Who Should Be on the Mortgage for Your Multigenerational Home?

 

Splitting a mortgage with others can significantly reduce your individual burden of homeownership. That’s one big reason why more and more people are embracing multigenerational living these days!

But before you jump into a shared mortgage, there are some key points to discuss with your family and lender:

📝 Number of Applicants
Typically, conventional lenders will work with a maximum of four borrowers for a single loan. If your family is larger, you might need to explore alternative financing options.

💪 Financial Strength
Consider each person’s credit score, income, and debts. If some family members have weaker financial profiles, consider making alternative arrangements so they can still contribute.

⚖️ Legal Structure
Discuss who will hold the title and how ownership will be divided. It’s crucial to plan for potential scenarios, such as a family member moving out.

Need help navigating the complexities of a multigenerational mortgage? Check out our latest blog post for more guidance!

#realestate #realestateagent #multigenerationalliving #familyhome #homebuyingtips

For more information reach out to one of our experienced mortgage advisors. 

Park Place Collective

402 West Broadway, Suite 400

San Diego, CA 92101

619-990-7552

www.parkplacecollective.com

HELOC vs Home Equity Loan

 

HELOC VS HOME Equity Loan

Homeowners with equity have access to two unique financial options: home equity loans and home equity lines of credit (HELOCs). But what’s the difference?

HELOC

1. Credit line that you can draw up on as needed
2. Only pay interest ​on the amount you borrow
3. Variable interest, depending on your credit score and the prime rate

Home Equity Loan

1. Lump sum loan(meaning you receive the full amount at once) 

2. Set monthly payments
3. Fixed interest rate that’s typically lower than a HELOC

The best option for you will depend on your individual needs and circumstances.

Joe Costa Broker/Owner

Park Place Collective

402 West Broadway, Suite 400

San Diego, CA 92101

619.990-7552

www.parkplacecollective.com

Honoring Our Veterans and Supporting Their Homeownership Goals At Park Place Collective

Thank you for your service – it is because of you that we enjoy the freedoms we have today.
At Park Place Collective, we’re proud to support Veterans with loan products tailored just for you, including VA loans and IRRRL refinance options. We’re here to make the homeownership journey smooth and affordable for those who have given so much
Schedule an appointment to discuss your needs.
https://parkplacecollective.com/calendar
Park Place Collective

Joe Costa/Marni Wolf
619-990-7552
www.parkplacecollective.com

402 West Broadway, Suite 400

San Diego, CA 92101

Repairing Your Credit Before Obtaining A Home Loan Is Extremely Beneficial

 

Credit repair before shopping for a mortgage offers several benefits, including access to lower interest rates, which can significantly reduce monthly payments and overall loan costs. It also increases the likelihood of mortgage approval, as lenders prefer applicants with strong credit profiles. Improving credit can enhance a borrower’s debt-to-income ratio, allowing them to qualify for higher loan amounts or avoid costly private mortgage insurance (PMI). Additionally, a better credit score can lead to more favorable loan terms, such as flexible repayment options, which provide added financial security for the homeowner.

Joe Costa/Marni Wolf

Park Place Collective

402 West Broadway, Suite 400

San Diego, CA 92101

619-990-7552

info@parkplacecollectivee.com

www.parkplacecollective.com

Park Place Collective Has 0% Down Payment Programs

Tired of putting off buying your dream home until you can afford the down payment? Hoping to keep cash in your pocket for expenses? Ask us about our 0% Down Purchase home loan program available to qualified borrowers. It’s a great way to get into a home now.

Let us help make your dreams come true. Call today to find out more.

Park Place Collective

Joe Costa, Broker/Owner

Marni Wolf, VP of Operations

402 West Broadway, Suite 400

San Diego, CA 92101

619-990-7552

info@parkplacecollective.com

www.parkplacecollective.cpm

Contact Park Place Collective For All Of Your Jumbo Loan Needs

 A jumbo loan is a type of mortgage that is used to finance properties that exceed the loan amount of $766,550. Sound like something you need? Contact one of our experienced mortgage advisors to find out if this is the type of loan that will work for you.

Joe Costa

Broker/Owner

Park Place Collective

402 West Broadway, Suite 400

San Diego, CA 92101