How To Buy a Home in 2019 With No Money Down

Is it really possible to buy a home in California with the 4th largest homeless population, with a no money down home loan? The quick answer, yes. There are income limits and FICO score requirements so it doesn’t come without stipulations, however, there’s a chance you may qualify.

How Buying A Home With No Money Down Can Give You Instant Equity

From the moment you make your first payment, a portion (very small) goes to principal and reduces your overall balance. This builds equity. Equity that you may one day want to cash out by refinancing, selling the property or taking out a Home Equity Line of Credit. It builds your net worth and can cash flow for you down the road.

Build home equity no money down loan

Time builds equity. As the market ebbs and flows so does the equity in your property.

As you own the home, equity continues to grow in your property value. The average home price in California in 2013 was roughly $350,000 compared to 2018 at $574,000. Click here for housing statistics in California. Start now, earn equity while you pay your mortgage loan.

As you pay down principal, it becomes equity in the property you have to cash out.

Equity can be cased out through a refinance, home equity line of credit or selling the home. Many homeowners fund all or part of their retirement on home equity. Pay-off or consolidate debt, use for home improvement, purchase another home or transfer to a step-up home. The options are yours with equity.

Many home improvements add value to the property and increase equity.

Add square footage, upgrade a kitchen or bathroom or put in a pool. They all increase value, especially in high cost states like California. Buyers have come to expect it. If you are renting the property, these may not pay-off with rental income. You will need to run the numbers to realize if improvements are cost effective. Sellers know buyers want space and remodeled kitchen and bathrooms. Touch up paint and remember it’s not about your preferences and taste. Brokers encourage neutral colors and tones for this reason.

buying a home

CAL-HFA’s low to no cost home loans offer competitive interest rates to first time and repeat home buyers. Income requirements, FICO and debt-to-income ratio all factor in to determine eligibility. Speaking with a professional mortgage consultant that is approved to offer these home loans is worth the free consultation.

No Money Down Loans Key Features:

0% interest on closing costs

Deferred payment

Low interest rate loans for down payment that can be financed

Competitive interest rates on first mortgage

No money down

CALHFA 100% Financing for First Time Homebuyers in California

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The home buying market in California is tough. As a first time homebuyer without a non-occupant co-borrower or co-signer, can you really afford to purchase a home? Thanks to agencies like CAL-HFA, home ownership is possible with 100% financing.

CAL-HFA Program Requirements

*640 minimum FICO score

*Maximum debt-to-income ratio

*FHA, VA and Conventional loans available

*Non-occupant co-borrowers or co-signers are not allowed

Benefits of a CAL-HFA Loan

*0% interest program for down payment

*Lower Private Mortgage Insurance pricing

*First-Time Homebuyer, Teacher and School Employees eligible

*Limited FHA 203k for minor repairs only, no structural. Eligible $35,000 for minor repairs along with closing costs and down payment assistance.


House tools

Work with a CAL-HFA approved broker for wholesale pricing.

*24-48 hour pre-qualification

*Work with pre-approved brokers offering wholesale pricing

*Single Family Residences, Condos and Manufactured Homes eligible

*Ask your mortgage broker about California sales price limits in your county and the Fannie Mae Loan Limit

*Request the income limits in your area with a mortgage professional.

*We offer a free, no-obligation consultation for loans in California

CONTACT US TODAY!

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Rates Dropped in January and Housing Prices Still Rising

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Rates dropped this month and I encourage all on the fence purchasers and refinancers to lock now! We are currently in the low-mid 4% range for conventional conforming financing and mid-high 4% for high-balance conforming. With property values still steady pulling cash out to pay-off existing debt, renovate and remodel is still a viable option!

How Working With a Mortgage Broker Saves You Money

A consumer reports article on working with a mortgage broker can save you on your interest rate, especially as they begin to rise. Article here.

The Fed leaves rates unchanged. They will be “patient” on future increases. Read more here.

Realtors expect pending home sales to increase in 2019. Read more here.

Interesting Mortgage Related Articles

California Sues Huntington Beach for Snubbing Affordable Housing. Read more here.

