Remember that whenever you apply for a loan, including a mortgage, the “hard inquiry” the lenders make shows up on your credit report and temporarily lowers your score. Applying for several mortgages in a two week period only counts as one inquiry, but if you drag it out and canvas as many lenders over a longer period, you’ll end up doing damage to your score, which could result in a lower rate than you were hoping for.

Depending on your financial position, there are many different types of mortgage assistance program available to you. There are two classes of program: government-sponsored and lender-sponsored. Government-sponsored home mortgage assistance tends to be broader in scope and easier to acquire, but less tailored to your individual needs. Remember that the point of government assistance is to free up cash for you to spend elsewhere. Lender-sponsored assistance, meanwhile, is designed to float you through rough patches so you can eventually pay them back. These loans, grants, modifications and agreements are tailored to make sure that the lending company doesn't lose money on you.


There are quite a few mortgages out there, and choosing the right one means doing your homework and researching the different options available to you. It’s important that you understand the differences between types of mortgages, so you should also talk with a reputable mortgage professional early on in the process. Here are a few tips to help you do your research:
The prices for mortgage-backed bonds, and by extension, the mortgage rate a lender offers, are constantly responding to economic factors. In a strong economy, the rise in inflation (i.e., the general price level of goods and services) speeds up as greater demand increases competition for financing, goods, services and labor. This drives mortgage rates higher. A slow-down or recession causes mortgage rates to fall. The U.S. stock market is considered a leading indicator of economic activity. If it tanks, demand for investment shrinks and mortgage rates drop. Conversely, rates rise when the stock market is strong. When there is high unemployment, the economy is relatively weak and mortgage rates tend to fall. If jobs are easy to find, the economy is strong, and rates rise. Like the stock market, rising foreign markets indicate a strengthening world economy and higher rates. When foreign markets tumble, it puts downward pressure on interest rates.

Many mortgages allow you to ‘port’ them to a new property, so you may be able to move your existing mortgage across to your next home. However, you will effectively have to apply for your mortgage again, so you’ll need to satisfy your lender that monthly payments remain affordable. It’ll be down to them to decide whether they’re happy to allow you to transfer your current deal over to your new property. Bear in mind too that there may be fees to pay for moving your mortgage.

*Keep Your Home California works directly with California’s Employment Development Department to determine a homeowner’s employment status. If it is determined that a homeowner’s unemployment benefits were terminated because they became fully re-employed at any time during the eighteen (18) month Unemployment Mortgage Assistance benefit period, and the homeowner failed to notify Keep Your Home California as required, Unemployment Mortgage Assistance benefit payments will be terminated immediately.
Apartment renting is great when you are a twenty-something college student and all of the best trendy restaurants are within walking distance of your home. It doesn’t take long, however, until those things slowly fade away and the desire to own a home becomes more than a thought. This is usually the point where you realize you need to evaluate your finances if you are going to apply for a home loan. Fast forward to the point where you have made the decision to buy a home and you are getting an approval. The bank comes back to you saying that you did not get approved for the loan. It can be devastating but if you know the reasons why you can’t qualify for a loan, the easier it will be to work on fixing them so that your dream of owning a home can become a reality.

Many mortgages allow you to ‘port’ them to a new property, so you may be able to move your existing mortgage across to your next home. However, you will effectively have to apply for your mortgage again, so you’ll need to satisfy your lender that monthly payments remain affordable. It’ll be down to them to decide whether they’re happy to allow you to transfer your current deal over to your new property. Bear in mind too that there may be fees to pay for moving your mortgage.


Maybe your parents had a 30-year fixed-rate loan. Maybe your best friend has an adjustable-rate loan. That doesn’t mean that either of those loans are the right loan for you. Some people might like the predictability of a fixed-rate loan, while others might prefer the lower initial payments of an adjustable-rate loan. Every home buyer has their own unique financial situation and it’s important to understand which type of loan best suits your needs.

Include PITI (principal, interest, taxes and insurance) in your budget. Mortgage calculators will show you how much you'll pay toward principal and interest every month. Remember that you'll also have to pay property taxes and homeowners insurance. Some financial institutions will require you to contribute these funds monthly along with your principal and interest payment. Be sure to talk to your lender to understand what will be included in your monthly payment.
If you’re behind on your mortgage, or having a hard time making payments, we want to get you in touch with a HUD-approved housing counselor—they’ve been sponsored by the U.S. Department of Housing and Urban Development. Your counselor can develop a tailored plan of action for your situation and help you work with your mortgage company. They’re experienced in all of the available programs and a variety of financial situations. They can help you organize your finances, understand your mortgage options, and find a solution that works for you.
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