Linda On Lending

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(805) 765-1490 | Linda@LindaOnLending.com

FHA Lowers Mortgage Insurance Rate Effective Jan 26, 2015

January 27th, 2015

First time home buyers just received a nice break – as of January 26, 2015 the Annual mortgage insurance rate on FHA loans dropped from 1.35% to .85%.

This means that if you are purchasing a home valued at $425,000, your monthly mortgage payment just became approximately $170 lower.

If you’ve been thinking about buying a home, the current combination of low interest rates and the new lower mortgage insurance premium might be just the right combination of numbers to make this the right choice.

Give me a call at (866) 227-0330 if you’d like me to run your numbers and help you figure out what kind of mortgage best fits your needs.

 

Meet Linda Piper

Loan Officer

Home Loan Consultant

CalBRE 01110003 | NMLS 424824

I am a life long resident of Southern California and so grateful to have lived in such close proximity to gorgeous beaches, breathtaking mountains and beautiful year round weather.

My career has been spent in finance of one form or another as a Director of Finance, Accountant and Controller.  With Mortgage Lending I’ve found my fit!  I so enjoy helping clients maximize their financial resources to get just the home loan that is best for them.  The guiding principal behind how I do business is “would I be comfortable recommending this strategy to my son?”

 

Planatek Financial, Inc. is licensed by Calif Bureau of Real Estate, CalBRE 01329960 | NMLS 328893. 

 

How do I buy a home in California if I have a low or no down payment?

April 22nd, 2014

 

There is very good news for California Renters looking to buy their first home.

 

If you are a first time home buyer who feels like buying a home in California is out of reach because you have a limited amount of money saved for a down payment, help is still available.

 

You can buy a $500,000 home with only $2,500 down…and the $2,500 can be a gift from a family member.

 

CalHFA, the California Housing Finance Agency, offers qualified buyers a loan equal to 3% of the purchase price of your desired home.  The current interest rate on this second mortgage loan is 3.25%.  No payments are actually due on the loan until the home is sold, the first loan is refinanced or paid in full.

 

Then, the down payment assistance money is paired with an FHA loan for 96.5% of the value of the home.  These two loans together with a seller contribution and lender credit toward closing costs will offer you the option to purchase your own home with just a half percent down payment ($2,500 on a $500,000 home).

 

So, for a borrower who meets qualifying guidelines and has either a little money saved or a relative willing to give them the small down payment required, the CHDAP program can be a very good way to help buy that first home.

 

However, even if you have money saved for a down payment, it might be worth considering taking a CHDAP second loan as part of your overall financing strategy.

CHDAP Interest Rate is 3.25%

 

Why?

The interest rate…

 

Second mortgages usually command an interest rate that is higher than that on the 1st mortgage.  However, at this point in time, while 30 year fixed rate loans are still in the mid 4% range and second mortgages in the 6% to 7% range, this second mortgage can be had for 3.25%, no payments.

 

 

From a strategic standpoint, let’s say that you’ve saved your 3.5% down payment and plan to purchase with an FHA loan.

 

Instead of using all of your cash towards the down payment, why not keep your cash as an emergency reserve or to use for upgrades to your desired home?

 

You still must be a qualified first time home buyer but remember…a first time homebuyer is defined as a buyer who has not had an ownership interest in a primary residence for at least 3 years.  This means if you are a re-entry buyer looking to become a homeowner once again, you also have help!

 

For a free analysis of how a CHDAP second mortgage might be a good financial choice, please call me direct at (mobile) 714-403-2603 or send an email message to Linda@LindaPiper.com.

 

It is always my pleasure to help!

 

Meet Linda Piper

Loan Officer

Home Loan Consultant

CalBRE 01110003 | NMLS 424824

I am a life long resident of Southern California and so grateful to have lived in such close proximity to gorgeous beaches, breathtaking mountains and beautiful year round weather.

My career has been spent in finance of one form or another as a Director of Finance, Accountant and Controller.  With Mortgage Lending I’ve found my fit!  I so enjoy helping clients maximize their financial resources to get just the home loan that is best for them.  The guiding principal behind how I do business is “would I be comfortable recommending this strategy to my son?”

 

Planatek Financial, Inc. is licensed by Calif Bureau of Real Estate, CalBRE 01329960 | NMLS 328893. 

 

A Great Big Thank You to My Planatek Team

April 13th, 2014

Doug Piper

3 Weeks ago I made an unplanned trip to Utah to visit my father.  Our email communication had become a little strange and I wanted to find out what was going on.

 

When I arrived in town I received a phone call from my sister that Mom had just taken Dad to Emergency – uh oh.  I went straight to the hospital where I ultimately spent the last week of my father’s life with him before he passed away the following Saturday.

 

I was there pretty much round the clock and focused solely on helping my clearly dying father with the many care giving essentials that a bedridden patient requires – needless to say I was not focused on my business.  The following week was consumed with arranging for family to come to Utah and then with helping Mom manage the details of Dad’s celebration of life.