As one of the highest priced areas in the country, 91% of San Franciscans agree “Somewhat or Very Expensive”. Read more here.

Builder hopes for better Spring as high prices and mortgage rates may be keeping some buyers out. Read more here.

San Diego County Average Home Sales

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Home Buying Statistics and Strategies for California

San Diego Homes and Sunsets

San Diego Homes and Sunsets

The median sales price is up 2.5% to $625,000 for detached homes and 3.5% to $419,000 for attached homes as of December 2018 in San Diego according to SDAR. Interest rates are the lowest we’ve seen in 4 months, hovering in the low-mid 4% range depending on credit and other lender guidelines. Inventory is up and days on the market a bit longer along with escrow days.

Affordability remains a major factor with buyers options to pay or buy down the interest rate with points, place more cash down to purchase or accept Private Mortgage Insurance with a Government Loan to qualify with a higher debt-to-income ratio. Paying discount points to “buy” down the interest rate and lower the payment-Click here.

CALHFA-The income limits for a CALHFA first and second mortgage in San Diego is $157,050 effective of 1/16/2018. Sales Price Limit Statewide: $765,000. LOW DOWN PAYMENT, GRANTS, 100% FINANCING IN SOME CASES. INQUIRE HERE.

5 Strategies Buyers Are Using to Purchase a Home In California

  1. FHA-Low down payment-3.5% down and allows higher debt-to-income ratio.

  2. CALHFA-Low to No Down Payment Options Available.

  3. VA-100% Financing Available.

  4. Buy Down Interest Rate to Lower Payment

  5. Add a Non-Occupant Co-Signer/Borrower

Road to Homeownership

The road to homeownership is accessible. Working with a knowledgeable professional is worth it’s a weight in Gold. Easy application. Apply today.

California Market Update

California Market Update 2019

California Market Update 2019

With interest rates on the rise, it could place a pinch on homeowners entering the real estate market to purchase. Market Watch article here.

Nearly 60% of San Diego renters “burdened” with rental costs leaving less money for food, medications and other necessities. KPBS article here.

Homeowners staying put with rising interest rates are spending more time on DIY projects at home. Housing Wire article here.

SHIFT-California Market with data and statistics from the California Association of Realtors.

Quick review of California market statistics at a glance.

Jenny's Jungle READING SPACE

San Diego Calendar of Events. Click here.



Stay tuned for more loan programs and real estate updates.







Home Loan Goals

Home Loan Goals

Home Loan Goals

It’s the beginning of a New Year. So begin, I tell myself. My goals and marketing plan are finished (finally) and I’m off to a semi-start it feels like since my daughter hasn’t returned to school yet. I’ve caught up on a lot of work reading material and the market in San Diego is beginning to shift as we’ve seen for several months as interest rates have been on the rise. I’m thinking of all the stories I’ve heard lately on first time homebuyers and their experiences. Some are nightmares, a notary at the loan closing asking the borrowers to come in with more money than the down payment and closing costs due to the loan officers lack of communication. Not ok, ever. I’ve read about and spoken with renters not able to save enough for the down payment and that stay renting, spending large amounts of their income on rent and becoming house poor. There are loan programs available that have payments less than or equal to rent (ahem…California). It’s a fresh start at the beginning of the year to know your options and start saving now or simply understanding the process.

5 Item Loan and Real Estate Review

  1. FHA Loans-3.5% down payment, private mortgage insurance, upfront fee that you can finance into the loan. This loan program allows higher debt-to-income ratios, non occupant co-borrower/signer, and a host of other flexible options to help you get into your first home. Not to mention the 203k loan that allows you to purchase AND renovate.

  2. Grants-They are available. Lenders have access to reviewing the location you’re looking to purchase in along with qualifying you on your income. You may meet both and be offered a grant AND a lower rate. Yay YOU! You’ve got to inquire on this one, now!

  3. Closing Costs-Lenders can offer a slightly higher rate and “credit” you back money towards your closing costs. Your agent can negotiate closing costs with your purchase price. Working with a professional in this area can really benefit your bottom line.

