How Much Shopping for a Mortgage Should You Do?

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How much shopping around for a mortgage should you do?  The short answer is enough to feel comfortable, but that doesn’t really address the question. The reason for shopping for anything is to satisfy yourself that you got a good deal.  When it comes to buying your home, especially true for first time buyers, there is a lot of integrated complexity and the mortgage process is often overlooked.  Because I’m not a lender, I’m not going to tell you about all the intricacies from  that…

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Energy Upgrades Can Improve Property Value, But Are There Financing Pitfalls?

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There are loads of good reasons to make energy efficient improvements to your home but choose wisely to get the most bang for your buck.  Not only does it matter what you upgrade but even more important is how you pay for those improvements.  That tankless hot water heater could land you in financial hot water if you’re not careful! New windows, doors, roof, insulation, et cetera will all make your home more comfortable and potentially more attractive as well as increasing the value.  Few…

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Why Might Short Sales Stabilize the Real Estate Market?

I hear from lots of prospective buyers that want to get a list of Tehachapi foreclosed properties so they can look for the “best deal.”  The truth is a foreclosed property may not be the best deal whether you are the occupant of the foreclosed home, or the prospective purchaser. As the occupant, if you are just waiting for the foreclosure to go through, you’re not really doing yourself, or your neighbors, any service at all.  I understand that the entire situation is distressing and…

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Tehachapi Home Buyers See Mortgage Fees Increase

Fannie Mae and Freddie Mac are raising risk fees charged to lenders on loans they buy for resale to investors for the first time since 2009.  They are also adding risk fees to more loans offered to borrowers with exemplary credit.   Although lenders could absorb the cost, most are expected to add the fees to loan costs. To avoid a fee or to receive a discount, most borrowers will need FICO scores of 740 or better and down payments of at least 25 percent. The fee…

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