Whether you’re a first-time homebuyer or moving to a new home, 100% FHA financing, with its second lien feature, could be the ideal solution for achieving your homeownership dreams. A path to affordable homeownership Financing a home can be one of the biggest challenges for homebuyers, especially in competitive housing markets. The FHA’s 100% financing … Read more
CalHFA will begin accepting pre-approvals for this program in late March or April 2024. Funds are very limited, so it’s important to get in touch with an approved lender or broker as soon as possible. Update: March 27, 2024 CalHFA has announced that the registration portal for the California Dream For All Shared Appreciation Loan … Read more
Buying a home is a complicated, stressful process and fraudsters are more than eager to take advantage of unaware buyers. According to the FBI, real estate wire fraud is one of the fastest-growing cybercrimes in the country. While it’s easy to think you may not fall for this kind of fraud, these schemes are complex … Read more
When looking for a home loan, one of your biggest decisions will be deciding between a fixed-rate mortgage or an adjustable-rate mortgage. Let’s take a look at the differences. Should you choose a fixed-rate or an adjustable-rate mortgage? Deciding between a fixed-rate and an adjustable-rate mortgage (ARM) depends on your specific financial situation, risk tolerance, … Read more
Mortgage borrowers are often barraged with offers from questionable lenders and insurance providers. These so-called “trigger leads” can be annoying, but they’re legal. Here’s how to stop them. What you need to know about trigger leads If you’ve recently applied for a mortgage loan, you may have experienced dozens (if not more) unsolicited phone calls … Read more
Loan servicing is an essential function for lenders, as it helps ensure that loans are repaid in a timely and efficient manner. Borrowers should be aware that most mortgages today have servicing transferred more than once. What is loan servicing? Loan servicing is the process of administering and managing a loan after it has been … Read more
It’s normal to feel lost when it comes to home mortgages. But you don’t have to go through it alone. A mortgage broker can walk you through the application process in a way that makes sense, reduces stress, and leaves you feeling confident, not helpless. What is a mortgage broker? A mortgage broker is a … Read more
Unattractive yards, foreclosures, and constant noise can affect the resale price of your home because they bring down the average home values in the neighborhood. Can your neighbors affect the value of your home? As a homeowner, you’re likely enjoying the security of rising property values. You probably take great care of your home, making … Read more
Every homeowner gets offers to refinance, and some can be very aggressive and confusing. Not every offer is deceptive, but when mortgage rates fluctuate, there’s a much greater likelihood of fraud. The shrinking refinance market It’s certainly not news that mortgage interest rates can often fluctuate. And when rates rise, so too does the desperation … Read more
Whether or not a reverse mortgage is the right financial option for your parents is a personal decision that should be weighed carefully. Should my parents get a reverse mortgage? With the recent volatility in retirement savings and home values, children of seniors are concerned about their parents being able to finance the remainder of … Read more
Consumers looking for a home loan, or who want to refinance an existing mortgage, need to know that mortgage rates may rise as inflation increases. Understanding the difference between the inflation rate and interest rates — and how they interact — is key for anyone shopping for a mortgage. Does inflation affect mortgage rates? While … Read more
Whenever mortgage interest rates decline significantly, there’s an increase in home loan refinancing. Unfortunately, along with the benefits of refinancing, comes a lot of misinformation about the process. Mortgage Refinancing: Myth vs Reality Listed below are some common mortgage refinancing myths along with a brief explanation of the reality. Myth: You can only refinance your … Read more
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
Trying to predict the movement of home mortgage rates is tough, even for seasoned professionals. A changing economy 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. Five factors that affect mortgage … Read more
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
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. There are a few scenarios when a refinance might not be such a good idea. When to refinance. And when not to. You probably already know the basics, but let’s … Read more
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 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
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
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