Orange County First Time Homebuyers

12/05/2022

A great article from Forbes Magazine!

Buying a home can be like navigating a maze. There are often a lot of ups and downs when a deal doesn’t go through, or the mortgage is delayed because the lender needs more borrower information. But for many, the foremost challenge is getting the down payment together. Although lenders will typic

09/29/2022

09/16/2022

MORTGAGE LENDERS NOW COUNT RENT PAYMENTS FOR YOUR CREDIT PICTURE
To help first-time homebuyers take the plunge into a challenging housing market, mortgage giants Fannie Mae and Freddie Mac now consider rent payments as part of borrowers’ credit histories.
Renters’ dreams of homeownership often run into a quirk of the credit-scoring system: Landlords don’t report rent payments to credit bureaus, so tenants can post a stellar track record of on-time payments yet see no effect on their credit scores. (Mortgage payments, by contrast, are part of your credit score, which makes qualifying for another mortgage easier — if you already have a mortgage.)
Fannie Mae and Freddie Mac have begun allowing lenders to consider loan applicants’ rental histories as part of the underwriting process. With borrowers’ permission, lenders can use bank account data to identify up to 12 months of rent payments.

05/25/2022

At Arbor Financial Group, we know every first-time home buyer has a unique set of needs for financing options. We’re here to offer all the resources you need so that you can purchase your first home with confidence. Our secure mortgage portal can get you started in less than 10 minutes on your path to the American Dream of home ownership!
Click on this link to get started:

Apply at Thomas Sebring at Arbor Financial Group.

03/30/2022

DON”T start looking for a home before applying for a mortgage.
Many first-time buyers start viewing homes before ever getting in front of a mortgage lender. In today’s market, housing inventory is tight because there’s far more buyer demand than affordable homes on the market.
In such a competitive market, you’ll find it almost impossible to get your offer taken seriously unless you have a mortgage preapproval (or cash in hand). That’s because sellers won’t want to take a risk on someone who isn’t even certain they can get a mortgage — especially when they have many other offers on the table.
How this affects you: You might be behind the eight ball if a home you love hits the market. You also might look at homes that you can’t really afford.
What to do instead: “Before you fall in love with that gorgeous dream house you’ve been eyeing, be sure to get a fully underwritten preapproval,” says Tom Sebring, a loan officer with Arbor Financial Group, in Laguna Beach, California. Being preapproved sends the message that you’re ready, willing and able to buy a home.

02/22/2022

WHAT YOU CAN DO ABOUT RISING MORTGAGE RATES
The sharp rise in mortgage rates poses challenges for homebuyers and for those hoping to buy a new home or finance home renovations with a cash-out refinance. Borrowers will need to hustle to find the best deal. A few smart strategies for those who want a new mortgage, a refinance, or a cash-out refi:
• Shop around: Compare at least three mortgage offers. Rates and costs vary among lenders, and borrowers can save thousands of dollars over the life of the loan by shopping around.
• Keep that credit score high: Your credit score is the single most important factor determining the mortgage rate and terms you can secure. Pay bills on time, and be sure to use only a fraction of the credit limits on your credit cards.
• Consider paying points: Mortgage points are fees a buyer pays a mortgage lender to reduce the interest rate on the loan. As rates have risen, more borrowers are paying points, according to mortgage data firm Black Knight. Many buyers can deduct the points they pay from their tax returns that year. Can you, consult your tax professional
• Stick with a fixed-rate mortgage: Don’t fall into the trap of using an adjustable-rate mortgage as a crutch of affordability, There is little in the way of up-front savings, an average of just one-half percentage point for the first five years, but the risk of higher rates in future years looms large.”
• Don’t bank on a housing correction: There’s a nationwide shortage of homes for sale, and almost no one foresees a decline in home prices. “While rapidly rising mortgage rates may temper the demand somewhat, don’t expect home price appreciation to come to a halt,” McBride says. “A more modest pace of appreciation is the likelier outcome.”

02/15/2022

Those considering buying a house in the near future should ask themselves the following questions:
• How much can I afford?
• Do I need a home inspection report?
• What costs will there be beyond the price?
• Does the house need work?
• Does the house match my lifestyle?
• What's the sales history of the area?
• How long has the property been on the market?
• What is the current state of the housing market?

02/12/2022

Ask me how