Hashem Yousef Mortgage Loans

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Hashem Yousef Mortgage Loans

A mortgage professional serving clients in California for all residential & commercial loan needs.

08/29/2022

Differences Between DOWN PAYMENT and CLOSING COST:

DOWN PAYMENT:
A part of a home’s purchase price is paid UPFRONT.
If you are paying a down payment of less than 20% PMI (Primary Mortgage Insurance) is needed.
Loans may range from 0% down, to 20% down, depending on the property you are purchasing.

CLOSING COST:
Closing costs are processing fees you pay to your lender.
Closing costs can make up 3-6% of your loan amount.
These costs DO NOT include your down payment.
The buyer of the property is responsible to cover these costs.

Want To Discuss More?
Call or send me a message

08/26/2022

Don’ts for Avoiding Common Mortgage Mistakes

❌ Don’t wait until you find the perfect house to apply: Apply for pre-qualification when you know you’re ready to start looking, instead of when you’re “finished” looking. You’ll be better positioned with the seller and avoid potential heartbreak when you are preapproved for the type/price of the home you are looking for.

❌ Don’t submit incomplete documents or photos of documents: Time is of the essence in the current housing market. Don’t let incomplete documents slow your loan process down. Take time to ensure everything is in order before sending your documents to your loan originator. Likewise, make sure you’re giving your loan originator the forms of documents they need to complete the process.

❌ Don’t make large cash deposits or give any large gifts without first talking to your loan originator: Your loan team needs a paper trail of all transactions to show why your bank accounts are fluctuating. Their goal is to ensure your income is coming from legitimate sources and that you’ll be able to pay off your mortgage debts. So, a large change in your finances, either plus or minus, could throw a red flag.

❌ Don’t apply for other forms of credit before, during or shortly after your loan process: Multiple credit inquiries in the same time period could harm your credit score and cost you money. If you can avoid double-dipping on mortgage and credit card inquiries, you’ll potentially save thousands of dollars.

❌ Don’t pay attention to marketing calls offering mortgage “deals”: An unfortunate reality of running your credit score is that it triggers a barrage of calls from companies looking to sell you a mortgage or worse, steal your information. Don’t let these calls shake you. Know they will come and know to ignore them.

If you are ready to take the next step in your mortgage journey, call me!

08/24/2022

4 THINGS YOU NEED TO KNOW ABOUT BUYING IN TODAY'S MARKET

Today’s market is what can only be described as a rollercoaster.

One minute it’s up, the next it’s down.

But what does that mean for today’s buyer? Our best advice? Now, rather than later, is the best time to buy!

Why?

We’ve got 4 reasons why!

What Goes Up, Must Come Down - The market continues to rise - but at some point it also must come back down. Waiting for that inevitable ‘come down’ may not happen as soon as you would think which only extends your wait long.
Higher Home Prices - Some real estate experts are predicting that home prices will just continue to rise. We know there are still far more investors and people out there who would like to become homeowners than there are available properties. That’s expected to keep prices high.

Unknown Mortgage Rates - Mortgage rates are another unknown. Mounting recession fears could keep them in check. However, the U.S. Federal Reserve is likely to give its own interest rates another steep hike this month to rein in inflation, which stubbornly refuses to fall. When the Fed’s rates rise, mortgage rates typically follow suit.

Higher Rates - Higher rates would make homeownership even more expensive than it is today. That could price many aspiring homeowners, especially those who don’t have the proceeds from the sale of a previous home to help finance the next purchase, right out of the market.

If you are ready to take the next step in your mortgage journey, message me or schedule your call

08/22/2022

Out-of-pocket mortgage fees are optional.

Mortgages always have closing costs. But you don’t always have to pay those costs out of pocket.

If you don’t want to pay closing costs in cash, you might be able to simply roll them into your loan balance. Alternatively, some lenders will pay your costs in exchange for a slightly higher rate.

What is a no-closing-cost mortgage?

A no-closing-cost mortgage — or a no-closing-cost refinance — isn’t exactly what it sounds like. There are still closing costs. You just don’t pay them directly.

With a no-closing-cost mortgage, the lender covers part or all of your closing costs. In exchange, you pay a higher interest rate. The lender’s extra profit from your higher rate repays your closing costs in the long run.

In most cases, lenders can cover some or all of your closing costs, including loan origination fees, appraisal fees, title search and title insurance fees, and prepaid taxes and insurance.

Need more information?

Message me or Schedule your call

08/19/2022

The 10 Golden Rules When Applying For A Mortgage Loan
1. Don’t change jobs or become self-employed.
2. Don’t buy a car, truck, or van unless you plan to live in it.
3. Don’t use your credit cards or let your payments fall behind.
4. Don’t spend the money you have saved for your down payment.
5. Don’t buy furniture before you get the keys to your house.
6. Don’t apply for any new credit cards
7. Don’t make any large deposits into your bank account.
8. Don’t change bank accounts.
9. Don’t co-sign for anyone.
10. Don’t purchase anything until you get the keys to your house.

Ready to take the next step in your mortgage journey?
Call or send me a message

08/17/2022

Variable rate vs. Adjustable rate. Similar, but different. With these mortgage products, your rate is “floating”, usually a % above or below the prime rate, and will adjust accordingly as market rate shifts occur.
Here is the difference:
➡️ VARIABLE rate means your rate will fluctuate with the prime rate but your payment will remain the same each month. It just changes the breakdown of principal and interest behind the scenes.
➡️ ADJUSTABLE rate means your rate will still fluctuate with the prime rate, but your payment will change, resulting in an increase or decrease in your monthly payment. Usually, the month after the rate change is when you will be notified about your changed payment.
With all the mortgage options out there, it’s important to have a trusted advisor who can walk you through all of your options and guide you in making the decision that best suits you.
Questions? Get in touch today!

08/15/2022

The one sure way to make sure your housing expenses won't change dramatically year-to-year, is to be your own landlord! 🏠
Forget rising rents and learn what it will take to be a homebuyer

08/12/2022

“You’ve got to have squeaky clean credit to buy a house.” Hands up if you've heard this. Want to know the real talk?
The credit score you need really depends on the type of loan you're after. While a fixed-rate loan will require a score of at least 620, you may qualify for an FHA loan with a score as low as 500.
The takeaway for all my followers? Don’t throw in the towel on homeownership because you have a less-than-perfect credit score. Send me a DM to chat, and let’s look at your options together!

08/10/2022

How much equity have you gained in your home in the last year?

08/08/2022

Happy Monday!! This is a reminder that you can handle whatever this week throws at you! Including getting pre-approved for a mortgage!! 🏡 Call me today to get the process started!.
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08/05/2022

There are a lot of different mortgage products and rates available. The choice is good - but it can also be very overwhelming if you’re unsure of what is best suited for your needs.

Let me help you navigate the mortgage market.

08/03/2022

Looking for a home? Before you shop, 🛑 and give me a call! I will get you pre-approved fast and lock in a low rate for you. Then you can shop for your new home with real buying power in your back pocket!

Get in touch today!

Address

San Diego, CA
92123

Telephone

+16198400130

Website

http://www.xceptionalmortgage.com/

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