Here is a selection of recent posts by Dean Rizzi:
Refinance Considerations
When you’re making your decision, there are several things to keep in mind.
If your current interest rate is significantly higher than today’s lowest rates, you may be able to roll your loan costs into the loan and still get a lower rate than you have today, thereby reducing your interest payments and saving money immediately.
Second, if you are planning to stay in your home for at least three to five years, Read more
VA loans experience a revival. Why?
There has been a surge in VA pre approvals over the past few months. The main reason for this increase is the availability of ZERO down financing with the VA and the fact that it comes with no monthly mortgage insurance premiums. It is virtually the only loan product left that will allow no money down. Below is some information on VA loans.
Advantages of VA Financing
- No down payment is required for veterans with full entitlement on real estate purchases up to $729,000.
- Liberal underwriting criteria.
- Fully assumable.
- No prepayment penalties.
- Fixed rates & adjustable rates available.
- All funds used may be gifted from a relative.
Who is the winner in today’s real estate market?
The First Time Buyer….
- They are buying homes today that don’t have inflated equity…
- They don’t have to wait for their home to sell…
- They have sellers willing to pay their closing costs and buy-down already good interest rates…
- They are in the first “Buyers” Market in nearly 8 years… Read more
Your Credit History
Underwriters look carefully at your past payment record as shown on your credit report. Credit reports are ordered at the beginning of the loan process and again just prior to closing to insure that you have not incurred any additional debt that could affect your qualification for the loan. That is why it is so important that you avoid buying anything large until after your loan has closed escrow. Read more
Fannie, Freddie bailout: What it means for you.
On Sunday morning the US government took over the ailing mortgage giants. Below are what I believe are the Pros and Cons to this historic event.
Pros:
- Interest rates immediately took a positive outlook to the news. The benefit to consumers is clear. Cheaper money makes homes more affordable and refinancing into a 30 year fixed a better option for those who qualify. Read more
10 Reasons to use a Mortgage Broker
1. Simply put, Mortgage Brokers will save you TIME and MONEY!
2. Brokers are driven to find you the best rate, your bank’s goal is to provide another service to you.
3. You can tell brokers everything, and they’ll present your information to the lender in the most favorable light; once you tell your bank something that’s not in your favor, it’s too late to take it back Read more
How does the San Mateo County MCC program help first time home buyers save money?
First of all, what is MCC anyway? MCC stands for Mortgage Credit Certificate. The MCC is a federal tax credit for eligible first-time homebuyers. It helps first time buyers by giving them an additional tax benefit in addition to the normal tax benefit from owning a home to begin with.
Here is how it works. Read more
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