Six Factors That Can Impact Your Mortgage Rate in Texas

Every borrower wants to get the lowest rate when applying for a mortgage loan. JVM is proud to offer our buyers some of the lowest rates in the industry. But many buyers are unaware of the many different factors that can affect interest rates. The market moves. The Texas market is a powerful force in […]Read More

Top 5 Tips for Buying a Condo in Texas

Condos are an excellent option for buyers looking to upgrade to a larger single-family residence without all the upkeep of a detached home. These are our top five tips for buyers looking to buy a condo in Texas: 1. Get pre-approved for a mortgage. Unless buyers are planning to pay for their condo with all […]Read More

The Loan-to-Value (LTV) Ratio: A Guide for Borrowers in Texas

The Loan-to-Value Ratio (LTV) is a key mortgage term for homebuyers and homeowners to know and understand. We mention LTV a lot when breaking down other mortgage topics and products. Today we’re giving a crash course in LTV and explaining the impact LTV has on purchasing and owning a home. Loan-to-Value Ratio Defined The loan-to-value […]Read More

Average Closing Costs for Home Buyers in Texas

Defining Closing Costs for Texas Home Buyers Generally, when a lender refers to “closing costs” they are referencing the fees required as a result of a property transaction. Closing costs can be broken down into two basic categories: Lender Origination Fees and Third-Party Fees. Lender Origination Fees Lender Origination fees might include the following: Processing […]Read More

First-Time Homebuyers Hunt for Financing Before Houses

A new housing report by the Washington Post shows that first-time homebuyers get pre-approved before house hunting. First-Time Homebuyers Look for Financing First In the Washington Post’s latest housing report, they found that 74% of homebuyers start their house hunt by researching financing options and getting pre-approved. For first-time homebuyers, that percentage increases to 85%. […]Read More

Things to Know When Considering ARM Financing

Not all buyers go for the tried-and-true 30-year fixed-rate mortgage. For some, an Adjustable Rate Mortgage (ARM) is a better loan product for their housing needs. Here are a few things to keep in mind for buyers considering using an ARM to finance their property. Most ARMs today are actually “Hybrid” ARMs A Hybrid ARM […]Read More

California Buyers Worry Student Loans Prevent Pre-Approval

  The national student loan debt has now surpassed $1.5 trillion and comprises 42 percent of all consumer debt. Millennials have most of the student debt, which has increased 130 percent since 2008. Buyers Are Afraid Of Their Debt With all these outstanding balances, it’s no wonder that California buyers are afraid that their student […]Read More

Study Shows Mortgage Insurance Lessens Difficulty In Obtaining Down Payment

18 years of saving for a California 20% down payment. California’s increasingly competitive market has made property prices soar. With the high price tag associated with California real estate, many homebuyers are increasingly concerned about how they will afford a down payment on a home. Zillow recently released a study that showed that it takes […]Read More

Jumbo Loans in California

Jumbo loans are becoming increasingly popular for California homebuyers. This is mostly due in part to the rising costs of homes in the state. The median price for a single-family home in the San Francisco Bay Area is $935,000. As a result, increasingly more homebuyers in California are having to use jumbo loans to finance […]Read More

How Much Income Do California Borrowers Need To Purchase A House or Condo?

California borrowers often have questions about what income they need to purchase a house or condo. Lenders use a debt-to-income (DTI) ratio to determine how much income a borrower needs to fund their purchase or qualify for financing. Most lenders in California recommend that borrowers stay within a 45% – 50% DTI limit. Determining How […]Read More

How Many Times Can Veteran Borrowers Obtain A VA Loan?

A VA Loan (Veterans Administration Loan) is a mortgage that is guaranteed by the VA for veterans. VA loans are the best bargain in mortgage financing for qualified veterans because of their flexible underwriting and down payment guidelines. VA loans also have low interest rates, no mortgage insurance, and 0% down payments for most veterans. […]Read More

Four Steps to Prepare for Closing Day in California

Closing day is the last step for homebuyers in their loan process. All their paperwork gets finalized and the deed of the property is officially transferred to the new owner. Here are four steps to help California homebuyers have an easy closing day! Start saving! One of the best ways California homebuyers can prepare for […]Read More

5 Tips For Buying A Foreclosure

Understand that the purchase process is different. In traditional real estate transactions, homebuyers work directly with the property sellers and their agents. Homebuyers will typically present an offer directly to the seller and their agents to purchase the property. When homebuyers are planning to purchase a foreclosed property, they are not dealing with a traditional […]Read More

