What Is A Cash-Out Refinance In Texas?

Homeowners in Texas continue to see an increase in home value and are now finding themselves with more equity in their homes. Many Texas homeowners are eligible to utilize a cash-out refinance to convert some of their equity into cash, but what exactly is s cash-out refinance? What is a Cash-Out Refinance? A cash-out refinance […]Read More

Should You Rent Or Buy A House?

Should you rent or buy a home? Many people are considering buying a home – and for a good reason! There are many advantages to buying a home: enjoy more space, build equity, and decorate and paint the walls however you like without asking a landlord. But, there are advantages to renting – especially if […]Read More

12 Tips For First-Time Homebuyers

Many first-time homebuyers are excited about the opportunity to invest in themselves and begin building generational wealth through their home’s equity. Here are JVM’s best tips for first-time homebuyers, founded on our team’s expansive knowledge and experience with helping thousands of homebuyers navigate the mortgage process. 1. Prepare For The Financial Responsibility The number one […]Read More

Do Homebuyers in California Need An Appraisal For The Home They’re Buying?

The Short Answer: Unless you plan on paying all cash for your new property, you will likely need a home appraisal in California.  But “appraisal waivers” are becoming increasingly common now for certain types of financing and we explain why below. Why do I need an appraisal? A home appraisal in California is used to […]Read More

What Credit Score Is Needed To Refinance A House?

What Credit Score Do You Need To Refinance? Many borrowers want to know what credit score they need to refinance. Credit scores play a significant role in determining what mortgage rate you qualify for when refinancing. There is no “one interest rate” that lenders quote each day because of the many factors that affect individual […]Read More

Conforming Loan Limits In California 2021

The U.S. Median Home Price has increased over 15% year over year – so it is no surprise that the Federal Housing Financing Agency (FHFA) has increased the Conforming Loan Limits significantly for 2021. Conforming Loan Limits refer to the maximum loan amounts that Fannie Mae and Freddie Mac will allow for financing for one, […]Read More

What Is A Conventional Loan?

What Is A Conventional Loan Conventional loans are a favorite for homebuyers with decent credit scores and who have a fair amount of funds for a down payment. Conventional mortgages should not be confused with “Conforming Mortgages.” Conventional mortgages are institutional mortgages that are not insured by the FHA (Federal Housing Administration) or guaranteed by […]Read More

When Is The Right Time To Refinance Your Home

You’ve probably seen quite a few ads or news indicating it is an excellent time to refinance because of the current low rates. Refinancing can be a smart financial move when it reduces monthly payments, lessens the duration of the loan, or grows your home equity faster. However, there is still an important question to […]Read More

Difference Between Purchase and Refinance Mortgages

Purchase mortgages and refinances are both home loans, but they serve very different purposes. A purchase mortgage is a type of loan that homebuyers apply to finance the purchase of a new home. A refinance mortgage is the process homeowners go through to change their mortgage rate and terms. What Is A Purchase Mortgage A […]Read More

Closing Your Home Loan In Five Easy Steps

Throughout the homebuying process, borrowers often have questions about the closing process for their home loan. There are quite a few steps to this process, and we understand that it can lead to confusion and frustration if buyers are unaware of the process. To help alleviate some of the confusion, we’ve outlined the closing process […]Read More

Why Should You Refinance Your Mortgage?

What Is Refinancing Refinancing is an excellent opportunity for homeowners to change their mortgage rate and terms to lower their interest rate, monthly payment, or cash out some of their property’s accumulated equity.  There are two types of refinances available for homeowners:  Rate/Term Refinance: A rate and term refinance is the refinancing of an existing […]Read More

Programs and Loans For A First Time Homebuyer

As a first time homebuyer, you have many loan programs and grants to choose from that help you afford your first real estate purchase. We’ve compiled a list of some of the best of these programs, grants, and loans that generally assist with the down payment and closing costs for first time homebuyers like yourself. […]Read More

How To Qualify For A Mortgage As A First-Time Homebuyer

Many first-time homebuyers have questions about how they can qualify for a mortgage. One of the best ways to start the homebuying process as a first-time homebuyer is to gather as much information as possible at the onset of the process.  Check Your Credit Score Credit scores play a pivotal role in determining a  first-time […]Read More

What Credit Score Do I Need To Buy A Home?

