Archive for the ‘Things to Look Out For’ Category

  • Getting A Mortgage May Take Longer Under New Rules

    Diana Olick | @DianaOlick Monday, 5 Oct 2015 | 12:47 PM ET The goal is to make the mind-numbing mortgage process much easier for consumers to understand. It’s called Know Before You Owe, which sounds simple enough. The means to that goal, however, is all-new paperwork and disclosure rules for lenders that went into effect this past Saturday and which some say could delay the mortgage process and cost consumers cash. The standardized forms spell out exactly how much a borrower must pay for closing costs and how much each monthly payment will be as the loan ages and potentially adjusts, right up until its term ends. Borrowers must get these new, standardized forms at least three days before closing on the loan, which is a shift from previous standards, which allowed changes to be made on a loan right up to and even during the closing. For your free mortgage plan click here. David Hughson Mortgage Planner 858 863-

  • I just bought a house, now what?

    Aug 24, 15 • Greg Kuchan • First Time Home Buyers, Things to Look Out ForNo CommentsRead More »

    I just bough a house, now what? Here at The GreenHouse Group we have you covered. You have made it this far in your process, and now that you are moving, you should get these 5 things in order to have a smooth transition. Let the power company know that you leaving your current location and moving into your new home. – SDGE . It is important that power remains ON until your last day of possession of your former residence. As well as setting up your billing in your new home. The same goes for your water and trash. Contact the city of San Diego . Your water needs to be ON until your last day of possession of your former residence. If you were paying a HOA & Home Owner’s Insurance, now is a good time to let them know you will no longer be the owners and wish to shut your payments off. Let the Mailman know you are moving. Go to There is a link at towards the bottom of the Homepage “Need to change your address?” Last but not least check out the NEW Jesse’s List – for any additional resources you might need, such as moving company or moving boxes. Once you have completed that, know that The GreenHouse Group is here for you for any other bumps that may arise in the road ahead. -Greg

  • 5 Major Things to Avoid That Can Jeopardize Your Pre-Approval

    Aug 10, 15 • Fat Ashton • Things to Look Out ForNo CommentsRead More »

    5 Major Things to Avoid That Can Jeopardize Your Pre-Approval Whether you’re shopping for a new home or trying to refinance the one you’re in, if you’ve already been pre-approved I have 5 major things you need to avoid that can jeopardize your pre-approval. The first is opening new lines of credit. This could be as simple as applying for a new credit card or as extravagant as buying a new car. The reason for this is simple. New lines of credit mean new debt. And in some cases, even if you don’t carry a balance on the new line of credit, you can still be hit for a monthly payment. This will change your overall monthly obligations and essentially have an effect on something we call your “Debt to Income” ratio, which is a critical component when being pre-approved. And that is just one of the Five things to avoid. For the other four e-mail me at

  • Income, How You and the Lender Might Not See Eye to Eye

    Jun 25, 15 • Fat Ashton • Things to Look Out ForNo CommentsRead More »

    Income, How You and the Lender Might Not See Eye to Eye Income. It seems like a straight forward concept, you make money, you report it on your taxes. That’s your income, right? Well, not exactly. When it comes to income, especially rental income, part time income or anything that is variable, Lenders have developed a skill in being able to use less. The reality of it is there are generally a lot of variables, which you and I wouldn’t consider that lenders are forced to consider. Hypothetical situations such as unplanned vacancies or someone cutting your hours, and because of this they have very specific ways they calculate the income. And how would you know this? Well luck for you there I a video above and an e-mail below. Please feel free to use both if you have any questions on how a lender might calculate your income.

  • Buy a Home Now…..or Wait? Any risk?

    Not sure whether to buy a home now or not?  Should you pay down your revolving debt before looking for a home to buy?  How much do you need for a down payment and closing costs?  Do you have too many questions that have you sitting on the fence, unable to decide?  Let me help you make the right decision and answer all your questions and concerns.  I will provide you with a Free, 1 on 1 consultation, with absolutely no conditions. The median sales price for a single family, detached home in San Diego was $500,000 in January 2015.  That is up 5.26% from the year prior.  And the market is really heating up right now.  Home values have been moving up and we should see good, positive gains this year. I have been finding many people who are wanting to pay down, or pay off, their revolving debt before looking for a home.  They feel this will improve their credit score and get them a better interest rate.  But, the greater risk is that interest rates can rise.  For example if you were to buy a $500,000 home with a 20% down payment at an interest rate of 3.75% the loan amount would be $400,000 and the principal & interest payment would be $1,852/month.  If interest rates were to increase by 1.00% to 4.75% this would reduce your

