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“...I would recommend anyone looking to refinance a home speak with Gapital before any other mortgage company.”
In all of our years of working in the mortgage industry, we’ve come to realize one thing...
the difference between a HAPPY homeowner and an UNHAPPY homeowner is the MORTGAGE PAYMENT!
The first thing most people do when thinking about buying a home is jump on Zillow or Redfin! They find the house of their dreams, they speak with realtors and lenders, and do what they can to make that house THEIRS.
A lot of the times though, they end up with a payment they HATE and in turn, end up hating the house.
The first thing anyone should do when thinking about becoming a homeowner is get PRE-QUALIFIED!
Find out how much you can afford first, THEN find the home that fits that payment.
When you love the PAYMENT, you will love the HOUSE!
One of the biggest decisions people have a hard time making is deciding whether or not they should finance closing costs.⠀
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With rates being so low today, you're better off financing than paying out of pocket!⠀
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Why pay all closing costs up front when you're most likely going to refinance out of that loan in a few years? On average, Americans stay in their loan for about 3-5 years before refinancing.⠀
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If you decide to hold off until you save enough money to cover closing costs, by the time you save, the home will go up in value! ⠀
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Financing closing costs will only increase your monthly payment by a couple hundred bucks. ⠀
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Here are some examples!
Should you wait 6 months? a year? 🤔....This is one of the most COMMON questions we've been getting recently.
As employment is starting to pick up again, many people are wondering...WHEN IS IT OKAY TO START SHOPPING FOR A HOME?
The answer varies depending on your situation:
◾ "What if I am in the same industry, same position, but DIFFERENT COMPANY?"
--> You will need at least 1 month before you can use your income to purchase
◾ "What if I am in the same industry and position but a different company that provides overtime and commission now?"
--> You can use the hourly and salary, but you cannot use overtime or commission. If your prior job didn't have it, you have to build a 2-year history.
◾ "What if I went from W-2 to self-employed?"
--> If it's the same industry and the net income is close to the previous W-2 income, you have to wait 1 year. But if the income is drastically different, you must wait 2 years.
◾ "What is the longest employment gap I can have?"
--> 6 months! If there is a gap longer than 6 months, then you need to go back to work for at least another 6 months.
◾ "What if I am going to self-employed to W-2?"
--> As long as it's the same industry as the W-2, you can buy after 30 days. But if it's a different industry for the W-2, you must wait 2 years.
◾ "What if I just finished school?"
--> If you're working in an industry that aligns with your degree, you just have to wait 30 days. If it's a different industry, you must wait 2 years. Banks are really looking for CONSISTENCY.
If you're thinking about adding a co-signer to help you qualify, here are the 4 things you need to look for!
1️⃣ Someone who has good credit. Preferably someone who has BETTER credit than you. Adding on someone with worse credit will bring your credit score down!
2️⃣ Someone who has had a solid job for over 2 years. You want consistency in pay. Unlike car loans, you have to show income to apply for a mortgage.
3️⃣ Someone who has LOW debt. Don't pick Uncle Ralph who looks like he has this extravagant lifestyle, who owns all kinds of boats and cars. All of those finances will affect your debt-to-income ratio!
4️⃣ Someone who is not currently paying a mortgage or rent.
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“The team at Gapital Mortgage is amazing...”
How to create wealth using the VA loan ⬇️
1. Utilize the VA loan to purchase your first home with $0 down.
2. Rent out 3 units, and
live in the 4th unit.
3. Refinance the property to
a Conventional loan, and
rent out the 4th unit.
4. Repeat steps 1 & 2
5. Rent out the 4th unit of
property #2.
6. Buy a 3rd 4-unit property with a Conventional loan, rent out 3 units, and live in the 4th unit.
7. Rent out the 4th unit of
property #3.
8. Sell property 1 & 2, restoring
your VA eligibity.
9. Buy your primary residence
with $0 down, using your
VA loan.
10. Use the proceeds from
properties 1 & 2 to purchase
2-3 more investment properties.
11. You now have a primary residence and 3 - 4 income-producing properties.
Contact me today so we can get you started. Happy to help you anywhere in the country. 🇺🇸
Is it possible to refinance when you have a mortgage forbearance? 🤔 SWIPE TO FIND OUT
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“...The whole team at Gapital is amazing...”
