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How Does My Credit Score Affect My Mortgage Rate?

How much you will pay for a mortgage loan and even whether you can qualify for a mortgage will have a lot to do with your credit score. Higher credit scores will help you get the best terms possible while lower scores could keep you from your dream of homeownership. What Makes Up a Credit Score? Most lenders use FICO scores to determine creditworthiness. These are three-digit numbers put together using data from the Fair Isaac Co. that are supposed to determine the likelihood of you keeping up with your financial obligations. The most important factor in your credit score is your payment...

March 6th, 2019 | Interest Rates, Purchasing a Home, How Does My Credit Score Affect My Mortgage Rate?

What is the Right Mortgage for Buying a Fixer-Upper?

You have found your dream house but it will take significant work to make it a home. You do not have cash in savings to pay for both a down payment and the repair costs. Not to worry - this is not a hopeless situation. Fortunately, there are two types of mortgage loans available for just this scenario:  The Federal Housing Administration (FHA) 203(k) rehabilitation loan or Fannie Mae HomeStyle Renovation Mortgage. FHA 203(k) Mortgage The Federal Housing administration has provided a home loan that allows buyers to borrow enough money to cover the price of the home plus the estimated...

February 13th, 2019 | FHA Loans, Purchasing a Home, What is the Right Mortgage for Buying a Fixer-Upper?

First-time Homebuyers should avoid these 5 Mistakes

Buying a home for the first time is a very exciting adventure, but as with any new experience it can be easy to make plenty of mistakes. In order to make a satisfying purchase, try to avoid these 5 big first-timer blunders. 1. Get Pre-Approved before looking for a home If you are truly ready to make a home purchase, start with first things first. Contact Pacific Coast Home Mortgage to get pre-approved for a mortgage. This will give you a good idea of how much home you can afford and it will make you a viable buyer when you find the right house. Otherwise, you run the risk of falling in love with...

January 16th, 2019 | Purchasing a Home, First-time Homebuyers, Preapproval, First-time Homebuyers should avoid these 5 Mistakes

The Ins and Outs of a Down Payment

Being able to purchase a home is often tied to how much of a down payment you have saved. If you have never bought a house before, you may not understand what a down payment is or why it is so important. Here’s the basics you need to know as you save up for your first home. A down payment is a portion of the purchase price paid up front to your mortgage lender. It is very important to lenders because it shows them you are serious about the purchase and committed to paying off your loan.  How Down Payments Affect Your Mortgage The size of your down payment can affect your mo...

January 2nd, 2019 | VA Loans, FHA Loans, Preapproval, Purchasing a Home, The Ins and Outs of a Down Payment

Everything You Need To Know About Prepayment Penalties

Although they are not nearly as common today, some mortgage loans do come with a prepayment penalty. Home loan borrowers should be aware of them before signing their names on the dotted line. Here’s what you need to know about prepayment penalties: What is a prepayment penalty? A prepayment penalty is a fee the borrower must pay if they pay off the mortgage loan faster than the agreed terms. They often only apply during the first three years of the loan. Some prepayment penalty clauses also stipulate that a borrower cannot pay off more than 20% of the loan balance each year. Whe...

December 12th, 2018 | Purchasing a Home, Refinancing a Home, Everything You Need To Know About Prepayment Penalties

4 Documents You Need for Mortgage Pre-approval

Getting pre-approved for a mortgage is a smart step before you go out looking for a home. A pre-approval letter shows sellers that you have already proven to a lender that you have the income and down payment to qualify for a mortgage loan. This allows sellers to take you seriously, especially in a hot seller’s market. Pre-approval can be quick and painless, if you have the right documents lined up. While each lender may require slightly different paperwork, there are at least 4 documents that almost all lenders will need. Income & Employment Documents – All lenders want ...

November 28th, 2018 | Purchasing a Home, 4 Documents You Need for Mortgage Pre-approval

Pacific Coast Home Mortgage

2424 Vista Way Suite 105, Oceanside, California 92054
Phone: 888-893-7775 | Fax: 760-888-9122
Pacific Coast Home Mortgage & Real Estate Inc dba Pacific Coast Home Mortgage California Bureau of Real Estate Broker License #01870553 NMLS: 237888
Mark O'Toole - President / Broker / Owner