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Mortgage Interest Tax Law Changes
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 MorePros and Cons of a Reverse Mortgage (HECM)
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 MoreTake Advantage of Your Benefits Today With a VA Loan!
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 More2020 Loan Limits Increase
Great News for Reverse Mortgage Seekers! The limits on HECMs have been raised to $822,375; 150% of the loan limits for Fannie Mae and Freddie Mac ($822,375)! 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 location of…
Read MoreCalifornia Loan Limit Increase
Good news! Conventional and FHA Loan limits have just been increased earlier this year. NOTE: The maximum FannieMae loan limit for Sonoma County is $704,950; this is their high balance loan limit. Their conforming loan limit with a slightly lower interest rate is $484,350 for Sonoma County. COUNTY 1 UNIT 2 UNITS 3 UNITS…
Read MoreMortgage Loan Acronyms
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 MoreLoan Process: Step-By-Step
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 MoreReverse Mortgages! Eliminate Mortgage Payments, Access Cash
The Reverse Mortgage (A.K.A. HECM or Home Equity Conversion Mortgage) is a loan option that was designed by the Federal Housing Administration (FHA) to help those 62 and older use the equity in their home to beef up their retirement income. It works in reverse of the forward mortgage, with home equity diminishing over time…
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