  4. Gifts-Family can gift you money towards a down payment and closing costs as long as the lender understand it is a GIFT and doesn't require repayment. You can receive GIFTS from multiple family members. Ask away!

  5. Real Estate Market-With rates rising, is it a good time to buy? The simple answer is Yes. Lock in a price and rate now and start earning equity and paying off a loan that brings you closer to owning your own home.

Make 2019 the YEAR You Make Your Home Purchase Goals A Reality!

San Diego Housing Market 2018

San Diego real estate

San Diego, California. Undeniably one of the most beautiful skylines in Southern California can be found in sunny San Diego, but as the sunshine tax increases, what will the real estate market bring in 2019? Here’s a snap shot of a few locations in San Diego:

La Jolla Real Estate-November 2018

One of the most desirable locations, La Jolla continues to increase in home sales and price. The area has a 7.1% median sales price increase over last year and a current 7.5 month supply.

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La Mesa Real Estate-November 2018

La Mesa is a highly desirable location in East County San Diego. An increase in restaurants, cafes, festivals and more continue to increase in value to residents. Both the Grossmont area and Mount Helix are surrounded by parks, recreational activities and more!

La Mesa Houses-Grossmont
La Mesa Houses-Mount Helix

North Park Real Estate-November 2018

A dynamic area filled with home grown artisans, cafes, restaurants, parks, festivals and a real flavor for fun in San Diego, North Park has arrived. The housing prices in this area continue to rise.


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Carmel Valley has several communities offering suburban amenities such as community pools, recreation rooms, book clubs, wine nights and much more. The newer shopping centers, restaurants and top schools are a continuous draw to homeowners in this area.

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Wondering what your San Diego neighborhood real estate market looks like? Inquire with us. If you’re a buyer shopping and want to see stats in a specific area, inquire with us!

Women and Housing

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As women enter the housing market in greater numbers, the need for programs that can assist with the down payment and closing costs has increased. Student loan debt impacts women more than men according to RISMedia. Women carry 2/3 of loan debt or $900 billion of the current $1.5 trillion dollar student loan debt affecting millions of Americans. Minority women account for 48% of female student loan debt and struggle to afford home purchases.

73% of surveyed adults believe that the home-buying process is complicated.

Women can benefit from non-profits, mortgage brokers and lenders with programs that can guide them through the real estate and mortgage process. First time home-buyer programs with Down Payment Assistance, adding a non-occupant co-borrower and finding areas that offer HomeReady Programs with competitive interest rates based on the median area income can assist female borrowers.

Women Invest in Housing

Women In Real Estate (WIRE) is an initiative offered to female investors through March 2019 by Velocity Mortgage Capital. Velocity CEO Chris Farr states, “At Velocity, we believe every borrower deserves the opportunity to invest in real estate – especially women, who often have higher credit scores and lower default rates”. Incentives on the program include discounted closing cost fees, free appraisals and lower underwriting fees. Women can build wealth by mitigating risk with a co-borrower. We’ve worked with friends purchasing multi-units together. With a trusted partner, building wealth together can elevate your financial portfolios and offer another source of income for retirement.

Ever thought about owning a multi-unit building or commercial property? There are several loan programs that offer self-employed, entrepreneurs with solutions to purchase investment property and build real estate wealth. Inquire with an experienced lender today.


Increase in Conventional Conforming Loan Limits

San Diego Homes

San Diego, CA-An increase in conventional conforming loan limits and high balance limits may assist more home buyers in San Diego looking to purchase or refinance. The conventional conforming loan amount went from $453,100 in 2018 to $484,350 in 2019 and the high balance is $690,000. Anything higher than this is considered a Jumbo loan.

Loan Limits Increase Across the Nation-Housing Wire

Wholesale mortgage lenders can offer loans for lower credit scores and competitive interest rates to higher tiered credit borrowers. Interest rates have improved significantly over the past week. It may be worth inquiring on a refinance or locking in on a purchase now.

