Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141
Orange County Home Mortgage
"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace
- Fast Loan Approval & Funding *
- Flexible Home Loan Options
- Home Loans up to $3,000,000
- Interest Rate Float Down Option
Are You a First Time Home Buyer Trying to Save Your Down Payment
Are you a first time home buyer trying to save your down payment? Everyone knows that it’s ideal to save up twenty percent of the purchase price to put down on your first home.
In a market like Orange County where median home prices are over $700,000, 20% down is over $140,000. Are you having a hard time saving up 20%? Or even 10%? The struggle is real. Home prices have been on a...[...]
Posted by Scott Storace in Down Payment, Low Down Payment
Federal Housing Finance Agency Ruled Unconstitutional
Who or what are the FHFA and why do they matter?
The Federal Housing Finance Agency was formed in 2008. In technical terms it was tasked with overseeing the Federal Housing Finance Board (FHFB) and the Office of Federal Housing Enterprise Oversight (OFHEO). Both of those organizations are now dissolved and in a nut shell, the FHFA oversees Fannie Mae and Freddie Mac. Their objective was...[...]
Posted by Scott Storace in Industry Updates
Borrowing on the Margin
Have you ever considered borrowing on your investments otherwise known as borrowing on the margin ? Would you ever consider using a margin loan to buy a home?
What is a margin loan?
A margin loan is borrowing against the value of your stocks, bonds or mutual funds. Individual brokerages will decide which of these they are willing to loan on and what percentage. Typically, securities...[...]
Posted by Scott Storace in Down Payment, Mortgage Information
Purchasing a Home With Pledged Assets
What are pledged assets?
A pledged asset is what is transferred to a lender in order to secure debt. A pledged asset mortgage is a type of home loan that is secured with assets or securities, rather than liquid funds. Qualifying funds may not be from a 401k or an individual retirement account (IRA). Pledged asset funds may also be used to help a qualifying relative purchase a...[...]
Posted by Scott Storace in Down Payment, Mortgage Information
We Finance Broken Homes
Broken foundations, beat up interiors, burned out rooms…they are all okay. When Humpty Dumpty fell off the wall, it may have been PrimeLending that put him back together with one of our renovation or construction loans. If you have the vision, we have the funds. Big or small, planned or not, these programs are a beacon of hope to many.
Inscribed on the Statue of Liberty is a quote...[...]
Posted by Scott Storace in Condominium Financing, Home Repairs & Renovations
Home Loans Using Trust Income
As we have previously shared, purchasing a home outright with cash doesn’t always make the most financial sense. Recently we have had some experiences with borrowers who have assets but do not have W-2 income, nor are they independent contractors or self-employed. For these clients who would prefer to finance their home purchase, this lack of traceable income can be a speed bump on...[...]
Posted by Scott Storace in Mortgage Information, Trust Income
Facing a Low Inventory Market
Are you struggling in this low inventory environment? Is it increasingly difficult to find the right property for your buyers? We hear about it all the time from our agents and we are getting loads of questions about it from our clients as well.
It seems like there are just not enough homes on the market. Or maybe the properties that are available do not fit your clients individual...[...]
Getting to Your Desired Down Payment
Down payment got ya down?
You have a great job so the monthly payment won’t be an issue. Your credit is in good shape and you feel you can qualify for a mortgage. The last bump in the road for you is the down payment. It can be a challenge to come up with a large sum of money all at once. Lucky for you, we have a few ideas that might make it easier to get to your desired down...[...]
Posted by Scott Storace in Down Payment, Mortgage Information
The American Dream
Why do people want to buy real estate? It is a great long term investment. You aren’t paying for someone elses mortgage, you are building your own equity. No fear of rent increase every year. But I feel it’s not just investing in your own home that is 100% of the appeal. People want rental income. Using real estate to build wealth with an investment property is a significant...[...]
Feds Vote to Raise Rates
Feds Raise Rates –
The Federal Open Market Committee committee voted to raise the Fed Funds rate by .25%, bringing the range to 1.50% -1.75%. This is the sixth time they have voted to raise rates since December 2015. In a statement released after today’s meeting the committee is quoted as saying. “The economic outlook has strengthened in recent months,…”...[...]
Latest News
Are You a First Time Home Buyer Trying to Save Your Down Payment
Are you a first time home buyer trying to save your down payment? Everyone knows that...[...]
Federal Housing Finance Agency Ruled Unconstitutional
Who or what are the FHFA and why do they matter?
The Federal Housing Finance Agency was...[...]
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