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4 Reasons homeowners should consider a cash-out refinance

Tue, 13 Oct 2020 21:51:48 GMT

Refinancing your home mortgage is one of the perks of owning a home.

If you are considering refinancing your home, you may benefit from a cash-out refinance. Over time, as you pay down your mortgage principal, your home gains equity and increases in value. You can take out a larger mortgage than what you currently owe and use the difference to pay off bills or reinvest into your home. Here are some of the most efficient uses for the money you obtain from a cash-out refinance.

Of course, we aren't here to tell you how to spend the money you get from your cash-out refinance. You can use the money for whatever purpose you see fit, but from a financial standpoint, you'll get a better return if you spend it on expenses that lower your debt to income ratio or add value. If you are ready to learn more about how much money you can get through a cash-out refinance, contact The Willson Team at Caliber Home Loans. We'll take the time to go through the details and help you get a better idea of whether or not this is the right refinance option for your financial situation.

What is an FHA home loan?

Thu, 03 Sep 2020 22:55:16 GMT

Is an FHA home loan right for you?

What is an FHA home loan?

The federal housing association insures FHA home loans for approved lenders. The minimum requirements are often lower than many conventional loans to allow borrowers the opportunity to become homeowners even if they have a less than ideal credit score and limited cash savings for a down payment.

Who qualifies for an FHA home loan?

If your credit score is 580 or more, you can verify your last two years of employment history, and you plan to use this loan to purchase your primary residence, you may be an excellent candidate for an FHA Home loan.

Other things to consider that may affect your eligibility are bankruptcy and foreclosure claims. You’ll have to wait anywhere from 12 to 24 months if you’ve recently filed for bankruptcy and up to three years if you’ve foreclosed on a property. The Willson Team at Caliber Home Loans evaluates each case independently to determine whether or not you qualify. They base your approval on several factors, such as your debt-to-income ratio, the circumstances of your bankruptcy or foreclosure, and your overall financial situation.

What type of property can I purchase with an FHA loan?

One of the requirements for purchasing a home with an FHA loan is that the home meets its minimum property standards. A borrower can buy a single-family residence, which includes a condo unit, manufactured home, modular home, or other FHA approved properties affixed to a permanent foundation.

The main idea is that the home is safe, sound, and secure. The property should protect the health, safety, and security of its occupants and their property, in addition to not having any issues that could affect its structural integrity. An appraisal can verify that a select property is appropriate to house a family and, therefore, can be purchased using an FHA loan.

How can the Willson Team at Caliber Home Loans help?

We are a direct lender who understands that the home buying process is an exciting journey. Still, it is also confusing with all of the different loan options available and requirements to qualify for said loans. We are here to help you analyze your financial situation and choose the loan that’s right for you. If you are considering applying for an FHA home loan, we can answer your questions and help you determine if that is the best solution for your home buying needs. Give us a call at (760) 271-0045 or fill out our contact form .

When should I refinance my home?

Thu, 06 Aug 2020 17:51:00 GMT

If you are debating whether or not you should refinance your home, consider these four things before making a decision.

Refinancing your home isn’t a decision you should make without weighing the pros and cons. There are benefits to refinancing, but timing and reason are factors that can make the difference between whether or not you will personally benefit from refinancing.

4 Things to consider before you decide to refinance your home

With so many things to factor when you are considering refinancing, it’s best to consult with your financial advisor or mortgage team to determine when the best time to refinance is. You can avoid wasting your time and money by evaluating your financial situation with The Willson Team at Caliber Home Loans. Contact us today to learn more about your refinancing options.

The 10 Stages of Purchasing a New Home

Fri, 10 Jul 2020 16:29:03 GMT

Are you prepared for your home buying journey?

Purchasing a new home is one of the most rewarding experiences in life, but anything worth having doesn’t happen overnight. Whether you are just entertaining the idea or have made the decision that you are ready to make it happen, these ten stages help you understand what to expect during your home buying process.

The Preparation Stages

Before you jump into the responsibilities of homeownership, remember that success is where preparation meets opportunities. Here are some ways to prepare for your journey.

Ready To Buy Stages

After fixing your credit, reducing your monthly debt, and saving your money, you are ready to start shopping around for your dream home. These next few stages will get you to where you want to be.

Making It Happen Stages

You’ve prepared for this moment, found the house that fits your every need, and are ready to make it happen. These next few stages are the most critical to making your dreams come true.

About The Willson Team at Caliber Home Loans

The home buying process can seem overwhelming and intimidating. That’s why The Willson Team at Caliber Home Loans offers educational resources to help you better understand what you are getting into before taking the big leap. We are more than a lender, we are mortgage professionals that can help you every step of the way. That includes building your home buying team and educating you on the various aspects of home buying so you can be confident with the financial decisions you make. We’ll walk you through the journey, so you don’t have any doubts about whether or not you are making the right decisions. Contact us today if you are ready to start the process of making your dreams of homeownership come true.

Important things every new homeowner should know

Wed, 10 Jun 2020 16:29:06 GMT

You've made the biggest financial purchase of your life, what now?

Congratulations! You’ve purchased your first home. After all the house-hunting, processing paperwork, and the satisfaction of finding the house of your dreams at a rate you can afford, what’s next?

Here are a few important things every new homeowner should know.

About The Willson Team at Caliber Home Loans

We are a local mortgage team providing the community with resources and tools to finance home loans and educate home buyers and homeowners on the value of owning a home, but as well as the responsibilities that come along with it. If you are looking for a direct lender that understands every aspect of the homeownership process, give us a call at (760) 271-0045 . We are happy to help.