Archive for the 'Home Loans' Category
SSFG: Veterans Affairs Loans: Get the Word Out
Posted by Russ Schreier | Leave A Comment »
by Russ Schreier, Director of Sales at Samuel Scott Financial Group
Veterans Day is a few weeks away, but that does not mean we should wait to thank veterans of the United States Armed Forces for their service and sacrifices.
We all know at least one person who has served to protect the liberties that we all hold dearly in this country. But the reality is you probably know more than one veteran. They come from all walks of life, backgrounds, and professions. In fact, there are 22.8 million veterans in the United States and 253,000 in San Diego County! Roughly 1 out of 12 people you know is a veteran, and thus likely qualifies for Department of Veterans Affairs (VA) benefits. Among those benefits is assistance in obtaining a home loan through the VA Home Loan Program.
Sadly, many veterans do not know all of the benefits of having a VA loan. One major benefit is that qualifying veterans in San Diego County can get a loan of up to $537,500 for zero down. What they might not know however, $537,500 is not the ceiling when it comes to the amount of money one can get from the VA. By simply putting some money down a qualifying veteran can receive much greater loan amounts. For example say there is a $1,000,000 home that a veteran is looking to purchase. If they were to put $115,625 down on the house (that is just 11.5 %!) they would be able to receive a VA loan for $884,375. Most jumbo loans today require a down payment of 20%. Imagine how beneficial it would be to this Veteran to save $84,375 on the down payment!
Another major advantage of the VA loan is its low interest rate of around 4% on a 30 year fixed. Let us again look at the veterans million dollar home. His monthly payment would be roughly $4222.14 a month. Compare this to an equivalent Jumbo loan of 5% with a monthly payment of $4747.52 a difference of $525.38. Over the life of the loan the difference is $189,137! To a veteran 1% might not sound like a huge difference, but it takes merely minutes to inform them of this simple benefit that can save them tens even hundreds of thousands dollars.
Now going through basic training, deploying oversees, facing life or death situations routinely, and serving our nation is a lot to ask of these young men in women. In return, the least we can do is aid them in settling down, starting a family, buying a home, or moving up to their dream home. We would all appreciate the help if we were in their shoes. According to the philosopher Francis Bacon “Knowledge is power.” Well if this is true we should provide veterans with the power to control their financial future by informing them of their VA benefits. If you are a veteran you can start by speaking with a Samuel Scott Financial Group loan professional or visiting our website (http://www.samuelscottfg.com ) to find out if you qualify and what type of paperwork you need to fill out.
If you are a real estate professional helping someone in their search for a home, ask them if they are a veteran and find out if they qualify for VA benefits. As previously mentioned 1 in 12 Americans is a veteran, thus the answer is going to be “Yes” a whole lot more often than you would think. You may not realize it, but that man who is looking for his retirement home might have served in the Air Force when he was 18. That mother of two young children served in Operation Iraqi freedom. They don’t maybe always fit the mold for what you think a veteran looks like, but that is what made their commitment and sacrifice so important. They are just everyday people who answered their call to duty. Now they are looking for a home and it is our duty to help them do so. After everything they have done for our nation, they deserve all the help we can give them.
Related Posts: Buyers, Home Loans, San Diego
Open House @ the Ocean in Solana Beach Saturday October 22nd 12:30 to 4p.m.
Posted by Nick Bednorz | Leave A Comment »
Located @ 707 Sierra Ave South in Solana Beach CA 92075 Offering Price $649,500Not a foreclosure or Short Sale.
Real Sellers. Real Motivated
Owners want out of Property Management
Extras and Upgrades Include:
- Travertine Floors throughout
- Stone Countertops in Kitchen & Baths
- Bathrooms have been Upgraded
- 2-master suites
- 2 1/2 bathrooms
- 1 bathroom in each bedroom plus 1/2 bath for guests
- vaulted ceilings
- southerly view from living room,kitchen & Dining Area
- pool
- gated beach access
- small intimate complex with only 30-units
- Short Walk to Del Mar Race Track and County Fairgrounds
- Near Cedros Design District, Restaurants and Entertainment:
- Brigantine restaurant
- Belly Up
- Fletcher Cove
- Schools
- View other homes @ www.nickbednorz.com
- open this link to view MLS sheet Residential Client Full (All Pages)
- Click this link for virtual Tour
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The Interest Rate Impact…It’s Bigger Than You Think!
