Mortgage Interest Tax Law Changes

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The tax year 2018 saw sweeping reform as a result of the Tax Cuts and Jobs Act of 2017, which eliminated many past deduction opportunities. Such past deductions which were eliminated include the $1 million mortgage interest deduction and the unrestricted deduction for home equity loan interest. Qualified Residence Loans Before the 2017 Tax Cuts… [Read More]

Pros and Cons of a Reverse Mortgage (HECM)

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A reverse mortgage or Home Equity Conversion Mortgage (HECM) makes part of your home’s equity available for you to obtain non-taxable cash inflows without paying having mortgage payments every month. Pros of a Reverse Mortgage (HECM) Your name remains on the Home Title Money is accessible on-demand with no monthly loan payments At any point,… [Read More]

Take Advantage of Your Benefits Today With a VA Loan!

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A VA loan is a unique home-financing option with special benefits for veterans, active military, and surviving spouses. Private lenders issue these loans and they are guaranteed by the U.S. Department of Veterans Affairs (VA). Dan Eichhorn at West-Cal Mortgage can walk you through the process of getting a VA loan, step-by-step. Benefits No down… [Read More]

2019 FHA Loan Limits Increase

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  Great News for Reverse Mortgage Seekers! The limits on HECMs have been raised from $679,650 to $726,525; 150% of the loan limits for Fannie Mae and Freddie Mac ($484,350)! According to regulations, reverse mortgage loan limits are not allowed to vary by county. The same limit is used for all mortgages no matter the… [Read More]

Mortgage Loan Acronyms

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The finance world is full of acronyms and jargon that can be confusing. Here is a list of common mortgage loan acronyms with brief explanations to keep you in the know. At the bottom, we have included a downloadable PDF version of this article for future reference.   LE – Loan Estimate The LE is… [Read More]

Loan Process: Step-By-Step

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This is a step-by-step outline of the mortgage loan process. This is the same process we use here at West-Cal Mortgage to provide borrowers with the best possible loan programs. 1. Pre-Qualification An initial phone call with a loan officer is made to review and discuss the borrowers needs and loan options. Knowledgeable mortgage brokers… [Read More]

Alt Doc Loans Are Back!

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Rumor has it that No Doc, Stated Income, and Bank Statement mortgages that were so popular before the 2008 housing bubble are once again becoming available. There is some truth in that statement. Since the law surrounding income verification changed after the real estate crisis, these non-traditional loan programs are now called “alternative documentation loans”(alt… [Read More]

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