California

Conforming Loan Limits Increasing in 2024

December 26, 2023 by Mortgage Consultants Group

Fannie Mae has announced a 5.56% increase in baseline conforming loan limits for 2024. Homebuyers taking out a single unit conforming loan in most counties throughout the US in 2024 can borrow up to $766,550, compared to 2023’s limit of $726,200.

Baseline Conforming Loan Limits for 2024

The maximum baseline conforming loan amounts for the contiguous states, the District of Columbia, and Puerto Rico are:

1 units: $766,550
2 units: $981,500
3 units: $1,186,350
4 units: $1,474,400

Baseline loan limits are higher in Alaska, Guam, Hawaii, and the US Virgin Islands.

What are the Conforming Loan Limits for California in 2024?

The conforming loan limits in most counties in California are the same as the ones we listed above.

In some counties of California, however, there is a higher cost of living. As a result, the conforming loan limits are set higher for those counties.

To find out whether you can buy a home with a conforming loan in your county, you need to check the conforming loan limits for that county. We can do that for you during your consultation. If you need to borrow more than the loan limits permit, that is what jumbo mortgages are for.

What are the Conforming Loan Limits for Rancho Cordova in 2024?

Rancho Cordova is located in Sacramento County. The conforming loan limits for 2024 in Sacramento County are also the same as the baseline conforming loan limits we listed above.

Buy a Home in California with a Conforming or Non-Conforming Mortgage

Mortgage Consultants Group can help you buy a home in Rancho Cordova or elsewhere in California with a conforming or non-conforming mortgage. To get started, please give us a call at (916) 669-1682 to schedule your consultation. We look forward to helping you move into your dream home.

Questions to Ask About the Area Where You are Home Shopping

November 24, 2023 by Mortgage Consultants Group

Shopping for a home is one of the most exciting things you will do in your life. Chances are good you are putting most of your thought and energy into finding your dream home: the right layout and features, and a beautiful design inside and out. But you should not overlook the importance of choosing a lovely home in the right area. Here are some questions to ask as you shop.

1. How close is it to where you work? Let’s say you found your dream home, but it is an hour and a half away from a job you intend to remain at for many years. Then, perhaps, you found another home that is not quite as perfect, but it is just thirty minutes from your workplace. Which do you choose? Many people would take their dream home, figuring they can stand the commute. But after a few years, a long commute can really erode at your feelings for your home. You should strongly consider picking a home that minimizes your commute.

1. How are the schools? If you have children or plan to, make sure that you are buying a home in a great school district.

1. Is the neighborhood safe? How would you feel going out for a walk after dark in the neighborhood where you are home shopping? How would you feel about your kids running around outside unsupervised? It is worth it to pick a safe neighborhood, even if it means paying a little more.

1. How quiet is it? Noisy streets or neighbors may drive some homeowners crazy, while leaving others un-phased. You will need to decide whether the neighborhood will be quiet and peaceful enough for you to live happily.

1. Do you like the aesthetics of your surroundings? Depending on your budget, the appearance of the neighborhood may be one area where you end up compromising. When you are in your home, after all, you do not have to look outside, so you may be able to be contented even in a neighborhood you consider unattractive. If you like to spend a lot of time out in your yard though, or if you are seeking pleasing views through large windows, it may be worth it for you to choose a neighborhood that is as beautiful as the home you are purchasing.

1. Is there a micro-climate? You probably already are familiar with the overall climate where you are shopping for a home. But have you considered the impact of micro-climates? Depending on the exact spot where a house is situated, average temperatures could be a bit warmer or cooler than they are for other homes, sometimes even in the same neighborhood. If you want to save on your heating and cooling costs and live as comfortably as possible throughout the year, you may want to be highly selective with respect to this criteria.

What will happen with this area in the future? All of the things we discussed above have to do with assessing the neighborhood where you will buy a home as it exists presently. But it is important to keep in mind that change is a constant. Try and research the real estate market and zoning regulations for the area. How likely is it that developers might move in? Could a neighborhood that is quiet and open today end up becoming crowded with buildings and people a few years down the road? Keep in mind that future real estate development can also impact the value of your property. On one hand, it is good for your investment for the value of your property to climb. But on the other hand, it can cause your property taxes to rise as well.

Find the Right Mortgage for Your Home Purchase

Now you know more about choosing the right area for your new home. The next step you will need to take is to start shopping for the right mortgage. Mortgage Consultants Group can assist you in Rancho Cordova or anywhere in California. To schedule your consultation now, please give us a call today at (916) 669-1682.

What Can You Use a Cash-Out Refinance For?

October 24, 2023 by Mortgage Consultants Group

When you are refinancing a mortgage, you have the option of getting a cash-out refinance. This is exactly what it sounds like: a refinance where you borrow a larger amount than your existing mortgage, receiving the difference as cash.

You can generally use your cash-out refinance money for any purpose you choose without restrictions.

That said, there are certain purposes that are especially popular uses for cash-out refinances. Here are a few of them.

Home repairs: If your home is in need of repair work, you can use a cash-out refinance to get the funds you need to fix the damage and stop it from getting worse. Doing so has a protective effect on both your home and your finances.

Home improvements: Is there a home renovation project you have been trying to save up for? Maybe you want to redo your kitchen or bathroom, or replace your doors and windows with energy-efficient ones, or even install solar panels or put in a swimming pool. Whatever your plans, you can use a cash-out refi to help pay for the upgrades.

Paying off other debts: Do you have some high interest debts you are struggling to keep up with? You can use the money from a cash-out refinance to pay off some of those debts. This will just leave you with the mortgage itself and its lower interest rate, which will save you money over the long term.

Emergencies: Some homeowners may use a cash-out refinance to pay off unexpected emergency bills. These might include medical bills, auto repair bills, and so on. If you do not have a lot of liquid cash, you could also just use it to build an emergency fund.

Investment opportunities: Another way to use the funds from a cash-out refinance is to invest in something. You could put a down payment on a second home, or you could invest the money in a new business, or use it to go back to school. There are a lot of exciting options here.

Get In Touch With Local Mortgage Broker Today!

The freedom you have to use cash-out refi funds as you choose is one of the reasons it is such an appealing lending product to borrowers with a wide range of financial scenarios and goals. Mortgage Consultants Group can help you get a cash-out refinance in Rancho Cordova or anywhere in California. To get started, please call us today at (916) 669-1682.