San Diego Home Mortgage Blog

The "Making Home Affordable" plan has expanded to include your higher balance San Diego Mortgage Loan.

Many San Diego home owners are struggling to get their mortgage refinanced even with President Obama's "Making Home Affordable" program going up to 105% loan to value. The 105% cap on the program left many San Diego home owners unable to refinance out of their adjustable rate mortgages due to local home values dropping so drastically over the past 2 years. That is about to change because this month there was an announcement made that should help many more home owners refinance their upside down mortgages. The new maximum loan to value limit will be 125% for refinancing your San Diego mortgage loan. This increase will allow many more people to get a fixed rate instead of their unpredictable adjustable rate home mortgage. However, there are limitations that apply. Your current mortgage must be owned by Fannie Mae or Freddie Mac. To see if you qualify call me and I will help you gladly or visit these two self service look up tools and know in just a few minutes..

                                          Fannie Mae

                                          Freddie Mac

To learn more about this program or any other San Diego mortgage loan give us a call at (619)285-2921 or apply below.

          Mortgage Pre-Approval       Printable Full Application

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The MBS (mortgage backed security) has been extremely volatile of late and as the leading indicator and only direct catalyst of where mortgage rates are and where they will be, we have had quite a bumpy ride. Today will be no exception with 4 major reports that are known to be market movers are coming out. Today Retail sales , jobless claims, inventories and there is a large bond auction. To read more about the day ahead Click Here.

 Absolutely!! Before you have even picked out homes to visit, it is important to get qualified and approved for your San Diego mortgage loan. When we qualify you, we will help you see how much home you can afford for your desired payment. We will give you more than most banks and brokers do because our process does not stop at just giving you a pre-qualification letter. We will issue you an actual Fannie Mae or FHA desktop underwriting approval for your new San Diego mortgage loan.

When your find a house that you want to make an offer on having our underwriting approval will put you in a much better position than just having a pre-qualification letter. The approval will show the seller whether it is a bank or private party that your credit and debt profile was already approved by the funding lender of your San Diego mortgage loan.

At the time that your Realtor presents the offer with your approval the sellers will not have to wonder if the escrow will close or not due to financing. They will know that you have an acceptable borrowers profile and that you can do the deal now.

Call us today at (619)285-2921 or click on one of the links below to start the process of buying your new San Diego home.

Apply Here         or          Ask a Question

Its true negative credit items can remain on your credit report for up to 7 years ( up to 10 for public records like bankruptcy, tax liens or judgments). But this doesn’t mean that you should wait for 7-10 years before getting ready to apply for your San Diego home mortgage after one or all of these events. The credit scoring system gives more weight to recent activity than to mistakes that you have made in the past. You can change your habits right now and begin the process of rebuilding your credit to qualify to buy a home in San Diego within 2 years. That’s right you can qualify for a new San Diego home mortgage within 2 years of a foreclosure, bankruptcy or short sale.

Here are a few Dos and Don’ts when it comes to rebuilding your credit to qualify for a San Diego Home Mortgage:

1) After foreclosure, bankruptcy or short sale open 2 new credit cards to use exclusively to rebuild a stable credit history. You might be asking yourself how you can get a credit card after such a big hit to your credit, the answer is simple GET A SECURED CARD. Secured credit cards use a savings account as collateral for the credit being extended. The cards should be opened with $500 and over the next 2 years it should be a goal to get them up to a credit limit of $2000. The trick with these new cards is to use the m every month for only five or ten dollars and pay the full balance every month. Some of these cards have an annual fee that will be charged to you with the first bill, if this is the case with yours pay the fee off over the first 3 months and then start using it.

2) If you still have credit cards with perfect credit history’s do not close them and make sure to ask us before closing any cards. Continue to use the cards with perfect history because the older an account is with perfect the more influence it will have in making your score recover. To make sure that your credit score is getting the maximum benefit from the accounts and that they won't hold you back when it comes to getting your San Diego home mortgage be sure to keep your balance UNDER 30% of the credit line.

3) Three months before applying for your San Diego home mortgage Do Not apply for credit, close accounts or payoff any collections, charge offs, loans or any other credit. Doing any of these things could make your FICO score drop when you need your score to be the highest, right before you apply for your San Diego home mortgage.

4) Do monitor your credit. Ask us to refer you to a professional credit repair company that you can trust. Having an experienced professional on your side will keep you on track for your new home and give you a specific plan to follow to get your San Diego home mortgage.

