Helping clients on the West Coast understand and secure affordable mortgages, Eliseo Delgado Jr. breaks down the main differences between conventional and government-backed loans.
Real estate professional Eliseo Delgado Jr. has spent well over a decade helping people in and around California through the often difficult mortgage process. One topic that continually comes up in his talks with clients is the use of conventional loans versus government-backed loans. Below, he helps readers understand the two better so they can make more educated guesses when preparing for their own home purchases.
Eliseo Delgado Jr. Shares Why Some Conventional Loans are Harder to Obtain
Eliseo Delgado Jr. tells us that conventional loans rely on the support of independent lenders across the country. Borrowers who default on their loans put the lenders in risk of losing finances, which means these types of loans are typically harder to obtain.
Financial lenders offering these loans will have high standards for the people who qualify. They’ll look to people’s credit scores and histories to determine the likelihood they default on their loans. Borrowers will also have to prove their regular income to lenders and meet sizable down payment demands.
“People choose conventional loans because of the variety of options when negotiating with banks for things like down payments rates,” says Eliseo Delgado Jr. “However, they tend to come with stricter credit requirements, which poses a problem for many borrowers.”
Eliso Delgado Jr. Explains the Popularity of Government-Backed Loans
As the name suggests, these types of loans are insured by the government, and they are an especially popular choice for first-time homebuyers. Also called non-conventional loans, they’re easier to qualify for and tend to be a lot more affordable to new homebuyers.
Because they’re backed by a strong institution like the American government, non-conventional loans typically ask for lower down payments and don’t require especially high credit scores. Borrowers encounter more lenient qualifications and lower initial costs from government-backed loans, making them an ideal fit for first-timers.
“Two of the most popular government-backed loans are VA and FHA loans, which are backed by different institutions within the government,” says Eliseo Delgado Jr. “Low down payments and lower credit requirements are their pros, but these loans also come with their cons.”
FHA loans, for instance, require borrowers to also purchase mortgage insurance that could last the term of the loan as well as pay an up-front premium. VA loans are only available to veterans, active-duty service members, and their spouses, and they don’t require down payments or mortgage insurance.
“These are just some of the finer details of conventional and non-conventional loans, but real estate professionals will be able to share more insight with borrowers on a one-on-one basis and help them determine their best options,” says Eliseo Delgado Jr.
Getting a mortgage can be a significant challenge for many people, says lending expert, Eliseo Delgado Jr. People often don’t know how to handle their debt, he says, which is why he created these simple tips to make this process much easier.
Balance Your Credit Score
One tip Eliseo Delgado Jr. has suggested for his clients is to get their credit scores in order before trying out for a mortgage. Lenders typically want somebody who has a rating of at least 680 because a mortgage is a much more serious loan than even an auto loan. Therefore, lenders take it much more seriously, which is why Eliseo Delgado Jr. suggests handling credit problems right away.
He suggests that you pay all of your bills on time to ensure that you don’t get a lower credit score. Beyond that, he also states that decreasing your credit usage is critical. Credit usage is how much of a loan or line of credit that you use. For example, if you have a $2,000 credit card with a debt of $1,500, you have a usage of 75 percent. Delgado suggests that borrowers keep this rate as low as possible to get the best mortgage.
Avoid New Debt
Connected to balancing your credit score, Eliseo Delgado Jr. also suggests avoiding new types of debt before asking for a mortgage. Remember, he says: your lenders take a look at your debt-to-income ratio when deciding on a loan. And if they find that this ratio is going to be too high for you to tolerate, they may end up denying your loan or asking for a higher interest rate.
Eliseo Delgado Jr. suggests that you keep your debt payments – including all of your mortgage payments – below 36 percent of your gross monthly income. A gross monthly income, he states, is the amount of money you make after taxes. If you find that your ratio is too high, try to pay off as much debt as you can to avoid higher interest rates, Eliseo Delgado Jr. says.
