For properties priced between $500,000 and $726,000, only a 5% down payment is needed, and some loans are only 3.5% down payment. For properties priced at $500,000 and below, there are several loans with only 3% down payment required. Some of these are offered with a credit toward the full appraisal cost. With so many different programs, it can be … Read More
Flash: BIGGER Drop in Mortgage Rates!
In my last newsletter I highlighted the drop in mortgage rates. Well, this past week rates dropped even more. We are now at levels not seen in at least two years. If you were looking to buy a home and were not qualified, you might be now. Refinancing might help you save thousands of dollars a year. Please give me … Read More
Improving Your Credit Score – Avoid These Mistakes
Don’t Close Credit Card Accounts. This reduces your combined credit limit and will make your relative debts appear higher. Don’t Max Out or Over Charge Credit Card Accounts. Try to keep your balances below 40% of their limit during any loan process. Pay down balances if possible. Don’t Consolidate Your Debt. When you consolidate all of your debt onto one or two credit … Read More
Home Appreciation Slows
Home prices seem to still be rising but at a much slower pace. Zillow predicts prices will rise about 3% over the coming year. Median price of a home in LA County is $623,800, with LA City being $694,200.
Big Drop in Mortgage Rates
This past week mortgage rates had the biggest weekly drop in a decade! Rates are now nearly a half percent lower than they were last year. Homeowners, call me to see if refinancing will lower your payment. Home Buyers, I can help you see if the home you want is now affordable with lower payments.
Make More Money on Your Savings Account
Most banks, credit unions and brokerage companies offer pitifully low rates on your savings accounts. You often have to squint to see if there is any digit beyond the decimal point and the zeros. CD’s have other restrictions. I like (and use) this idea: Put your money in a short-term U.S. Treasury bill (T-Bill). You can set this up easily … Read More
Real Estate Market and Mortgage Trends
Median value of a home that sold in the city of Los Angeles at the beginning of last December was $686,500 (according to Zillow.) With the small amount of homes for sale I expect prices to hold firm if not increase a small percent over the next year. Fortunately, interest rates have retreated to levels last April. This is good news. … Read More
Savings on Insurance for homeowners and renters
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.