Archive for the ‘How To Buy A Home’ Category

  • House Flipping…The Good vs. The Bad!

    House Flipping…The Good vs. The Bad!  

  • What Happens To Home Buying Power As Rates Rise?

    By Eric J Martin of The Mortgage Reports Originally posted on November 21, 2016   Mortgage Rates’ Profound Effect On Affordability The mortgage interest rate you find plays a large part in how much money your lender will let you borrow. That affects how much home you can buy. That begs the question: how does your purchasing power change if rates creep up a half a point or even one full percentage point? Much more than you might think, which is why it pays to shop for a home now, and lock in a favorable fixed rate at historical lows. Many home buyers realize that rising home prices can limit their ability to buy. However, rising interest rates can alter home-buying plans even more. The current rate environment is likely a narrow window of opportunity in which to claim a low rate and a still-reasonable home price. Housing agency Freddie Mac recently predicted that mortgage rates will rise to 4.0% in 2017. That’s more than 50 basis points (0.50%) higher than the current mortgage rate average. Today’s rates maximize your ability to buy a better home with affordable payments. Click to see today’s rates (Feb 13th, 2017) The Cost Of Rising Rates Today’s lenders qualify home buyers based on several factors, not the least of which is something called a debt-to-income ratio (DTI). A low DTI demonstrates that you have a healthy balance between income and debt. Lenders generally cap the allowable DTI at

  • Renters! 2017 Is Your Big Opportunity

    I was talking to a property manager this past weekend who has been managing rentals in San Diego for 30 years.  I asked him what he is seeing for 2017 and he said all of his properties are seeing on average 4% rent increases this year. This is true for the rest of the country as well.  Rent was up nationwide in 2016 so will that trend continue in 2017? So far the answer looks to be yes.  Here’s a better question for all the renters.  What is your pain tolerance for another rent increase in 2017?  And here’s an even better question.  With home value increasing how much equity did you earn last year by paying rent? If you are paying $2,500/mo in rent and you see a 4% increase that calculates to $100 more rent per month.  Right now with mortgage interest rates where they are that $100 = $20,000 in home price.  Another current fact is that mortgage applications are down and lenders are looking for ways to increase loan volume which means they have enhanced credit guidelines so that borrowing money is easier. Click here To Find Out How Much Your Rent Translates To Home Purchase Power.   By David Hughson Mortgage Planner / Turning Renters Into Homeowners

  • Will & Chelsea, “3rd Time Working w/ The GHG & They Always Blow It Out Of The Park!” | Testimonial

    Will & Chelsea, “3rd Time Working w/ The GHG & They Always Blow It Out Of The Park!” | Testimonial http://www.TheGreenHouseGroupInc.com And THATS what we love to do: meet great people, and help co-create great things, and leave them better than how we found them. If you are wondering whether now is the right time to own a home of your own, and want to make sure that you get the right team to help you get there, perhaps this sounds like something you might want to talk to us about. If so, feel comfortable contacting us at 858-863-0261. This was done with the help of Jesse Ibanez, Craig Sutliff as REALTORS, all from The GreenHouse Group in San Diego,

  • What Are The 3 Biggest Homebuyer Mistakes?

    Posted on December 5 on DownPaymentResource.com Are you making these classic homebuyer mistakes?  It’s true you often learn from your mistakes, but what if you could avoid as many as possible? Buying a home will likely be your biggest financial purchase in your lifetime so it’s important to get it right. Even though you may start your home search online, more than 90 percent of you will end up using a real estate agent to help you navigate your purchase. Inman News polled its agent readers about homebuyer mistakes they see buyers make. 1. Not talking to a lender first As they say, success is 90 percent preparation. It’s no different when it comes to home buying. Unless you are paying cash for a home, you will need a home loan and a lender. Instead of finding your dream home online and scrambling to make an offer, start talking to lenders early. Shop your loan. Plan to interview at least three lenders to find the right one. Check out our 5 essential mortgage lender questions to brush up on what you should ask. Get pre-qualified to better understand your home search price range and loans that may fit your situation. If you haven’t looked for a loan in a few years things have changed–there are now more low down payment options available. Ask your lender about homeownership programs that could

