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Success Story: Moving Forward with Reverse

*For the purposes of this success story, we will refer to our happy client as “Eugene”

At RWM Home Loans, we know that every financial situation is different, which usually means that each mortgage demands a different approach. However, finding a unique loan program for our clients not only requires access to a wide variety of home loan products, but it often requires guidance and education for the borrower. Some mortgage products are better than others, but there are also many myths and misconceptions about the mortgage process and loan programs floating around in the public. We often see these myths and misconceptions keep people from getting the best mortgage for their scenario.

This is where Eugene comes in. A few years after working with RWM on a refinance, Eugene returned to us saying that he was unable to afford his current house due to increasing expenses and cost of living. Each month he was coming up short to pay his living expenses and was accruing more credit card debt in the process. He thought this could possibly be solved with a cash-out refinance to pay off mounting credit card debt. A cash out refinance is where a home owner will refinance their mortgage with a higher loan amount than they owe on their home, taking the difference in cash.

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July Financial Report

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The top San Diego economic news stories, real estate statistics, bond rates, stock indices, and more for the month of July.

  • San Diego City Council rules to limit vacation housing (Airbnb, FlipKey, etc.) to primary residences only
  • The Chula Vista City Council approved a housing development agreement for 33 acres of property that will take 20 years to complete.
  • The median home sales price for the month was $580,000 dollars, which is 0.86% higher than the median home sales in June and 4.5% higher than it was in July 2017.
  • There were 3,543 homes sold over the course of the month. This is down 8.14% from last year, but it is 25.1% higher than it was last month.
  • The median number of days on market for homes sold during the month of July was 18 days. This is the same as last month, but it is up 20% from last year.
  • 29.7% of homes sold this month were sold for higher than their listing price. This is down 8.05% from last year and 5.41% lower than it was last month
  • This ...

Removing False Information from Your Credit Report

Your credit report tells lenders what they can expect from you as a borrower by showing how reliable you are when it comes to making payments and how much of your spending is tied to debt. When a lender sees a healthier credit history, they will typically offer more exclusive and competitive loan programs to choose from. Without a healthy credit report and history, all lenders have is the borrower’s word that they will pay back the loan. Lower credit scores often result in higher lending costs in the form of a higher interest rate, which may cost a borrower thousands of dollars over their lifetime. In this short write up, we will discuss false information reflected on your report and what may be done to fix your details to help keep a healthy credit score.

One of the biggest issues with credit reports is inaccurate information showing up and causing scores to go down. Luckily, there are many consumer protection laws created around this issue and inaccurate information can easily be challenged and fixed. In order to spot false information, it is best to regularly review your credit report every year. Paying for your credit report can cost $15-$40 dollars, but all three of the major credit bureaus (Experian, TransUnion, and Equifax) are required to provide you with a copy of your credit ...


LIBOR Is Going Away: What That Means, What's Replacing it, and How It Will Affect Mortgage Rates

Money

The Intercontinental Exchange London Inter-Bank Offered Rate (also known as the LIBOR or ICE LIBOR) is a benchmark rate that is connected to over $350 trillion dollars in debt. After decades of being the primary benchmark for short-term interest rates, LIBOR will no longer be published and will be replaced by an alternative benchmark rate by 2021. In this article, we’ll be reviewing how LIBOR functions, the problems with it as a benchmark, what will be replacing it, and how the change will affect mortgages.

The Basics of LIBOR

Bank Vault

To understand how LIBOR works, you have to understand what a benchmark rate is. Also known as base interest rates, benchmark rates are used as a starting point when calculating certain types of interest rates. Most commonly used for adjustable interest rates, the benchmark rate is combined with a ...


Success Story: Jumbo Loans, Tiny Close Times

Elephant

For the purposes of this article, we will refer to our happy client as Jeremy.

Buying a home involves shopping, getting approved for a loan, preparing/signing documents, verifying information, and several other steps that can make home buying lengthy for even the most qualified borrowers. As such, a unique financial situation or an inexperienced team can extend the process even further. Many people looking to move have various time constraints associated with their purchase transaction, so it is very important to work with professionals who are able to work well under pressure. Jeremy, one of our clients, found out just how much time buying a home can take. Luckily for him, he had RWM Home Loans on his side.

Jeremy received an exciting new job in California that needed him immediately, so he and his wife quickly made the decision to move from Hawaii to San Diego. The couple found themselves in a seller’s market, which means purchasing a home is highly competitive, so they immediately made an offer on a home that fit their needs. Due to their exceptional planning, the offer was accepted by the seller! Now all our client ...


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