San Diego Borrowers

Borrowers can begin taking advantage of higher loan limits now with many lenders. End of Quarter incentives also include a Free Appraisal when working with mortgage brokers like TRU Financial Services.

Items Needed to Qualify for a Loan

Prepare to send in several income and bank statements when applying for a mortgage loan. Here’s a quick rundown of items needed:

  • 2 years tax returns

  • 2 years W-2’s

  • 2 months bank statements

  • 1 month pay-stubs

  • Copy of Driver’s License

  • Social Security Award Letter (if applicable)

  • Pension Information (if applicable)

Consult with a mortgage loan officer for more details on your specific scenario.


Your Credit Score Questions Answered

Credit Questions

The holiday season is in full swing. You may or may not have shopped the Black Friday, Shop Small Saturday or Cyber Monday deals…phew that’s a lot in less than a week, however may be using your credit card at some point to make purchases. How does using our credit cards impact our credit scores based on balance, paid in full each month and what cards give us the most rewards for our spending habits? See some of the most frequently asked questions from Experian. Click here for more questions answered.

Q: Does Paying Credit Cards in Full Each Month Hurt Credit Scores?

A: In a nutshell, no. You don’t need to pay off a monthly credit card balance to maintain a good credit history. Paying the card off in full each month curbs interest and debt accumulation. This is a good thing to maintaining financial credit risk in the eyes of lenders.

6 Rewards Cards With Huge Sign Up Bonuses For Your Holiday Spending

Q: Do Most Employers Check Your Credit Scores?

A: While many employers pull your credit report, it’s rare they receive your credit score. They must obtain your permission to do this. It is not the only item they take into account when hiring. Education, experience and job history are major factors.

Credit Scores

How To Remove a Bankruptcy From a Credit Report

Depending on what chapter you filed, the Bankruptcy will fall off automatically in 7 or 10 years. If you filed Chapter 7 with some partial repayment towards the debt it’s 7 years. With a Chapter 13, no debt repaid takes 10 years to fall off the credit report. Maintaining consistent and timely payments to rebuild your credit after the bankruptcy is important to lenders. Most require a consistent and solid payment history of 12 months prior to lending at competitive rates. 2-3 years is the average time frame a mortgage lender will consider lending on a home loan after a bankruptcy.

DO:

  • Obtain a secured credit card, use it and make payments or pay-off every month.

  • Obtain a car or installment loan and make the payments on time.

  • Continue to save money in your checking, savings and retirement and investment accounts.

  • Create a financial plan to build your credit back up responsibly.

  • Speak with a mortgage consultant on lender guidelines to obtain a home loan after bankruptcy.

Continue to monitor and check your credit report annually for free or sign up for monthly credit scores and alerts through any of the major credit bureaus: Experian, Equifax, and TransUnion.

High Balance and Jumbo Loans: A Quick Breakdown

Jumbo Loans in California

With the averaged home price in California at $600,000, it’s easy to see how Jumbo Loans have been on the rise. California home prices are double the U.S. Median Home Price of $264,800. Full article here. With interest rates on the rise, we have already began to see a market shift this Fall as home prices have dropped slightly and the average days on the market taking a bit longer. What’s the difference between a High Balance Loan and a Jumbo Loan?

Quick Summary of High Balance and Jumbo Loans in California

High Balance Loans in a High Cost County like San Diego are between $417,000-$625,500 and follow Fannie Mae and Freddie Mac guidelines.

Jumbo Loans have a different set of standards and are not regulated by Fannie Mae and Freddie Mac. They are privately regulated and typically held onto as an investment. They can be more costly and require more documentation, review time and requirements than a Conventional Loan or Conventional High Balance Loan.

California Housing Market

The California Association of Realtors list average Home Sales by County in California here. The Bay Area tops the list with San Francisco averaging home sales at $1.6m this past October. Jumbo Loans and other Non-QM loans such as Bank Statement Loans and Asset Loans have continued to remain in demand. Bank Statement Loans average 12 or 24 months of deposits with an expense ratio variable by lender and have different matrices based on FICO Score, Loan to Value and other lender guidelines.

