Omni Fund Inc

12/26/2018

Merry Christmas and happy holidays!! Wishing you all a great 2019...

07/14/2018

06/11/2018

When buying or refinancing a home always ask your lender before applying for new credit cards or more importantly buying a car!! Another is when buyers are excited to furnish their new home and want it all delivered the day after closing so 2 weeks prior they get the 0% interest promo...

05/27/2018

HOME EQUITY LOANS: PT3

Calculate your LTV

The more equity you have, the more a lender will let you borrow, but for the best rates aim for a loan-to-value ratio, or LTV, that’s 80% or less.

Use a home value estimator to see how much your house is currently worth. Then plug that value into our loan-to-value calculator to estimate the equity you can take out, assuming your credit is in good shape.

Start with your current lender or bank and then compare

When comparing home equity loan rates, start close to home. Ask your current mortgage lender, bank or credit union if they offer home equity products. Some financial institutions provide a rate discount when you have multiple accounts or lines of credit, and it may be more convenient to work with a familiar lender.

ncluding your current lender’s offer, compare home equity loan interest rates from at least three lenders. But don’t stop at rates; also consider special promotions, fees and the annual percentage rate, or APR, to determine a loan’s true cost.

05/25/2018

HOME EQUITY LOANS: PT2

Lenders look at two important things when deciding how much interest you’ll pay: your credit score and your existing debt. To get the lowest home equity loan rate, check your credit reports before talking to lenders. Examine them for errors that could drag down your score. If you see overdue bills or maxed-out credit cards, get them current and pay them down before applying for a home equity loan.

If you can bump your credit score range from fair to good, or good to excellent, you’ll be rewarded with potential rate breaks that could add up to thousands in savings. But knowing where your credit stands is the first step in helping you compare home equity rate offers.

05/23/2018

MORTGAGE APPROVAL DENIED? It's not over and here's why...

Getting a mortgage approved can depend on the lender with which you apply. One mortgage lender’s denial is another’s strong approval.

It’s because of Investor overlays; and, when a mortgage loan gets denied, it’s good sense for borrowers to re-apply for that loan somewhere else.

Investor overlays are an additional set of mortgage qualification standards imposed by a lender, beyond what’s a mortgage program’s official guidelines require.

Examples of investor overlays include:
- Raising minimum credit score requirements on a loan by twenty points
- Reducing a borrower’s debt-to-income ratio by a certain number of percentage points
- Increasing a home buyer’s waiting period after a short sale or foreclosure event

Investor overlays are especially common with FHA loans.

According to FHA loan guidelines, a home buyer can get approved for an FHA mortgage with a credit score of at least 500. But, finding a lender that allows a five-hundred score can be a challenge.

Mortgage lenders tend to enforce an FHA credit score overlay that raises minimum FICO requirements as high as 660. Loans with credit scores below that are denied at the point of application.

If that’s you, don’t stop looking for that FHA-backed loan. Overlays vary between lenders. You might get approved somewhere else.

Government data shows that 1-in-5 mortgage approvals are made after an initial mortgage turndown. Don’t let a denial set you back.
Re-apply for your loan with a different mortgage lender.

Get in touch with us if it's time to try again!

05/22/2018

HOME EQUITY LOANS: PT2

Check your credit reports and polish your credit score

Lenders look at two important things when deciding how much interest you’ll pay: your credit score and your existing debt. To get the lowest home equity loan rate, check your credit reports before talking to lenders. Examine them for errors that could drag down your score. If you see overdue bills or maxed-out credit cards, get them current and pay them down before applying for a home equity loan.

05/20/2018

HOME EQUITY LOANS: PT1

Home equity loans — which are second mortgages that allow you to borrow against your home’s value if it’s worth more than the mortgage balance — typically have fixed interest rates and are paid out in a lump sum.

Though home equity loan interest rates are generally lower than rates on credit cards or personal loans, following these tips when you want to tap into your home’s value can help you get the best deal.

Think about why you’re borrowing

Just because you can turn home equity — the value of your house minus what you still owe on the loan — into cash doesn’t mean you should. Your house is the collateral for your mortgage, and extracting its value as cash may put you at risk of losing your home if you can’t repay the first or second loan. So make sure you’re using your home equity for the right reasons.

Consider a home equity loan if you want to make home improvements that increase value, or to save money by consolidating high-interest debt. Large expenses that can’t be paid another way, like a child’s college tuition or unexpected medical bills, are also reasons you may consider a home equity loan.

Questions? Get in touch

06/01/2017

Expand your knowledge and mortgage business as a Certified Divorce Real Estate Professional - CDLP. Bring the financial knowledge and expertiese of a solid understanding of the connection between divorce law, tax rules and mortgage financing as they all relate to real estate in a divorce. Grow your…

06/04/2014

Listing courtesy of Deb Po***ck of Windermere RE Coachella Valley

Property for sale at 2010 Sheehan Cir, Banning, CA 92220 is listed on realtor.com(R). 2010 Sheehan Cir, Banning, CA 92220 property details and more are available right here.

12/26/2013

Merry Christmas and happy holidays from all of us here at Omni-Fund!! Looking forward to a great 2014!!