Eliseo Delgado Jr. Suggests Researching Beneficial Mortgage Lenders
Lastly, Eliseo Delgado Jr. suggests that you do your research before reaching out to a mortgage lender. There are many different possibilities from which you can choose, each of which has advantages and disadvantages. For example, Eliseo Delgado Jr. states that commercial lenders are not a good choice for homeowners or those who may want to invest in industrial facilities.
Just as importantly, Eliseo Delgado Jr. states how important it is to work with lenders whom your agent trusts. There are some terrible lenders out there, Delgado says, and your real estate agent will know who they are in your area. So make sure to pay attention to them to ensure that you get the best results, Eliseo Delgado Jr. says.
A real estate professional with The Mortgage Guys of California, Eliseo Delgado Jr. has spent years helping homebuyers navigate the often tricky process of securing a mortgage. Here, he introduces readers to a few of the parties involved in the overarching home buying process.
Eliseo Delgado Jr. explains that buying a home is anything but simple; apart from the rigorous process of securing finances, finding a home, and winning the bid, new homebuyers will work with a handful of professionals with titles they may have never heard of before. He aims to change that by giving a quick overview of some of the most important parties involved in the process below.
“Each homebuyer’s journey will be different from the next depending on a multitude of factors, but there are some components that everyone will encounter,” says Eliseo Delgado Jr. “A handful of professionals, for instance, are sought after for almost every home sale.”
Mortgage lenders are the banks and other financial holders who will determine the amount buyers can borrow. Homebuyers will work with lenders and will present documents like tax returns and credit scores to figure out how much money they can borrow, how much interest will be charged, and what the monthly payment cost will be.
These are the real estate professionals such as Eliseo Delgado Jr. who serve as a source of knowledge and insight to the industry throughout the process of securing loans and purchasing a home. Because they are so vital to the process, it’s important that homebuyers look to highly qualified professionals who are eager to help.
These are the professionals who work on behalf of the seller to ensure they get the best deal and aren’t scammed during the process. Buyers may never actually communicate directly with listing agents, but their own agents will once any offers are made.
Before anyone closes on a home, it’s wise to hire an appraiser who will inspect the property and confirm its value. This prevents buyers from falling into a money pit in the case of unforeseen expenses like termite damage, mold, or other problems after purchasing. They assess a home’s overall condition and value after performing a general inspection and researching the local market.
Because homes are such a large investment, they require quality insurance that can cover the homeowner in the case of emergency. This helps prevent them from having to pay out of pocket for every bit of damage that occurs, among other advantages. Insurance agents will work on the buyer’s behalf to determine an insurance plan that best fits their needs.
“This isn’t the full extent of all the parties involved in buying a home, there are still tax advisors, real estate attorneys, home inspectors, and other professionals, too,” says Eliseo Delgado Jr. “But it does provide a nice overview of most of the professionals involved.”
Eliseo Delgado is a computer engineer who has dedicated more than a decade to consumer product reviews, covering topics such as robotics, A.I., and the IoT. Here, he shares his insight into 5G network upgrades and explains how it will revolutionize existing technology.
Eliseo Delgado has made it a point to consistently try out new technology, research what emerging tech is in the works, and pen thoughtful reviews of consumer products. Recently, he’s covered the ongoing conversation around 5G networks and helps readers understand how they will affect consumer lifestyle.
“In the past, our smartphones have been dependent on carriers to provide 3G and 4G network connections for faster communication and browsing speed,” says Eliseo Delgado. “Upgrading to 5G doesn’t just mean you have access to the latest and greatest tech––it means unparalleled speeds for a range of technologies and new potential for the Internet of Things (IoT) and beyond.”
In wireless communication, 5G stands for the “fifth generation” and describes the connection speed of the network carriers. Consider that 1G connections that have been around for decades offer a connection speed of 2.4 Kbps, whereas the more recent 4G offers 100 Mbps – 1 Gbps. Each new generation allows people to work with technology, use the internet, and communicate with other devices faster than ever before.