Thinking about purchasing in one of California’s High Cost markets and looking for a Jumbo Loan? Look for the following in Wholesale Brokers:

  • Compare rates

  • Loan programs

  • Average time to close

  • Service with wholesale brokers that shop your loan among industry giants to obtain highly competitive pricing, programs and service.

Pull Your Credit Score For Free Before You Apply For a Jumbo Loan here.

There are several places to pull your credit for free and review your credit report with a soft inquiry before completing a mortgage loan application. You can dispute any errors, obtain contact information to creditors and have a better picture of your overall credit standing before your credit is pulled on a “hard” lender inquiry. Jumbo lenders will still finance with lower scores, however may require a higher down payment and assets. Higher credit scores will often have better rates and less of a down payment.



Do You Need Earthquake Insurance-Our Partner Relays Vital Earthquake Information for Californians

The Camp Fire is one of the worst and deadliest fires in California State History and at current writing has burned nearly 152,000 acres. Our thoughts and prayers go out to the firefighters, residents and teams of organizations including local government assisting with relief in the Northern California region. It reminds us as homeowners especially how vulnerable we are to natural disasters.

Earthquakes another natural disaster common to California have caused destructive damage to homes, businesses, roads and infrastructure and many homeowners debate whether it’s a worthwhile purchase with Homeowner’s Insurance. Our partner, Amy Hallquist-Hamric provides a video to educate and inform on Earthquake insurance and why it may be just as valuable as the fire insurance we are required to carry currently.

Click here to view Amy’s video on Earthquake Insurance and it it’s the right choice for you family.

Check out recent earthquakes in California here.

The California Academy of Sciences has a list for Earthquake Preparation here.

Develop a Disaster Plan and an Emergency Earthquake kit here.

Be informed and take action to prepare you and your family. Additional resources below for your convenience.

List of Earthquakes in California.

LA Times article on most Californians ignoring Earthquakes.

Ready to go Build a Kit for Earthquakes.

Camp Fire in California

The Camp Fire

One of the deadliest and worst fires in California State History

Is It Time to Remove Private Mortgage Insurance?

Approximately 740,000 homeowners carried Private Mortgage Insurance in 2016. ( US Mortgage Insurance ).

Approximately 740,000 homeowners carried Private Mortgage Insurance in 2016. (US Mortgage Insurance).

Private Mortgage Insurance (PMI) allows homeowners to purchase property with less than 20% down payment helping the lender with reducing risk if the borrowers default. When is it time to check if Private Mortgage Insurance is no longer necessary due to property values increasing? Checking with a real estate agent in your area or mortgage advisor can assist you in determine the value of your home and whether or not it’s time to drop the extra money on your payment every month.

Removing Private Mortgage Insurance

The Consumer Finance Protection Bureau states these important criteria need to be met before dropping PMI:

  • Your request must be in writing.

  • You must have a good payment history and be current on your payments.

  • Your lender may require you to certify that there are no junior liens (such as a second mortgage) on your home.

  • Your lender can also require you to provide evidence (for example, an appraisal) that the value of your property hasn’t declined below the original value of the home. If the value of your home has decreased below the original value, you may not be able to cancel PMI at this time. 

Borrower are eligible to remove PMI if the value of their home has reached 80% loan to value. Checking in with a real estate or mortgage professional can assist homeowners in determining eligibility for refinancing to a conventional loan, saving hundreds of thousands of dollars.

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Take the guesswork out of your Home Value. Inquire with your mortgage professional that has the tools to estimate the value of your home. A FREE service we offer our customers. Remove Private Mortgage Insurance if the value of your home has increased to at least 80 percent loan-to-value.


Home Value Estimator-Determine the Current Market Value of Your Home.

Home Value Estimator

Inquire for FREE today! Leave us an email with your home address. Click here.

Home Warranty vs. Home Insurance-Do you need a Home Warranty?

