30 mortgage tips from an LA loan advisor.

All 30 tips

All 30 tips

1. 01 Tip 01 · Buying Process· Today Your Pre-Approval Expires A pre-approval letter is only as good as the credit report, pay stubs and bank statements behind it. Once those age out, or your finances change, the letter may no longer reflect what you can actually borrow.
2. 02 Tip 02 · Down Payment & PMI· Today PMI Isn’t Forever Paying PMI can be a smart trade for buying sooner with less down, as long as you know exactly when and how it comes off. The rules depend on your loan type, your payment history and your home’s value.
3. 03 Tip 03 · Down Payment & PMI· Today FHA Isn’t Just for First-Time Buyers Plenty of people who have owned before rule out FHA because they think it’s a starter-home program. It isn’t, and for some repeat buyers it is the cleaner path to approval.
4. 04 Tip 04 · Rates & Payments· Today A 2-1 Buydown Lowers Your Payment, Not Your Note Rate A 2-1 buydown can make your first two years in a new home a lot easier on your budget. It works because someone prepays part of your interest at closing, usually the seller. Your actual rate doesn’t change, so you need a plan for year three.
5. 05 Tip 05 · Down Payment & PMI· Today Gift Money Needs a Paper Trail A gift from family can be the difference between buying now and waiting years. The money itself is the easy part. The paperwork that proves it’s a true gift is what keeps your closing on schedule.
6. 06 Tip 06 · Self-Employed & Non-QM· Today Write-Offs Cut Your Taxes and Your Buying Power If you’re self-employed, every deduction that lowers your tax bill also lowers the income most lenders can count. That can make a business that earns well on paper look small to an underwriter. The good news: you have more than one way to qualify.
7. 07 Tip 07 · Self-Employed & Non-QM· Today No Job? Your Assets Can Count as Income If you have significant savings but no paycheck, some loan programs can turn those assets into monthly qualifying income. The math depends heavily on the type of asset and the lender’s formula.
8. 08 Tip 08 · Self-Employed & Non-QM· Today DSCR Loans Qualify the Property, Not You On a DSCR loan, the lender’s main question is whether the rent covers the mortgage payment. That makes it useful for investors whose tax returns don’t tell the full story.
9. 09 Tip 09 · Self-Employed & Non-QM· Today 1099 Earners Can Qualify on 1099s Alone If you’re paid on 1099s, your tax return may show far less income than your clients actually paid you. Some lenders can qualify you on the 1099s themselves.
10. 10 Tip 10 · Self-Employed & Non-QM· Today Non-QM Doesn’t Mean Subprime “Non-QM” sounds like a warning label, but it usually just means the loan is documented differently. Many Non-QM borrowers have excellent credit and plenty of money down.
11. 11 Tip 11 · Buying Process· Today First-Time Buyer May Include You If you owned a home years ago, you may still count as a first-time homebuyer. That label can open the door to lower down payment options and assistance programs.
12. 12 Tip 12 · Down Payment & PMI· Today 3% Down Is Real Many buyers assume a conventional loan means 20% down, or at least 5%. Several programs allow 3%, but each has rules about who qualifies, what you can buy, and how big the loan can be.
13. 13 Tip 13 · Buying Process· Today The Down Payment Isn’t the Only Cash You Need Most buyers save for the down payment and forget everything else. Closing costs, prepaids and escrow deposits can add thousands to the cash you bring to closing.
14. 14 Tip 14 · Buying Process· Today Don’t Open a Credit Card Before Closing Your approval is based on your credit and debts at the time you applied. New accounts during escrow can change the math right before closing.
15. 15 Tip 15 · Buying Process· Today Move Your Money Early Lenders need to see where your down payment and closing funds came from. Getting money where it needs to be early, with a clean paper trail, avoids last-minute document requests.
16. 16 Tip 16 · California Property Tax· Today The Surprise Tax Bill A few months after you close on a California home, a property tax bill can show up that your lender won’t pay. Knowing it’s coming, and roughly how big it is, keeps it from becoming a scramble.
17. 17 Tip 17 · Rates & Payments· Today Your Payment Can Rise on a Fixed-Rate Loan A fixed-rate mortgage locks in your interest rate, but not your whole monthly payment. Taxes and insurance can change, and when they do, your payment follows.
18. 18 Tip 18 · California Property Tax· Today File Your Homeowners’ Exemption It won’t change your life, but it’s free money every year you live in the home. It’s also one of the most common things new California owners forget to file.
19. 19 Tip 19 · Property, Condos & Insurance· Today Earthquakes Aren’t Covered Most California homeowners policies don’t pay for earthquake shaking damage. If you buy in Los Angeles, it helps to understand what a separate policy covers, and what the deductible really means, before you decide.
20. 20 Tip 20 · Property, Condos & Insurance· Today The Sewer Line to the Street Is Yours The pipe that carries wastewater from your house to the public sewer is usually your responsibility, and in the City of Los Angeles that includes the part under the street. A cracked line can cost far more than buyers expect.
21. 21 Tip 21 · Property, Condos & Insurance· Today Plan for Maintenance Every Year Your mortgage payment covers the loan, taxes and insurance, but not the water heater that fails or the roof that wears out. Budgeting for maintenance from day one keeps repairs from turning into debt.
22. 22 Tip 22 · Property, Condos & Insurance· Today Unpermitted Work Becomes Your Problem When you buy a home with unpermitted work, the seller’s shortcut becomes yours to deal with. It can affect your appraisal, your loan, your insurance and your eventual resale.
23. 23 Tip 23 · Property, Condos & Insurance· Today Condo Buyers: Read the Reserve Study When you buy a condo, you also buy a share of the building’s savings account and its repair bills. The reserve study tells you whether that savings account is ready for the big repairs ahead. It can also affect which loans are available on the unit.
24. 24 Tip 24 · Property, Condos & Insurance· Today Get an Insurance Quote Before You Make an Offer In California, homeowners insurance isn’t a formality you sort out the week before closing. The premium, or whether you can get a policy at all, can change what you can afford.
25. 25 Tip 25 · Rates & Payments· Today Negotiate More Than the Price A $10,000 price cut and a $10,000 seller credit cost the seller about the same. For you, they can do very different things to your cash to close and your payment.
26. 26 Tip 26 · Rates & Payments· Today “I’ll Just Refinance Later” Isn’t a Plan A refinance can be a great opportunity. But if you can only afford the home after rates drop, you’re betting your budget on something no one controls.
27. 27 Tip 27 · California Property Tax· Today Your Purchase Price Sets Your Property Taxes The seller’s tax bill tells you what they pay, not what you will. In California, buying a home resets the taxable value, often to your purchase price.
28. 28 Tip 28 · Rates & Payments· Today Some Loans Come With the Seller’s Rate If the seller has an older loan at a low rate, you may be able to take it over instead of getting a new one. The catch is usually the cash it takes to get there.
29. 29 Tip 29 · California Property Tax· Today 55 or Older and Feel Stuck? Many long-time LA homeowners stay put because moving would mean a much bigger property tax bill. Prop 19 may let you take your current taxable value with you.
30. 30 Tip 30 · Buying Process· Today Pre-Approved Beats Pre-Qualified Sellers and listing agents care about how likely your loan is to close. What your lender actually verified matters more than what the letter is called.

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