Serving the San Gabriel Valley and the Inland Empire

When purchasing a property, most borrowers will conduct their due diligence on the house, examining its structural soundness and the surrounding neighborhood.  However, not all borrowers do a thorough vetting of the lender.   Borrowers are advised to focus more on the individual who would be the ...

In addition to conforming loans, mortgage insurance also is becoming harder to obtain for some borrowers.  Many lenders require borrowers to have a 20 percent down payment or the borrower must purchase mortgage insurance.   Prior to the mortgage meltdown, consumers were able to bypass purchasing mortgage ...

Buying a home can be time consuming.  One way to save time is by organizing all the necessary documents most lenders require, such as those that prove employment and income. Typically, lenders want two recent pay stubs, two years of tax returns, bank statements, proof of assets, such as 401(k) and trusts, and debts, such as ...

The U.S. mortgage-lending landscape has changed from the height of the real estate cycle, when many lenders generously offered zero-interest terms and no-down payment loans.  Now, the situation is much different.  Most lenders have more stringent lending guidelines, and now require more documentation from ...

Getting a mortgage is a complex, time-consuming process that is generally one of the most significant events in one’s life.  Because of this, there are several potential pitfalls borrowers should avoid. Applying for new credit and a mortgage simultaneously is never recommended.  Anytime a borrower applies for new ...

What you should know about the market… First-time buyers planning to make the shift from renter to homeowner this year should begin preparations as early as possible. Prior to starting the home-buying process, potential buyers should make sure they are ready to buy a home where they will live for three to five years or longer, ...

•  Companies promising to reduce or eliminate credit card balances and other debt for customers no longer will be allowed to charge an up-front fee.  The Federal Trade Commission (FTC) recently announced new restrictions to crack down on the debt settlement industry. Beginning Oct. 27, debt settlement companies only will be able to ...

Currently, if a homeowner defaults on a mortgage used to purchase his or her home -- known as a "purchase money mortgage" -- the homeowner's liability on the mortgage is limited to the property itself. Unfortunately, the original law did not extend the purchase money protection to loans that refinance the original purchase debt, even ...

Many lenders currently require down payments of 20 percent or more. One benefit of larger down payments is that the borrower owes less money and usually receives better terms on the mortgage loan. If the down payment is less than 20 percent, most lenders require the borrower to purchase private mortgage insurance, depending on the nature of the ...

Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed. Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings.  In the past, the FHA has resisted raising down payments or insurance premiums, ...