75% of American Women report being their households usual meal preparer.  (2016, USDA)

75% of American Women report being their households usual meal preparer. (2016, USDA)

According to a survey completed by the USDA which began in 2014 and completed a few years later, Americans spend an average of 37 minutes preparing and serving food and cleaning up in their homes. Increased usage of appliances requires more maintenance and upkeep for longevity. A Home Warranty may assist in curbing a large immediate expense on the household budget. Read full report here. Is a Home Warranty better to purchase before closing on a home purchase or after? We review Home Insurance questions below.

First American Home Warranty Insurance offers the following information on the differences between a Home Warranty and Home Insurance:

Home Warranty-protects many of the home systems and appliances that you rely on daily. When these systems and appliances inevitably fail over time due to normal wear and tear, a home warranty will pay to repair or replace them. You will pay a service fee each time you request service, which ranges from $50 - $100. 

Home Insurance-is usually required by your mortgage lender and protects the structure of your home against risks such as damage from severe weather and theft, secondary damages resulting from some system and appliance failures, as well as protecting you personally from liability in the event that someone is accidentally injured on your property. Each time you make a claim on your home insurance you pay a deductible cost, which is commonly $500 or $1,000. 

Disclaimer: TRU Financial Services encourages our buyers and borrowers to purchase Home Warranty Insurance when buying a home.

Home Warranty 101

Where to Find Home Shut-Off Valves

Top 10 FAQ’s On A Home Warranty

Top 10 Home Warranty Facts

No obligation, free quote. Inquire with us on protecting your appliances and items you rely on the most. Click here.





The New UltraFICO Score-How it Affects Your Credit

New UltraFICO Factors in Your Bank Accounts

New UltraFICO Factors in Your Bank Accounts

If you’ve ever wondered why your bank accounts: checking, savings, money markets are not taken into consideration when reviewing your credit score, they may be wrapped into your credit profile now with Experian’s new UltraFICO Score meant to include behavior patterns of borrowers which include not over drafting on your checking account and managing your money. It’s said to be particularly relevant to consumers with 500-600 FICO Scores and to help elevate the scoring to include behavior patterns that have not been integrated into the scoring system.

Experian, FICO and Finicity have teamed up to help boost borrowers with lower credit scores that may not have credit or are repairing credit. This could be a game changer moving borrowers from not qualifying for Fannie Mae and Freddie Mac loan programs to eligibility. Click here for full report.

YOUR CREDIT SCORE MATTERS

Your credit score matters. It effects the loan programs and interest rates available to you. The Fair Isaac Corporation scores are used by many lenders to determine everything from your credit cards and auto loan interest rates to a home purchase. So, what a good credit score?


Most Americans have a Good or better score giving them the opportunity to access competitive interest rates. However, a bankruptcy, low or no credit, derogatory reporting such as late payments, repossessions, and defaults can derail credit scores. The UtraFICO claims to assist borrowers that may struggle with these issues by factoring in the way they manage their bank accounts. An example is having a $400 balance in checking and a history of no overdrafts could increase the FICO score and bring the potential borrower eligible. The program is set to roll out mid-2019. More information can be found on the Experian and FICO websites.

Housing Shortage Continues to Plague Buyers

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As we continue to adjust to Daylight Savings, the adjustment to low inventory remains as buyers are left with fewer home selections at higher prices. Click here for chief economist, Mike Fratanoni of the Mortgage Banker's Association synopsis on Squakbox. Adding to this already plaguing situation is stagnant income growth, knocking homebuyers down even further. 

3 Ways to Stand Out on a Purchase Offer and WIN!

  1. Pick a GREAT agent. Not a good agent. A great one. Someone who understands everything about your home purchase. From the pre-approved amount to the time frame and beyond.Strategic planning and communication are key.
  2. Provide pictures and a write up about you, your employment and family. Strike an emotional nerve with the seller. Draw on their emotions. Pitch yourself and your love for the neighborhood, freeway access, proximity to grocery shopping, cafes, hikes, etc. 
  3. Pre-approval or Approval with TBD. Imperative. No questions asked. Be pre-approved or fully approved with a To Be Determined on the address. Many lenders will do this and WANT your business. Handle it no matter how crappy providing all your tax returns and bank statements seems. It's one of the main points to win the deal.