“5G isn’t a simple upgrade from 4G,” says Eliseo Delgado. “This new capability is still under development, but it is expected to provide a maximum connection speed of 35.46 Gbps, which is 35 times faster and more powerful than the last generation.”
With consumer smartphones having access to a 5G network, they will be able to cut down the time it takes to send and receive messages, download apps or videos, and surf the web. On a 5G network, a 90-minute video that would today take around four minutes to download would be available in full in as little as ten seconds. Considering that mobile streaming is such an integral part in the daily lives of millions around the world, this upgrade in connection speed would mean tremendous improvements in convenience and efficiency.
A faster network also signals improvements for growing technologies such as augmented reality and the IoT. Both augmented and virtual reality technologies are making a huge appearance in consumer tech (like video games) and in professional tech (like medical or educational equipment). In augmented and virtual reality, latency is a vital factor as too much of it tends to give users nausea as a result. 5G connections ensure smooth, continuous video and create a positively immersive experience for users.
For the IoT, 5G connections mean extremely more reliable communication between devices and the ability to add more devices to a single network. The strength of a connection is usually determined by the finite number of devices allowed onto the network, and 5G makes it possible for ten times the amount of hardware to effectively use a shared IoT network (compared to 4G connections).
“The possibilities are essentially endless with 5G, as it improves nearly every aspect of our interconnected technology––whether that’s our smartphones, our streaming websites, or our ability to create truly smart homes of the future,” says Eliseo Delgado.
Eliseo Delgado Jr. is one of the West Coast’s premier real estate professionals and a proven leader with The Mortgage Guys, which is based out of California. Here, he shares some of his career experience with readers and lends a few financial preparation tips for potential homeowners who are applying for mortgages.
Many people underestimate the mortgage application and home buying processes, often under preparing along the way and meeting many unanticipated obstacles throughout. To avoid the common headaches of applying for a mortgage, real estate professional Eliseo Delgado Jr. shares a few insider tips on what people should save up for below.
“It’s important that people applying for a mortgage understand the home buying process all the way through instead of learning as you go,” says Eliseo Delgado Jr. “Ideally, the home search is one of the last steps in the process, but many people treat it like the first step. In the end, the biggest concern is saving up enough money so homebuyers don’t run into any dead ends with mortgage applications.”
Down payments are typically the highest expense people must face when purchasing a home, and usually the more money they have saved up in the beginning will help them save money on insurance later. It’s advised that people save up enough money to equal about 20% of their anticipated total home cost, which will get them off the hook of most mortgage insurances. The larger the amount of money put down on a house in the beginning also ultimately cuts down the cost of monthly payments. While saving up 20% of the home cost is a best-case-scenario, homebuyers can also secure a mortgage with a much lower down payment thanks to help from government-backed FHA loans, VA loans, and the like.
Another element that homebuyers will have to prepare for is the closing cost of a home. Closing costs are the expenses that potential homeowners must pay to their lender in exchange for loan services during the transaction process. While this amount will likely end up being thousands of dollars, homebuyers will usually only have to fork out something like 3-6% of the total home cost in these payments.
Eliseo Delgado Jr. also says that it’s likely lenders will also require homebuyers to show proof that they have enough finances saved up to pay for their first few monthly payments on time. These lenders will also want to know that homebuyers can afford their mortgage payments and may take into account elements like debt compared to income before they approve a mortgage.
“In addition, homebuyers should be financially prepared to handle any potential fixes in the beginning, such as replacing old appliances or repairing a furnace,” says Eliseo Delgado Jr. “There’s a lot of saving up required when applying to mortgage lenders, and it’s wise that potential homebuyers build up good credit and save as much money as they can early on to make the home-buying process smooth and painless.”
An experienced leader in the mortgage lending industry, Eliseo Delgado Jr. has helped train and build a reputable team of licensed loan originators while ensuring growth at The Mortgage Guys. His dedication has helped the company expand its offerings and secure a reputation as one of the best lenders in the industry.
