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Hector Valadez

NMLS ID 1417843

210-692-9300 hector@homeloanexpertsusa.com

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Blog Image: Do You Have Enough Money to Buy a House?

Do You Have Enough Money to Buy a House?

When potential buyers are ready to begin their dreams of homeownership, they often start by looking at real estate listings. The asking prices are the starting point for determining how much home a buyer can afford, but there are plenty of other costs and fees not spelled out in that one number. By looking at all the associated expenses, you can decide if you have enough money to buy a home. Down Payment Most mortgage loans require at least some down payment (VA loans for military are one big exception). A conventional loan an require as much as 20% down. For a $250,000 home, a 20% dow...

August 12th, 2020 | Purchasing a Home, Do You Have Enough Money to Buy a House?

Blog Image: How are Mortgage Interests Rate Determined?

How are Mortgage Interests Rate Determined?

Getting the very lowest interest rate is usually top priority for most home loan seekers but mortgage rates can vary widely from day to day and year to year. They are influenced by international and domestic market changes as well as an individual borrower’s financial details and loan packages. In order to get the best rate, it is essential to understand all the factors that determine mortgage interest rates. The Federal Reserve and 10-year Treasury Bond Yield The general range for mortgage rates at any particular time is heavily influenced by the world and U.S. financial markets...

August 5th, 2020 | Interest Rates, How are Mortgage Interests Rate Determined?

Blog Image: What Happens If I Lose My Job During the Mortgage Process?

What Happens If I Lose My Job During the Mortgage Process?

You are midway through the process of closing on a new home or a refinance mortgage. Then you lose your job. In today’s coronavirus crisis climate, plenty of home buyers and homeowners have faced this situation. Can the home loan go through or is it curtains for your new mortgage? While becoming unemployed during the loan underwriting process is much less-than-ideal, there may be some rays of hope. Temporary or Permanent Job Loss Sometimes income loss is due to furloughs. If you have a commitment from your employer as to when you will return to work or your income will resume, you ...

July 29th, 2020 | Interest Rates, What Happens If I Lose My Job During the Mortgage Process?

Blog Image: Should I Prepay My Mortgage?

Should I Prepay My Mortgage?

Benefits of Prepayment The main benefit of paying off your mortgage early is the savings. Even by cutting off just a few years from your home loan, you can save thousands of dollars in interest. For example, if you take out a 30-year mortgage loan for $250,000 at 4%, you would pay more than $179,000 in interest over the course of the loan. If you were to contribute an extra $75 a month, you would pay off your home loan three years early and save almost $22,000 in interest payments. And the savings only increase if you can throw larger chunks of change at the mortgage. Prepaying your home...

July 22nd, 2020 | Mortgage Advice, Should I Prepay My Mortgage?

Blog Image: New FICO “Resilience” Credit Score Could Help Borrowers

New FICO “Resilience” Credit Score Could Help Borrowers

As the U.S. economy reels from record-high unemployment and continued COVID-19 shutdowns, the Fair Isaac Corp. (FICO), a global analytics company and producer of the FICO credit score, released a new credit index recently it hopes will keep mortgage lending and other loans flowing during these unprecedented times. After reviewing over 70 million consumer credit files from the Great Recession, FICO found that the majority of consumers - including those with lower credit scores - kept up with their financial obligations even during that time of double-digit unemployment and devastating h...

July 15th, 2020 | Credit, New FICO “Resilience” Credit Score Could Help Borrowers

Blog Image: Is Down Payment Assistance Still Available During COVID-19?

Is Down Payment Assistance Still Available During COVID-19?

Even as demand for mortgage loans has ramped up since the coronavirus crisis began, some aspects of the home loan market have changed. With millions of homeowners applying for mortgage forbearance, lenders have had to take measures to mitigate possible future losses. Some borrowers are seeing higher credit score requirements, for example. Fortunately, one of the things that has not changed for first-time home buyers is the ability to use down payment assistance programs. Saving up for an initial down payment was a monumental task for first-time buyers before COVID-19 with limited inventory ...

July 8th, 2020 | Purchasing a Home, Is Down Payment Assistance Still Available During COVID-19?

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