 

Stretch your buying power with an ARM loan. If you don't know if this is the forever home or even if it is, look seriously at an ARM loan. The lower rate could save you hundreds of thousands in interest, paying down the principal faster and refinancing (if it makes financial cents) to reduce the rate and term. We offer free mortgage consultations. 

2018 Top Trends in Kitchens-It's not what you think!

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Clutter Free Counters

The #1 2018 kitchen trend according to a Houzz study, reported on Builder. Is it possible to maintain and still find storage? The study by Houzz outlines kitchen trends homeowners are incorporating into their kitchen designs and remodeling. Take a look at some stats below:

Kitchen Storage

With Clutter-free space, where's the storage? Trends in storage for high functioning, high traffic kitchen might opt for designs like those made by Wellborn. I haven't used Wellborn myself, however, according to the website, it's a family owned and operated business. There are 6 lines of products includes Home Concepts, Premier, Estate, Elegant Bath, and Wellborn Closets. There is also a creative element for the DIY'er in the Estate Collection. Beautiful solutions for much-needed storage in busy households. Contact the company on their site for sales options.

Cleaning Products for Quartz

According to the Houzz survey, a whopping 43% of homeowner's prefer engineered quartz. Cleaning quartz isn't hard once it's been sealed. Bob Vila, TV personality, quartz care is as simple as wiping with a mild, non-abrasive cloth and dishwashing detergent. He recommends non- abrasive sponges and surface cleaners for a deeper clean. Though quartz will resist permanent stains from wine, tea, etc. he suggests not placing heat about 300 F on it or using it as a cutting board. Drastic changes in temperature can break down the resin found in quartz. Knife slices will leave marks!

Easy Made from Scratch Food Dishes

The survey reports 48% of homeowners prefer cooking from scratch. I'm in this category. Cooking is my jam. I love it. I'm plugging Ina Garten, aka Barefoot Contessa not because I'm getting paid (nada, nothing) I really love her recipes. I watched all of her Food Network shows when my daughter was first born, but she really hooked me when she signed her Back to Basics cookbook my mom bought me for Christmas years ago. So exciting! Ok, enough girl gushing, her cookbook, How Easy is that provides lots of homemade dishes that taste and look like they were professionally cooked. Combining both is the dream. Quality, substance, and sustenance. I do also use All Recipes (old fashioned pancakes, yummy!) and I use Food Network. They both offer a variety of options for Quick and Easy Meals. I'm also a huge fan of the crockpot. I cook our chicken in it for Taco Tuesday (Every week. Meal planning saves me from hangry kid and spouse). I will share my secret ingredient in another post. 

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3 Ways to Boost Your Credit for a Home Loan

Credit

We know credit is important and essential to financing. Lenders place a significant weight on past, present and future credit. What do lenders look for when determining creditworthiness? They take the middle credit score from the three credit bureaus they pull from. It’s the number, lenders use to gauge the 3 C’s:

        Character
  
        Capital
    
        Capacity    

 Breaking these down, it makes financial sense why lenders delve into your
 personal information to better understand their return on investment (ROI).

Character-Defined by the author, Mohamed Ayed, “May your character preach more loudly
than your words”. Lenders are looking at your credit history to
determine your ability to repay and at the likelihood of default. Questions
they are using may include the following:

  • Are your payments made on time?
  • How many revolving (credit cards, lines of credit) and installment loans (auto, unsecured personal loans) accounts are in your name and how long have payments been made?
  • What is the length of employment at your current job?
  • Have you lived at the same address for 2 years?
  • How long has your credit file been in existence?

How do you boost your character and credit rating? For starters, get a copy
of your annual credit report for FREE. Click here. You can view your past
and current credit history and begin to fix any items lenders may find
character worthy i.e. late payments and high balances on revolving accounts to name a few.


    Download our E-book: $0 Down Payment Home Loans

 

Capital-Show me the money. The lender reviews assets such as liquid assets: checking, savings,
money market, CD, stocks/bonds and mutual funds. Is there a property that
will secure the loan? The capital reflects the investment you will
contribute to a purchase and contribute to the down payment and closing costs.

