Home Loan or Mortgage?

Did you know that a home loan and mortgage aren’t the same thing? Though often used as interchangeable terms, the two actually work together to finance a home. Many first-time buyers are unaware of this before entering the process. Knowing the difference ahead of time can help you to have a better understanding of the home buying process.

A home loan is the actual money that is taken out to buy a new home. Home loans typically are only used for residential properties and can be received through a financing company. There are different types of home loans and they can have either an adjustable or fixed interest rate.

A mortgage is all about legality. It is the legal documents that you sign that indicates how you will repay that home loan. A mortgage is a legal verification of your obligation to pay back your home loan in full to your lender. Your new home is the collateral and can therefore be repossessed by your lender when payments are not made. Because of this, a mortgage will always mean the same thing. While that is the case for mortgages, there are several different types of home loans. Here are those types:

Conforming:

Conforming loans will either be lower than or equal to the loan limit set. These loans conform to the basic standards of Freddie Mac or Fannie Mae. 

Jumbo:

Jumbo loans are usually only used to purchase high end real estate and exceed basic loan limits. These loans do not conform the basic standards.

Government: 

Backed by the federal government, the guidelines for these loans are often quite strict. They can be harder to obtain but usually have lower interest rates.

Conventional:

Backed by mortgage companies, conventional loans are what most think of when they hear about home loans. These loans usually have higher interest rates to make up for the risk taken by lenders.

Ready to explore your loan options? Let's chat.

Maria (805) 377-0941 and Belen (805) 443-7383

email: belenzendejas@aol.com

Is it time to update your bathroom?

Just like your bedroom, your bathroom should be a relaxing place. Whether you unwind in the shower or with a hot bath, making sure your bathroom is a place of comfort and not stress is key to making your home a happier place. Because it is a room you will definitely spend time in every single day, these signs might indicate that it is time for some changes and some tips to help you do so.

1. Poor Lighting
You can consider investing in brighter bulbs and updating your light fixtures.

2. No Storage Space
You may want to install a larger vanity or additional shelving about the toilet

3. Outdated Paint Color
Updating your wall color with something more neutral, light, and timeless can help bring your bathroom back to life.

4. That ‘Bathroom’ Scent
Checking for mold, fixing any leaks, or adding ventilation can help relieve any scent you can’t seem to get rid of.

5. Leaks
Calling a plumber to make repairs is usually necessary if you have brown water stains.

6. Time to Sell
If you’re getting ready to sell, updating whatever needs updating will increase your home value.

Ready to sell and want to know what your home could sell for?

Maria Zendejas & Team (805) 377-0941

Is tiny living for you?

As conservative lifestyles and living ‘small’ becomes more and more popular, tiny homes and other downsized living have become a normal choice in the home buying process. If you have considered tiny home living, you may need to ask yourself a few questions before taking the leap. Here are 6 questions to check off before going “tiny”!

1. Can you build it? Smaller homes offer different challenges than building a full home, and you need to consider those differences before taking on the build yourself.

2. Do you have $20,000? If you don’t have or can’t easily get $20K, you may need to put the tiny dream on hold. Tiny homes typically require an upfront cost. 

3. Can you wait for the build? They usually take a year or two from start to finish, so it is important to keep in mind you will need somewhere to stay.

4. Will you have enough room? While this seems like an obvious question, sometimes tiny home buyers don’t realize just how small the space will be. If you can live in the space of a one car garage, you will be fine.

5. Where will you park it? Do you have land to put the home on? This is a key step in your planning process.

6. Will you have a bathroom? Some tiny homes have running water capabilities, some do not. This is also a key choice to make if you are building your tiny home.

Maria Zendejas & Team Lic.01522044

(805) 443-7383 lupezendejas@aol.com