Have you ever considered buying a house from a family member? It’s a unique opportunity that comes with its own set of benefits and challenges. Whether you’re purchasing your childhood home from your parents or acquiring a property from a grandparent, understanding the ins and outs of this process is essential for a successful transaction.… The post How to buy a home from family without needing any cash appeared first on Sonoma County Mortgages ..read more

When it comes to purchasing a home, your monthly income is the most influential factor, surpassing even your credit score and available cash. Understanding how your income impacts your purchasing power is essential for aspiring homeowners. Let’s explore this concept with practical examples and actionable insights. Consider this scenario: You earn $100,000 annually, and based… The post Why your income is the biggest driver of purchasing power appeared first on Sonoma County Mortgages ..read more

Hey there, fellow dreamer! Are you ready to take the leap into homeownership and turn your dream home fantasies into reality? If you’re anything like me, the prospect of embarking on this journey can be both exhilarating and nerve-wracking. But fear not, because I’ve been there, and I’m here to share some insights that could… The post How to ease lending qualifications when buying a home appeared first on Sonoma County Mortgages ..read more

Buying a house today can be an arduous task, especially when you consider the many challenges that families face. One of the most significant challenges is qualifying for a price that is affordable for the family. Heightened interest rates and high housing prices only add to the difficulty. However, there are a few factors that… The post 5 practical ways to increase purchasing power when buying a home appeared first on Sonoma County Mortgages ..read more

The recent settlement involving the National Association of Realtors regarding real estate agent compensation has the potential to impact both buyers and sellers in the industry. As we move into uncharted territory in the summer of 2024, it’s important to evaluate the possible effects of this change. Historically, the industry has accepted a real estate… The post How the housing industry may be affected by the upcoming real estate changes appeared first on Sonoma County Mortgages ..read more

Buying a new home while still owning your current home can be a challenging process, especially in today’s market. When you want to purchase a new home without selling your current home first, you may be required to make a contingent offer. A contingent offer means that the purchase of your new home is dependent… The post How to avoid a contingent offer to buy a new home without selling your current home first appeared first on Sonoma County Mortgages ..read more

Are you considering purchasing a new home, but already own a property and are worried about not having enough income to support two house payments? You’re not alone. This is a common concern for many homeowners who are looking to upgrade their living spaces. However, there are options available to you that can help you… The post How to qualify to buy a new home by renting out your current one appeared first on Sonoma County Mortgages ..read more

In this blog post, we’ll delve into the intricacies of examining whether it’s wiser to invest more in down payments or to retain cash and utilize debt to enhance purchasing power. Traditionally, a larger down payment is linked to lower monthly mortgage payments and reduced overall interest costs. However, in today’s financial landscape, where liquidity… The post How to maximize purchasing power when buying a home appeared first on Sonoma County Mortgages ..read more

In the dynamic world of mortgage rates, the decision to refinance is often met with the lingering question of whether it’s worth waiting for even lower rates. The answer, especially if your interest rate is currently 7% or higher, is a resounding no. Here’s why taking advantage of today’s average 30-year fixed mortgage rates, ranging… The post Why Refinancing Today Trumps Waiting for Lower Rates Tomorrow appeared first on Sonoma County Mortgages ..read more

If you have an FHA mortgage on your home and are planning to sell, you can take advantage of the fact that the loan is assumable. This means that the buyer of your property can take over your existing loan, which can help you get a higher price for your home… Here’s how it works:… The post How to use your FHA mortgage to sell your home for more appeared first on Sonoma County Mortgages ..read more