 Capacity-Lenders review your current employment and income sources. They
 are looking to verify you can repay the loan and have set a debt-to-income
 ratio factor to determine eligibility. It’s important to understand your
 salary and likelihood of future employment, your current debts and expenses
 and financial accountability.
 

E-book: How to Boost Your Score for a Better Interest Rate

 

What if you need to dispute items on your credit report? All three credit bureaus
have a process of disputing items. Click on each one for the
dispute process, Experian, Equifax, and Transunion.

Talking with a mortgage professional that understands their lender
guidelines, products, and programs can assist you in building and re-building your credit for success and loan approval!

San Diego Market at a Glance-Fierce Competition to Purchase Continues

San Diego Summer Sunset   

San Diego Summer Sunset

 

As we head into San Diego's version of Fall, with humidity and heat still rampant throughout many parts of the county, the housing market continues to hold an advantage to sellers as buyers struggle with low inventory and a competitive market place with multiple offers. Interest rates  have remained steadily low, hovering around 3.75%/3.97%APR* for a Conforming 30 year fixed loan. 

Averaging less than 30 days on the market before active listings drop into pending with accepted offers, being prepared with pre-approvals, proof of funds and plenty of patience as buyers navigate the home buying process. What can buyers do heading into the San Diego housing market?

Preparation is Key: 

Dot your I's and cross your T's. Obtain your mortgage loan pre-approval in advance. Gather bank statements that reflect your down payment and Earnest Money Deposit (EMD). If a family member is gifting you funds, have the Gift Letter from your lender ready to go. The competition is real. Cash is King. Buyers with financing need to be ready and organized to compete.  

Research:

Understanding the demographics, housing statistics and other variables is vital to your offer. Working with a real estate agent that can explain and negotiate on your behalf can have an impact on your offer. Communicating with your agent is really, really important. Be clear in your budget and wants vs. needs list. 

Credit: 

Try to keep purchases to minimum and refrain (as best you can) from obtaining new credit. Additional paperwork, Letters of Explanation and other items may be needed to determine your eligibility once new credit has been obtained or credit card increases are made. The lender is looking at your debt and income and calculating it on a ratio. Depending on the loan, it can be quite conservative. Make your current payments on time. 

*Rate and APR based on today's interest rates September 19. 2017. Not all borrowers will qualify. Rates subject to change. 

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Loan Land-Here's how it's looking

Hovering in the high 3's and low 4% range today as we await the Federal Reserve announcement  and the impact on the market. My conservative approach to rates kicks in and I say lock at your comfort level and leave gambling to the casinos. 

We offer free, no cost or obligation market information. Email the city within San Diego and we send you the stats.

Equifax Hacked: 143 Million possibly affected, are you one of them?

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The data breach at Equifax has many folks up in arms and rightfully so. 143 million adults in the country may have been affected by hackers. What happened?!! Sometime between May and July, Equifax one of the top three credit service providers, had thieves access social security numbers, addresses, birth dates and in some cases, security code questions. What's even more troubling, is the company's response, or lack thereof. They've not been real clear on what they're doing to handle this debacle and aren't doing us any favors by contacting us directly via phone, mail or email if we have in fact been hacked. They are currently directly consumers to a website to identify if their personal information was compromised. You can access the website on Equifax's home site, however, you will be asked additional security questions. If you're not comfortable releasing more personal information, see below.

EQUIFAX CREDIT HACK-WHAT CAN I DO?

  • Pull a credit report for free through Free Annual Credit Report.  This is a free personal credit report that provides detailed information on your personal credit profile and is not an inquiry on your credit report.
  • Contact your credit card company. Most credit card companies typically have a fraud alert service that will email, call or text your regarding any unusual activity. You can view your transaction history and set up alerts for purchases. Inquire with your them on additional safety features to protect your credit.
  • Contact your bank, check your bank statements, and all other personal documents to verify fraud has not occurred on your accounts.

Check out NBS News video on the hack below: