Scariest situations for home buyers & sellers. Contact me for more information, I am happy to help you buyer or sell real estate in San Diego. Craig Sutliff The GreenHouse Group Craig@GreenMeansGrow.com 619-857-
The Skinny on Pre Qualification Getting pre-qualified is the initial step in the mortgage process, and it’s generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify. Pre-qualification can be done over the phone or on the internet, and there is usually no cost involved. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home. The Skinny on Pre Approval Getting pre-approved is the next step, and it tends to be much more involved. You’ll complete an official mortgage application, then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. (Typically at this stage, you will not have found a house yet, so any reference to “property” on the application will be left blank). From this, the lender can tell you the specific mortgage amount for which you are approved. You’ll also have a better idea of the interest rate you will be charged on the loan. With pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. Obviously, this puts you at an advantage when dealing with a
Reverse Mortgages – How they Changed This Week! Hey There Greenies! So if you’re reading this post you are probably in the market for a reverse mortgage. Well, some things happened with Reverse mortgages this past week, which could have an effect on qualifying, or the amount of equity that you are entitled to. Lending guidelines changed on April 27th. This change affected how lenders look at FICO scores, Co-Borrower and Reserve requirements for your impound account, just to name a few. So my recommendation is this, if you were on the fence about pursuing a reverse mortgage, and it’s a conversation you had but hadn’t made a decision, Call us immediately! Because that conversation might have changed, and if pursuing an alternate ave of financing becomes more attractive, the time to do that is now. f you are in the market for a reverse mortgage reach out to us at; Scott@GreenMeansGrow.com 858.863.0260 ext
If you asked me a year a two ago, I would have told you that you’re crazy to look into a Reverse Mortgage. We have a number of different loan options that are great alternatives to these products without the high costs and challenges. However, on Reverse Mortgages – I changed my mind. This happened because a client came to me with a product offering from a guy their financial planner had referred them to. They weren’t sure if it was right for them but wanted me to give my blessing. I researched some options with my Lenders, and came back to the discussion with open eyes. We sat at their table for an hour and talked about the pros, cons, and alternatives. I listened to what was important to them, what they were worried about, and what they hoped to accomplish. Turns out for them, it worked. Why is this different than before? I believe it’s 3 things: 1 – There are many new variations and programs now available with Reverse Mortgages. Their are HELOCs, fixed loans, lump sums, adjustable vs fixed rates… The list goes on. With more programs it’s easier to find something that fits. 2 – Rates are amazing! One problem with Reverse Mortgages is that they eat away your equity based on the interest rate they are associated with. In today’s low rate market, that’s
Most people know about using a reverse mortgage to refinance their home. But did you know that you can use a Reverse Mortgage to BUY a home? It’s true! This is the perfect solution for folks looking move into a new home but who don’t want the new large payment. I’m here to help you learn how to use a Reverse Mortgage to Buy a home. Did you know that the population over 55 now accounts for 25% of the US population? You can read more about that here. Many folks approaching retirement start planning ways to reduce their monthly spending in order to stretch their savings and live more comfortably. Now you can do this even when moving and downsizing is in the plans. Now there are some things you need to consider. You must have an equity position in the home. This means a down payment is required so that the Reverse Mortgage can then do it thing. But other than that, there is not a terrible amount of qualifications needed. I have a couple cool calculators and more info. If you’d like to see those things or learn more, please send me an email by clicking here. Jeremy Beck Reverse Mortgage Planner Advocate for the Aging
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The GreenHouse Group INC Broker CA BRE#:01859042
Co-Owner, Jesse Ibanez, Agent – Jesse@GreenMeansGrow.com 858-863-0261 CA BRE#: 01405643
Co-Owner, Jeremy Beck, Mortgage – Jeremy@GreenMeansGrow.com 858-863-0261 CA BRE# 01404189
Broker of Record, David Hughson – David@GreenMeansGrow.com 858-863-0261 CA BRE# 01391065
Located @: 3594 Adams Ave. San Diego, CA 92116
Phone #: 858-863-0261
The GreenHouse Group INC is a full service Real Estate & Mortgage Planning Firm located @ 3111 Camino Del Rio North, Suite 400, San Diego, CA 92108. We'd love for you to drop by and say "hello" to us here at our beautiful offices in Mission Valley. Or, if you'd prefer to drop us a line you can call us anytime @ (858) 863-0261. We look forward to meeting you!