Kevin P. Nguyen

Equity Zone Mortgage-Elk Grove, California

  • About
    • About Us
    • Privacy Policy
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
    • Video Library
  • Local Resources
    • Real Estate Market
    • Home Search
    • News Letter
    • Niche Programs
    • Recommended Professionals
  • Blog
  • Home Search
  • Reviews
    • Read My Reviews
    • Leave a Review
  • Contact

Whatever You Do, Don’t Make These Common Mortgage Mistakes

May 27, 2022 by Kevin P. Nguyen

Whatever You Do, Don't Make These Common Mortgage MistakesAre you applying for a mortgage on your home? Keep in mind that a mortgage is a major financial decision and choosing one will have a significant impact on the rest of your life.

Many people go into this decision without understanding all of the essential mortgage information they need to know, which means that they are likely to make poor choices that will result in paying much more than they need to.

If you want to save yourself from throwing away your hard earned money, here are a few common mistakes to avoid:

Trying To Bottom Out the Market

Many people will wait too long to make a decision to lock in their mortgage rate, trying to wait until they think that the rates have hit bottom. However, unfortunately most of the time this leads them to wait too long and end up with a higher interest rate.

If you are waiting things out, keep a very close eye on the economic indicators. Your daily newspaper will be a good source of information about the fluctuations of interest rates.

Forgetting About Closing Costs

In addition to saving up a down payment for your mortgage, don’t forget to factor in the closing costs. These can range from two percent all the way up to six percent of the value of your home. Make sure that you have budgeted for this in advance, so that these fees don’t catch you by surprise.

Not Considering All Loan Options

There are many people out there who haven’t considered certain loan products, such as an adjustable rate mortgage, because they just don’t understand how they work.

However, if you do this you might be missing out on an option that would really work well for you. Make sure you do your research and gain an understanding of the loan options available to you.

Looking At Just The Mortgage Rate

Remember that the mortgage interest rate is only one factor that you should consider when choosing a mortgage. Don’t forget to also consider the time frame of the mortgage, the restrictions on lump sum payments and any other important factors.

These are just a few of the common mistakes people make when choosing a mortgage, so make sure to avoid falling into these traps yourself.

For more information about home buying and mortgages, you can call your trusted mortgage professional. 

Filed Under: Mortgage Tips Tagged With: Common Mortgage Mistakes, Homebuyer Tips, Mortgage Tips

What Financial Preparations Should I Make Before Applying For A Mortgage?

January 20, 2022 by Kevin P. Nguyen

What Financial Preparations Should I Make Before Applying For A Mortgage?Getting a mortgage isn’t an easy thing to do. Before a lender will put down tens of hundreds of thousands of dollars, it wants to know that the borrower can handle the loan so that it will get paid back. to this end, there are three things that a potential homebuyer can do to prepare for the mortgage approval process.

Managing Debts

For many homebuyers, managing their credit score is the biggest challenge. Mortgage lenders like buyers with strong credit. While getting strong credit usually isn’t something that can be done overnight, paying bills on time, all of the time can help to build a positive profile.

Using as little credit as possible is also helpful, since high utilization of existing credit lines can harm a borrower’s score. Having less debt can also reduce monthly payments, making it easier to qualify for a larger mortgage.

Managing Income

Lenders look for two things when it comes to a borrower’s income:

  • Stable incomes are preferred, so being able to prove the income with a W-2 form or other documentation is usually required. Self-employed people will typically need to prove their income with their tax returns, so taking high write-offs can make it harder to qualify.
  • A borrower’s income should be significantly higher than his total monthly debt payments. Lenders divide a borrower’s monthly payments including their proposed mortgage into the gross monthly income. If the payments exceed a set percentage, the lender will shrink the mortgage until it considers the payment affordable.

Managing Paperwork

To qualify for a mortgage, borrowers typically need to submit a comprehensive file of supporting documentation. This can include tax returns, pay stubs and bank and investment account statements.

Since lenders frequently want some historical data, it can be a good idea for people considering applying for a mortgage to start collecting documentation months before they actually begin the mortgage application process. That way, they will have everything the lender wants and when the lender needs it.

Filed Under: Home Mortgage Tips Tagged With: Applying For A Mortgage, Home Mortgage Tips, Homebuyer Tips

What Are The Requirements To Sell A Home Using An FHA Loan?

September 15, 2021 by Kevin P. Nguyen

What Are The Requirements To Sell A Home Using An FHA Loan?Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property.

While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing.

Location And Lot

To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit.

The access also has to be paved with a surface that will work all year a long dirt driveway that washes out in spring won’t qualify.