Eliseo Delgado Jr. is a valued mortgage lending professional who has nearly two decades of experience in the field. As a result, he’s established a strong reputation for leadership and helps build and train new leaders at The Mortgage Guys, using his extensive understanding to equip all employees for success.
He helps countless homeowners and families understand the benefits of owning a home instead of renting property, and assists them in securing loans that meet their needs and expectations. At The Mortgage guys, he runs a team of licensed loan originators that follow in his footsteps and connect people with the most appropriate loans for their unique situations.
The Mortgage Guys is a full-service mortgage company that represents clients in California in a broad spectrum of classes. It had its start in the industry in 2013 and brought on valuable team members like Eliseo Delgado Jr. to establish the company as an industry leader. The Mortgage Guys offer residential mortgages, hard money lending, FHA financing, VA financing and many more. They’ve refined their business over the years by fostering a culture of partnerships in which all clients qualify for their needs. Today, the company is committed to helping clients understand the entire lending process and making sure transactions run smoothly and are completed thoroughly.
“We’re all dedicated to our customers and want only the easiest and most beneficial loan transactions for them,” says Eliseo Delgado Jr. “We strive to go above and beyond expectations by doing things like reviewing loan payments of current home owners and investors and pulling every string we can to beat those terms.”
Eliseo Delgado Jr. also says that regardless of any market changes, the team at The Mortgage Guys always has a solution for any scenario and is ready to answer all their clients’ questions and concerns up front. Their agents collectively share an extensive knowledge base of contacts, spheres of influence, and general expertise to deliver better representation to their clients. They are adamant about only bringing on truly qualified Loan Professionals to their team, and today are composed of more than fifty licensed Loan Officers with the majority ranking as top producers in the nation.
To date, The Mortgage Guys have closed over $10 billion in transactions and have established great relationships with top lenders around the country. All team members strive to ensure their company defines what a quality mortgage lender should be for both agents and clients.
“We work hard on maintaining our existing relationships with lenders and constantly add in new lenders to continue providing all possible solutions for our clients’ scenarios,” says Eliseo Delgado Jr.
Eliseo Delgado Jr. covers trending tech topics and often helps his readers understand complex subjects in the industry in addition to helping them make more informed purchases on high-tech consumer products. Here, he discusses how 3D-printing technology will likely revolutionize the medical industry.
Recently, 3D-printing has found a tremendous following with engineers, crafters, and makers the world over. People like Eliseo Delgado Jr. who have developing interests can more easily find the machinery and software, especially at universities, local workshops, and even at a few major retailers.
“The scope of the technology is only limited to the imagination of the creator,” says Eliseo Delgado Jr. “These printers are allowing people to make everything from replica props and costume accessories to useable machinery and models. And they’ve never been more accessible to the public.”
He notes that the medical industry and the tech industry are advancing rapidly together with the former utilizing artificial intelligence, the Internet of Things (IoT), and 3D-printing to enhance healthcare overall. With 3D printers, medical facilities are beginning to address health concerns and provide revolutionary solutions where they were very limited before.
Specialists have predicted that the medical industry will be reliant on 3D-printing in the future, which will be used to help people live longer than ever before. Today, the technology is being tested in labs and facilities around the world so that one day it can be used to print fully-transplantable organs for life-saving situations.
Right now, millions of people are signed up as organ donors but only a small percentage are actually able to donate their organs in the event of their passing. As a result, it’s very difficult to receive an organ transplant during emergency situations. In the future, doctors will likely be able to print up an organ as simply as printing out a set of documents using local technology.
“Waiting for a spot on organ donor lists may soon be a thing of the past as 3D printers will be able to print vital organs that won’t be rejected by the body,” says Eliseo Delgado Jr. “Recent advancements from institutions like Newcastle University and facilities like MBC Biolabs lead the way for its growth and implementation.”
