Andrew Aguilar Mortgage Professional

Fannie Mae is a leading government-sponsored enterprise (GSE), or “agency,” that buys loans from mortgage banks and either holds them in its portfolios or packages them into “Mortgage-Backed Securities.” Both Fannie and Freddie were created by Congress as ostensibly private companies to provide liquidity to the mortgage market in support of homeownership for Americans. They are now effectively controlled by the U.S. government, and they dominate the mortgage market. These agencies purchase mortgages that abide by strict criteria. They will only lend up to the conventional loan limit per county, which are set annually.

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An escrow company acts as the third-party buffer between buyer and seller during a real estate transaction. Because buying or selling real estate generally involves transferring a large amount of money, is it imperative to have a licensed and highly regulated neutral third party to coordinate the transaction. Escrow orders title insurance, collects and prepares loan/legal documents, arranges document signing, collects funds, and disperses to all parties in the transaction.

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As trends change and styles evolve, we all make the occasional furniture faux pas. The following six mistakes have become common with younger homeowners.

6 Common Furniture Mistakes to Avoid An interior designer shares the biggest errors young people make when outfitting a home for the first time.

Earnest Money Deposit (EMD), or Good Faith Deposit is a deposit from the buyer accompanying an offer for a home purchase. The purpose of an earnest money deposit is to prove an offer is serious and in good faith. This money is held in escrow, and is typically required within 72 hours of offer acceptance. The EMD can be a wire, a personal check (in some cases), or a cashier’s check.

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The right renovations can instantly improve your home's aesthetic and functionality. But you want to choose projects that will give you the most bang for your buck. Here are a few suggestions.

Budget Home Renovations That Will Quickly Update Your Home Home renovations provide a fantastic way to breathe new life into your home, both aesthetically and functionally. Whether you want to modernize an

Every refinance loan requires us to show how the new loan benefits the borrower. In most cases, the benefit to a rate/term refinance is lowering the payment. But there are other reasons, such as reducing the loan’s term, refinancing from an adjustable-rate loan to a fixed-rate loan (considered less risky), removing mortgage insurance, combining a 1st/2nd combo into one loan, or adding/removing a borrower from the loan. In the case of a cash-out refinance, the benefit is receiving cash from the equity in the property. Each loan type has a specific guideline for the benefit to the borrower.

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A balloon payment is a larger than normal one-time payment structured at the end of a loan term. Loans with balloon payments are considered non-QM because there will be a lower than normal monthly payment for the life of the loan and then a large lump sum at the end that borrowers may have issues paying for.

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Selling a home can already be stressful, but what if you're looking to buy a home in the same time frame? Here are some tips on how to make the buy and sell process smoother.

How to Buy a Home While Selling (With Less Stress) Learn about financing options, how to get your timing right and more.

Automated Underwriting System, or AUS is a software developed by FNMA (Fannie Mae) and FHLMC (Freddie Mac) that is used to approve borrowers. FNMA uses DO (Desktop Originator) and DU (Desktop Underwriter), FHLMC uses LP (Loan Prospector). For FHA or VA loans, either is acceptable. Note that algorithms for FHA/VA are far more lenient.

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230

A cash reserve, also referred to as a mortgage reserve, is the savings you’ve set aside for emergencies. Lenders can require you to have two months of mortgage payments on hand in case of emergency.

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230

Are down payment assistance programs the solution to the affordability challenges facing many buyers today? Here's a look at the options available across the country.

How down payment-assistance programs can help clear the path to homeownership One barrier toward homeownership is having enough money saved. Experts say down payment-assistance programs may be worth another look.

Assumable Mortgage is a type of mortgage that may be entirely assumed by a person other than the original borrower. FHA mortgages are typically assumable while most conventional mortgages are not. Most buyers need to qualify for an assumable loan. Assumable loans are more attractive in high interest rate environments after rates have climbed significantly (buyers have a desire to assume a loan taken out in years past when rates were much lower).

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230

With hybrid work schedules and working from home on the rise, a property's location may not be the most important factor for many homebuyers today.

Does Location, Location, Location Still Matter Most When You’re Searching for a New Home? You can't escape the phrase "location, location, location" when you're house-hunting, but in a remote-work world, does it still apply? For our Ask an Agent series, we spoke with an industry pro for the latest ruling.

The truest cost of a home loan is the APR, or Annual Percentage Rate. This is a recalculation of a borrower’s effective mortgage interest rate that includes closing costs as well as the interest borrowers will pay on the loan. These closing costs can include origination fees, points, escrow fees and mortgage insurance. The APR may be somewhat misleading on loans that require large mortgage insurance premiums, like FHA loans. APR quotes are required, however, to prevent lenders from quoting artificially low interest rates to attract business and then charging substantial fees to cover the cost of the low rates. Per the Truth in Lending Act, all mortgage lenders must disclose their APR.

