Author Archives for Pacific Residential

What is a Loan Estimate?

January 16, 2020 3:03 pm Published by Comments Off on What is a Loan Estimate?

Your Loan Estimate is critical to the mortgage and homebuying processes, but many buyers don’t know why. A Loan Estimate is a multi-page form that details the financial specifics of the loan you requested. After applying for your mortgage, your lender must provide this Loan Estimate within three business days of receiving your application. This will... Read More

Get a Jump on Tax Season!

January 15, 2020 12:14 pm Published by Comments Off on Get a Jump on Tax Season!

We understand that tax season can be a stressful time of year as individuals and business owners scramble to file their tax returns accurately and on time. Fortunately, if you’re ready and aware of what to anticipate, you can feel confident knowing that your filings will be handled as smoothly as ever. The Internal Revenue... Read More

Frequently Asked Mortgage Questions

January 10, 2020 1:22 pm Published by Comments Off on Frequently Asked Mortgage Questions

Buying a home is an exciting experience! However, there can be confusing processes and terms that are unfamiliar to those outside of the industry. For this reason, we’ve compiled some of the most frequently asked mortgage-related questions and answered them below. Terms to Know What Are Debt Ratios/DTI Ratios? During your loan process, your mortgage... Read More

Paperwork During the Mortgage Process

October 14, 2019 3:37 pm Published by Comments Off on Paperwork During the Mortgage Process

At Pacific Residential Mortgage, we find that borrowers often comment about the amount of paperwork mandated for mortgage loan applications. Many buyers are told that the process was much less complicated fifteen or twenty years ago. There are two main reasons for the change: government guidelines, and the fact that banks do not want to be... Read More

spouse credit

Does Your Spouse’s Credit Affect Your Loan?

June 11, 2019 12:57 pm Published by Comments Off on Does Your Spouse’s Credit Affect Your Loan?

There are far too many misconceptions circulating about what happens to credit after people get married. Some of them are more like urban-legends, including plummeting credit scores if your spouse has a heavy load of debt such as student loans. Nothing could be further from the truth. Despite this type of over-the-top misinformation, there may... Read More

3 Long-Term Benefits of Homeownership

June 6, 2019 9:46 am Published by Comments Off on 3 Long-Term Benefits of Homeownership

Owning a home has long been part of the “American Dream”. But as you already know, this is no easy goal to accomplish. Buying a home is often the single most expensive (and important) purchase of a person’s life. For this reason alone, it’s worth considering the long-term implications of homeownership. Everyday Americans are bombarded... Read More

FHA manual underwrite client

FHA Manual Underwriting

May 14, 2019 4:30 pm Published by Comments Off on FHA Manual Underwriting

The housing and mortgage lending industries both gained unprecedented efficiencies in the technology era. Potential buyers can watch 360-degree videos of homes and even secure a mortgage online using most electronic devices. However, despite all of these e-advancements, the “old school” practice of manual underwriting is actually making a comeback. What You Should Know About... Read More

couple considering home decorating tips

Decorating Tips for Spring

April 25, 2019 1:14 pm Published by Comments Off on Decorating Tips for Spring

Buying a home is a big deal. It can come with stress and nerves, especially if you are purchasing your first home. In addition to the stress, keep in mind that it also has a lot of joy and excitement as well. One of the most exciting parts of owning a home is being able... Read More

Couple considering Mortgage Relief Options

Mortgage Relief Options Deadline Approaching

April 24, 2019 4:11 pm Published by Comments Off on Mortgage Relief Options Deadline Approaching

The subprime mortgage crisis of 2006 upended the U.S. economy and created an unprecedented housing crisis that overwhelmed many homeowners starting in 2007. Home values plummeted, a recession struck, and unemployment skyrocketed. Needless to say, this perfect storm of economic woes resulted in significant foreclosures and bankruptcy filings. People sought out mortgage relief in any... Read More

Happy couple considering HELOC

HELOC: What You Should Know

April 17, 2019 11:34 am Published by Comments Off on HELOC: What You Should Know

Over the past two weeks, we addressed what a HELOC is and how the HELOC process works. This week, it’s time to address some additional factors you should be aware of before you commit to a HELOC. It’s no secret that the U.S. economy was depressed for several years. During the economic slump, lending guidelines... Read More