When looking to buy a home, many will ask themselves, “what credit score do I need?” This will depend on the type of mortgage loan you’re applying for as well as the mortgage lender you work with. Even if you do not have perfect credit, or in fact, have a poor credit score, it’s still […]Read More

What Are Current Mortgage Rates In Texas?

What Are Mortgage Rates Today On Friday, January 29, 2021, mortgage rates in Texas are holding in the mid-to-high 2% range. You can view JVM Lending’s current mortgage rates for Texas loans on our website here. Our team updates these mortgage rate scenarios daily; however, our team is also available seven days a week for […]Read More

A Second Home Vs. An Investment Property

Looking to purchase a second home? Or maybe your goal is to buy an investment property. It’s important to know the difference between an investment property and a second home. Especially because obtaining mortgage financing for each of the two is a very different process where the costs can vary dramatically.  Differences Between Second Homes And […]Read More

How To Get Pre-Approved For A Mortgage

A pre-approval is a way to be a step ahead when it comes to house hunting. It is a requirement for all homebuyers who plan to use a mortgage loan to finance their purchase. What Does Pre-Approved Mean For A Mortgage Not to be confused with a pre-qualification, a pre-approval is an in-depth verification process […]Read More

Outlook On FHA Mortgage Rates In 2021

The housing market has shown remarkable strength despite the challenges the COVID-19 crisis brought to the economy in 2020. The housing market has made a comeback primarily because of low mortgage rates spurred on by strong demand from homebuyers. FHA INTEREST RATE FORECAST According to NerdWallet’s rate survey, as of January 13, 2021, the average […]Read More

What Is A Jumbo Loan In California?

What Is A Jumbo Loan? A jumbo loan is a conventional (not government-insured) mortgage loan that exceeds the conforming size limit for sale to Fannie Mae and Freddie Mac, the two government-sponsored enterprises (GSEs) that buy and sell bundled mortgage loans. These limits vary by county. For most counties in the Bay Area, the 2021 conforming loan limit is […]Read More

Average Texas Monthly Mortgage Payment In 2021

How much can homebuyers expect to pay every month for their mortgage in Texas? Based on existing median home values in Texas and a current mortgage interest rate of 3% , the average monthly payment for a 30-year mortgage is approximately $1,634. Average Texas Monthly Mortgage Payment In 2021 Mortgage rates are continually fluctuating due […]Read More

What Is A Jumbo Loan In Texas?

So what is a jumbo loan in Texas in 2021? A jumbo loan is a conventional (not government-insured) mortgage loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises (GSEs) that buy and securitize mortgage loans. Jumbo loans usually have stricter underwriting guidelines because they are not […]Read More

Average Bay Area Monthly Mortgage Payment In 2021

How much can homebuyers expect to pay every month for their mortgage in the Bay Area in 2021? Based on existing median home values in the Bay Area and a current mortgage interest rate of 3%, the average monthly payment for a 30-year mortgage is approximately $5,398. Average Bay Area Monthly Mortgage Payment In 2021 […]Read More

Understanding Your Credit Score And How To Improve It

There are many components to your individual financial profile that lenders assess when examining a mortgage application. One of the most important is your credit score. A question for many first time homebuyers is, what is a good credit score? And how can you improve it? What Is A Credit Score? Three different credit reporting […]Read More

Six Home Loan Tips For The Self-Employed

Applying For a Home Loan as a Self-Employed Business Owner There was a time when lenders would accept whatever income you put on your application as accurate and true. These were called “stated income” loans; for many obvious reasons, they no longer exist. There were also loan programs where the lender would accept a record […]Read More

