Right now the hot new programs in the loan world are those suited for self employed borrowers. These programs allow you to use bank statements or stated income instead of your tax statements. Whether you’re looking for an investment property or a home for yourself, we can find the right option for you. Check out the video below for more information and give me a call to discuss. I look forward to helping you!
I recently commented on the decline in home prices we have seen over the last months in San Diego. Many homes in the market have had price reductions, which can be common during winter months, but it’s something we haven’t seen in San Diego homes for some time. While this can be a positive change for buyers, I believe it is still a sellers’ market due to the low inventory. For the full article click here.
I spoke with ABC10 News about the current state of the real estate market in San Diego. Activity is still slow and interest rates remain high, but this could become an opportunity for those looking to buy. I do think we will see an increase in activity in springtime, but I don’t expect prices to skyrocket. If you are looking to buy, give me a call to discuss financing options.
Read the full article here.
For a limited time we will cover the cost of your clients’ appraisal. This could help to save them hundreds of dollars at closing and make the buying experience even better for your clients. It is available for all conventional loans that close before December 31st. At the time of closing a credit for up to $525 will be applied. This opportunity will only last until December 31st, 2018 so don’t wait too long. For more information give me a call today.
I spoke with ABC10 News about the rent control debate currently affecting San Diego.High rental costs in San Diego are prompting people to pursue rent controls to limit rental increases. I believe the long term solution is more supply of housing. The current supply has not met the demand in our city. Rent control would serve as a short term solution that may not be feasible and may not result in the needed changes.
Watch the video here.
I got the opportunity to talk with The San Diego Union Tribune about the rising costs of apartments in Downtown San Diego. With many new developments comes competition to gain tenants, but the high rents are not drawing in as many renters. Apartment complexes have started to offer concessions to draw in new tenants. I believe the high pricing is a step into drawing in new tenants. It is easier to bring down prices than to raise them. It’s a starting point for these new developments and will help them to find the right asking price.
To read more about this situation and the full article click here.
I’m happy to announce we are now on YouTube. Our first video is about the new Lock and Shop program. With this new program we can lock in your rate for up to 90 days while you still shop for a home. This will surely help to make the home buying process less stressful for you and your family. Give me a call today for more information and make sure to subscribe for more great videos to come.
Check out the video here.
Median home prices in San Diego have hit a new record high and prices may not be slowing down. I spoke with the San Diego Union Tribune about this trend in home prices and what it may mean for potential home buyers. The market is very competitive now, and buyers need to be prepared to present their best offer if they are very interested in a particular home.
Read more about this topic at San Diego Union Tribune.
Very excited to announce this new program I can offer to clients. You can now lock in your rate before purchasing your home. This is a new benefit of getting pre-approved which was already a great option to start with. You can now find out what your interest rates will be and lock them in while still searching for that dream home. Home buyers do not need to place a formal offer on a property to secure their rates and they can be locked in for 60 or 90 days. This can give home buyers peace of mind while they are still in the house hunting process. No more worrying about a sudden change in interest rates that could hurt their chance of buying their perfect home. If you are interested in this opportunity give me a call today to get started. Like always, I’m here for all your mortgage and loan questions.
1. How long do I plan to live in this house?
Knowing this can help you plan what the next few years will look like. If you are not planning to spend a long time in a house, you might be able to spend less money in order to be ready for your next move. This will also help you to determine what expectations you will have when house hunting. If you are not yet looking for that “forever home” you might be able to make some trade-offs with items you had on your must have list. Don’t worry too much yet about having all that you want in a dream home.
2. Where do I see myself in five or ten years?
This again goes back to planning. If you know that in five or ten years you will be starting a family, you may want to look for a home with space to grow into. This can mean looking for a yard for kids to play in or extra bedrooms. Financially speaking, it can be harder to make a plan on where you will be. However, if you know you will be changing jobs or possibly relocating you need to consider this when deciding on a home and how much you want to spend on it.
3. Do I have to or want to make home improvements?
Many people look for homes that need some renovations for various reasons. One of those reasons is saving some money. Homes that are outdated or need major functional repairs will sell for less than homes that are move in ready. Buying a fixer-upper also gives you the opportunity to customize your home to have the look you want or add any technological updates you may be interested in. These changes tend to be easier in a home that may already need to be gutted and fixed up. For others, home renovations are not a thing to consider. Many homebuyers will want a house that is move in ready so they do not have to spend too much time on renovations and can enjoy their new home sooner.
4. Do I want to keep cash on hand for other investments?
When purchasing a home, buyers will typically need to place a down payment which can be a large amount of money. For many people, this will be most or all of their savings. One thing to consider is whether buyers are ready to give up that money or if they prefer to save some of it for other investments that will benefit them in the future and perhaps lead a cash inflow. This decision will have an impact on what loan option buyers will be choosing. There are some options that allow borrowers to place less than the typical 20% of purchase price. These options are something to discuss with your mortgage broker, and something I’m happy to help with.
5. How quickly do I want to be debt-free?
This is another financial decision that needs to be considered before starting to look at homes, so buyers can have a realistic idea of how much they want to spend. This also comes back to the question of planning for the future. If you know that in the near future you may have other expenses such as sending kids to college or other large life expenses you may want to pay off your mortgage quickly. Discussing various loan options with your lender will help determine what is the best course of action for paying off your mortgage in the time frame that is ideal for you and your family.