VA Loans: Everything You Need To Know

We’ve assembled this VA guide to help buyers and agents alike. These are the common questions we receive on a daily basis about VA financing. If you’d like to discuss VA options, schedule a call with us to chat anytime! What is a VA Loan? A VA Loan (Veterans Administration Loan) is a mortgage that […]Read More

52% of Homebuyers In California & Nationwide Have Down Payments Less Than 20%

Zillow recently published their Consumer Housing Trends Report 2018, which includes in-depth reporting surveys on trending household decisions across the nation. The comprehensive report found that nearly 52% of homebuyers across the nation are making down payments on home purchases with less than 20% down. This should come as a welcome surprise for homebuyers who […]Read More

First-Time Homebuyers Should Consider FHA

Federal Housing Administration (FHA) loans are an excellent option for first-time homebuyers looking to buy in the competitive California market. FHA loans have low down-payment financing options with flexible underwriting guidelines that are great for homebuyers with liquidity or credit issues. FHA loans are growing increasingly popular among the first-time homebuyer demographic. The Urban Institute […]Read More

Some Rate Reminders for California Borrowers

  Rates are a hot topic for California borrowers. Everyone wants to get the best mortgage rate possible when they’re getting ready to take out a loan for their home purchase. Here a few helpful reminders to keep in mind about mortgage rates in California: Rates will vary depending on the loan type. There are […]Read More

Mortgage Acronyms Every California Borrower Should Know

The mortgage industry is infamous for throwing a lot of acronyms around. If borrowers aren’t familiar with the industry or the lingo it can be confusing to understand what’s going on at times. Here are seven of the most common mortgage acronyms that every borrower should know when planning to take out a loan: APR […]Read More

Contingencies for Buyers in California

  Contingencies are clauses written in real estate purchase agreements and contracts that give a buyer a way to “back out” if they decide they no longer want to move forward with the purchase. Contingencies are very common in California real estate contracts. There are three types of contingencies that are the most common for […]Read More

What Does “PITI” Mean for California Borrowers

What does “PITI” mean? Lots of borrowers are unsure what “PITI” means when it comes to their home loan. PITI is a common term used within the mortgage industry to describe the four factors that impact a loan. PITI (pronounced “pity”) stands for: Principal Interest Taxes Insurance Principal Principal refers to the actual amount of […]Read More

What’s the Deal with Home Insurance in California?

Home insurance is a policy that nearly all homeowners need to protect them from financial losses in the event their property becomes damaged. What is Home Insurance Home insurance is a specific type of insurance that is designed to protect homeowners against losses and damages caused by natural disasters (fires and storms), burglary and vandalism. […]Read More

What Is in A Mortgage Application

Mortgage applications are designed to be borrower-friendly and standardized across the mortgage industry. The mortgage application used in all U.S. states and territories for the past 20 years is the Uniform Residential Loan Application (URLA). Here is a breakdown of everything borrowers need to know about URLA and filling it out. URLA: The Standardized Mortgage […]Read More

What Borrowers Need to Know about Escrow and Prepaid Items

Many borrowers are confused when it comes to prepaid items and escrow accounts and what role they play when it comes time to figuring out closing costs. Here is a breakdown of all the information borrowers need to know. Escrow Accounts Defined Escrow Companies act as at third party buffer between buyers and sellers. Escrow […]Read More

VA Loans Explained

What is a VA Loan? A VA Loan (Veterans Administration Loan) is a mortgage that is guaranteed by the VA for veterans. VA loans have flexible underwriting and down payment guidelines for veterans and their spouses only. VA loans also have low interest rates, no mortgage insurance, and no down payment requirements for most veterans. […]Read More

Cash-Out Refinance in California

House values are continuing to increase across the state of California, and homeowners are now finding themselves with more equity in their homes. Many homeowners utilize a cash-out refinance to convert some of their equity into cash. What is a Cash-Out Refinance? A cash-out refinance loan refers to the refinancing of an existing mortgage into […]Read More

The Mortgage Underwriting Process Explained

The Underwriting Process There are three main parts to the mortgage process: the beginning, the middle, and the end. Most people are familiar with the beginning – reaching out to start the prequalification process and applying for a mortgage loan, and the end – funding the loan and moving into their dream home. However, the […]Read More

The Loan-to-Value (LTV) Ratio: A Guide for Borrowers in California

The Loan-to-Value Ratio (LTV) is a key mortgage term for homebuyers and homeowners to know and understand. We mention LTV a lot when breaking down other mortgage topics and products. Today we’re giving a crash course in LTV and explaining the impact LTV has on purchasing and owning a home. Loan-to-Value Ratio Defined The loan-to-value […]Read More

Do First-Time Homebuyers Need Mortgage Insurance in California?

