Tag: Refinance Orange County

In 2021, How Do You Get the Best Mortgage Rates?

Vieria Mortgage Team

Whether you are purchasing your first home, refinancing, or remodeling, a mortgage can help you achieve your goals. However, it is important to prepare in order to secure the best mortgage rates and programs. Here are a couple of things to keep in mind that help you know how to get the best mortgage rates.

 

  • Improve the credit score

 

Your mortgage rates are contingent on your credit. The better your scores, the lower rates you may secure at a lower cost. Even if your credit scores are on the lower side, there is still plenty of opportunities to secure great financing. Our loan officer, Jason Vieira, finds creative ways to increase your scores and open the possibility for better financing if need be. You can improve your credit score over time with timely bill payments and not missing any payments such as your mortgage, credit cards, and student loans. One of the biggest benefits of working with mortgage brokers such as ourselves is there are far more programs and lenders available, including for borrowers with lower credit scores, that you may not have access to through a traditional bank. 

 

  • Employment and Income 

 

To qualify for your mortgage, you should have two years of consistent employment history and a month’s worth of paystubs to show. Exceptions are made in certain circumstances but two years is the standard length of employment. The same applies to those who are self-employed. You must be self-employed for two consistent years in order to use your income to qualify. Those who are self-employed are also subject to additional requirements such as a  P&L statement. 

  •  Save for a down payment

Oftentimes, a larger down payment will allow lower mortgage rates due to a lower loan to value ratio. The standard is  20% of the down payment but depending on the seller and other circumstances, you may have the ability to put down a lower down payment. It also depends on the lender and their guidelines. Your mortgage loan officer will know best and how to proceed based on your individual circumstances.

 

  • Shop among multiple lenders

 

When looking to secure low mortgage rates, it is wise to receive quotes from more than one lender. When you go to a traditional bank, they only offer rates and programs offered by that specific institution. When finance through mortgage brokers, you’ll have access to multiple lenders. The Vieira Mortgage Team has access to over 30 lenders and will present the very best rates and programs to you from multiple lenders. 

 

  • Lock in rates at the best time

 

The closing process sometimes takes several weeks, during which the mortgage rates can fluctuate. Once your loan officer recommends locking the rate, it is wise to do so. They know the market better than anyone and when it is the best time to secure your rate or wait. 

Take professional assistance for better results.

To secure the ideal personalized programs and best mortgage rates, contact the Vieira Mortgage Team. We are a reputable team that has secured the best financing for over 7,000 homeowners. As a mortgage broker, we have access to numerous lenders and more personalized programs to fit your unique situation. Whether you are refinancing in Orange County or elsewhere in California, need cash, or are purchasing a new home, you can trust the Vieira Mortgage Team with all your mortgage needs

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6 Options for Refinancing Your Mortgage With Bad Credit

When looking for ideal ways to refinance with bad credit, you can face many hurdles and challenges. However, there are various opportunities that you can avail yourself of to have a smooth refinancing experience. But before you look for your refinancing options, it is better to consider if refinancing is the right choice for your finances. If you are satisfied, here are the top 6 ways to refinance your current mortgage with bad credit.

1. Contact your current mortgage company

To begin finding a good refinancing source, you should contact your current mortgage company. Generally, a mortgage company has various refinancing options available for present customers. Also, they may have streamlined and term finance that can help get low rates.

2. Change the loan term

Your current loan term on the mortgage can greatly affect the monthly payment. With a shorter loan term, you will have to clear out your loan amount in a large sum. So, if you want to save money, you can stretch out your total mortgage amount on a longer loan term during refinancing.

3. Lower interest rate 

A low interest rate can greatly impact the final cost of your Mortgage Rates loan. Given the current rate of interest, refinancing is the best choice. However, if you are stuck with a high interest rate, then refinancing will help you save thousands over time.

4. Remove mortgage insurance

Having mortgage insurance is like an additional expenditure you need to make from your budget. However, as it is unavoidable when first taking a VA loan, you might consider refinancing to eliminate the insurance from your payments. 

5. Pay off debt 

In case you have a sustainable amount of equity in your home, you can choose cash-out refinance. It will be a helpful tool to eliminate paying higher interest. A cash-out refinancing option will offer you the funds you need to eradicate any higher interest debt on your current financing.

However, before you move ahead, it is better to consider the refinancing cost against the outstanding debts. While comparing, you will notice that you will be able to save money on your higher-interest debt as it is only this way that you will benefit from refinancing.