 

Then, of course, last week the prior 2 weeks caught up with me and I came down with the flu for the first time in 14 years – yeesh!  Enough already!!

 

During this time, I did not respond as quickly as I normally do to client inquiries and the Team I work with at Planatek took care of everything – they did not miss a thing – and made sure to keep me informed on the status of every client we are currently serving.

 

I want to publicly recognize how amazing this team is – they are experienced and hardworking, smart and efficient.  But most of all, they are kind and supportive.

 

If you have not had the pleasure of working with the team at Planatek, I encourage you to think about talking to one of us about any type of home loan financing.  You will be treated with this same kind of courtesy and respect I have come to appreciate from this very wonderful team of professionals.

 

Meet Linda Piper

Loan Officer

Home Loan Consultant

CalBRE 01110003 | NMLS 424824

I am a life long resident of Southern California and so grateful to have lived in such close proximity to gorgeous beaches, breathtaking mountains and beautiful year round weather.

My career has been spent in finance of one form or another as a Director of Finance, Accountant and Controller.  With Mortgage Lending I’ve found my fit!  I so enjoy helping clients maximize their financial resources to get just the home loan that is best for them.  The guiding principal behind how I do business is “would I be comfortable recommending this strategy to my son?”

 

Planatek Financial, Inc. is licensed by Calif Bureau of Real Estate, CalBRE 01329960 | NMLS 328893. 

Your Credit Score Can Be Managed

April 13th, 2014

 

 

I am currently helping a wonderful couple purchase their first home.  They are both professionals who generate a healthy income of over $100,000 per year and have ample funds saved to put 20% down on their home.

 

They want the very best rate possible and I want to give them what they want.

 

 

The challenge?

 

Credit Scores.

 

When I reviewed their credit report their qualifying credit score was barely over 620 and they had a mountain of debt to boot.

 

These are all elements that can be managed but require the proper amount of time in order to achieve the maximum impact to a credit score.

 

I analyzed their credit report to determine what would give us the biggest credit score increase, as well as bring their debt to income ratio to within qualifying guidelines.

 

They paid off almost all of the outstanding debt which provided an immediate increase in credit score to almost 680.  To qualify for the rate they want, we still need to improve the score to over 700.

 

The problem?

 

Time.

 

They’ve made an offer on a beautiful home and the offer has been accepted – we’re under contract for a 30 day close.

 

We’ll be able to help increase the score just a little more through a “rapid rescore” service but it’ll be expensive.

 

The lesson?

 

Have your credit report and financial situation evaluated by a lender before you begin the process of shopping for a home.

 

If there is work to be performed on a credit report, I’d like 60 – 90 days to let the impact of our suggestions take effect naturally.  Then, if there are a few additional tweaks we can make to push your score up a little higher, it’ll be far cheaper for you than the $500 or so it is going to cost this client for their rescore.

 

If you are thinking of buying a home in the next few months, please start with the process of getting pre-approved now.  I will analyze all your income and debt, make recommendations on what to do to maximize your credit score and help you qualify for the very best rate possible.  If I can help you, feel free to give me a call on my cell phone at (714) 403-2603 or send me an email message to Linda@LindaPiper.com.

 

Meet Linda Piper

Loan Officer

Home Loan Consultant

CalBRE 01110003 | NMLS 424824

I am a life long resident of Southern California and so grateful to have lived in such close proximity to gorgeous beaches, breathtaking mountains and beautiful year round weather.

My career has been spent in finance of one form or another as a Director of Finance, Accountant and Controller.  With Mortgage Lending I’ve found my fit!  I so enjoy helping clients maximize their financial resources to get just the home loan that is best for them.  The guiding principal behind how I do business is “would I be comfortable recommending this strategy to my son?”

 

Planatek Financial, Inc. is licensed by Calif Bureau of Real Estate, CalBRE 01329960 | NMLS 328893. 

90% Financing, No Mortgage Insurance!

March 4th, 2014

Piggyback Home Loans in Camarillo California

 

When you make a down payment of less than 20% most lenders require mortgage insurance to be added to your monthly payment.  This can range anywhere from under $100 to well over $600 for more expensive homes.

 

Now there is a wonderful financing program that allows buyers to purchase a home with only 10% down and no monthly mortgage insurance.

 

To illustrate how this works, I found an existing Camarillo home for sale and created a Financing Example Worksheet.

 

The listing price is $591,700 – here are just some of the different choices you have to finance this home.

 

90% Financing – NO MORTGAGE INSURANCE

 

Down Payment:                                                        $59,170

80% Loan – 1st:                                                       $473,360

Monthly Payment (PITI-estimate only):                    $3,258

 

10% Loan – 2nd:                                                     $59,170

Monthly Payment (interest only):                            $271

 

Total Monthly Payment:                                           $3,529

 

Please see THIS WORKSHEET for more detailed information.

 

Purchase with 10% down, 30 year financing with Mortgage Insurance

 

Down Payment:                                                        $59,170

Conventional Loan:                                                  $532,530

Monthly Payment (PITI-estimate only):                     $3,907

 

Please see THIS WORKSHEET for more detailed information.

