MP Loans

MP Loans Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from MP Loans, Real Estate, 9267 Haven Avenue, Ste 220, Rancho Cucamonga, CA.

False, you may still qualify!You don’t need to be 100% debt-free to buy a home or qualify for a mortgage. There are cert...
11/02/2022

False, you may still qualify!

You don’t need to be 100% debt-free to buy a home or qualify for a mortgage. There are certain things that lenders will look at though, one of the most important being your current debt and how it compares to your income.

When calculating your debt-to-income ratio based on your recurring monthly payments, your student loans will be included as part of your monthly expenses, however, you only need to include your minimum required monthly payment.

There’s also a new guideline that underwriters only have use use 0.5% of the total student loan amount to include in your debt to income.

Lenders like to see a debt-to-income ratio of 50% or less, so focus on paying down other high interest debt before you consider buying a home. If you’re still set on buying a home, there are other steps you can take to improve your chances of qualifying for a mortgage.

✔️ Consider loan types other than a conventional loan if your DTI ratio is too high
✔️Pay off another debt to eliminate recurring expenses and free up cash flow
✔️ Increase your income with a side hustle to help lower your DTI ratio

Have questions? Shoot me a DM or click the link in my bio to reach me directly.

November is here already. 2 more months to knock out goals for 2022 and plan to execute new ones in 2023.October career ...
11/02/2022

November is here already. 2 more months to knock out goals for 2022 and plan to execute new ones in 2023.

October career highlights for me were:
3 loans funded
First home sold as a buyers agent

I’m mastering my craft one day a time, one deal at a time, and have came a long way since I started this journey.

What were your career highlights for the month of October?

Looking forward to helping more people in this shifting market and I’m looking for more realtors to partner with. LFG!

Late post date night with the wifey Dangerous waters Island punch for the wifey is straight🔥 but I went with my don jul...
10/15/2022

Late post date night with the wifey

Dangerous waters Island punch for the wifey is straight🔥 but I went with my don julio reposado and modelos

Private mortgage insurance (PMI) is insurance coverage that homeowners are required to have if they’re putting down less...
10/07/2022

Private mortgage insurance (PMI) is insurance coverage that homeowners are required to have if they’re putting down less than 20% of the home’s cost. Basically, PMI gives mortgage lenders some backup if a house falls into foreclosure because the homeowner couldn’t make their monthly mortgage payments A potential home buyer will find this vocab helpful for understanding words and terms used in real estate transactions.

Pro Tip: Utilizing a PMI buster loan allows borrowers to only put down 10.01% down and gets rid of the PMI requirement


Bad credit can happen to anyone. All it can take to damage your credit score is a few missed bill payments, some maxed-o...
09/14/2022

Bad credit can happen to anyone. All it can take to damage your credit score is a few missed bill payments, some maxed-out credit cards, or even life circumstances beyond your control, such as divorce or serious illness. That said, it’s not impossible to get a home loan if you have less-than-optimal credit.

There are numerous home loan options available for borrowers with bad credit.

Consider the FHA Loan, for example. FHA loans can be a solid option for people with low credit scores because they have some of the most lenient qualifying requirements.

✔️The FHA will accept credit scores as low as 500 with a down payment of 10%
✔️You will need a 580 score to make the minimum down payment of 3.5%
✔️FHA loans also provide shorter waiting periods than conventional loan programs.

After major credit issues like foreclosures and bankruptcies, borrowers with judgments or tax liens will be able to qualify if they can provide proof of a written payment plan and canceled checks or a bank statement showing they’ve made the first three payments on time.

Do you have any questions about FHA loans? Or perhaps you are looking for the right lender to assist you? Let me help you get started today on your path toward homeownership!

It’s not wise to make any huge purchases or move your money around three to six months before buying a new home.🔸You don...
09/11/2022

It’s not wise to make any huge purchases or move your money around three to six months before buying a new home.

🔸You don’t want to take any big chances with your credit profile.
🔸Lenders need to see that you’re reliable and they want a complete paper trail so that they can get you the best loan possible.
🔸If you open new credit cards, amass too much debt or buy a lot of big-ticket items, you’re going to have a hard time getting a loan.

Bottom line: Save money and money will save you!

What are closing costs?All settlement or transaction charges that homebuyers need to pay at the close of escrow when the...
09/08/2022

What are closing costs?

All settlement or transaction charges that homebuyers need to pay at the close of escrow when the property is transferred.

These typically include lender’s fees and points or prepaid interest, a prorated share of the property taxes, transfer taxes, credit check fees, homeowners’ and title insurance premiums, deed filing fees, inspection and appraisal fees, and attorneys’ fees.

