For homeowners: If you raise the deductible on your insurance from $500 to $2500, it could save you $200 a year if you have a high value home. Plus, you won’t be tempted to make minor claims that could lead to a rate increase. For renters: Did you know that your landlord does not cover any losses of personal property … Read More
Reverse Mortgages might be helpful
Most people reading this newsletter are not qualified for a reverse mortgage (you have to be 62 or older), but you might know someone who could benefit. Briefly, the borrower gets cash out of their home, does not pay for the loan, and still owns their home. It’s a great way for seniors to use the appreciation of their home … Read More
Opting out of receiving offers from credit or insurance providers
Are you tired of getting a continuous stream of credit card, insurance and other offers via email or postal mail? There is a site that allows you to opt out from receiving these offers. The site is maintained by the Consumer Credit Reporting Industry association and is free to use. To find out more go to their website at: www.optoutprescreen.com.
Home Sales and Mortgage Rates
Prices went up 6.4% in the City of Los Angeles (according to Zillow). This is pretty much the same for all Southern California metro areas. Are home prices finally peaking? It’s hard to say. Zillow still predicts another 5.8% increase in the next year. With rising rates, and reported falling home sales, this prediction might be a bit optimistic. Still, … Read More
Low-Cost Home Improvements for Homeowners
These improvements that almost pay for themselves in resale value: New paint in neutral tones (gray, beige, or a mix of the two) can add actually add thousands to sale value. Hardwood floors, though more expensive than carpeting, look more elegant and are less likely to show dirt and wear. Again, a value booster. Replacement, energy-efficient, windows can save in … Read More
What’s Happening With Mortgage Rates
For both buyers and those seeking cash, mortgage rates are important. Mortgage rates have gone up and expected to continue to rise over the next year. As the economy improves, the Federal Reserve (Fed) raises short-term rates from their unusually low level to get back to a “normal” rate of interest. The Fed just raised those rates a quarter percent … Read More
A HERO might be a Zero for you
A HERO is a Home Energy Renovation Opportunity loan, sometimes known as PACE (Property Assessed Clean Energy) loan. These loans give homeowners access to 100% financing for energy-efficient, renewable energy, and water-conserving home improvements. It is a fixed-rate loan paid through an extra charge on the property taxes. While the HERO loan makes it easy to finance things like solar … Read More
Tips to Protect Your Credit
Hello, and Happy New Year. In this newsletter I’ve tried to give the best estimate for the housing and financial scene for 2018 and included some information on protecting your personal financial information. With the economy and employment strong, the national housing market is expected to have a good year. However, in higher-priced cities the increase in home prices is … Read More
Should You Get Credit Life Insurance to Pay Off Your Mortgage?
A borrower asked me whether or not they should get credit life insurance to pay off their you get a mortgage in case of their death. Many lenders offer this for an added amount to your monthly mortgage payment. I don’t offer insurance of any kind, but have some thoughts on this. Here are the pros and cons. Pros: Credit … Read More
The Current Real Estate and Mortgage Outlook
While it might seem that prices can’t go any higher, they still are rising. The California Association of Realtors reports that the median home sold in Los Angeles County was about $566,000 in July. That’s up over 10% from a year ago. Los Angeles County showed a higher increase than any of the other southern California counties. Will prices keep … Read More