Welcome to Mannyeloans

FREE CONSULTATION

FREE CREDIT REPAIR GUIDANCE

FREE PRE-QUALIFICATION

FREE PRE-APPROVAL 

FREE LOAN PROGRAM GUIDANCE

FREE DOWN PAYMENT ASSISTANCE SUPPORT

CONNECT TO REAL ESTATE PROFESSIONALS 

We believe in a win win environment.  Our clients success is our success.    

Contact Manny Esparrago

NMLS 265123, DRE 01962267. 

Omega Realty and Lending, Inc. 

22201 Ventura Blvd, Suite 201

Woodland Hills, CA  91364

 213-321-0550 or  661-436-4775

mans777@mannyeloans.com 

APPLY HERE

Credit and How It Works

Credit is one of the main components lenders will utilize to qualify borrowers for most types of financing such as mortgages, cars, or credit cards. Once you have enough credit established, credit scores are generated based on your payment history. Higher scores are a result of timely payments, and lower scores result from late or missed payments. The higher your credit score, the more likely it is to get approved for a loan with more favorable terms. For mortgages, higher credit scores can qualify for lower down payment options and lower interest rates whereas for lower credit scores, the opposite is true.  

Typically, lenders prefer to see 12 to 24 months of payments to one or more major credit providers such as a mortgage, car loan/lease, Visa, or MasterCard. Store credit cards will carry less weight. If you are new to establishing a credit rating, you may want to start applying for credit with a major credit provider such as a Visa or Discover Card. Initially, your credit limits may be lower, but they will gradually increase over time with a good payment history. In some cases, a creditor may request you add a co-signer or co-borrower if you don't have a lot of established credit.  Additional components included on a credit report that can have an adverse effect are:

Public records: This area will report public items such as bankruptcies, foreclosures, or tax liens.

Collection accounts: The most common collections are medical bills or other bills that a bill collector or creditor can place on your report for past due payments.

Charge offs: These will occur for credit cards that have fallen beyond the window of repayment. The remaining balance will show as an arrearage which will adversely affect your credit and your scores. 

Credit inquiries: Inquires pulled in a certain timeframe usually won't hurt your credit score, however, multiple inquires over longer periods of time could affect your credit. Excessive inquiries can cause a red flag for lenders looking to provide financing for you. 

Bottom line: Establishing a credit history is not hard, but it takes a little time to build. Start with one or two credit cards, make timely payments, and build from there.

Source: Mortgage Market Guide

How Social Media Can Help You Expand Your Business

If you aren't using social media to grow your business, you need to start doing so right away. According to Statista, users on social media are expected to explode to over 3 billion daily active users worldwide by 2021. Not only is social media far-reaching, but it is also a fabulous way to showcase your brand, services, or products. YouTube, Facebook, Twitter, Instagram, and Pinterest are solid platforms to post on. Let's look at ways to use social media to expand your business.

Use videos. People love to watch and engage with videos. YouTube is one of the fastest-growing social media platforms out there, and it is the perfect way to show virtual real estate listings or product demonstrations. You can put videos on Facebook and even have them on your website. One of the keys to using video successfully is to make them as personal as possible. People want to engage with other people, so be sure to videotape yourself and be honest and amiable.

Add value. People dislike being oversold on something, and that style of old-school marketing is highly frowned upon in the social media world. Instead of directly asking for a sale, give the prospective buyer something for free. On your Facebook business page or other platforms, offer a free e-book on your particular expertise. You will be known as an authority on the subject and people will enjoy doing business with you.

Use hashtags. Hashtags (which we used to call the pound sign), are essential when you are posting text on social media. A strong hashtag helps to make your content easily discovered. Using multiple targeted hashtags can help to increase engagement and expand your audience.

There are loads of free tutorials on how to use social media properly, and you can even take online classes to learn tips and tricks for using social media properly to grow your business.

Sources: Statistica, Digital Marketing Instit

Most first-time homebuyers will need to obtain a mortgage, and this can seem like a scary process. However, when you're armed with a little knowledge about what you'll need and what to expect as you go from the mortgage application process all the way to the closing table, you can banish those fears. With that in mind, we've answered 15 of the most common questions would-be homebuyers have about mortgages.

Not necessarily, but it will certainly help. It is possible to get a conventional mortgage with a FICO credit score as low as 620, and you can obtain a higher-cost FHA mortgage with a score in the 500s. However, be aware that the lower your score, the higher your interest rate will be. You can find a current list of mortgage rates broken down by credit score here. On a $250,000 mortgage, the difference between a 620 credit score and an "excellent" 760 adds up to more than $86,000 in interest savings over the life of a 30-year loan.

The short answer is that you can get a conventional mortgage with as little as 3% down, an FHA loan with 3.5% down, and a VA or USDA loan with no money down at all. However, with a conventional or FHA loan, you'll have to pay private mortgage insurance, aka PMI, if your down payment is less than 20% of the home's sale price. (Those payments won't be a permanent fixture in your monthly payments, however. Once the loan-to-value ratio on your mortgage falls to 80%, you can ask your lender to drop them. And even without your request, lenders are required to cancel PMI when the loan-to-value ratio drops to 78%.)