How To Avoid PMI With Less Than 20% Down

It is possible to purchase a home with less than 20% down and avoid private mortgage insurance (PMI). Homebuyers have many options when it comes to their loan’s down payment amount. Many borrowers are not aware of the amount of flexibility within the mortgage industry. Big Down Payments Are Not Always Necessary There are many […]Read More

Why A Home Inspection Is Crucial For Homebuyers

Many homebuyers have found the perfect home, signed the paperwork, and may think they’re good to go. However, that is not the case. Even if you’ve done your research and saved your money and made an offer on the perfect house, you need to have a home inspection. Unfortunately, to save a little cash, some […]Read More

How Much Can You Afford To Spend On A Home?

DETERMINING YOUR HOUSING BUDGET Many homebuyers are unsure how much they can afford to spend on a home. Even if homebuyers could be pre-approved for a home at the top of their budget, they might be more comfortable with a lower monthly payment when considering their full financial profile. Many homebuyers benefit from using a […]Read More

Four Common Earnest Money Questions Answered

For those planning to take out a mortgage and purchase a home, homebuyers need to make what is called an earnest money deposit. First-time homebuyers typically have lots of questions concerning earnest money deposits: What is earnest money mean? Who is required to pay it? What is the average amount for an earnest money deposit? […]Read More

Are Home Equity Loans Tax Deductible?

Homeowners cannot claim tax deductions on home equity loans in some cases. However, they can still benefit from cash-out refinancing programs to use the equity they’ve accrued in their homes. The Tax Cuts and Jobs Act, signed by President Trump in December 2017, introduced this change. Interest paid on home equity loans is no longer […]Read More

Can I Still Get A Home Loan With A Low Credit Score?

A critical factor that influences a person’s eligibility for a mortgage is their credit score. But what if you have a low credit score? Are you not going to qualify for a loan? This is a widespread concern among homebuyers with low credit scores. However, it’s also a tough question to answer because every loan […]Read More

What Are Closing Costs And What Do They Include?

The cost of purchasing a home includes more than just the down payment. In addition to the down payment, you will also need to pay closing costs which include various items and costs. It is crucial that homebuyers keep these in mind when budgeting. On average, closing costs range from 2% to 5% of the […]Read More

5-Step Guide To Applying For An FHA Loan

FHA loans are a popular loan option for many homebuyers – especially those who are purchasing a home for the first time or those who are short on funds for a down payment.  How To Apply For An FH Loan In 5 Steps  Applying for an FHA loan is easy and can be accomplished in […]Read More

Two Refinance Options Every Homeowner Should Know

Know Your Refinance Options Because of the current low rates, refinancing has become very popular. Homeowners wanting to take advantage of these low rates should know about their refinance options. When you refinance to lower your rate or improve your mortgage terms, you are doing what is called a “rate and term refinance.” With this […]Read More

Down Payment Assistance Options For California Homebuyers

Saving up with the funds for a down payment can be difficult. Luckily, there are some mortgage down payment assistance options available to California homebuyers that are seeking as little as zero down. In California, the two most popular 0% down loan options are: USDA rural loan program and the VA mortgage program for veterans […]Read More

This Decade’s Popular Home Upgrades

If you compare a home from 2010 to one from 2020, you will notice quite a few significant contrasts. The American home is ever-changing, the most recent shifts being more technological home upgrades. Keep reading to find out what home features have become increasingly popular in today’s home design. 1. Smart Home Upgrades As more […]Read More

How To Choose the Best Mortgage Company

Working with an experienced mortgage lender can be beneficial to you in several ways. But how can you determine which of the countless mortgage companies near you is the best? As you start your research to choose a mortgage lender, the first thing you’ll want to identify is what type of property you want. Mortgage […]Read More

Buy A House With As Little As 3.5% Down Using FHA Loans

Federal Housing Administration (FHA) loans are a popular financing option among home buyers – especially those in the Bay Area who are contending with high property prices. One of the major appeals to this program is the minimum required down payment. FHA financing allows you to purchase with 3.5% up to the County loan limit. […]Read More

The Earnest Money Deposit Process

First-time homebuyers generally have lots of questions when it comes to Earnest Money Deposits (EMD). What Is An Earnest Money Deposit? Earnest Money Deposits are a portion of the purchase price that the homebuyer pays upfront to show the seller that the buyer’s offer is serious, in good faith, and “valid.” This deposit can be […]Read More

When Is The Best Season to Buy a Home?

