What is the minimum credit score needed to qualify for a conventional mortgage loan in 2021? That’s the question we’ll be addressing here today. We’ve examined current trends and standards within the mortgage industry to determine what kind of credit score might be needed for a conventional home loan in 2021. The short answer: For […]
Blog
Average Down Payment in San Diego, California: 2020 Update
At a glance: Based on our analysis, the average down payment in San Diego would be around $78,485 for all buyers, and about $39,242 for first-time buyers. That’s based on the median home value as of August 2020, and the average down payment amounts made by borrowers. Home prices across Southern California have risen over […]
The California Mortgage and Escrow Closing Process in 2020
How does the mortgage and escrow closing process work in California? How long does the real estate closing take, for home buyers? And what steps are involved in this process? These are some of the most common questions home buyers have about real estate escrow and mortgage closing. Today, we will examine the various steps […]
California Conventional Loan Down-Payment Requirements in 2020
This article explains the down payment requirements for conventional loans in California. A “conventional” mortgage loan is one that’s not insured or backed by the government. Borrowers who use a conventional loan to buy a home in California can put down as little as 3%, depending on the circumstances. Let’s take a closer look at […]
Austin, Texas Jumbo Loan Overview for 2020
This article provides information regarding jumbo loans in Austin, Texas and includes the current conforming and jumbo loan limits for Austin in 2020. At a glance: The current jumbo loan threshold for Austin, Texas in 2020 is $510,400. That figure represents the maximum size for a conforming mortgage loan in Austin. If you borrow more […]
Charlotte, North Carolina: Jumbo vs. Conforming Loan Limits
Key highlights from this article: The conforming loan limit for Charlotte North Carolina is $484,350. This means a jumbo loan in Charlotte is anything above that amount. This applies to conventional mortgages that are not insured by the government. Conforming / Jumbo Loan Limits in Charlotte, North Carolina In 2019, the limit for a conforming […]
How Student Loan Debt Affects the Mortgage Approval Process
Key points from this article: Student loan debt can affect your mortgage approval by increasing your debt-to-income ratio. It can also affect your credit score, depending on how you manage your payments. It could limit your ability to save up for a down payment and closing costs. Student loan debt can affect the mortgage application, […]
California Jumbo Loan Limits for 2020
Editor’s note: This article was originally published in January of 2019. It was updated in 2020 to account for changes made by federal housing officials. This page is now fully updated and includes the 2020 conforming / jumbo loans limits for all California counties. Conforming and jumbo loan limits in California were increased for 2020 […]
Mortgage Rate Forecast for January 2019: How Will the Year Begin?
Mortgage rate forecasts for January 2019 suggest that 30-year mortgage rates could hover between 4.7% and 4.85% next month. Beyond that horizon, two industry groups have predicted that the average rate for a 30-year fixed home loan will hover around 5.1% for much of 2019. Mortgage Rate Forecast Through January 2019 During the first week […]
Average Mortgage Payment for Los Angeles Home Buyers: Summer 2018
Summary: Using current median home prices and average interest rates, the average monthly mortgage payment among Los Angles home buyers would likely come to around $4,045 as of summer 2018. Home prices in Los Angeles, California have risen steadily over the last couple of years. As a result, the average mortgage payment among homeowners has […]