The term "closing costs" refer to all of the charges you'll need to pay before your loan is completed. This can include origination fees, title insurance, prepaid escrows, and more. Closing costs can vary significantly, but generally, expect to pay around 2% to 3% of the home's price in closing costs.

When interest rates are historically low, like they are now, a fixed-rate mortgage makes good financial sense. Not surprisingly, the vast majority of mortgages originated today are fixed-rate. In fact, only about 3% of buyers are choosing adjustable-rate loans.

That said, while a fixed-rate mortgage is the best choice for the majority of homebuyers, there are some circumstances where an ARM may be better. For example, if you expect to sell the house before the fixed-interest period ends and the rate starts to float, an ARM could end up saving you thousands of dollars. Or, during periods of falling interest rates, an ARM can allow you to get a low initial rate, and will save you money later if rates drop further.

A rate lock means that you're guaranteed today's mortgage interest rate for some predetermined period, typically 30 to 60 days. If interest rates have been trending upward, it's generally a good idea to lock in your rate. While the prevailing mortgage rate doesn't usually make a big move in a month or two, it's certainly possible.

There are several different types of mortgages to choose from. A conventional mortgage is tougher to qualify for credit-wise, but an FHA loan can be costlier. If you're a veteran, a VA loan could be the best option for you, and if you plan to buy a home in a rural area, a USDA mortgage could give you a no-money-down option.

Discount points are money that you pay up front on your mortgage in exchange for a lower interest rate. One "point" is equal to 1% of the loan amount, so on a $200,000 mortgage, one discount point would be $2,000. Discount points are tax-deductible, and mathematically, if the interest savings over the life of the loan is greater than the points paid, it can be worth it. A mortgage calculator can help you determine whether discount points are a good idea by comparing the effect of various interest rates on your mortgage.

This depends on how much you want to stretch your budget. If you can afford the higher monthly payments, a 15-year mortgage usually comes with a better interest rate than a 30-year version. Not only will you pay off the house quicker, but you can save a tremendous amount of interest. On the other hand, a 30-year mortgage will cost less per month, allowing you to afford a bigger or nicer house, or one in a better location.

Your lender may ask for many different items, but in general, be prepared to show all of the following:

• Income verification (Last two years' tax returns, W-2s, 1099s, and your last few pay stubs)
• Drivers' license and Social Security card (or alternative ID)
• Bank statements
• Proof of funds to close (and an explanation of where they came from, if it's not obvious)
• If some or all of your down payment is coming from a gift, you will need  gift letter from the source of the funds that confirm they are gift, not a loan.

A pre-qualification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a pre-qualification is based on unverified information you provide and does not include a credit check or any documentation, and is therefore not a firm guarantee of a loan.

Unlike a pre-qualification, a pre-approval can be a highly useful tool in the homebuying process. It's essentially the same thing as applying for a mortgage, just without a specific home attached to it. As part of a pre-approval, a lender will check your credit, verify your income and employment, and commit to lending a certain amount of money. A pre-approval can show sellers that you're serious about buying a home, and that you're likely to be able to follow through on a bid, and close on their property.

When you obtain a mortgage, you'll probably be asked to put money into an escrow account to guarantee the lender that the ongoing expenses of owning the property will be handled -- specifically taxes and insurance. You'll pay a lump sum into the escrow account at closing (also known as your "prepaids"), and add to it further with each of your monthly mortgage payments.

Mortgages tend to take at least 30 days to originate, and many first-timers don't expect this much of a waiting period. The short answer is that a lot of things need to happen between you submitting your mortgage application and you taking ownership of your home.

Just to name a few: You'll need to gather documentation for your lender (and they'll always come back and ask for more, believe me); you'll want to schedule and complete a home inspection; the seller may need time to complete repairs; and the loan needs to make its way through underwriting. It's a lengthy process. I've bought three homes in my life, and I can tell you firsthand that it's a lot to get done, even within a 30-day window.

Depending on your situation, there are typically three or four parts of your mortgage payment:

• Principal: Repayment of your outstanding balance.
• Interest: Payment of the interest charged on the outstanding balance.
• Taxes: See question 12. One-twelfth of your expected annual property taxes will be included in your mortgage payment, and deposited into your escrow account.
• Insurance: This includes homeowner's insurance, as well as any other hazard insurances you're required to have, such as flood or windstorm. If you put less than 20% down on your loan, this can also include private mortgage insurance.

Based on these four items, your mortgage payments are sometimes referred to as PITI.

Probably. Even with a fixed-rate loan, your payment is likely to change over time. The reason? Your property taxes and insurance expenses, upon which the escrow portion of your payment is based, tend to fluctuate. If they rise, it may be necessary for your lender to ask for a higher escrow payment.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.