  • Supplemental Property Tax Bill – What to look out for

    Have you ever heard of a Supplemental Property Tax Bill?  Well, as a new home owner you will!  But before you get surprised by it, here’s what you need to know: What is it? In California your property taxes are based on your purchase price.  This was originally designed so that folks who bought their home for relatively low prices don’t just get taxed out of their homes as they appreciate in value. So for short time, when you buy a home it has the previous owner’s tax amount still associated with it.  When you get your first tax bill from the county it is often incorrect.  To fix it, they send you a 2nd tax bill to add the amount you were short on the first one received.  This can happen in as little as a couple weeks, or as long as several months after your purchase. For example : You buy a house for $400,000.  The tax should be about $4800/year.  But the previous owner had only paid $300,000 for it.  Their bill was $3600/year. So you’ll likely get a first bill reflecting the $3600, then a 2nd bill for the remaining amount owed.  In this case that would be $1200 prorated by the amount of time left in tax period. Good news   If you chose to have an impound account set up when you bought your home,

  • What To Look Out For When Purchasing Or Refinancing A Home

    Mar 3, 15 • Fat Ashton • Things to Look Out ForNo CommentsRead More »

    Last week I spoke a little bit about what to look out for when purchasing or refinancing a home in regards to filing your taxes. This week it’s the same idea, but I’m touching on a short list of deal breakers you need to be aware of. Like what you ask? Well let’s take Solar panels for example. If you’re trying to refinance, solar panels could be a deal breaker in a tight deal. You see, solar panels often carry a lease associated with them, which means a payment. Which means this payment had to be included in your debt ratios. On a refinance, it can sometimes be enough to put the deal on ice, and on a purchase it can take a home in your price range out, due to the added cost. So, if your curious as what other things you need to look out for, shoot me an e-mail at

  • Tax Season – What You Need Know Before You File

    Feb 24, 15 • Fat Ashton • Things to Look Out ForNo CommentsRead More »

    Taxes, Everybody’s got to do em. Some file and get money back, some file and pay. We all have our tax strategies throughout the year. However, there are certain things you need to look out for if you are planning a home in the near future. Some write-offs you might want to stay away from and some things to consider before you file. So if you identify with that group of people who might be buying a home in the next two years, and are curious as to how your taxes might affect your ability to purchase, reach out and give me a call at 858.863.0260 ext 114. or shoot me an e-mail at and we can take a look at your specific situation

  • Tax Filing Strategy #3 – No Strategic Tax Filing Allowed

    Last year at this time a client of mine who’s family was growing wanted to purchase a bigger home.  This client was a business owner and like every dutiful business owner should do he wrote off every expense he could to limit his tax liability.   The net result was that he successfully lowered the amount of taxes he paid but in the process disqualified himself for the loan he needed to purchase the next home.  This is because we must use the bottom-line taxable income on the Schedule C every business owner files as a starting point for qualifying income. When I told him he wouldn’t qualify based upon his “usable” income he offered to re-file his taxes and write off less expenses to increase his qualifying income.  Now on the surface there is nothing wrong with this. People file amended tax returns all the time.  But this is done to recapture over-paid taxes or amend a mistake one a previous return.  What he learned the hard way was that lenders will not allow amended returns when the intended purpose is to qualify for a home loan.  In short, no strategic tax filing allowed. This meant he had to wait a year before qualifying for a loan. Now I don’t agree with this rule because banks will allow people to manipulate other areas of their income and/or taxes to

  • What Documents You Need For Financing, And What To Look Out For

    Jan 20, 15 • Fat Ashton • Purchase Loan, Refinancing, Things to Look Out ForNo CommentsRead More »

    Recently someone had asked me what documents you need for financing other than taxes and paystubs? This might seem like an obvious question, but if you haven’t been in the market for a refi or a purchase recently, it might not be as obvious as you think. A few years ago stated income and stated asset programs were a very common thing. This meant a lot less documentation for the borrower. Now, with a change in the lending environment over the past few years, nothing is left up to chance and every asset and form of income is documented. So what does this mean, this means taxes, paystubs, retirement statements, bank statements and more. There are also a couple very important things to look out for if you are using retirement accounts, have solar panels (or looking to buy a property with solar panels) or if you have ever been divorced, that might affect your bottom line. For a complete list of what items you will need to set aside in order to obtain financing, for your specific situation, drop me a line. 858.863.0260 ext

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