Architect Your Imagination

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How many bedrooms do you need? How about bathrooms? Design your perfect space!

Skeptical that furniture won’t look the same in your home as it does in the store?

Play with this site that virtually builds a 3D model room-to-room including walls, windows, materials, and fixtures. Upload your own photo, use your imagination, and design away!

http://planner.roomsketcher.com/

When you’re finished designing your dream home, call us at (858) 500-4638 and we’ll assist in making that dream come to life with a mortgage that makes sense for you. Experience the GEQ difference.

Smarter Loans, Happier Homes.

CALL NOW at (858) 500-4638 or fill out an online contact form!

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Bi-Weekly Mortgage Payments…Are They Worth It?

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Want to SAVE some CASH? Bi-weekly mortgage payments could be the solution! Let GEQ be your hero!

Some say that bi-weekly mortgage payments are helpful when trying to pay off your mortgage quickly. Every 2 weeks you will make your payment saving you TIME and ENERGY in the long run. This adds up to 13 payments total per year, as opposed to 12.

How does that math work?!?

Is it worth switching to a bi-weekly mortgage plan, or is it too risky?!?

Here is a breakdown of the pros and cons of bi-weekly mortgage payments.

  1. Pro: They help you pay off your mortgage faster
  2. Con: You have to do 13 payments instead of 12, ensuring that you will be paying more money. This can be a problem in the case of losing a job, or not being able to pay both payments in the month.
  3. Pro: If you self-manage your “bi-weekly” payments, then you are able to pay more principle and thus able to “skip” a month if necessary.
  4. Con: There is likely a fee to participate in this program.
  5. Pro: bi-weekly payments are GREAT if you can refinance and mortgage rates are low.

What matters: affordability!

If you have a busy schedule and self management is not an option, have your bank DO IT FOR YOU! Simple and stress-free!

Want to relieve some stress? Get pre-approved in 45 seconds and call us NOW at (858) 500-4638 or fill out an online contact form!

 

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Things That Will Hurt Your Mortgage Approval Once You Have Already Been Pre-Approved

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Once you are pre- approved for a mortgage loan, you want to make sure that you watch certain things to maintain your loan approval. Even under contract things are not set in stone. First time buyers can get themselves in a bind if they do not take into account potential missteps that could threaten their deal. Here are some things to try and avoid once you are pre-approved (or approved):

Do NOT Go Credit-Crazy.

If you are sold on the way you want to decorate your new home, it might be a terrible idea to go out furniture shopping right off the bat. Wait until your loan closes before you go shopping and avoid huge expenses. Inquires on your credit can also affect you because it lowers your credit score and can influence your interest rate negatively.

Make sure your funds are clear.

If you have a gift from mom and dad and you deposit a lump sum of money into the bank, make sure you are verifying with your loan officer where this money is coming from. The last thing you need in the pre-approval process is to have your loan officer go through your bank records again.

Getting behind on bills.

Late payments are never good for your credit score, especially for a new loan. If you cannot make a payment on a bill, then how does your lender know that you will make a mortgage payment? They don’t, so it is likely that you will lose the deal if this happens.

Co-Sign on a Loan.

If you co-sign a loan, it means that you are responsible for another person’s debt. If they fail to make the payments then you are financially liable for taking over the debt that is accrued. Adding on more debt could eventually disqualify your deal.

Changes in Employment.

Obviously if you lose your job during the loan process it can be REALLY difficult to keep your loan. If you move jobs or become self employed it may become almost impossible to maintain the loan that was already approved. Make sure you let your loan officer know of any changes to your income, so that they can help you in the long run.

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Should You Renovate or Relocate?

Sometimes it is easier to move into a new house that has less work needed to be done than to stay in the one you currently reside in. Renovations can be expensive and time consuming. How do you know what you should do? What kind of criteria will affect your decision?

Ask yourself these questions to help you decide what’s best!

How do you feel about your neighborhood?

Do you like the area? Is it somewhere you can see yourself being for 10+ years? Is it close to a school or work? Do you like your neighbors? It is really important that you recognize a good neighborhood when you live in one. Don’t lose it just because you need to do some fixing up!

Memories can last a lifetime, but can your house?

Some homes are close to the heart, whether you watched your first born grow up there, or it was you and your significant other’s first home. Sometimes if this is the case, it is better that you renovate the small stuff (or big stuff) rather than giving up those memories for a new home.

Can you afford to renovate or relocate?

If you plan on renovating, obviously the cost can add up over time. Depending on the size of the project, you may have to factor in costs for living somewhere else during the renovation. If you choose to buy a new house, there is a chance that your newer house will be more expensive than what your current one sells for. You would then add that cost onto your new mortgage loan. Another thing to think about is the cost of moving.

Patience is a virtue, can I do it?  

Either way, building a new home or renovating your existing home will take some time. Every little detail matters when you are choosing what you should do. Is time of the essence, or should you hire a professional for help? Sometimes it is easier to defer the stress and let someone else handle the renovation or prepare your new home. It just depends on how much time you are willing to wait for the finished product!

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