6. Full home improvements 

By opting for cash-out refinance, you can benefit greatly. For instance, when in need of funds to cover the home improvement cost, a cash-out will be the best solution. With this, you will save greatly on the equity you have in your home for any improvements. However, it will prolong the term of your mortgage loan in Orange County. But depending upon your situation, you can benefit a lot.

Take Professional Help For Better Results.

There are various refinancing options you can consider. However, to ensure you benefit, it is better to consult a mortgage broker in Orange County. Professional help will ensure that you choose the best refinancing option that drives positive results for you. If you are looking for the right company, The Vieira Mortgage Team is a perfect choice. We have years of experience in offering our mortgage solutions. 

Contact us to consult our professionals.

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What Happens to Your Mortgage When You Sell Your Home?

Mortgage Broker - Vieira Mortgage Team

Given the availability of options, homeowners upgrade their homes even before their mortgage is fully paid off. This leads to a common question: Can they sell their home when the mortgage is not entirely paid? Yes, you can sell your home. However, it’s best to take assistance from a mortgage broker in Orange County to simplify the process.

What Happens In a Typical Sale?

When selling traditionally, you will be able to get more money than your current mortgage. Further, if you have paid a mortgage over the years, it would have built your home equity. Thus, you have an opportunity to cash in during sales. When the process moves ahead to choosing between the down payment and the mortgage loan, it is the buyer’s responsibility to bring in funds for settlement to your home selling price. The amount is used to pay-

  •     The remaining mortgage amount
  •     Home equity loans, if any
  •     Closing costs

After paying off all the debts in full, if any amount is remaining, it is the seller’s profit. You can then use the funds for financing the down payment of a new home or other things.

 

What About Mortgages During Short Sales?

Generally, a short sale happens when the home’s selling price is less than the debt’s total amount. As a seller and the property owner, you need to talk to the mortgage company to accept a loss as the sale proceeds from the home will be lower than the amount that you owe to them.

The selling process, thus in a short sale, works differently. Here instead of having the final say on accepting the offer, you need to get the lender’s approval before making the final decision. This thus slows down the process a lot.

 

What About Mortgages When You Buy and Sell Together?

In case you are trying to buy and sell the house at the same time, then selling at first will be beneficial. With this method, you will acquire the necessary payout by selling the old home, which can be used for a down payment of the new home.

While if you choose to buy first, then you will have to work a little harder. You need to arrange the details of both transactions. In case you don’t have enough funds from your sale to cover the closing costs and down payment, you will have to acquire financing from the following options.

  •     Use of home sale contingency
  •     Get a bridge loan
  •     Carry to mortgages

 

Hire a Professional For The Best Help

Given the complexity of the process, it will be better if you work with a mortgage loan, Refinance Orange County broker, to get the best out of your property. However, you must hire a reputable broker to enjoy the benefits. If you need a Conventional, Alternative Qualification, Jumbo, FHA, VA, or interest-only loan, then The Vieira Mortgage Team is here to offer you the best service. We have a team of skilled professionals who will provide you with different options and disclose the lowest cost and rate to benefit a lot. We maintain complete transparency with our clients to offer them reliable service.

Contact us today to hire the most reliable and trustable team in town.

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HMID 101: Home Mortgage Interest Deduction

If you are a homeowner, you probably know what Mortgage Interest Deduction is. Hopefully, you have taken advantage of it before. 

Mortgage interest deduction is an incentive for homeowners that allows itemized deduction on interest paid on homes. Home Mortgage interest deduction is one of many tax deductions the IRS offers to homeowners and helps lower the amount owed on taxes. This specific deduction applies to loans used for purchasing, building, and improving homes and can be applied to the purchase of a second home with limitations.The deduction limit can vary. Currently, the limit is $750,000, meaning homeowners can deduct interest up to $750,000 on a mortgage. This assumes the filer is single, joint filer, or head of household.The limit does change and homes purchased within the time of the previous limits are grandfathered in. Don’t worry. Even if you refinance your home, you are still eligible for the tax deduction as long as you meet the qualifications. What qualifies as mortgage interest? 1.Mortgage interest on your primary home 2. Mortgage interest on your second home 3. Points you paid on your mortgage 5. Late payment charges 4. Mortgage insurance premiums 5. Loans taken out for home improvement. 

Here’s everything you need to know about Home Mortgage Interest Deduction from the IRS.

https://www.irs.gov/forms-pubs/about-publication-936 

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