Pro Tip: seller credit can cover most or all closing costs when purchasing a home in a buyers market.

Click the link in my bio to find out more or send me DM if you need a quote.

Contract contingencies are quite common in real estate transactions and are put in place to allow prospective homeowners...
08/29/2022

Contract contingencies are quite common in real estate transactions and are put in place to allow prospective homeowners to cancel a contract without penalty and get back their earnest money deposits 💰. Contingencies reduce risks for buyers, and what is allowable varies from state to state. However, many contingencies are common to every state.

Here are (3) different contract contingencies that you should be aware of:

🔸 Health-Related Contingencies
This contingency takes a closer look at common health problems in older homes or specific inspections which include the following: mold, asbestos inspections or lead-based paint inspections.

🔸 Inspection Contingencies
These common contingencies focus on the condition of the house and property to make sure there are no damages or safety issues that need to be dealt with. These include roof, wood, and home inspections.

🔸 Monetary Contingencies
These contingencies release buyers and sellers from a contract if there are problems with finances. These include discussions on the loan, appraisal, and contingencies regarding selling an existing home.

For anyone who watches Netflix real estate shows like selling the OC, they have an episode where they sell a house with no contingencies.

This is what the buyer is is waiving by doing so. Waiving contingencies is NEVER recommend unless the following are met.

1. You’re an experienced real estate investor
2. There’s multiple all cash offers on the property
3. You’re a financial position to take huge risks to reap huge rewards
4. Bonus Tip: Use a hard money lender to leverage your funds

Where do you want to be in 5 years? 10 years? 20? Are you taking the right steps to get you there?A home is one of the s...
08/28/2022

Where do you want to be in 5 years? 10 years? 20? Are you taking the right steps to get you there?

A home is one of the safest investments you can make and it can help you build wealth, unlike renting. So, which will it be? Champagne or Lemonade?

I noticed most people don’t understand the power of owning real estate. If it’s your first purchase I’d recommend using FHA financing on a multi-unit like a duplex, triplex, or 4 plex.

FHA laws only require that you live there for 1 year and then you can refinance out of that loan and move out. Live in 1 unit, rent out the other 1-3, mortgage payment is covered by the other tenants rent.

If you have any questions on how to become a real estate investor and how to get pre-approved shoot me a DM or an email.

[email protected]

Raise your hand if you’ve got some serious housecleaning to do right now? Get more done around the house with ingredient...
08/27/2022

Raise your hand if you’ve got some serious housecleaning to do right now? Get more done around the house with ingredients in your fridge, pantry, and medicine cabinet.

Here’s a list of cleaning hacks for those of us looking to save time, money, and of course, sanity.

1. Buff surfaces with olive oil
Olive oil is a great option for cleaning stainless steel, such as pots, pans and appliances.

2. Detox the garbage disposal with lemons or limes
To clean and deodorize garbage disposals, use fresh lemon or lime. Cut the citrus fruit into quarters, and while you have the water running put the lemon pieces one by one into the disposal

3. Remove carpet stains with vodka
Alcohol has a lot of cleaning benefits. First blot the stain. Second, pour any type of clear alcohol such as vodka onto the stain. This is better than any over-the-counter product

4. Eliminate water stains with shaving cream
Shaving cream is a great way to remove water stains from shower glass. Apply the shaving cream and let it sit for 15 minutes, then wipe off.

5. Baking soda and vinegar will clean the tub for you
Mix one cup of vinegar, half a cup of baking soda with hot water and pour into an empty tub and allow to sit for five minutes. Start filling the tub with hot water until it is approximately one-quarter filled, and let it sit for an additional five minutes. Then release drain and rinse thoroughly.

How about you, do you know of any clever home hacks?

On the market for a home in the next 12 months? Send me a DM or an email and I’ll be sure to get back to you.

[email protected]

The difference between renting and homeownership is the sleeper costs. Most people just focus on their mortgage payments...
08/17/2022

The difference between renting and homeownership is the sleeper costs. Most people just focus on their mortgage payments, but they also need to be aware of the other expenses such as property taxes, utilities, and homeowner-association dues. New homeowners also need to take into consideration occasional repairs and maintenance expenses.

Make sure you budget for sleeper costs so you’ll be covered and won’t risk losing your home. On the market for a home in the next 12 months? Send me a DM or an email and I’ll be sure to get back to you.

[email protected]

Address

9267 Haven Avenue, Ste 220
Rancho Cucamonga, CA
91730

Website

Alerts

Be the first to know and let us send you an email when MP Loans posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to MP Loans:

Shortcuts

Share

Category