Give us a call today. We will be glad to review your credit to see what, if anything needs to be done for you to get the best San Diego home mortgage. Make sure to check for more credit tips and tricks.

          Click Here to Request A Copy of Our Credit Score Guide!

Once your home loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to pay back the loan you are requesting. My team and I have a streamlined the San Diego Home loan process to help you get everything together prior to this review. A home run loan package is in perfect order and answers all the important questions that will be asked by underwriting up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for all of the loan programs that are available today. 

What are they looking for when they underwrite the home loan application?

The lender wants to know about your personal financial situation, including savings and credit history and your job stability. The co-borrower's history is also taken into consideration if their income is being used to qualify for your new San Diego home loan. The lender also looks at the loan amount and appraised value of the home you are looking to purchase. Not every applicant is approved the first time through the process. If the underwriter has any questions or concerns, he or she will require certain conditions be met before they approve your new mortgage loan. 

What can I do on my end to make it easier to be approved?

Before taking out a home loan you need to show a consistent record of paying your bills on time. If you have utility bills that are overdue, bring these up to date. Make sure you are paying credit card and car installments in a consistent and timely manner.

We will calculate your debt-to-income ratio to determine what mortgage payment will be comfortable and affordable for you on a monthly basis. Aim for having enough savings to cover your down payment, closing costs, and three month's expenses in case of emergency. We'll help you find the loan program that works for you while your Realtor helps you find the perfect home.

If I just started a new job six months ago, can I still apply for a loan?

A stable employment history is key, but the lender does take human factors into consideration. If you've recently completed college or vocational training, or were released from the military, you have good cause to have a lack of stable work history. If your profession is seasonal, and gaps in employment are normal in your field, there are loan programs that can work with your situation. If you left your old job to do something in the same profession making more money it is also ok.

Consistency and stability are the key words in the lender's mind. But know that lenders have developed many different loan structures to meet the needs of different types of buyers. When your grandparents bought their first home, they probably put 50% down and made a lump sum payment in 7 or 10 years when the note was due. Times have changed, and so have loan programs. My team and I stay on top of current San Diego home mortgage programs. We monitor rates daily and have a support network of Realtors®, CPAs, Financial Planners and Credit Repair Consultants to lend you additional assistance. The first step to your new home is to call us at (619)285-2921 or click on one of the links below to get pre-approved now.

      Pre-Qualify             Quick Contact

Lenders will have your financial profile and stability under a magnifying glass during the underwriting process for your San Diego mortgage loan. Make sure that you do NOT do these things before your Home Mortgage Funds.

* Do Not make an expensive purchase before your loan funds- It may be tempting to order new furniture, electronics or even construction materials before your home loan funds. Financing any of these things or any other expensive item before your San Diego home mortgage funds will change your DTI (Debt to Income Ratio). Increasing this ratio may keep you from being able to qualify for your new home or your mortgage refinance.

* Do Not change your job- Lenders like to see a stable job history. Changing jobs might not keep you from being able to finance your new home but in almost every case it will make the process longer and more difficult. The underwriters will ask for more documentation and extra verifications. You may actually need to wait until being issued a full months worth of pay checks from the new job before being able to be approved for your new loan.

* Do Not switch banks or transfer money from one account to another- When underwriting reviews your San Diego mortgage loan application and the supporting documentation they will be looking closely at all of your bank statements. All large deposits or transfers will require a proper explanation and paper trail. These things will add to the scrutiny of your application and almost always add to the time that it takes to fund your San Diego home mortgage and close escrow on your new home.

* Do Not pay off ANY collection accounts or credit cards- It is a common misconception that paying old collection accounts or closing credit card accounts will make your FICO score go up. Depending on the age of the accounts paying off or closing accounts can and will make FICO scores go down. Never pay off anything or close any accounts to try to qualify for financing unless instructed to do so by underwriting.

* Do Not apply for any other new credit- Applying for new unsecured credit while in the process of getting a new mortgage can lower your credit score to an unacceptable level. Even if the offer claims to be or looks like it is pre-approved it is best to wait for the funding of your new home loan to do ANYTHING else with your credit.

 Following these simple rules will help us to get your loan application approved and funded in the least amount of time with minimal conditions.

 Call us today at (619)285-2921 for a free credit guide and home buyers handbook or apply below to begin the process of getting approved for your new San Diego mortgage loan.    

   Basic Pre-Approval                       Full Online Application