The Cost of Renting Vs. Buying a Home [INFOGRAPHIC] Some Highlights The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise. This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power. Let’s connect if you’d like expert…

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Mortgage Rates & Payments by Decade [INFOGRAPHIC] Some Highlights Sometimes it helps to see the dollars and cents you’ll save when you purchase a home while mortgage rates are low. Today’s low rates mean it’s less expensive to borrow money, so the savings over the life of your loan is significant. Let’s connect to determine…

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Mortgage Rates Hit Record Lows for Three Consecutive Weeks Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below): What does this…

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How to Obtain a Good Appraisal…. The business of appraisals has changed since I started my real estate career many years ago…. especially when the Dodd-Frank Act was enacted in 2010 which I wrote about in a previous blog “Appraisal Scoop 2012“.  The essence is that real estate agents and lenders can no longer contact…

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Interest Rates and House Prices Last week’s jump in mortage rates was the largest jump in 26 years from 3.98 to 4.46 – while adding to the cost of buying a home in San Diego. If you didn’t catch the article…. below, the Union Tribune’s housing panel discusses the rate increase on the local San…

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Down Payment Options on Buying a Home Finding the right balance between a down payment and a loan amount may not be as hard as some buyers think. Many first time home buyers need to save for this first step while others who are looking to buy for a second or third time might already…

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What is Escrow? In order to obtain home financing and have a home loan funded, a buyer must go through a process called Escrow. In California, an escrow is “closed” on the day that the grant deed is recorded in the official records at the County Recorder’s office. The moment the grant deed is date-stamped…

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PMI allows low down payments for home buyer Any time you are financing a loan that is higher that 80% (Loan-to-Value) Private Mortgage Insurance  (PMI) is required and, in more familiar words, if your down payment is less than 20% of the home sales price. So what exactly is Private Mortgage Insurance? Private Mortgage Insurance is…

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Credit Score Tips Short-selling your home may be a way to lift a financial burden off your shoulders and the credit effects of a short-sale are definitely negative, but they can be corrected. When repairing your credit there are five factors to consider:Payment history, amounts owed, length of credit history, new credit and, types of credit…

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FHA relax rules on Condo Certification The FHA has given encouraging news to condo owners by relaxing the rules for condo certification that have caused thousands of buildings across the country to lose their eligibility for FHA financing. The revised guidelines, that were issued September 13 and took effect immediately should make it easier for…

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