Mortgage & Lending

Mortgage advice and information for prospective home buyers and homeowners in San Francisco's East Bay. 

Found 6 blog entries about Mortgage & Lending.

I have been asked this question many times lately and found a great chart to help you visualize the impact of interest rate changes. This is top of mind for many prospective home buyers as interest rates creep up slowly from historical lows. In the example below, if you can make a monthly mortgage payment of $2,316, at 3.75% interest, you can qualify for a $500,000 loan. At 4.75%, you can qualify for a $450,000 loan and your monthly payment will be $2,347. Keep in mind that these figures are approximate, and may be affected by other factors such as credit scores, other liabilities, etc. 


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Many of my potential first time home buyers aren't quite ready yet to buy. Often I hear: I am working on my credit score. I did some research and here is what I learned:

Credit score is used by lenders to evaluate your credit worthiness. It's between 300 - 850. Your credit score (aka FICO score) influences the height of the interest rate you can qualify for and sometimes also the type of loan. Some loans require a credit score of at least 640. The higher your score, the better.

Factors that influence your credit score:

-       Paying on time! The longer you pay on time, the better.

-       Total amount owed.

-       How high your outstanding balance is on a card in relationship to

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moving_box_400This just in. The City of Oakland currently has just announced that there are funds available for the Mortgage Assistance Program. This program is designed to assist low and moderate income first time home buyers with the purchase of a home in the City of Oakland, CA.  Depending on household income, the mortgage assistance program may assist with 20-30% of the mortgage. That's pretty huge. There is a limited amount of funds available so you have to act now if you are interested. Could be a great time to make a move! Read more about the program here. 




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Although 2016 has had a very rocky start in regard to the stock market, very few people had projected that mortgage rates would be at, or below their lows of 2015. I’ve received several inquiries from clients who are surprised that rates are so low, especially since the Federal Reserve recently decided to raise the short-term key interest rate for the first time in almost 10 years! Yet instead of rising, mortgage rates have been consistently falling since the Fed’s recent actions.


This can be heavily attributed to the dismal start to the year in the US stock market. Since more and more investors have been fleeing the market or simply hedging some of their losses by purchasing fixed-yield investments, i.e. bonds,

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Just this week, the San Francisco Chronicle published an article discussing something that many San Francisco residents probably already know: Rents in the City have set a new record. The average apartment rental price in the first quarter of 2015 was a whopping $3,458, higher than any other large city in the country!

Moreover, high-end buildings in some of the City's most popular neighborhoods now have 1-bedroom apartments that are $4,000 per month or more. It's no surprise to me that over 50% of buyers I've represented in the last year have been San Francisco residents that are moving to the East Bay.

Despite all the news of a competitive East Bay housing market, there are still lots of opportunities to buy a home in Alameda or Contra Costa Counties

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FHA-insured mortgages provide benefits and protections for borrowers such as down payments as low as 3.5%, competitive interest rates, and financing options for less than perfect credit.  The current loan limit is $729,750 for a single-family home in the Bay Area.

A FHA insured mortgage may be used to purchase a new or existing 1-4 unit family home, a condo/loft unit, or a manufactured housing unit that is attached to a permanent foundation. Condominium projects must pass a rigorous approval process in order to become FHA-approved, thus allowing purchasers to utilize FHA financing.  Some of the guidelines for a condo homeowner's association (HOA) to become approved include a review of operating budgets and overall financial strength, owner

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