When Is the Best Time to Move into a New Home?

Best Time to Move into a New Home
When it comes to deciding when is the best time to purchase and move into a new home, it is based on various factors, like family, location, ability to get time off work, and your budget and how these fit into your goals. We do suggest you review the following and keep these points in mind as you start your search for your next new home since they can help save you some money.
  • Time of Year – From late spring to early fall, the housing market is busy and rather competitive. The “off season” is the winter months because most people do not want to move. Yet, for those who are house shopping, there can be some great deals to be found because the market is less competitive. Plus, mortgage companies can be slower, so processing time on your mortgage loan is often faster.
  • Month of Year – Anywhere from late October to late March or early April is a great time to shop for and move into a new home. Most moving companies are also not busy, and this is their “off season,” too, so you can take advantage of lower moving costs.
  • Day and Time of the Week – Try to move during the week when everyone else is at work and avoid weekends. Ideally, your movers should arrive before the morning rush hour, get the truck loaded, and be on the road and to your new home before the evening rush hour.
When you are ready to shop for a new home, remember to contact Elite Financial for assistance in finding the best mortgage loan program by calling 805-494.9930 today!
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What Is the Difference Between a Primary Mortgage and a Secondary Mortgage?

Primary Mortgage and a Secondary Mortgage
When it comes to financing the purchase price of a home, one important concept home buyers need to remember is there are many different types of home loans to choose from, based upon your financial situation, including your credit history and the amount of the down payment you have available.

Primary Mortgage Lenders

A primary mortgage is essentially a mortgage you obtain through your local bank or credit union. The type of loan programs offered is usually limited to a few conventional fixed rate loans and maybe a single ARM (adjustable rate mortgage) program. The downside to primary mortgages is they can require a larger down payment, ranging from 10 to 20 percent of the purchase price, which does not include closing costs.

Secondary Mortgage Lenders

The best example of a secondary mortgage lender is a mortgage broker who works with numerous lenders offering a wide range of loan programs, like we do, here at Elite Financial. Loan program options can include:
  • VA
  • FHA
  • First-Time Buyers
  • USDA
  • ARM, and More!
The key benefit of working with a secondary mortgage lender is you have more flexibility with a wider range of loan programs. As such, your down payment tends to be much lower and ranges from as little as 0 percent with VA and FHA, to around 10 percent for many programs.

 

Plus, there are programs for home buyers who have had credit problems in the past. To learn more about our available mortgage loan programs, please feel free to contact Elite Financial at 805-494.9930 today!
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Some of the Best Cities in America to Buy a Home and Raise a Family

Best Cities in America to Buy a Home and Raise a Family

One major question you need to answer when you and your loved one decide to start a family is where is a great place to buy a home and raise a family. To help get you started, here are some of our mortgage company’s top picks, in no particular order:

 

  1. Oxnard, CA – Oxnard has a low crime rate and low traffic congestion, plus there is beach access for weekend family outings.

Best Cities in America to Buy a Home and Raise a Family

  1. Irvine, CA – Irvine is a planned community that has great programs for kids of all ages, nature centers, biking trails, playgrounds, and more, plus wonderful schools.
  2. San Jose, CA – San Jose offers a great public school system with family-friendly programs.
  3. Gilbert, AZ – This community was named one of the top 2017 Playful Cities in the nation due to its wide range of community programs geared toward families, plus a low crime rate.
  4. Greenwich, CT – A historic community that offers private beaches, parks, family-friendly recreation programs, and even its own island to explore, which makes it a top rated city for families.
  5. Merrimack, NH – This community was among the first to offer STEM programs and has numerous high-ranking sports programs for children of all ages, and it is perfect for families that want to escape big city living.

As you can see, there are many different options for finding a home in one of the best cities to raise a family, depending on your needs. For assistance in obtaining a mortgage to buy your new family home, contact Elite Financial at (800) 908-LEND (800-908-5363) today!

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What Is a Reverse Mortgage and Is It Right for Me?

Reverse Mortgage

There are several different types of home loans you will discover when shopping for loan programs. One special program you can come across is called a reverse mortgage, which is different from conventional and traditional mortgages. With this loan program, you borrow money against the equity in your home without having to make monthly payments.

However, one requirement you must satisfy to apply for a reverse mortgage is you and/or your spouse must be 62 or older. Your current mortgage does not have to be fully paid off, either. For instance, you owe $100,000 and your home is valued at $200,000. You could apply for a reverse mortgage to pay off the existing loan, so you would not have to worry about making monthly mortgage payments for the rest of your life.

Reverse Mortgage

On the other hand, let’s say your $200,000 home was fully paid off. In this case, you could apply for a cash-out reverse mortgage and get a lump sum, a line of credit to draw money from as you needed it, or a combination of both, in order to enjoy your life and use the money during your golden years.

The main thing to remember is that a reverse mortgage is still a mortgage. While you are not required to make payments on the loan, should you ever sell the home, the loan does need to be paid in full before you can receive any remaining proceeds from the sale. The loan also comes due after you and your spouse pass away.

Reverse mortgages can provide peace of mind so you can fully enjoy your retirement, but may not be right for everyone. To learn more about this loan program or other mortgage options, please feel free to contact Elite Financial at (800) 908-LEND (800-908-5363) today!

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Best Cities in America for Retirees

Best Cities in America for Retirees

As you are nearing retirement age, you need to decide where you want to live. When determining where you want to spend your golden years, you need to take into account several important factors, including:


  • Tax Rates
  • Cost of Living
  • Quality and Availability of Healthcare
  • Cost of Housing
  • Number of Retirement Communities
  • Public Transportation Options
  • Crime Rates
  • Climate

Using these factors, you can decide what city is perfect for you. It is also a good idea to visit cities you are considering, first, before relocating.

Best Cities in America for Retirees

Most retirees choose cities located either in Florida or Arizona, mainly for the warmer temperatures, quality healthcare, lower crime rates, golf courses, fishing, and other public services and activities. Aside from these two states, cities in California, Nevada, Texas, and Louisiana are also noticing an increase in retirees.

  • Scottsdale, AZ
  • Cape Coral, FL
  • Clearwater, FL
  • Mesa, AZ
  • Scottsdale, AZ
  • Metairie, LA
  • Paradise, NV
  • Petersburg, FL
  • Thousand Oaks, CA
  • Tyler, TX
  • Richardson, TX
  • Roseville, CA
  • El Paso, TX
  • Kendall, FL
  • Glendale, CA

Some of these states, like Florida, Texas, and Nevada, do not have state income taxes, which can also be beneficial for retirees.

In addition, retirees can also take advantage of reverse mortgage loan programs to help eliminate the financial responsibility of a monthly mortgage payment and have more income to do the things they love. For more information about reverse mortgages, cash-out refinances, and new home loan programs, call Elite Financial at (800) 908-LEND (800-908-5363) or 805-494-9930 today!

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