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Lifting the curtain on mortgage lendingA House Hunter’s Guide
House hunting is widely considered the most exciting stage of the homebuying process, but it can also be quite stressful. Potential homebuyers typically have an idea of the items they may want in a home, the essentials they need in a home, and the non-desirables that...
Providing Clarity on Mortgage Insurance
There can be a multitude of expenses when buying a home. Whether it be the down payment or the closing costs, the appraisal or various inspections, all fees and factors can certainly add up. In many cases homebuyers will also have to pay mortgage insurance. It would...
3 Questions to Consider Before Refinancing
With so many monetary factors currently in flux one thing has remained consistent and evident during the pandemic: U.S. homeowners are refinancing in record numbers. Mortgage refinancing is up by 98% from November 2019 to November 2020, with the average mortgage...
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Conforming loan limits to increase again in 2021
For the fifth consecutive year, the Federal Housing Finance Agency (FHFA) increased loan limits for Fannie Mae and Freddie Mac backed mortgages. The conforming loan limit will jump from $510,400 to $548,250. For high cost areas, like the Bay Area, the loan limit will...
Why we Started Broker-Match for Home Purchase Loans
In 2018, I started SELFi because I believed that banks, lenders, and brokers charged too much on mortgage refinances and saw an opportunity to help homeowners save more on their refinance. Over the last 2 years, we have been able to help over 1,000 homeowners with...
Bank Statement Loans are Making it Easier for Self-Employed to Qualify
First, let's be clear. Bank Statement loans is not a return to the type of loans that triggered the last housing crisis. Bank statement loans, simply, are a way for self-employed mortgage applicants to qualify for higher loan amounts. Only for Self-Employed When...
Conforming loan limits to increase again in 2020
For the fourth consecutive year, the Federal Housing Finance Agency (FHFA) increased loan limits for Fannie Mae and Freddie Mac backed mortgages. The conforming loan limit will jump from $484,350 to $510,400. For high cost areas, like the Bay Area, the loan limit will...
Warren Buffett’s Golden Advice on Refinancing your Mortgage
Warren Buffett's views on stocks are well documented but when it comes to real estate, his opinions are not as publicized. In 2011, he shared this piece of golden advice with CBNC's Squawk Box: "If you take out a 30 year fixed mortgage and it turns out the...
Top 3 Mistakes Homeowners Make when Refinancing
Number 1: You choose the wrong company It's as simple as that. According to the CFPB, 47% of mortgage applicants fail to shop around for their mortgage. Most often, homeowners will refinance with their existing lender, thinking that lender will offer the best...
SELFi vs. Better Mortgage: Who’s better?
Here's how SELFi compares to Better Mortgage: 1. Interest Rates Let's cut right to the chase. First, how the business models differ: SELFi is a marketplace that shops wholesale interest rates across 15 lending partners, using an algorithm to match the lowest rate...
How to buy a home in Oakland with 3% down
Often the biggest misconception of first-time home-buyers is the down payment. Some think it’s 20%, others think it’s 0%. Here's the real deal: For mortgages $484,350 and below, there are two programs called HomeReady and HomePossible. There are some minor differences...
SELFi vs. LendingTree: Comparison
Everyone knows that comparison shopping saves them money, yet when it comes to mortgages, many people don't. According to a report by the CFPB and Federal Housing Agency, 50% of consumers failed to shop around with mortgage companies before applying. Furthermore, 75%...
Do you know about wholesale interest rates?
I always tell people, the biggest competition for SELFi is consumer misunderstanding. The more knowledgeable a customer is about mortgage rates, the more likely SELFi will earn his or her business. So we are in the education business just as much as the mortgage...
5% Down Jumbo Loan Available in San Francisco in 2019
Often the biggest barrier for first-time home-buyers in San Francisco is the down payment. Traditional banks usually require 20% down. In San Francisco, the median home value is a whopping $1.14 million, where a 20% down payment equates to $228,000. 5% Down, No...
Conforming loan limits increase in response to surging home prices
For the third consecutive year, the Federal Housing Finance Agency (FHFA) increased loan limits for Fannie Mae and Freddie Mac backed mortgages. The conforming loan limit will jump from $453,100 to $484,350. For high cost areas, like the Bay Area, the loan limit will...
3 Ways to take Cash-Out of your Home if you are Unable to Refinance
Okay, so you have equity in your home, you need cash, but you’ve been told that you do not qualify for a cash-out refinance or a home equity line of credit. What are your options? First, exhaust your refinance search A cash-out refinance is usually the least expensive...
How to qualify for an FHA or VA loan with a 500 credit score
You applied for an FHA or VA loan, but your lender said your credit score is too low. Here is the number one thing you need to know: The minimum credit score may be a lender overlay. What are Lender Overlays? Lender overlays are more stringent standards than investor...
Your Current Lender Desperately Wants You to Refinance… Why?
If you have a mortgage, there is a good chance you’ve been approached with offers to refinance from your current lender. You may think, “Since they’re my current lender, they’ll be able to offer me the best deal.” Think again. Blindly staying with your current lender...
The Truth about Skipping Two Payments when Refinancing
A common misconception among homeowners is whether they can skip payments when refinancing. After all, who wouldn’t want to go a couple months without a mortgage payment? The short answer is: Yes, you can go two months without a payment, however, no payments are...
Why I left my senior position at a bank to start SELFi
SELFi started with a simple idea: to offer the absolute lowest interest rates. That’s it. You see, I had worked for mortgage lenders that charged higher than market rates and it didn't feel good knowing customers could get a better deal elsewhere. I felt that the best...
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