The FHA also wants the lot to be safe and free of pollution, radiation and other hazards. For that matter, it also needs to provide adequate drainage to keep water away from the house.

Property Exterior

The FHA’s requirements for making a loan start with the home’s roof. To pass muster, the house must have a watertight roof with some future life left. In addition, if the roof has three or more layers of old shingles, they must all be torn off as part of the replacement process.

The property’s exterior has to be free of chipped or damaged paint if the home has any risk of having lead paint. Its foundation should also be free of signs of exterior (and interior) damage. It also needs full exterior walls.

Property Interior

The property’s interior also needs to be inspected. FHA standards require that the home’s major systems be in good working order.

Bedrooms should have egress routes for fire safety and the attic and basement should be free of signs of water or mold damage.

The bottom line is that the FHA wants to make loans on homes that borrowers can occupy. This doesn’t mean that a home has to be in perfect condition to be sold to an FHA mortgage-using borrower. It just needs to be a place that they can live.

Filed Under: Home Mortgage Tips Tagged With: FHA Loan, Home Mortgage Tips, Homebuyer Tips

5 Tips To Protect Yourself When Buying Newly Constructed Real Estate

May 29, 2014 by Kevin P. Nguyen

5 Tips To Protect Yourself When Buying Newly Constructed Real EstateBuying newly constructed real estate isn’t much different from buying an “already used” home. What variances there are, however, can make all the difference between buying a diamond or a lemon. 

Here are a few tips to keep in mind when buying new construction:

Tip #1: Don’t Use The Builder’s Sales Agent – Hire Your Own

If they’re the builder’s agent, they’re being paid to represent the builder, no matter what they tell you.  Your own real estate agent, who is representing you, is required to tell you the negatives as well as the positives.  The builder’s agent doesn’t have to tell you the drawbacks of the transaction.

Tip #2: Find Your Own Lending Agency

Again, if you go through the builder, the lending agency may offer you a deal that isn’t in your best interest.  In addition, the builder may actually own the lending company, and will have full information on your personal progress. 

Your real estate agent can refer you to a reputable lender, if you don’t already have one of your own.

Tip #3: Talk To A Real Estate Agent Or Lawyer

Although standard agreements are made to keep everyone out of court, they aren’t necessarily in your best interests. Ask about cancellation rights and make sure you understand both your liability and your commitments.  Also, check your contract to make sure it doesn’t contain warnings about health issues.

Tip #4: Decide What Options Or Upgrades You Want

Remember that the profit margin for many builders is highest in upgrades.  Find out if your lender allows the options and upgrades you’ve chosen to be added to the loan. If your lender doesn’t allow this, the cost of the upgrades will come out of your pocket in cash. 

Tip #5: Research The Builder

It’s amazing how many people think a builder is good, simply because they can build a house. Unless you’re a licensed home inspector, the chance of you catching a cut corner or shoddy building practices is slim to none. 

Check out the neighbors’ homes and talk to them. Are the homes a consistent size or are they shrinking in size?  Do the neighbors have consistent complaints about the quality of their homes?  Also, check public records for lawsuits.

Owning newly constructed real estate and knowing that you’re the first person to live in the home can be a wonderful, exciting experience.  Make sure that you protect yourself so you can enjoy it!

Thinking of buying newly constructed real estate? Talk with me before you start shopping.  If you visit a builder prior to working with me, I won’t be able to legally represent you with that builder. 

To find out more about how I can help you save money and get the best terms when buying newly constructed real estate, call or email your trusted mortgage professional for more information.

Filed Under: Homeowner Tips Tagged With: Homebuyer Tips, Homeowner Tips, New Contruction

Whatever You Do, Don’t Make These Common Mortgage Mistakes

May 14, 2014 by Kevin P. Nguyen

Whatever You Do, Don't Make These Common Mortgage MistakesAre you applying for a mortgage on your home? Keep in mind that a mortgage is a major financial decision and choosing one will have a significant impact on the rest of your life.

Many people go into this decision without understanding all of the essential mortgage information they need to know, which means that they are likely to make poor choices that will result in paying much more than they need to.

If you want to save yourself from throwing away your hard earned money, here are a few common mistakes to avoid:

Trying To Bottom Out the Market

Many people will wait too long to make a decision to lock in their mortgage rate, trying to wait until they think that the rates have hit bottom. However, unfortunately most of the time this leads them to wait too long and end up with a higher interest rate.

If you are waiting things out, keep a very close eye on the economic indicators. Your daily newspaper will be a good source of information about the fluctuations of interest rates.

