Looking to refinance your house without an appraisal? This podcast will explain how to go about doing that.

Planning on buying a house in Ontario, CA and looking to work with the best licensed loan officer to help with your home loan? Here are some traits and characteristics that you should be looking for when choosing a loan officer to facilitate your home loan needs.

Purchasing a home is a big step and working with the right mortgage professional will make the process an exciting one. These are the things you should be looking out for when deciding on your team.

Is the individual properly licensed to handle your loan needs, each loan officer must be licensed to discuss loan programs and interest rates, they will have a NMLS number, ask them for theirs before deciding to work with him or her, my NMLS # is 292056.

Are they knowledgeable in most all the purchase home loan programs that are offered today, such as FHA, FHA 203K, FHA EEM, VA, VA EEM, Conventional with 3% down, USDA-RD, Down Payment Assistance loan programs through the city, county and state bond programs, 1st time home buyer programs,  HUD 184 Native America program and CalPath home loan program.

Do they have a presence on the web so you can research to ensure they have the skills that you should demand when working with a loan officer. Google the loan officer's name and see what comes up, that will indicate what skills he or she posses and how dedicated they are to their business and craft. The last thing you want is working with a part time loan officer.

Can they communicate on your terms, such as phone, text and emails. How quick they get back you. Communication and customer service is the most key component in working with a professional. Calling, texting and emailing for status updates or questions you have should not take 2 days to answer.

Do they have a team to assist with the process of your loan if the loan officer is out sick or on vacation. You need an alternative staff member to contact just in case your primary point of contact is out of the office for any reason, their is no need to wait for their return. 

Is the loan officer close to you or at least in the same time zone, working with an online loan officer may not deliver the quality of service you deserve. Local is best, since that loan officer should know state specific loan programs that you can take advantage of or a local lender may have loan programs other lending institutions do not offer.

When purchasing a home you deserve and should demand to work with the very best our industry has to offer. Working with seasoned veterans does not always mean the best, interview your loan officer to ensure he or she meets all your checklist of needs regarding a home loan.

I welcome the opportunity to be your local knowledgeable licensed loan officer in Ontario Ca. I can be reached by email HERE or call / text me at 909-503-5600.

by Nathan Rufty  

In California home loan programs there are 3 home loan programs that will allow you to refinance your existing home loan into a lower fix rate and they are the FHA, Fannie Mae/Freddie Mac and the VA home loan programs. We all know the values have not come back enough to refinance to rid your loan with mortgage insurance but below are options.

The FHA home loan programs has a built in feature that if the rates should drop (like they have) and the payment savings is more than 5% of the principle, interest and mortgage insurance than you have this option available, barring that you meet the credit the credit requirements, just need to minimum credit scores and 12 months of on time pay to the current lender in the past 12 months and income documentation is not required (need to have employment). This is a very smooth without a lot of paperwork like there was when you purchased the home. If you have not already explored this option, need to do so right away and have money for the holidays or worst yet the rates start to increase and you would have missed out on a great opportunity to lower your rate and payment.

California home loan programs with Fannie Mae and Freddie Mac have programs in place also that can assist you with out an appraisal. This program requires, full documentation on income, credit and assets. To see if your loan is owned by either one of this two GSEs, go to Fannie Mae Lookup and Freddie Mac Lookup and answer the few questions and see if you are owned by one of them. If you are then you have options and  welcome the opportunity to discuss them with you. With this program you can be upside down on your equity and still refinance without an appraisal or even having mortgage insurance. If you have not looked to see if you are owned by one of these 2 GSEs, do it right away both this program is gone.

VA also has a refinance home loan program that does not require value in your home in order to reduce your rate and payment called the IRRRL (Interest Rate Reduction Refinance Loan). This program also does not require value or income when you move forward with this option. Must meet minimum credit requirements with credit score and mortgage payment. Just another program to take advantage of right away before the rates climb and then there is not a benefit you on the savings.

These are 3 great home loan programs to refinance your existing home loan into a lower fix rate with minimal documentation required. If you have nt explores these options, do so right away before the program is gone, programs requires additional items to qualify, rates move in the upward or the cost of these programs increase.

Let's get started on your California home loan programs to reduce your over all mortgage payment. I welcome the opportunity to explore one of these home loan programs with you, it does cost anything to talk on how you can take advantage of this benefit. Please contact me right away at 909-503-5600 or email me and I will contact you right away. I look forward in hearing from you.

Refinance your FHA home loan in California to remove the monthly mortgage insurance

Refinance Now or Wait? How to Choose Between Refinancing Your Home Mortgage Now or Waiting Until You Need the Money:

Refinancing your current mortgage(s) can provide you with the opportunity to reduce your interest rate, lower your monthly mortgage payment and/or adjust your loan term to short time you pay on a home loan. For those homeowners who have owned their home for more than a few years, refinancing and pulling equity out of the property to pay off credit card debt, you may have extended your spending on items for the home and now it is time to pay those debts off. Also, pulling equity out of the home for home improvements projects should increase the value when spent in the proper area of the home that will have a huge return on value. However, with property values and interest rates adjusting frequently, you may wonder if now is the best time to refinance your mortgage. You will need to explore this option before the values decrease or interest rates increase, at least investigate your options before an opportunity passes you by.

Using the Equity in you Property for a Refinance:

One factor to consider when looking to refinance now or waiting relates to the equity in your property. If you are looking to access cash now for home improvements or other purposes, refinancing now may be the ideal situation, considering the rates for home loan are much lower than a line of credit, signature loans or credit card rates. Even if you do not need access to your equity for several months, you can lock in today's interest rates and invest the money in other avenues, such as CDs, bonds retirement plans, have the available cash so when you need it, it is quick to access.

Anticipating Market Changes in Values and Interest Rates: It is about supply and demand.

You may be aware of the interest rates for home mortgages have been slowly rising this past couple of months in California, while they remain close to historic lows, projections are that will continue to rise. No one can predict with certainty how mortgage interest rates will adjust in the next few months or even for years and locking in today's rates may be a benefit to you financially. Keep in mind that if rates decline significantly in the near future, you can always look into refinancing again to take advantage of the lower rates, but if they continue to rise then you refinance at the right time.

Reducing Your Principal Loan Amount:

If you have a higher interest rate on your current home mortgage, your principal balance may be reduced at a slower rate than if you refinance to a lower interest rate. In addition, if you refinance from a 30 year term to a shorter term like a 20 or 15 year fix term, your principal balance will also be reduced much more quickly. In many situations, refinancing your home mortgage today may establish a more efficient repayment schedule that allows you to accrue equity at a faster rate. Paying down the principle balance will result it faster equity growth in your property as long as you budget for a short term note. 

Each homeowner has their own unique factors to consider when refinancing which are based on the property value, current credit rating, existing loan terms and other factors. While many will benefit by refinancing an existing mortgage, you can speak with a mortgage professional for specific advice and recommendations regarding your financial situation. Call me at 909-503-5600 today to inquire about the options and to begin working on your refinance loan application.

Does not hurt to explore your options before those options are gone. I welcome the opportunity to review your plans with a refinance on your California property.