MBC Biolabs is responsible for solving one of the biggest obstacles holding the technology back from printing fully-transplantable organs and tissue: the team behind the project at MBC have discovered how to recreate 3D-printed capillaries, which are extremely thin blood vessels used by the body to transport oxygen and nutrients to tissues. Capillaries are fundamental components of all organs and a necessary ingredient in successful implants.
“We’re already pushing past the scifi-like obstacles holding 3D-printing from being implemented into medical facilities everywhere,” says Eliseo Delgado Jr. “In the future, the technology may even help people to live as long as 150 years or more!”
Technology and consumer product reviewer Eliseo Delgado Jr. has closely studied tech advancements in fields like augmented reality (AR) and 5G communication solutions. Here, he discusses how each of these technologies are having a tremendous impact on the medical field, especially in digital imaging.
Tech reviewer Eliseo Delgado Jr. breaks down complex topics for his online readers and frequently reports on advances in digital health solutions. He’s very interested in how professional fields like healthcare can take advantage of emerging technologies to enhance their processes, and he recognizes that 5G and AR can help doctors provide quicker and improved solutions for a range of needs.
“Technology is opening up a world of possibilities for medical professionals, mainly by cutting down on their tedious office work so they can spend more time with patients,” says Eliseo Delgado Jr. “That’s only one way technology helps, though. Improved machines mean better and more accurate results during procedures.”
During the CES 2019 Verizon event, Dr. Christopher Morley gave a keynote address where he covered the topic of tech advances in healthcare. One of his biggest talking points was the usefulness of accessing large sets of medical data during critical decision-making points. Historically, he said, we’ve collected an enormous amount of data from hundreds of millions of patients, but we need a better way to organize and retrieve this information in real-time.
“Implementing 5G and AR tech into doctor offices and surgery rooms can increase the effectiveness and the output of many life-or-death medical procedures,” says Eliseo Delgado Jr. “More powerful networks allow a wider bandwidth for technology to run on, and augmented reality devices can provide insight to procedures or big data without ever interfering withdoctors’ work.”
During surgery, surgeons utilizing 5G technology have more confidence in their work, especially when applied to tech like AR simulators that show patient scans and diagrams through HoloLens displays. 5G allows for faster accessing of data or faster processing of surgical tools, such as 3D object overlays on operating areas that can enhance accuracy and efficiency.
Instead of relying on two-dimensional screens and physical models alone, medical professionals can use 5G and AR for immersive collaboration. This ultimately means patients can rest easier in the hands of their doctors since better technology helps define a new standard of care.
In addition to directly enhancing the abilities of medical professionals everywhere, these technologies can dramatically improve how medical students are trained in the future. With the help of AR and stronger connectivity, students can apply surgical knowledge in extremely realistic and insightful classroom settings, gaining invaluable practical knowledge and experience while still in school.
“Technology is ultimately taking what doctors and surgeons are capable of and enhancing it to new heights by delivering faster, error-free solutions and speedier access to bulk sets of data,” says Eliseo Delgado Jr. “5G connectivity and AR are just scratching the surface of how technology can vastly improve healthcare delivery around the world.”
The problem of building more capable planes turns out to be less of a predicament for computer algorithms than it is for human engineers. Eliseo Delgado Jr. explains below how the aviation industry is getting a few major redesigns to their vehicles that can help ensure safer and more energy-efficient flights using new computer algorithms.
Eliseo Delgado Jr. is a computer engineer who’s studied a variety of technology fields and consumer products that rely on computer programming. He’s studied topics like artificial intelligence, 5G, the Internet of Things, cloud storage and more and shares his findings with his online audience.
Recently, he’s closely followed advances in aviation design in the media and has witnessed how algorithms and generative design is allowing engineers to accomplish feats they’ve never been able to achieve before.
“One of the largest obstacles when designing new planes is making them safe enough for regular flight while cutting down on costs and materials as much as possible to avoid overcharging for airfare,” says Eliseo Delgado Jr. “Before computers and recent algorithms, engineers had to bang their heads against the wall to figure out how to make planes lighter while attempting to boost their integrity without overspending on budget.”