Forgetting About Closing Costs

In addition to saving up a down payment for your mortgage, don’t forget to factor in the closing costs. These can range from two percent all the way up to six percent of the value of your home. Make sure that you have budgeted for this in advance, so that these fees don’t catch you by surprise.

Not Considering All Loan Options

There are many people out there who haven’t considered certain loan products, such as an adjustable rate mortgage, because they just don’t understand how they work.

However, if you do this you might be missing out on an option that would really work well for you. Make sure you do your research and gain an understanding of the loan options available to you.

Looking At Just The Mortgage Rate

Remember that the mortgage interest rate is only one factor that you should consider when choosing a mortgage. Don’t forget to also consider the time frame of the mortgage, the restrictions on lump sum payments and any other important factors.

These are just a few of the common mistakes people make when choosing a mortgage, so make sure to avoid falling into these traps yourself.

For more information about home buying and mortgages, you can call your trusted mortgage professional. 

Filed Under: Uncategorized Tagged With: Common Mortgage Mistakes, Home Mortgage Tips, Homebuyer Tips

What’s in a Color? Six Paint Colors That Will Affect Your Mood

May 2, 2014 by Kevin P. Nguyen

What’s in a Color? Six Paint Colors That Will Affect Your MoodBelieve it or not, paint colors can affect your mood. When remodeling your home, the color you use on the walls can end up being just as critical to the thematic consistency of your home as the furniture you use to decorate it.

Before you slap any old color on the walls, take some time to consider what mood you’d like each room to inspire.

Red, Yellow And Orange: The Colors Of Excitement, Hunger And Happiness

Ever wonder why the dining rooms, kitchens and entertainment rooms you see in magazines always seem come in every shade of red? It’s because these rooms are dedicated to eating and leisure time. Shades of red, especially bright, vibrant reds, have been linked to increased appetite and increases in energy levels.

In a similar vein, we have shades of yellow. Typically, yellow hues have been known to encourage feelings of happiness and joy.

That said, it’s a good idea to steer clear of especially bright shades of yellow that can be harder on the eyes, as they can foster feelings of frustration and an inability to concentrate.

Orange, like red, provides a great way to bring up energy levels, but like yellow, is prone to cause irritation when used excessively. People are more likely to be excitable and show more enthusiasm in rooms that incorporate this color. In order to reap the benefits of orange without causing irritation, restrict your use of it to the odd wall here and there.

Blue, Green And Purple: The Colors Of Restfulness, Peace And Serenity

It’s no surprise that blue is the color of calm and relaxation. For bedrooms and bathrooms, blue hues are ideal for inspiring restfulness; however, this color’s calming influence makes it a poor paint color choice for high traffic areas where high energy levels are necessary. 

Occasionally, overusing this color – especially in darker shades – can bring moods down beyond calmness and into sadness and depression.

Green is yet another color that inspires peace and restfulness. The advantage of green is that the serenity it brings on is accompanied by feelings of rejuvenation and replenishment. Think of green spaces as places where you can gather yourself and quietly rebuild your energy levels.

Purple is often associated with lavishness and luxury in deep, rich hues that spark creative thinking. In lighter shades, it has the same calming influence of blue but, thanks to its red undertones, none of the sadness that blue can often have.

Making The Most of These Colors: A Little Goes A Long Way

It’s unlikely that you will be painting any of the rooms in your house in a single shade of any of these colors. Experiment with different shades and work with colors that inspire similar emotions to break up the visual impression of the room.

You can use neutral paint colors like brown, black and white to bring depth to room, or to suppress the harsh tones of brighter colors like yellow and orange.

Psychologists have long known that colors affect mood, and in recent years, the interior design world has caught on as well. Now that you understand how paint colors can alter your mood, it’s important to paint your walls wisely.

Filed Under: Uncategorized Tagged With: Around The Home, Home Seller Tips, Homebuyer Tips

  • 1
  • 2
  • Next Page »
Kevin Nguyen

Contact Kevin

Branch Manager / Sr. Mortgage Consultant
800.815.1945 ext. 3624
916.469.3624 Direct
916.496.3520 Assistant
925.759.3376 Mobile/Text Messages
916.258.0702 Fax

kevin@MyEquityZone.com
APPLY NOW →
 
GET A RATE QUOTE →

Connect With Me

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube
5 Elements of a Perfect Listing

Mortgage Glossary

Finance Glossary

Mortgage Terms© ML

Equal Housing Opp

Return to top of page

Copyright © 2023 Kevin P. Nguyen. All rights reserved.   Log In