HUD Announces: Program For Shorter Waiting Period after Bankruptcy, Foreclosure and Short Sale. The waiting period after a bankruptcy, foreclosure, or short sale has been reduced to just one year from the event! Program Requirements: *Purchase Transactions Only *Housing counseling must be completed 30 days prior to the loan application. *The bankruptcy, foreclosure of short sale MUST be related to the loss of job or 20% income reduction for at least 6 months. *Credit must have been satisfactory for a minimum of 12 months after the event. Oxford Capital / NMLS# 241661 / BRE# 00913605 ...read more

Posted on November 15, 2013 by Oxford Capital, A Branch of Sierra Pacific Mortgage Company NMLS 1778  Summer has been over and Fall is really here, temperatures are beginning to drop, and you’re dreading having to turn the heat on for the first time. Firing up the furnace can burn a hole in your pocket, but there’s something you can do about it. Consider these tips to help lower your heating bill.Replace Your Air FiltersGet new air filters for your central heating and cooling. The filters get clogged and it takes more and more energy to keep your house warm. Be sure to clear out any dust bunnies or cobwebs from behind the filter. Use a vacuum if necessary.Does Your Attic Need Insulation?Heat rises, and if your attic is not adequately insulated, then your central heating system will be stuck sending all your hot air (and your heating bill) straight through the roof. There are three options for attic insulation: roll on insulation, spray on insulation, or polyurethane foam. Roll on insulation is the best option for the do-it-yourselfers out there, but you might consider using polyurethane foam if you plan to turn that attic space into a bedroom.Caulk Up The WindowsCold air is constantly sneaking into your house through the cracks in your window. Use a temporary silicone caulk to seal up your windows during the winter. When you’re ready to open them up again in the spring, the silicone caulk will crack right off without damaging the paint.Wrap Your PipesWrapping your pipes will insulate them from the cold to prevent freezing, as well as saving you money on energy bills. Use a special insulation sleeve from the hardware store or do it the old fashioned way with heat tape. This is especially important if you have pipes in an crawlspace or basement that isn’t insulated.Let The Light InYou don’t have to buy special panels to take advantage of solar power. Open the curtains on south-facing windows, and heat up your house the natural way. With the sun’s help, you won’t need to bump your thermostat up as often.Be Smart With The ThermostatDon’t be afraid to turn your thermostat down a little bit. If you’re leaving the house for a while, bump it down a few degrees and give your system a rest. Try throwing an extra blanket on the bed and dropping a few degrees before bed. You’ll only see a difference on your bill. You might try a programmable thermostat as well!Now that it’s getting cold, you can finally make some hot chocolate and put on your brand new coat, but you shouldn’t have to wear it inside. With these easy tips you can learn to keep your house warm without having to crank up the thermostat. ...read more

Posted on November 14, 2013 by Oxford Capital, A Branch of Sierra Pacific Mortgage Company NMLS 1778  Refinancing a mortgage is a golden opportunity to lock in today’s low interest rate for the next 15 or 30 years. While interest rates now are still low, there’s a good chance they will be heading up in the coming months.The Fed won’t maintain the current bond purchasing level forever, and just as rates spiked in September when the Fed hinted the bond purchasing would change, rates will spike even more when purchasing levels actually do change.As interest rates remain very low for 30-year and 15-year mortgages, homeowners can benefit greatly from a refinance. Several types of people in particular should consider refinancing.Carrying A High RateAnyone with an interest rate well above today’s level should think about a refinance. Unless the homeowner is planning to sell within the next few years, a refinance will almost always save money in the long run if the rate can be lowered by at least a percent.Switching From FHA To ConventionalGiven that FHA mortgages now carry mortgage insurance premiums for the life of the loan, it makes a lot of sense for borrowers to switch away from them when they can. Refinancing may be possible once the homeowner has built up enough equity to qualify for a mortgage from a traditional lender, without the burden of mortgage insurance.ARM Coming Up On AdjustmentThe low rate of an adjustable rate mortgage sticks only for the first few years of the mortgage. After this point, the rate adjusts each year based on market trends.Rather than paying the adjusted rate, which is almost always higher, homeowners can refinance into a new fixed rate mortgage to lock in one of today’s low fixed rates for the duration of the mortgage.Cash Out To Consolidate DebtHomeowners carrying high-interest debt, like credit cards and personal loans, can often benefit from consolidating it into their mortgage. As long as they maintain at least 20 percent equity in their home, they can get a cash-out refinance for an amount higher than their current mortgage balance.They can then use the difference to pay off high-interest debt. For more information about refinancing your mortgage feel free to contact your trusted mortgage professional. ...read more