The best season to buy a home is…winter! In addition to a reduced number of buyers plus more enthusiastic sellers, the slow season of winter allows all parties involved in a sale to really concentrate on each transaction that comes along. This can mean a shorter time period between offer and settlement. Let’s dive into […]Read More

Three Factors That Influence Your Mortgage Interest Rate

The interest rate tied to your mortgage directly affects how much you are required to pay over the term of your loan. If you are considering purchasing a home, researching the market’s current interest rate is essential. There are three major factors that can influence the interest rate you can lock in for your mortgage. […]Read More

How To Find The Right Mortgage Lender For You

Many prospective homebuyers are concerned about how to find the right mortgage lender for their financial home loan. Working with a reliable and respectable lender is the top priority for many homebuyers. The Consumer Financial Protection Bureau recommends that a potential mortgage borrower talks with at least three different lenders while shopping for a mortgage. […]Read More

How To Reduce Stress When Buying & Selling A Home

If you are simultaneously buying and selling a home, you are probably experiencing major stress levels. Is there a way to make this process less stressful? Here are three strategies to help you stay calm and focused while buying and selling a home. Have a Detailed Buying and Selling Plan A lot of the stress […]Read More

How To Refinance Without Closing Costs

Refinancing is an excellent way for homeowners to benefit from low-interest rates, saving themselves a lot of money in the long run. There are two options borrowers have when refinancing with JVM to avoid closing costs: a “No Cost Refinance” and a “No Money Out of Pocket” loan. No Cost Refinance When a lender offers […]Read More

Shopping For A Mortgage With JVM Lending

Whether you’re purchasing a home or refinancing an existing mortgage, it’s crucial to get the best deal possible. At JVM Lending, we make it easy with our Mortgage Calculator. Enter the details of your loan to receive rates and closing costs instantly and specific to your situation. We’re a local, unique, and experienced mortgage firm […]Read More

Is Renting Or Buying Better For You?

Many people want to know if renting or buying a home is right for them and their finances. There are pros and cons to renting and buying a home. To find out if you should continue to rent or if you’re prepared to own, check out the rest of this blog. Pros Of Renting Possible […]Read More

Real Estate Definitions: The Right To Cancel

Your Right To Cancel A Loan Here is one of a few real estate terms you should know if you are receiving a loan. The Federal Truth-in-Lending Act allows three days for homeowners who are refinancing to reconsider a loan during which they can cancel their refinance without penalty. The Right to Cancel protects homeowners […]Read More

Is It A Good Idea To Refinance My Mortgage To Pay Off Credit Cards?

Many homebuyers think that refinancing and taking cash out from their home’s equity may be a good way to pay off any credit card debt. But – homebuyers should be cautioned, financing credit card debt through a refinance may not be the right move for everyone. While your total monthly expenses will drop significantly, the […]Read More

Everything You Should Know About VA Earl Mortgage

Are you a service member with questions about VA loans and refinances? JVM can provide you with more information. You will want to get familiar with the VA Interest Rate Reduction Refinance Loan (IRRRL) otherwise known as a VA Earl mortgage. The VA Earl mortgage is a part of the VA Home Loan Program that […]Read More

What Is APR And Why Is It So Important?

Why do potential homebuyers make such a big deal about APR? APR can give them a deeper understanding of how much their mortgage will cost them over the loan’s life and is also a great tool to use to compare offers from different lenders. The term “APR” will show up on many documents and is […]Read More