FHA mortgages

The Fed raised rates. So what?

rate hike

The Federal Reserve announced its widely-expected .25% rate hike today. Does this mean mortgage rates will go up? Actually, no; in fact, mortgage rates improved a bit today, as they have been doing consistently Since November 13. To make sense of this, you should first know that the Federal Reserve (specifically the Fed Open Market…

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What's going on with rates?

If you’ve been keeping an eye on mortgage rates, you are aware that they have been going up quite consistently. To get broad picture, you should know that mortgage rates respond directly to the price of Mortgage Backed Securities (MBS). These are the pools of mortgages purchased by investors like Fannie Mae and Freddie Mac.…

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Mortgages for "low credit scores"

I was asked recently who has the best mortgage for people with “low credit scores.” “Low credit score” is a nebulous term, so let’s see if we can narrow it down a bit. A borrower’s FICO score is a three-digit number derived from data kept in each of the three credit repositories: Experian, Equifax and…

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"Brexit"–and what it means to mortgage rates today

You have probably heard about the important vote in the United Kingdom: Britain will leave the European Union. What you may not know is the effect an event in Europe could have on you here in California. How “Brexit” affects you The results of Thursday’s election in the UK has roiled financial markets all over…

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The Truth About Mortgages

The Narrative If you pay attention to print and broadcast media, you’ve seen stories—lots of them—about how hard getting a mortgage is today. Banks have been upping their standards, they say, cherry picking only the very best applicants with flawless credit scores, lots of money in the bank for large down payments and long tenure…

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Another mention in the media!

Are subprime mortgages coming back? I speak to a lot of journalists; between the circulation of “The Mortgage Insider” and the fact that I’ve been around as long as I have, they look to me as an authority for their stories. The latest was in the influential trade magazine, “Scotsman’s Guide.” Reporter Victor Whitman reached…

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How your loan gets approved

Once your loan officer submits your loan package for approval, it goes through a mysterious process called “underwriting.” When you know what that process is, though, you’ll see that it really is quite simple. This movie explains how it works.

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The Mortgage Lie You Probably Believe

We are the victims of a lie. Every day, talking heads and other media purveyors of opinion reinforce it. They should know better, yet they persist in trying to mislead us all. The lie goes like this: “Mortgage rates are good today, but nobody can qualify anymore.” “The banks are only lending money to people…

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Talking to Reporters about Mortgages

I spend a fair amount of time speaking with journalists who are working on stories about the housing and mortgage industry. I like to help out, and it does give one a bit of an ego boost to see your name in print as an authority. Recently, I spoke to Geoff Williams, a reporter for…

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The Horror of the FHA Mortgage

I came across an article recently in one of the mortgage industry trade rags: “Republicans Hammer Castro over FHA Premium Reduction.” A little backstory: FHA is a federally insured loan program that requires a small down payment (currently 3.5%). It has helped million of people buy homes since its inception in 1934. The small down…

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Joseph M. Parsons NMLS #230285
Pinnacle Capital Mortgage,
a division of Finance of America, LLC

NMLS# 1071 is licensed by the Department of Business Oversight under the CRMLA.
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Pinnacle Home Loans

(925) 383-2846
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Dublin, CA 94568