Aviation industry giant Airbus recently partnered with the design and engineering software company Autodesk to use a resource called generative design to make new plane models. Generative design is programming software that allows engineers to input a variety of rules or parameters before its system returns a range of potential results. It’s helping the industry to discover new solutions where the human brain has failed consistently before.
“In the past, engineers would make planes more secure by adding new support beams and cross-bracing where necessary, using only a handful of materials they knew could stand up to the job,” says Eliseo Delgado Jr. “Generative design doesn’t begin with an initial model before adding supporting material to try and accomplish goals; it uses a range of information that it strings together to basically grow an entirely new product into the mold that we’re looking for.”
Afterwards, the computer program’s artificial intelligence returns thousands of options that are charted out with variations in style and varying attributes. From this, engineers can carefully look through designs and determine top contenders. They can then either put new specifications into the system or allow it simply to learn on its own to develop even more efficient models.
“Generative design is proving to simplify the complexity of building really standout plane models that consider elements like comfort for passengers, weight of the plane, aerodynamics, durability, and much more,” says Eliseo Delgado Jr.
Today, tech company Autodesk is dedicating much of their time and resources into generative design specifically for their recent partnership with Airbus. Together, they expect to produce wildly more efficient planes and more comprehensive software in the next five years.
As a computer engineer with decades of experience keeping up with trends in the tech industry, Eliseo Delgado Jr. has witnessed first-hand the growth from gas-powered machinery to electric. Here, he discusses NASA’s latest cargo-carrying project, their new X-57 electric plane.
While NASA is known around the world for their work on space shuttles and satellites, Eliseo Delgado Jr. reports on the company’s latest aircraft, the X-57 electric plane. This project demonstrates the company’s usefulness in earth-bound transportation and distances itself from the extra-planetary image they’ve held for decades.
“NASA has had its funding cut dramatically in recent years as recessions deterred science programs from building new shuttles and encourage more breakthroughs here on Earth,” says Eliseo Delgado Jr. “Now they’ve given the world something truly revolutionary besides space rockets; the X-57 is expected to transfer cargo–and eventually people–across the globe without relying on combustion-based engines, proving the company is as forward-looking as ever.”
Recently, NASA provided a demonstration of the electric aircraft, which they call the Maxwell X-57 (or just X-57 for short), at the Armstrong Flight Research Center in Edwards, California.
Officials report that the electric plane is adapted from an Italian-made, four-seat Tecnam P2006T that has been under development for the past four years.
The plane avoids typical combustion power by relying on 14 electronic cruise motors that are powered by lithium batteries, which were designed especially for the model. Lithium batteries are far more capable than batteries of the past, and today they empower many of our most active electronics. Current battery limitations give the X-57 a limited range compared to other major planes, but it’s expected to improve in the near future. For now, the plane will be used in short-haul flights, as an air taxi, or as a commuter plane for a few passengers.
Empirical Systems Aerospace delivered the plane last month to NASA. During a recent demonstration, the aeronautics and space administration were able to show off their new simulator, which provides pilots a better understanding of how the final version of the X-57 will maneuver through the air.
“While it’s a landmark vehicle that will help put an end to one of the biggest atmosphere polluters, the X-57 is still at least a year away from its first test flight,” says Eliseo Delgado Jr.
Right now, the plane is only in the first of three configurations with the current model called Modification II. The final version-which will be Modification IV-will feature narrower, lighter, high-aspect-ratio wings. Currently, the wings are undergoing structural load tests to ensure maximum performance. In addition, the X-57 will use lift propellers during take-offs and landings that will retract during the flight’s main cruise phase.
“We’re focusing on things that can help the whole industry, not just one company,” said Brent Cobleigh from NASA’s Armstrong Flight Research Center. “Our target right now is to fly this airplane in late 2020.”