David O'Hara - Real Estate & Mortgage Broker
David is a home loan broker, and he is a stand-out in his field.
He has a degree in economics, has had a real estate brokerage for 20 years, and for 18 years has taught mortgage brokers about loan programs. Not only has David been assisting brokers with setting up mortgage offices, he has been training their staff, assisting with their files, educating on radio, and conducting weekly webinars on the ever changing world of loan programs.
His integrity is the core of his work. David never puts personal financial benefit ahead of relationships or service, and would walk away from any situation before compromising his ethics.
First-time home buyers, reverse mortgages and re-financing are his specialties. He welcomes ALL calls. If he can't help you, he will direct you to a professional he trusts to serve you well.
Give him a call: 909-376-8399
5 Ways to Avoid Quick Credit Fix Scams / What not to do...
1) Don't shift balances from one credit card to another. Often we are offered zero interest cards for 12 months, but opening new accounts and closing other accounts are tough on your credit score.
2) Don't close accounts - it'll decrease the total credit available, meaning the amounts owed are a higher percentage of the available credit. That's hard on your score as well.
3) Don't open a lot of new accounts in a short period. Only open accounts when you need them and not in excess!
4) Don't file for bankruptcy as it will have a lasting, negative impact on your credit score. Of course, life happens, and consulting an attorney to know your options is always prudent and if BK isn't avoidable, then your credit score will suffer, but better to rip off the band-aide now than let the festering wound eventually take your entire arm. Just saying.
5) Don't fall for companies or credit counselors who claim they can "erase your debt" or fix your credit simply by filing disputes with the credit bureaus. Let's face it, if that were true, we would all have excellent credit scores.
What is the Range of Credit Scores?
Credit scores or commonly referred to as FICO score can range from 300 – 850 for a mortgage and a few other loans. But, Credit cards, auto loans, refrigerators and the like range from 250 – 900. Generally speaking the higher your score, the better financing options will be available to you. So, it does pay to be on time with payments and to be conservative when opening new lines of credit.
I've known people that say "I pay cash for everything", great! But your credit score is for more than getting a loan. When you rent an apartment, they check your credit. Rent a car, you need a credit card, so it might as well be one that is a prepaid card, know what I mean. I'm sure you can think of a few other examples, but the point is, why limit yourself. Build good credit, take advantage of the funding available to you, and make your promised payments on time. Yep, sounds easy, and it is if you don't get over your head in debt.
Also known as a HECM loan (Home Equity Conversion Mortgage)
This is an FHA HUD insured loan. The Bank does not then own your home.
Better known as a Retirement loan, because there are payment options and recapture of the payments made by the home owner if they request it.
1) 62 years of age.
2) They Own the home as their primary residence.
3) HUD approved counseling
4) Simple Financial assessment
5) Have sufficient Equity or cash available
- No income to qualify
- Credit score does not matter
- No Reserves required
Borrower Responsible for:
Borrower does not have to make payments as long as they live in the home and:
Maintain the Home
Pay the Property Taxes
Pay Homeowners Insurance
When is a Reverse mortgage due?
- The Home is sold
- The Home is Vacated or Abandoned
- The Borrower (s) leave the home and do not plan to return within 12 months
- The LAST surviving Borrowers passes away
The Non-Recourse Feature of the HECM
- The home is the only asset used to pay back loan
- FHA guarantees the borrower will not owe more than the home is worth at the time it is sold
- FHA Mortgage Insurance Premium (MIP)
- The non-recourse feature is facilitated by the payment of the Mortgage
- Insurance Premium (MIP). MIP is charged both initially with closing costs and monthly by being added to the Unpaid Principal Balance.
- Upfront MIP will be 2% of the Maximum Claim Amount
- Annual MIP is 0.5% of the Unpaid Principal Balance. The servicer will divide by 12 and add it to the loan balance in the monthly servicing statement with accrued interest.
Reasons to do a Retirement loan:
- Eliminate mortgage payment
- Make a substantial purchase
- Improve monthly cash flow
- Build an emergency fund with contributions to the Line of Credit
- Provide peace of mind
- Contribute to financial plan
- Improve lifestyle with HECM funds
Easy qualifying and plenty of options to choose from to ensure your financial future.