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Blog Image: Understanding Mortgage-related Insurance

Understanding Mortgage-related Insurance

When you buy a home with a mortgage, you will be required to pay all sorts of insurance, including homeowner’s insurance, title insurance and private mortgage insurance. What are all these policies and why do you have to pay for them? Homeowner’s Insurance Homeowner’s insurance is a policy that protects you against loss if your property or any structures on it are damaged. This covers damage from fire, storms, and vandalism. If you are unable to live in your home because of one of these issues, the insurance will also cover the cost of temporary housing while your home ...

June 3rd, 2020 Understanding Mortgage-related Insurance

Blog Image: How Long Does a Pre-Approval Letter Last?

How Long Does a Pre-Approval Letter Last?

Getting pre-approved before shopping for a new home is a smart idea, but what if you don’t find the right home quickly? How long does that pre-approval last? Pre-approval Defined Before going out with a real estate agent to look for the perfect property, it is wise to get pre-approved with a mortgage lender. This means allowing the lender to run your credit and take a look at your income and assets to determine how much mortgage funding you qualify for. A pre-approval gives you a top number for your house budget to help define your search.  It also gives you credibility wit...

May 6th, 2020 | Purchasing a Home, Preapproval, How Long Does a Pre-Approval Letter Last?

Blog Image: How to Buy a Home During COVID-19

How to Buy a Home During COVID-19

With most of the country on shelter-in-place orders due to the outbreak of the COVID-19 virus, the homebuying process has undergone plenty of changes for those still looking to get into a home of their own. Buyers, sellers and real estate agents have had to make adjustments for the safety of all. If you are in the midst of your home search or ready to start, here’s what you need to know about buying a home during this challenging coronavirus environment. Virtual Shopping & Viewing Agents and sellers have had to get creative during this time of social distancing. Buyers have had...

April 8th, 2020 | Purchasing a Home, How to Buy a Home During COVID-19

Blog Image: Will an Employment Gap Hurt My Chances for Mortgage Approval?

Will an Employment Gap Hurt My Chances for Mortgage Approval?

Employment history is a very important aspect of a mortgage application. Mortgage loans are usually for substantial sums of money and lenders want to reduce the risk that borrowers will default. One sign that a borrower will be consistent in making their mortgage payments is if they have a stable two-year history of employment. But what if you have gaps in your work history? Can you still qualify for a mortgage? Gap Period Most lenders will only require a two-year work history, so if you had gaps prior to that period, you may not even need to inform your lender about it. If you have had ...

March 11th, 2020 | Mortgage Advice, Will an Employment Gap Hurt My Chances for Mortgage Approval?

Blog Image: Should You Buy a Second Home as Your First Home?

Should You Buy a Second Home as Your First Home?

There is a new trend catching on among younger urban residents: renting in the city and buying a vacation home as their first house purchase. This unconventional approach to first-time homebuying is one way for these buyers to achieve homeownership and all its benefits when they are priced out of their own market.  Real estate prices in most major U.S. cities are rising so high that it is virtually impossible for young professionals to start their home-owning journey within city limits. The creative solution of buying a vacation home while renting a primary residence in the city allows...

February 12th, 2020 | Purchasing a Home, First-time Homebuyers, Should You Buy a Second Home as Your First Home?

Blog Image: What Costs Can I Expect as a Home Seller?

What Costs Can I Expect as a Home Seller?

When you bought your house, the fees you paid included the closing costs for your mortgage, your down payment, and maybe some mortgage points. Now that you are ready to sell, there are a few more costs that you need to anticipate. In fact, according to Realtor.com, sellers often pay between 6% -10% of the sale price in fees and commissions. Real Estate Agent Commission Fees It is customary for home sellers to pay both the seller’s and the buyer’s real estate agent commission fees out of the proceeds of the sale. The standard rate is 3% for each, totally 6% of the sales price ...

January 15th, 2020 | Mortgage Advice, What Costs Can I Expect as a Home Seller?

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Empire Mortgage

10681 Foothill Blvd Suite 298
Rancho Cucamonga, California 91730
Phone: 909-373-0664
Fax: 909-348-8118