Archive for the ‘Home Buyers’ Category

  • Don’t Fit In The Conventional Lending Box? We Got You Covered

    LendEDU published a financial report back in October of this year showing the national average credit score is 682. This is a solid score in the mortgage lending world but generally considered a “fair” credit score by the credit bureaus. It also means the average American might have a tough time qualifying for a decent mortgage rate. With 50% of people below a 680 credit score it means there are many who don’t qualify for conventional financing and the government loan options, which are typically only for owner occupied homes, can’t help them.  These people typically fall into three categories.  They are someone who has experienced a derogatory credit event like a bankruptcy or foreclosure, a self employed borrower that has too many write offs thereby killing their qualifying income, or they are a real estate investor and/or foreign national unable to purchase their next property due to conventional ownership limits. If you happen to fall into the middle ground between conventional and hard money lending it can feel like you have very few options.  The good news is that there are many new lenders who recognize this need and specialize in helping just this type of borrower through offering Non-Qualified mortgage loans.   To find out more about how this may help you find just the right type of financing for your next purchase click here and send me a message

  • No money down to buy your home!

    Want to know if you can put no money down to buy your home? While also learning a few fun facts about San Diego? Of course you do! When you think of San Diego, what comes to mind? Beaches and sunny 75 degrees all year round. While that is true, San Diego county also has 6,687 farms, more than any other county in the United States. 68% of those are between 1-9 acres and though the median size farm is just 4 acres, our county’s farmers rank number one in both California and the nation in the production value of nursery, floriculture and avocados. We are also rank as the second highest county with women who are the principal operator of the farm and number 3 in producing honey! Agriculture here covers 303,889 acres and is a key contributor to San Diego’s economy, along with defense, manufacturing, tourism and biotechnology. Our varied topography creates a wide fluctuation of microclimates that allows for nearly 30 different types of vegetation communities. This diversity allows for San Diego to grow over 200 different agricultural commodities from strawberries along the coast, apples in the mountain areas, to palm trees in the desert. *This information was made available by the County of San Diego, Department of Weights and Measures in their 2016 Annual Crop Report. With all that space we have in San Diego there are a

  • Thinking of buying a home on your own?

    Nov 20, 17 • Greg Kuchan • First Time Home Buyers, Home BuyersNo CommentsRead More »

    There are 140 different spaced to fill in information on a Residential Purchase Agreement, and that is not including all the spaces for your names and date. on an average I change 51 boxes. Where there are anywhere from 2 too 10 different acceptable options to fill in those boxes. So that means that an average RPA can have more than 66187782427598330000000000 different ways to properly fill out the form. AND that is just one of the many documents that make up your purchase agreement. To make that really large number easier to wrap our minds around. That is 66 septillion different ways to write the RPA, which is 66 with 24 zeros behind it. It is a really big number. Let me put present it to you in another way, in some states they require you to have a lawyer to help write the contract and to protect your interest. (Georgia, South Carolina & Massachusetts to name a few) So, do you think it is in your best interest to try and sell or buy your home on your own? When looking for an agent to work for, make sure they have systems and templates set up. Ask them how they will represent you, how they will make you stand out over the competition. If you are interested in finding out more of what you should be looking for

  • The Best Time to Buy or Sell a Home is

    The Best Time to Buy or Sell a Home depends on where you live.  But, here in San Diego, we don’t suffer pronounced slow down in the market like many other areas in the country.  And I have found that November is a great month to buy a home and get some good deals.  And if you are selling a home, you will be dealing with a lot of SERIOUS buyers. There are many homes on the market that didn’t sell during the summer months, either because they were priced to high, or they may need more renovation work than buyers wanted to take on.  With effective and skilled negotiations, these properties can be picked up for a great price. Please call me for more information, I would love to help you get a deal or sell your home. Craig Sutliff Real Estate Consultant & Mortgage Planner Email: Craig@GreenMeansGrow.com Cell: 619-857-

  • Homebuyers: Get Creative With Your Offers

    Reality check #1:  For most of us the road to home ownership starts with a personal budget and is followed by a conversation about what home loan options are available.  That conversation will determine a buyer’s purchase power which means to look at homes for sale before digging into the numbers is the very definition of putting the cart before the horse. While this advice is nothing new and most people do go about it in the right order what they find when they are ready to start looking at the available inventory is Reality check #2:  There aren’t many homes for sale in their price range and the competition for what is available is fierce. If you are a first-time homebuyer with a low down payment this can seem like a mountain too high to climb and leads many to assume it’s not possible.  The good news is that you are not alone and there are some great strategies that I see working every day to get our clients’ offers accepted. Here are a few of the basics every homebuyer should consider.  Getting your loan pre-approval is very important and a prerequisite at this point.  Meaning, any serious seller will not even consider an offer from a buyer who hasn’t done their due diligence to get their financial ducks in a row.  Buyers can also increase their ernest money

