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A Day at the Races!

Aug 31
10:50
AM
Category | General

A Day at the Races!

Friday, August 22 sparked Residential Wholesale Mortgage’s Annual Day at the Races. RWMI team members and family grabbed their hats, closed down shop, and headed to where the turf meets the surf for the 4:00 race time. Friends and family joined together at the Del Mar Thoroughbred Club for an evening filled with stories, laughter, and delicious food from the Stretch Run Grill. Believe it or not, we all really do enjoy each other’s company!

 

 

A long-standing Del Mar races tradition and highlight of the evening was definitely the hat contest.  Some people went for the classier approach, others went humorous. The winner of the contest was our office manager, Jason Garcia, whose extravagant fiesta hat was a shoe-in for the win!

 

 

After 8 races and a fun-filled evening, it was another historic company event to remember. As the crowds began clearing out and the sun set over the track we bid our farewells. Some stayed for the music concert while others headed home to catch ...


How to Choose the Right Lender

Aug 28
8:38
AM
Category | General

How to Choose the Right Lender

If you are looking to purchase or refinance a home, you will definitely benefit from talking to an experienced mortgage loan officer. Referrals from friends and family are a good place to start, but there are a few points you will want to consider. Whomever you choose, make sure they discuss the wide variety of loan products that are available to meet your needs. Also, make sure you understand all applicable charges and fees so that there are no surprises when you are ready to close your loan. Lastly, look for a trustworthy loan professional that has your interest at heart over the long run—not just in the short-term with your first transaction.

Before you start researching lenders, you should ensure that you are well-informed on the home buying process. This means learning basic mortgage terminology, understanding common home buying pitfalls to avoid, and educating yourself on the pre-approval process. If you are reading this blog, chances are that you’re already taking steps to become informed about the mortgage process, so keep up the good work!


“Forever GI Bill” Signed Into Law

Aug 18
12:49
PM
Category | General

“Forever GI Bill” Signed Into Law

Following unanimous congressional approval, the bipartisan Harry W. Colmery Veterans Educational Assistance Act of 2017 (commonly referred to as the “Forever GI Bill”) has been signed into law by President Trump. The bill contains over 30 provisions that aim to improve and expand educational benefits for veterans, service members, military families and survivors.

The most significant part of the bill is that it overturns a statute in the Post-9/11 GI Bill that required veterans to use their educational benefits within 15 years of their last 90-day period of active-duty service or else they lose their eligibility. GI Bill benefits for veterans no longer expire, which earned it the “Forever GI Bill” nickname.

The lifetime GI Bill benefits are available to those who left the military after January 1, 2013 as well as the surviving families of any service members who died in the line of duty. The official title of the bill is an homage to Harry W. Colmey, the American Legion national commander who wrote the text of the original GI Bill in 1944.

Benefits will also be restored to veterans ...


Qualcomm Stadium Space Being Considered for Homeless Housing Initiatives

On Monday, Jul. 24, Councilmember Chris Ward, Chairman of the City Council’s Select Committee on Homelessness, proposed a series of initiatives to address homelessness in San Diego to the San Diego City Council.

According to an April report by the Regional Task Force on the Homeless, San Diego had a total of 5,621 unsheltered homeless people in January 2017. This far exceeds the 1,240 emergency shelter beds that are currently available within San Diego city limits.

Ward proposed four main goals. The first is to utilize the Golden Hall Civic Center and Qualcomm Stadium’s Practice Field for temporary housing for the homeless (also referred to as interim bridge housing). This bridge housing would be available for 90 days per person for those in the process of getting permanent housing. This would include increased funding for beds.


How to Avoid Mortgage Insurance

Jul 28
3:39
PM
Category | General

How to Avoid Mortgage Insurance

Mortgage Insurance Protection

Buying a home with less of a down payment may be an attractive option, especially for those who want to buy a home right away instead of waiting to save up for a larger down payment.  However, it is important to realize that putting down less than 20 percent of a home’s appraised value may require the addition of mortgage insurance (MI). Usually, this is paid as part of your monthly mortgage payments and the size of the fee depends on the down payment amount and your credit score. Private Mortgage Insurance (PMI) only applies to conventional loans, since VA loans typically do not have mortgage insurance requirements despite its low down payment, and FHA loans have their own type of mortgage insurance (more on that later).

The easiest way to avoid mortgage insurance is to save up for the down payment of 20 percent or more, but we have some tips and tricks that may help your Mortgage Insurance cost requirement. Here are some various options that may may be available...

Refinance Your Mortgage

Home value and interest rates are far from constant. You may be able to take full advantage of interest rate changes and home value increases to lower your monthly mortgage ...


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