David Deem 714-997-3486 Dave@DeemTeam.com Some Highlights   Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, determined how much you’re qualified to borrow. Being pre-approved for a loan can give you clarity while planning your homebuying budget, confidence in your ability to secure a loan, and a competitive edge in a bidding war. In today’s market, connecting with a lender to get pre-approved may be the game-changer that helps you secure your dream home. www.DeemTeam.com DRE#01266522

David Deem 714-997-3486 Dave@DeemTeam.com Your mortgage is probably your largest monthly expense. When you retire, you will have to get by on a fixed income. Eliminating your home loan payments before you stop working can make it easier to make ends meet after you retire. Before you decide to put extra money toward your mortgage, however, take a careful look at your entire financial picture to figure out if that’s the best option. Reasons to Pay off Your Mortgage Early The average homeowner spends tens of thousands of dollars in interest over the life of a mortgage. Paying off the loan early can dramatically reduce the total amount you will spend on interest. Many people find it difficult to adjust to living on a fixed income after they retire and realize that they underestimated their costs or didn’t save enough. Not having to worry about monthly home loan payments when you’re no longer working can give you peace of mind.   When to Focus on Retirement First If you started sav...

  David Deem 714-997-3486 Dave@DeemTeam.com Some Highlights There are a few key things to make sure you avoid after applying for a mortgage to help make sure you still qualify for your loan at the closing table. Along the way, be sure to discuss any changes in income, assets, or credit with your lender, so you don’t unintentionally jeopardize your application. The best plan is to fully disclose your intentions with your lender before you do anything financial in nature. www.DeemTeam.com DRE#01266522

  David Deem 714-997-3486 Dave@DeemTeam.com Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. You're undoubtedly excited about the opportunity to decorate your new place, but before you make any large purchases, move your money around, or make any major life changes, consult your lender – someone who is qualified to tell you how your financial decisions may impact your home loan. Below is a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process. 1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender.  Lenders need to source your money, and cash is not easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer. 2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home.  Ne...

  David Deem 714-997-3486 Dave@DeemTeam.com Mortgage applications increased 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 20, 2020.   The Market Composite Index, a measure of mortgage loan application volume, increased 3.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3 percent compared with the previous week. The Refinance Index increased 5 percent from the previous week and was 79 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 4 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 19 percent higher than the same week one year ago.   "30-year fixed mortgage rates dropped seven basis points to 2.92 percent, another record low in MBA's survey. Weekly mortgage rate volatility has emerged...

David Deem 714-997-3486 Dave@DeemTeam.com Strong consumer demand for both purchase and refinance mortgages drove mortgage lenders' profit-margin outlook for the next three months to a new high. According to Fannie Mae's Q1 2020 Mortgage Lender Sentiment Survey®, based on data collected in the first half of February, 51 percent of lenders believe profit margins will increase this quarter compared to the prior quarter, while 44 percent believe profits will remain the same; just 4 percent believe profits will decrease. Operational efficiency was cited by lenders as the second most common reason for the optimistic outlook. According to Fannie Mae Senior Vice President and Chief Economist Doug Duncan, lenders point to favorable interest rates as the reason for the increase in demand, adding that the first quarter survey data, which were collected during the first two weeks of February, do not reflect the potential impact of the recent decline in the 10-year Treasury rate...

David Deem 714-997-3486 Dave@DeemTeam.com By Miron Lulic Asking the right questions when shopping for a mortgage is crucial, and failing to do so could cost you thousands. The first question you need to ask yourself is, "How many mortgage loan applications am I going to fill?" You can save a significant amount of money long-term by investing in mortgage comparison shopping. For instance, the spread in 2018 for the highest and lowest mortgage rates was approximately 1 percent (3.95 percent vs. 4.94 percent). That's a pretty narrow range, historically speaking. In 1981, the mortgage rate spread was nearly 3 percent (14.8 percent vs. 18.63 percent). Even a 0.5 percent difference on a $300,000, 30-year mortgage can save you enough money to buy a 2019 Subaru Legacy in cash and still have enough left over to keep the gas tank full for a year ($31,600). Incidentally, interest rates can vary by more than half a percent, even for people with good credit, depending...

David Deem 714-997-3486 Conventional loans to millennials are on the rise, accounting for 69 percent of all millennial mortgages, according to the August Ellie Mae Millennial Tracker™ , a measure of millennial mortgages. The figure is an increase from 64 percent the prior year, and the highest share since February 2015. Eighty-nine percent of conventional loans to millennials were on purchases. “Our Millennial Tracker data shows that overall 69 percent of loans taken out by millennials were conventional loans, the highest percentage since 2015 and up 5 percent from the same period one year ago,” says Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae. “As the industry continues to understand millennials and the new paradigms that a gig economy brings, we are seeing conventional loan products that are able to meet the needs of this important home-buying generation.” Of all millennial mortgages, 27 percent were FHA and 2 percent were VA. (Three percent we...

David Deem 714-997-3486 If the mortgage was only in your name, and you were to pass on, your partner would become the sole owner of the home. He would not owe the bank any money, but since the home was pledged as collateral for your loan, it could foreclose and sell his home and use the proceeds to repay the debt. If your partner wanted to continue living in the home and making payments, your lender would have to allow him to do so. He would still be bound to the same terms and have to maintain insurance, pay taxes and make the payments like before. Additionally, your lender could ask him to sign paperwork to “assume” the loan, making him legally responsible for repaying the debt, basically requiring him to “stand in your shoes” and become the borrower in place of you. Like everything else in life, there are certain condition and restrictions. It is important that he contact the lender and discuss his options. Not all lenders are created equal, so if yours tries to deny him ...