Pre-qualifying, Pre-approval, and REAL Pre-approval
Wednesday, 14 November 2012
Question: “I just talked to a lender for about 10 minutes and I got pre-approved for a $550,000. That seemed a little too fast. I thought getting a loan was a little more complicated. Do you think I’m really approved? Answer: No, I don’t. You’re right to be dubious. There’s pre-qualifying, there’s pre-approval, and there’s
- Published in Q&A - Home Financing Questions
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Must You Be a First-time Buyer to Get an FHA Loan?
Wednesday, 07 November 2012
Question: “Do you have to be a first-time homebuyer to get an FHA loan?” Answer: No. There’s no requirement whatsoever to be a first-time buyer if you’re getting an FHA loan.
- Published in Q&A - Home Financing Questions
Why You Pay More Interest Than Principal on Your Mortgage
Wednesday, 17 October 2012
Question: “Hi Gary, Thank you for your email. Question: Why do we pay more towards our interest than principal in our monthly mortgage payments for the first several years? Shouldn’t your payments spread evenly between interest and principal so that you can pay down your principal quicker?” Answer: Thanks for the question. A banker may
- Published in Q&A - Home Financing Questions
Is It Hard to Get a Loan for a San Diego Home?
Wednesday, 26 September 2012
Question: “I’ve heard that banks aren’t lending. Is it still hard to get a home loan?” Answer: Short question, long answer… Banks lost billions of dollars in the foreclosure crisis. They’re under the microscope by the press, political groups, and politicians for any possible misdeed or mistake, big or small, accidental or intentional. And regulations
- Published in Q&A - Home Financing Questions
Home Equity Line vs. Equity Loan vs. HELOC
Saturday, 02 June 2012
San Diego Realtor Gary Kent describes the differences between Home Equity Line vs. Equity Loan vs. HELOC.
- Published in FAQs, Home Financing, San Diego
Switching Banks When Mortgage Shopping
Thursday, 03 May 2012
“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
- Published in Home Financing, Real Estate Tips, San Diego
How Loan Brokers Can Mislead Clients
Tuesday, 06 March 2012
“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
- Published in FAQs, Home Financing
Is APR the Best Way to Shop for a Loan?
Saturday, 10 December 2011
“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,
- Published in Home Financing, Real Estate Resources