Local housing assistance programs

Paradise and Oroville, California both offer low-interest loans to qualified first-time homebuyers based on current income limits and property type. As an approved lender, Network Mortgage can assist you with either program. First-time homebuyer programs Both the town of Paradise and the city of Oroville offer deferred, low-interest loans to eligible first-time homebuyers — based … Read more

Why do mortgage rates fluctuate?

Trying to predict the movement of home mortgage rates is tough — Even for seasoned professionals. Changing economic conditions is one of the biggest causes, as is the government’s monetary policy at a any given time. But at the center of it all is one primary driving force: Supply and demand. Mortgage rates seem to … Read more

Reverse Mortgage Myths

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. As a result of this demand, there’s a lot of misinformation out there that we’ll try to clear up. Reverse Mortgages: Myth vs Reality Listed below are some common reverse mortgage myths along with a … Read more

When is refinancing not a good idea?

While refinancing can be the right choice, keep in mind that trading your existing home loan for a new one isn’t always the best solution. Here are a few scenarios when a refinance might not be a good idea. Even with falling interest rates, a refinance may not be the best move. A mortgage refinance … Read more

Escrow Accounts

If your loan doesn’t include an escrow account, you will have to plan to pay these large expenses yourself. Be sure you budget for these extra costs and stay current on your taxes and insurance payments. What is an escrow account? An escrow account, sometimes called an impound account, is set up by your mortgage … Read more

Private Mortgage Insurance

Private mortgage insurance protects the lender, not you. If you fall behind on your payments, PMI will not protect you and you can lose your home through foreclosure. If you have any questions or concerns about PMI, be sure to talk to a qualified lender. What is private mortgage insurance? Private mortgage insurance, also called … Read more

The truth about “no closing cost” mortgages

If you’re short on cash or equity, a no-closing-cost mortgage may help get you into a new home, or refinance your current home. Just keep in mind that you’ll pay more over the term of the loan if you pay less up front. No points! No Fees! No Closing costs! We’ve all seen or heard … Read more

Reverse mortgage purchase loans

You may already be familiar with a traditional reverse mortgage, but did you know that a reverse mortgage can also be used to buy a home? It’s called a Home Equity Conversion Mortgage (HECM) for purchase, and is sometimes referred to as a reverse mortgage purchase loan. What is a reverse mortgage purchase? An HECM … Read more

What not to do before your home loan closes

Sometimes life throws you curves and you need to adapt. That’s okay. If you need to bend any of these rules, just be sure to consult with your loan officer first. This will minimize the chances of your loan being delayed. Sometimes the smartest people do the dumbest things. So, you’ve found the perfect home, … Read more

Are you buying your first home?

When you have the right people counseling you along the way and you take their advice early and often, you’ll create a great experience for yourself and you’ll be prepared for whatever happens. Five things you need to do first. Looking to purchase your very first home? Congratulations! It’s an exciting purchase and one that … Read more

Do you need an appraisal?

Whether you’re refinancing or purchasing a home, it may be possible to do so without an appraisal. Maybe not. The Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) have both announced a new property valuation option. Consumers who are buying homes or refinancing existing mortgage loans may be … Read more

VA Loan Myths

We hear a lot about Veterans Affairs (VA) Loans that just isn’t true — Some of it from lending professionals who should know better. Listed below are some common VA financing myths along with a brief explanation of the reality. VA Home Loans: Myth vs Reality MYTH: Only the United States Department of Veterans Affairs … Read more