Mortgage Insurance (MI) can set off alarm bells for first-time homebuyers. Homebuyers are not automatically required to pay for mortgage insurance just because they are first-time homebuyers. MI requirements can vary between loan amounts and loan programs. Mortgage Insurance Triggers Buyers are generally required to pay for mortgage insurance if their down payment is less […]Read More

Do California Homebuyers Need Title Insurance?

What is Title Insurance? “Title” refers to the legal ownership of a property. Title insurance is a policy that new homeowners can take out to protect against claims from past occurrences on the property. For example, if someone files a lawsuit claiming that they are still a full or partial owner of the property, financial insurance […]Read More

Buyers Don’t Need a ‘Perfect’ Credit Score to Get a Loan

Buyers in California don’t need a perfect credit score to qualify for a loan. Having a high credit score can help buyers secure a loan with a lower interest rate. However, today’s loans have more forgiving guidelines when it comes to a buyer’s credit, which is especially true with government-funded loans. Where Do Credit Scores […]Read More

Are Home Inspections Required in California?

Home inspections are non-invasive inspections that are used to give buyers a greater understanding of the condition of the home they are looking to buy. Home inspections tell buyers the true state of the property they are considering buying and identify any potential issues with the property. Are home inspections required? Buyers are not required […]Read More

The Pros and Cons of Low Down Payments in California

When it comes to down payments, buyers always want to know how low they can go. The industry standard is that down payments will be 20% of the property’s purchase price. This percentage is important because it determines if a buyer will need to have private mortgage insurance (PMI) with their loan. PMI is required […]Read More

Things to Know About ARM Loans in California

Adjustable Rate Mortgages, or ARMs, sometimes get a bad rap in the lending world. What is an ARM? An ARM (Adjustable Rate Mortgage) is exactly what it sounds like: it’s a mortgage loan that has an interest rate that can change, or adjust, over time. Rates usually hold for a certain amount of time and […]Read More

How Do Earnest Money Deposits Work?

First-time homebuyers often have questions about Earnest Money Deposits. Here’s a breakdown of everything buyers and sellers should know about earnest money deposits and how they are used in a mortgage transaction. What are Earnest Money Deposits? An Earnest Money Deposit (EMD) is a check that accompanies a buyer’s offer. The purpose of an EMD […]Read More

30-Year Loan vs. 15-Year Loan: Which One is Right For You?

When it comes to fixed rate mortgage loans, borrowers are usually faced with two choices: a 30-Year Fixed Rate Mortgage or a 15-Year Fixed Rate Mortgage. There are some key differences between these two loan types that will play a role in deciding which one is the best fit for borrowers. The Standard: 30-Year Fixed-Rate […]Read More

The New Millennial Housing Market

Millennials made up 34% of the housing market in 2017. They were the largest group of homebuyers that year, with 66% of them being first-time buyers. That means nearly half of all millennial buyers are already in the housing game and have bought and sold more than one property. Those who couldn’t count themselves in […]Read More

Local Lenders Are Better!

JVM takes care of buyers in California’s hot market The Wall Street Journal featured an article recently that stressed that buyers in a competitive market need a local lender with a stellar reputation, an ability to close quickly, great communication skills, and local appraisers. JVM Lending is a local lender, covering all of California, that […]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 most likely be required to have an appraisal done. Why do I need an appraisal? Appraisals are used to determine the current market value on a home. Appraisals are also used to determine a home’s resale value. Lenders usually […]Read More

How To Get Your Offer Accepted

3 tips to hone your offer’s competitive edge in today’s hot market  California has one of the most competitive real estate markets in the country due to a continuing housing shortage. A limited supply combined with a high demand creates the perfect recipe for a seller’s market. That is the real estate reality in today’s current market. As […]Read More

Six Factors That Can Impact Your Mortgage Rate

Every borrower wants to get the lowest mortgage rate when applying for mortgage loan. JVM is proud to offer our buyers some of the lowest rates in the industry. But, few buyers are aware of the many different factors that could affect the interest rate they are given. Here are six factors that could impact […]Read More

Average Closing Costs for Home Buyers in California

Average Closing Costs for Home Buyers in California Closing costs are the various fees and charges buyers face when purchasing a new home. Closing costs can accrue from lenders and third parties that are involved in your loan transaction such as escrow, home appraisers, and title companies. There are some fundamental elements that contribute to […]Read More