FHA Loan

Did you know you can choose your loan term in San Jose, California? Usually mortgage banks will offer you a standard 30 year fixed or 15 year fixed mortgage, but did you know you can customize your purchase or refinance loan option for the term that you want on your San Jose house?  Let’s say you refinanced 7 years ago with a 30 year fixed mortgage and the rates have dropped significantly since then. You shouldn’t really be forced to have to set back the clock to 30 years again to reap the benefits of refinancing to a lower rate? You can now customize your own term on your home loan from 8 to 30 years. The new loan program is YOURgage. With this new loan program, San Jose residents can refinance at 23 years to stay on track to paying off that home. There are other reasons why homeowners would want this option. you can customize your loan to meet your retirement plans. You can make sure your mortgage is paid off in time for you to pay college tuition, and you can even choose a monthly payment to fit into your budget. Remember, this is a fixed rate loan and is available for both refinancing and buying a home in San Jose. Most clients are seeing much lower mortgage payments, so let’s see if I can save you money without resetting your term. If you have refinanced in the last 5 years, you should contact me to see if I can save you money without extending your loan term

While you were ringing in the New Year, Congress was at work ripping out the heart of your tax deductions. The ability of people who buy or own a home to write off the premiums they pay for mortgage insurance is now gone. This change affects anyone who bought a home after 2006 with less than 20% down and paid PMI or private mortgage insurance. If you bought your house before 2007, you weren’t able to claim the mortgage interest deduction anyway, so I guess you can be happy if you can’t have it, no one can. Obviously this will have an affect on homeowners in the future with less than 20% down, since they can no longer enjoy the benefit of the tax deduction, and it might be to that buyer’s advantage to consider a loan with LPMI or lender paid mortgage insurance that is built into the rate. If you want more information about LPMI as an alternative if you have less than 20% down, give me a call or send me an email. Now, there’s 58 other tax code benefits that have also been eliminated, so you want to check with your CPA or tax professional soon so you don’t run in to any surprises come tax time.