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230

A successful move requires prudent planning. Make sure you're up to the task. This comprehensive moving checklist breaks down the process weeks in advance to help avoid last-minute complications.

Moving Out? A Comprehensive Moving Checklist - Realty Times Whether you’re selling, buying, or renting a new place, moving is bound to stress you out. However, if you start planning and organizing on time, it can be a much smoother process. We prepared a comprehensive moving checklist to help you move on to the next stage of your life with less stress, as ...

Ability to repay is a rule from the Truth in Lending Act. Here’s how the CFPB defines it: “The reasonable and good faith determination most mortgage lenders are required to make that you are able to pay back the loan. Under the rule, lenders must generally find out, consider, and document a borrower’s income, assets, employment, credit history and monthly expenses.”

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Mortgage Terms: (Liquidity) The availability of wealth or savings that can be easily liquidated – meaning converted to cash or cash-like assets. Someone might own 25 properties with over $10M in total assets yet have extremely low liquidity, simply because all their wealth is tied up in those properties. Selling a property takes time, hence it’s a relatively “illiquid” form of investment compared to a brokerage or money market account.

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230

A cooldown in the real estate market could mean new opportunities for buyers who have been waiting on the sidelines.

Is opportunity improving for first-time homebuyers? A cooler market could be giving new buyers reason for optimism, says top loan officer

Understanding the different mortgage terms is helpful. Whatever you choose can potentially save you thousands of dollars throughout the life of your home mortgage. Make sure to ask questions so you fully understand. Your lender will always be happy to help answer any questions you may have.

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230

Home Inspections are of great importance when buying a home, especially if the property is not newly constructed. Although this is an extra expense that many first-time homebuyers do not foresee, it would be wise to do. Professional inspectors are more likely to see things you won't. Areas of the home that need repair will allow you to negotiate with the owner and make offer price adjustments when needed.

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230

Do you understand your loan's amortization schedule? The latest newsletter provides a simple breakdown of how amortization works and how it may impact your finances over time.

How Amortization Works: An Easy Guide How you pay off your loan over time matters.

There are two main mortgage types: Conventional loans guaranteed by banks or private lenders and Government-backed loans that the government supports. In these different categories, there are various loan options. The loan type you choose can affect what is required for qualifications and how much is needed for a down payment. Speak with your lender to find out what options work best for you.

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If you're establishing credit from scratch using a credit card, there are a few key tips you'll want to keep in mind so you can improve your chances of being approved for a mortgage. Always make your payments on time. Set up an automatic payment if necessary to make sure you don't miss a payment due date. If possible, go above and beyond your minimum payments. Minimum payments come with interest charges, so pay off your balance each month to help you get the best scores. Finally, be careful to not apply to too many credit card companies all at once - it can make your financial situation look worse than it is, and this may harm your score.

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Down payments can be tricky to navigate when taking out a mortgage. Of course, if you have saved up the funds for a 20% or more down payment, this is going to greatly improve your chances of being approved, with lower monthly payments. However, it's not required to have such a large lump sum up front. Most lenders require less, and some government-backed programs allow mortgage applications with as little as 3.5% down.

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230

Thinking of purchasing a new home? Before you start your search, determine how much space you need. This quiz will help you make the calculation.

How Big of a House Do You Need Quiz Take the how big of a house do you need quiz and enter in family size, needed bedrooms and bathrooms to see what size is best for you.

If your credit history is low and you're hoping to improve it so you can buy a new home, you may have run into issues where you've been declined for a credit card application. If this is you, don't worry, there are alternative options. Although it won't have as much of an impact as a credit card, try applying for a store credit line with a small, local company and make sure you're keeping your utilization low, and paying it off regularly.

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There are a few key factors that lenders will take into account before approving you. Mainly, your current financial situation and the amount you’re regularly spending on your outgoings. If you’re in a good financial position, including credit score, current debt, income, outgoings, and haven’t made any recent large purchases, you’re more than likely to be approved for a great mortgage so you can buy your dream home!

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230

Tired of walking on hardwood floors that are dull, scratched or faded? It may be time to consider refinishing. With the right tools, you can even do it yourself.

How to Refinish Hardwood Floors Wondering how to refinish hardwood floors yourself? With planning, the right tools, and a long weekend, you can DIY this project—and save a ton of money.

Mortgage insurance helps protect a lender if a borrower forecloses on their property, which allows lenders to grant loans that they may not do otherwise, since borrowers are paying extra for the insurance. If your down payment is less than 20% of the home’s value, mortgage insurance may be a firm requirement.

Andrew Aguilar, Mortgage Professional 📱925-455-5626 NMLS #247230