, 23 April 2014
Question: “Maybe you can answer this for me. I talked with a lender who said I can buy a house for 490K, but a condo for only 450K. Why do I qualify for a higher price for a house than for a condo?” Answer: It’s because of the HOA fees. The lender adds them to
- Published in Q&A - Home Financing Questions
Is Your Credit Info Sold to Banks?
Wednesday, 02 April 2014
Question: “I’ve heard that when you apply for a loan that your information is sold to banks so that they can solicit you to get a loan through them. Is that true?” Answer: Every time your credit report is run, the credit bureaus can sell the information to companies who purchase “trigger leads.” Companies who
- Published in Q&A - Home Financing Questions, Real Estate Resources
Can You Get a Loan Without Qualifying?
Wednesday, 26 March 2014
Question: “I got turned down for a mortgage, but I know I can afford a payment. Is there a way to get a loan without qualifying?” Answer: For better or worse, the crazy Wild West lending rules of 2005 are long gone. Back then, we joked that if you could fog a mirror, you could
- Published in Q&A - Home Financing Questions
How to Find Your Credit Without a Lender
Wednesday, 05 March 2014
Question: “How do I find out my credit without going to a lender to have them run it?” Answer: Per my favorite mortgage lender, here’s a link you can use to check your credit with each of the 3 major bureaus for free one time per year: https://www.annualcreditreport.com/index.action Lenders don’t use this report, but you
- Published in Q&A - Home Financing Questions, Real Estate Resources
How to Improve Your Credit Score
Wednesday, 26 February 2014
Question: “Can you share any tips on how to improve someone’s credit score?” Answer: Here are several smart ways to improve your credit score… 1. Carefully review your credit report Most credit reports have at least one error that will lower your score. Read your credit report line by line and report any errors in
- Published in Q&A - Home Financing Questions, Real Estate Tips
Can You Find a San Diego Home to Do a Lease Option On?
Wednesday, 19 February 2014
Question: “Can you find me a home that I can do a lease/option on?” Answer: Probably not, especially not now. Lease options are rare in slow markets and almost unheard of in hot markets like we’re currently experiencing. Typically a seller will do a lease option if they are unable to sell their home any
- Published in Q&A - Home Financing Questions
Can a Homeseller Make Me Use a Certain Lender?
Wednesday, 05 February 2014
Question: “Can a homeseller make me use a certain lender? I’m looking at a home and the listing agent says I have to use their lender. Isn’t that illegal?” Answer: I just listened to a real estate legal seminar and they discussed that very topic. It is 100% legal for the seller to require you
- Published in Q&A - Home Financing Questions, Real Estate Tips
Getting a Reverse Mortgage
Wednesday, 22 January 2014
Question: “My wife and I are almost 70. We don’t want to move for 1-2 years, but we saw a one-story home in Oregon that we’d like to buy now and move to later. What do you think of getting a reverse mortgage to get the cash to buy that home?” Answer: Reverse mortgages can
- Published in FAQs, Q&A - Home Financing Questions