  • The Election and Down Payments

    By Rob Chrane – CEO of Down Payment Resource The election has left Republicans in control of the House, Senate and White House for the first time in over a decade. The new alignment provides a viable path to far-reaching changes in federal housing policies affecting housing finance and housing markets. Increasing homeownership is at the top of the agenda for the new Congress and Administration. Changes may be in store for the Dodd-Frank Act, including restructuring or terminating the Consumer Financial Protection Bureau and raising the threshold for tougher bank regulation above its current $50 billion asset level. President-elect Trump has promised to reduce regulations, across the board, and financial institutions are likely to embrace his deregulatory stance. In housing finance, policy-makers may focus on reducing risk. Programs like FHA may see major changes and the role of GSEs will continue to evolve. The role of government in housing markets and housing finance could change dramatically. If so, it will take at least a couple of years, but it’s too early to tell because this wasn’t addressed in detail during the campaign. Only by increasing the numbers of first-time buyers can we reverse the multi-year decline in homeownership. Saving for a down payment continues to be the greatest single barrier keeping first-time buyers from becoming homeowners. Low down payment programs and down payment assistance are effective and critical strategies

  • Scariest Situations for Home Buyers & Sellers – Part 4

    Scariest Situations for Home Buyers & Sellers – Part 4 So, where are we?  We have an accepted offer, the home inspection went well, we successfully negotiated a Request for Repairs, the appraisal supported the purchase price, the buyer has removed all contingencies and now it is an unconditional offer.  The finish line is in sight.  But, there are still a few more “scary” steps ahead of you.  For one, the lender needs to get the final loan documents to the escrow company so the buyer can meet with a Notary to sign everything.  Now that part can be a little intimidating and nerve-racking for a buyer.  That is why it is very important for the loan officer to review the Estimated Settlement Statement or Loan Estimate with the buyer(s) BEFORE they sit down with the Notary.  This ensures a less-stressful, and less-scary, loan signing.  Next is for the buyers to conduct the Final Walkthrough of the home, contractually this is to be done 5 days before the close of escrow.  This is important to confirm that the home is in relatively the same condition as when the offer was accepted and no damage was done when the seller moved out.  Now the seller is also supposed to remove all personal items from the home, but often some things are left behind, like yard products (fertilizers, bug sprays, etc.)  And while the seller is required

  • $100 = $20,000

    A recent study by the personal finance website SmartAsset shows that having a roommate in San Diego will save a renter $6,768 a year or $564 a month.  While that certainly makes financial sense for renters what many prospective home buyers may not realize is that $564 in monthly rent could be paid to them as a future home owner.  This will dramatically boost their purchase power because with rates so low right now $100 = $20,000 in purchase price. Let me explain. Let’s say your budget shows you homes for sale in the $350,000-$400,000 range.  Knowing that you could rent out a room for $564/mo means you could look at buying a home in the $450,000 – $500,000 range.  I’m guessing that increase would really open up a lot of properties that weren’t previously available to you.  And this is a very conservative estimate for roommate rent given that the average rent for two people is $1,743 here in San Diego.  I know from personal experience that you could rent out a room for much more per month.   To find out exactly how much your purchase power would increase given a rental income boost click this link:  I Want To Know What My Purchase Power Is.   By David Hughson Mortgage Planner – Rental Income Expert 858-863-0264  

  • Scariest Situations for Home Buyers & Sellers – Part 3

    Scariest Situations for Home Buyers & Sellers – Part 3 Thanks for checking in with me.  This is Part 3 of a 4-part series, so I invite you to check out the other videos, I know you will find them informative. So, in the scenario we are talking about, we are already in contract, we have conducted the general home inspection and after some anxious anticipation, the appraisal report comes in!  And……it is UNDER value!   Ouch!  No scarier situation than that, especially for a first time home buyer or first time home seller.  So what now?  Well now we have a few options, as a buyer, we will try to negotiate the contracted price DOWN to the appraised value.  As a home seller, we would negotiate hard to hold to the contracted sales price and have the buyer come in with the difference.  Now, how this goes depends on many variables, how much the buyer has for a down payment,  if it is a 100% LTV VA-buyer, no much chance the buyer can come up off of the lower appraised value, and as a seller, if there were multiple offers, we can always cancel the contract, if the buyer doesn’t want to come up with the difference, and go back to the market for another offer. If you are looking for someone who will treat your money like I was

  • Scariest situations for home buyers & sellers

    Scariest situations for home buyers & sellers. Contact me for more information, I am happy to help you buyer or sell real estate in San Diego. Craig Sutliff The GreenHouse Group Craig@GreenMeansGrow.com 619-857-

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

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