  • Mortgage Rates Return To 2017 Low

    Sep 11, 17 • Huggy • Home Buyers, Mortgage RatesNo CommentsRead More »

    by Francis Monfort | 28 Aug 2017 | Mortgage Professional America  Mortgage rates fell back during the week to their lowest level for the year, Bankrate.com said as it released its weekly national survey. The benchmark 30-year fixed mortgage rate was 4.02%, down from 4.05% last week and tying with the rate last seen June 14, which was the lowest rate since November 2016. The average rate had average discount and origination points of 0.31. The average rate for the larger jumbo 30-year fixed mortgage was 4.03%, while the average 15-year fixed mortgage rate fell to 3.23% from last week’s 3.27% average rate. The latter mortgage type had average points of 0.25. Average rates for adjustable-rate mortgages (ARM) rose this week. The 5-year ARM climbed to 3.50% from 3.49% a week ago and had 0.35 average discount and origination points. The 3-year ARM increased to 3.62% and the 7-year ARM climbed to 3.68%. Bankrate.com said the decrease follows a shift among investors to safe-haven government bonds given high valuations in the stock market. While markets have until recently ignored political and geopolitical issues, they are no longer immune to these developments, the company said. Following recent tensions with North Korea, markets have also been affected by Washington politics and the recent Barcelona terrorist attack. Previously, markets ignored these issues and moved higher given strong corporate earnings, improvements in the economy, and

  • How to Beat the Jumbo Loan

    How to Beat the Jumbo Loan

    Why 2 loans can be better than 1: As housing prices continue to rise, so do loan amounts.  You may know that each county has something called a County Loan Limit (You can click here to see them).  But did you know once you go over those limits your loan is considered to be Non-Conforming, or “Jumbo”?  So what?  Well, once you’re in that category many things can change.  Here are just a few: Higher Credit requirements Larger down payment requirements Property restricitons Borrower restrictions Higher Rates So you can see that it would be valuable to avoid these issues.  Let’s talk about How to Beat the Jumbo Loan. One of the most effective ways to do this is with a 2-loan combo.  To do this, we do a first loan up to the highest amount possible, while maintaining the best parameters.  That might mean considering things like loan amount, Loan-To-Value ratio, etc.  Then we add a 2nd loan that makes up for the difference. For example: Purchase Price = 850k 1st loan of 600k 2nd loan of 165k This gives us the best rates and terms on the first loan, and as a bonus, allows us only 10% down payment!  Using this method could save you hundreds of dollars a month, and 10’s of thousands over the life of the loan. So why doesn’t everyone do this?  Good questions

  • Customer Experience vs. Customer Service In The Mortgage Industry

    Aug 14, 17 • Huggy • Home Buyers, Purchase Loan, RefinancingNo CommentsRead More »
    ?wmode=transparent

    by Craig Anderson | 03 Aug 2017 | Customer experience vs. customer service in the mortgage industry Customer experience is a term that shows up everywhere in today’s business marketing.  It’s a “must have,” “the single most important factor” and “if you don’t master it, you’re dead.”  Most experts agree, customer experience is the most important differentiator a company can possess to gain a competitive advantage. But, does anyone really even know the difference between customer experience and customer service?  As long as the customer is happy we should be good, right?  And, don’t most companies have a designated customer service department to handle their customer issues, complaints and general inquiries? Defining the differences Customer service can simply be defined as, “what’s my business doing to help solve my customers’ issues,” while customer experience can be defined as, “how is my customer feeling or what are they thinking every single time they interact with my business?” Now, let’s put these into perspective with the mortgage industry. Rocket Mortgage is often thought to be one of the first in the industry to implement a customer experience program. When they introduced their ‘push button mortgage’ concept, they focused on technology to simplify the mortgage application user experience. Instead of the applicant having to manually type in all of their employment and banking information, the system would retrieve the information and auto-fill the application form

  • Assets Can Be Used For Qualifying Income

    Much of the housing news reported focuses on inventory and credit guidelines.  In case you haven’t noticed housing inventory is low and credit guidelines are tight.  These two headlines show up all the time and for good reason.  In many markets they are both true. With interest rates still low and home prices rising in a majority of markets many homeowners appear to be hanging on to their homes.  This could be to try and time the sale of their home to coincide with a market peak or they realize that if they do sell their home for top dollar they will be turning around to buy in a market with scarce homes available and paying top dollar as well. The gap between income and home affordability can be a hard one to bridge and for many potential home buyers it is out of reach due to increasing prices and a tight credit market. One story I don’t see reported much is that lending volume is down considerably in 2017 and lenders are looking for ways to increase loan applications while not taking on too much risk.  That line is not an easy one to draw so instead of re-writing guidelines or coming up with something altogether new lenders will typically enhance an existing guideline to cast a wider net in an effort to capture more potential borrowers. Whenever

  • Is Renting Really Cheaper Than Owning a Home?

    by Anna Sobrevinas | 04 May 2017 | MPA Mortgage Professional America | www.mpamag.com The responsibility of owning a home can be intimidating for people who’ve only rented in the past, but new data from Zillow suggests renting can actually cost more. Zillow’s analysis found out that sans increasing monthly housing costs, a typical renter can buy a home almost 50% more expensive than the median valued home and still get to keep the same amount of monthly housing budget. The median US home value is $196,500, while the median rent in the country is $1,416 per month – an amount enough to pay for monthly housing expenses needed to own a $289,505 home. “The decision between buying and renting is a financial trade-off between saving more each month on a mortgage payment versus spending more on rent but taking advantage of the location and lifestyle amenities urban renting often offers,” said Zillow Chief Economist Dr. Svenja Gudell. “Recent slowdowns in rent growth may take some of the edge off for renters saving to become homeowners. This is good news, since saving a down payment, qualifying for a loan and finding a home available at a manageable price remain hurdles for millions of aspiring buyers.” Renters in Cleveland can afford a $174,194 home while retaining monthly housing costs, which is representative of more than 80% of homes on the market now,

The GreenHouse Group, Inc. | Real Estate Consulting & Mortgage Planning. "Moving People With Purpose."

↓ More ↓