The Mortgage Bankers Association (MBA) just revealed the number of mortgage forbearance has dropped to 6.87%!!
The Mortgage Bankers Association (MBA) just revealed the number of mortgage forbearance has dropped to 6.87%!!
The Mortgage Bankers Association (MBA) just revealed the number of mortgage forbearance has dropped to 6.87%!
REALTORS: Here are 7 Simple Ways to Dominate Facebook, Instagram and LinkedIn and Grow Your Real Estate Business.
GAPITAL.COM
7 Ways to Dominate Social Media as a Real Estate Agent
Cody Stevens is with Kristen Boano and 8 others at Gapital Mortgage.
October 26 at 6:35 PM · Temecula, CA ·
REALTORS: $150,000,000 from social media is no joke. Here are the basics we use at Gapital to dominate every year.
Cody Stevens is with Kristen Boano and 8 others at Gapital Mortgage.
October 26 at 6:35 PM · Temecula, CA ·
REALTORS: $150,000,000 from social media is no joke. Here are the basics we use at Gapital to dominate every year.
We all know the saying about assumptions.
And if you don’t, well…just Google it.
With the massive surge of unemployment that happened this year, it’s natural to assume that a massive surge of foreclosures will follow.
However, history is not expected to repeat itself this time.
Here are 3 simple graphs that prove why we’re not headed for another foreclosure crisis. 👇👇
GAPITAL.COM
Is 2021 Headed for another Housing Crisis? - Gapital Mortgage
NEW: FHFA Releases Increased 2021 Loan Limits to $548,250.
GAPITAL.COM
FHFA Releases Increased 2021 Loan Limits - Gapital Mortgage
Gapital salutes you.
We have the lives we do because of you. Thank you to all who have served 🇺🇸
#veteransday #godblessamerica #onenation #military
Never let your fears or other people's fears keep you from living the life you desire! 💯
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#therightway #gapital #gapitalmortgage #temecula #temeculawinecountry #temeculavalley #temeculalife #temeculaca #temeculamoms #temecularealtor #temecularealestate #temeculahomes #temeculaliving #temeculabusiness #temeculacalifornia
Have you been laid off due to the pandemic and don't know if you'll qualify to buy a home? Here's a little tip ☝☝☝
Normally, when lenders see a gap in employment of 6 months or more, you would need to go back to work for 1 FULL year before being eligible to buy a home.
However, there has been an exception for those who have been impacted by the pandemic.
As long as you can show proof that you were laid off because of COVID19, and have found a job within 12 months of being laid off, as long as you have worked 30 consecutive days you may be eligible to qualify for home ownership.
Want to know if you qualify? Send us a message! 📩
“But land is land, and it’s safer than the stocks and bonds of Wall Street swindlers.”
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#therightway #gapital #stocks #stockmarket #gapitalmortgage #temecula #temeculawinecountry #temeculavalley #temeculalife #temeculaca #temeculamoms #temecularealtor #temecularealestate #temeculahomes #temeculaliving #temeculabusiness #temeculacalifornia #temeculamua #oldtowntemecula
Practice. Every. Day. 🏆
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#therightway #realestate #realtor #realestateagent #property #luxuryrealestate #mortgage #listing #homeinspection #justlisted #temeculaca #entrepreneur #motivation #millionairemindset #newhomeowner #newhomebuyer #newhomebuyers #newhomesforsale #newhomejourney #newhomeshopping #newhomesearch #newhomegoals
When running your credit, you have a choice of either doing a soft pull or a hard pull.
However when it comes to qualifying for a home, you MUST do a hard pull. Here's why...
A HARD pull can show what all three of the credit bureaus have and then some- a hard pull will show every credit account, collection, etc. and it’s the only way to truly move forward with the home buying process. It gives the lender the most accurate credit score compared to a soft pull.
You absolutely want a hard pull ESPECIALLY when your credit is bad and you’ve had a hard time raising it because it’s the only way to get a full picture of where you are falling behind.
SOFT pulls are great to get a gauge of your credit score, but will not give you an accurate score because it does not show you all of your tradelines. Which is why you do not want to rely on soft pulls when qualifying for a home.