 

Purchase with 10% down, 15 year financing

 

Down Payment:                                                       $59,170

Conventional Loan:                                                  $532,530

Monthly Payment (PITI-estimate only):                    $4,895

 

Please see THIS WORKSHEET for more detailed information.

 

 

Purchase with FHA Loan:

 

Down Payment:                                                      $20,710

FHA Loan (including Up Front MI):                          $580,983

Monthly Payment (PITI-estimate only):                   $4,411

 

Please see THIS WORKSHEET for more detailed information.

 

As you can see, there are a number of different choices you have for financing a home in the Mission Oaks Neighborhood of Camarillo.  The most affordable is the Piggyback option and there is no catch to it – it is a great program!

 

What’s the point?

 

There are lots of ways to accomplish your goal of financing a home.  Before you begin the process of shopping for a home, call me for help in getting your financing in place.  Call me at (714) 403-2603 or send an email message to Linda@LindaOnLending.com.

 

 

Meet Linda Piper

Loan Officer

Home Loan Consultant

CalBRE 01110003 | NMLS 424824

I am a life long resident of Southern California and so grateful to have lived in such close proximity to gorgeous beaches, breathtaking mountains and beautiful year round weather.

My career has been spent in finance of one form or another as a Director of Finance, Accountant and Controller.  With Mortgage Lending I’ve found my fit!  I so enjoy helping clients maximize their financial resources to get just the home loan that is best for them.  The guiding principal behind how I do business is “would I be comfortable recommending this strategy to my son?”

 

Planatek Financial, Inc. is licensed by Calif Bureau of Real Estate, CalBRE 01329960 | NMLS 328893.  Equal Housing Lender.

 

**Please note that not all applicants will qualify and this is not an offer to lend or any assurance that you will qualify for any loan program.

 

Home Loans in Camarillo CA

March 3rd, 2014

If you are looking for a home in Camarillo, there are a wide range of styles and price points to choose from, along with many financing options to suit your budget.

 

I decided to create several different loan profiles for an existing home for sale to give you an idea of the number of different financing choices you have.  I searched Trulia – here is a link to the information about this beautiful home.

 

The listing price is $399,900 – here are just some of the different choices you have to finance this home.

 

1st Time Homebuyer – down payment assistance for a 4 member household

 

Down Payment:                                               $1,999.50

CHDAP 2nd Down Payment Assistance:         $11,997

FHA Loan:                                                        $392,657

Monthly Payment (PITI-estimate only):        $2,898.98

 

Please see this FHA/CHDAP Worksheet for more detailed information.

 

 

Purchase with only 5% down

 

Down Payment:                                                        $19,995

Conventional Loan:                                                   $379,905

Monthly Payment**:                                                $2,600 – $2,880

**Monthly payment differs based on impact of credit score to investor fee assessments and Mortgage Insurance Rates 

 

Please see this Purchase with 5% Down Payment Worksheet for more detailed information.

 

 

Purchase with 20% down, 15 year financing

 

Down Payment:                                                        $79,980

Conventional Loan:                                                 $319,920

Monthly Payment (PITI-estimate only):                  $2,801

 

Please see this Purchase with 20% Down and 15 Year Financing Worksheet for more detailed information.

 

One of the very significant things to notice about the 15 year loan example is that the differences in interest rates that are due to assessed risk-based investor fees for credit score and loan to value criteria are eliminated.

 

 

Purchase with 10% down, 15 year financing

 

Down Payment:                                                        $39,990

Conventional Loan:                                                   $359,910

Monthly Payment (PITI-estimate only):                $3,162 – 3,192

 

Please see this Purchase with 10% Down and 15 Year Financing Worksheet for more detailed information.

 

These are just 4 examples of how you can structure a home loan to purchase a home…there are many other choices available depending on what your overall financial goals are.

 

What’s the point?

 

There are lots of ways to accomplish your goal of financing a home.  Before you begin the process of shopping for a home, call me for help in getting your financing in place.  Call me at (714) 403-2603 or send an email message to Linda@LindaOnLending.com.

 

 

Meet Linda Piper

Loan Officer

Home Loan Consultant

CalBRE 01110003 | NMLS 424824

I am a life long resident of Southern California and so grateful to have lived in such close proximity to gorgeous beaches, breathtaking mountains and beautiful year round weather.

My career has been spent in finance of one form or another as a Director of Finance, Accountant and Controller.  With Mortgage Lending I’ve found my fit!  I so enjoy helping clients maximize their financial resources to get just the home loan that is best for them.  The guiding principal behind how I do business is “would I be comfortable recommending this strategy to my son?”

 

Planatek Financial, Inc. is licensed by Calif Bureau of Real Estate, CalBRE 01329960 | NMLS 328893.  Equal Housing Lender.

 

**Please note that not all applicants will qualify and this is not an offer to lend or any assurance that you will qualify for any loan program.