Posted by Lisa Herndon | Leave A Comment »
Why is now a good time to buy a home? The answer may not be exactly what you think! Sure, home prices are down, making that home you had your eye on a few years ago much more affordable. Even more significant though is the drop in interest rates. For months we’ve heard reports that interest rates are “nearing all time lows” but last week, interest rates hit their all time low at a little over 3.75%.
A lot of people I meet and clients I’m working with to help buy a home ask me, “shouldn’t we wait to see if home prices continue to drop?” I also hear, “I’ve heard that we may be in for another housing price dip…shouldn’t we wait?” My answer: If you want to pay more for your home, wait to see what happens with home prices! Now this might be opposite of what you expected and it does not mean that I think home prices are going to begin rising dramatically. It means that home buyers should take advantage of the low interest rates while they last. They are MORE significant than the price of the home.
Do you know that a $600,000 home will cost you approximately $130,000 more over the life of the loan for every point of interest? For example, the difference between a 4.25% interest and 5.25% interest rate (both of which are fantastic) will cost you approximately $130,000 amortized! Sure, we may see home prices go down a bit more, but why risk $130,000 while you wait for the price to drop $10,000 or $20,000? To break it down further, the same $600,000 home will cost you approximately $362 per month more for every 1% increase in interest rate. Compare this to the approximate $100 per month savings for every $20,000 in home price reduction. Bottom line: If you are waiting for that $600,000 home to drop to $580,000 to save $100 per month, if interest rates rise, you will be paying much more for your home, not less! Interest rates are sure to begin rising again at some point. The average interest rate historically is 9%. We’ve hit the “all time low” already and rates are still great! Take advantage of it!
Lisa Herndon is a licensed Realtor proudly serving the San Diego, CA area. Please visit www.SanDiegoGreatHomes.com for more information and to learn about working with Lisa to help buy or sell your home!
Financial information provided by Mark Robertson with Samuel Scott Financial. For more information about Samuel Scott Financial, visit http://samuelscottfg.com/mark.htm
Related Posts: Agent Services, Area Statistics, Buyers, Financial news, Great Real Estate Deals, Home Loans, Industry Updates, Interest Rates, Market Trends, Mortgage News, San Diego
Countywide Mortgage Update: Buy Your Home with 3% Down and No Mortgage Insurance!
Posted by Paul Gonzales | Leave A Comment »
Not a bad deal! The key is purchasing a property owned by Fannie Mae through it’s HomePath program. These homes are eligible for special financing terms that are available no where else.
Financing Benefits to You
- 3% down payment – can be your own funds or a gift from a qualified person or organization
- No mortgage insurance (unlike FHA financing which requires both up-front mortgage insurance (MI) premiums and also monthly MI payments)
- No appraisal required – that’s a biggie, just ask your real estate agent!
- The Seller can also contribute to your closing costs
There are many HomePath properties available in the San Diego and Riverside county areas. Contact your local Real Living Lifestyles agent (WWW.RLLIFESTYLES.COM) for information on HomePath homes available in your area. I’ll be happy to discuss your HomePath financing options with you as well!
Paul Gonzales, Countywide Mortgage Lending (760) 746-7388 paulforloans@aol.com, NMLS #CA-DOC290493
Related Posts: CW Mortgage, Escondido, Financial news, Great Real Estate Deals, Home Loans, homes for sale, Mortgage News, Real Estate News, Real Living, Real Living Lifestyles, San Diego
Countywide Mortgage Update – Higher Mortgage Rates and Lower Loan Amounts Coming Soon?
Posted by Paul Gonzales | Leave A Comment »
HEADS UP! The cost of real estate financing may be going up, and the size of cheaper loans may be going down – all very shortly! Since I last reported on this in April, the Federal government has done nothing to change either of these two prospects.
Higher Rates
On June 30th the Federal Reserve is scheduled to end its subsidy of interest rates including mortgages, by terminating its purchase of U.S. Treasuries. While arguments abound about whether this program, known as “Quantitative Easing” or “QE2” has helped or hurt the economy, many analysts are concerned that the ending of this program could put upward pressure on interest rates, particularly mortgage loans.
More Costly Loans
The current “jumbo” or high-balance loan limits for both conventional (Fannie Mae and Freddie Mac) and FHA loans are scheduled to be rolled-back to considerably lower loan amounts on October 1st. The Obama Administration has signaled that it does not intend to press Congress to extend the current (higher) loan amounts beyond that date. This may not be an issue in the Midwest but could impact real estate markets such as Southern California. In San Diego County that will likely mean the maximum conventional and FHA loan limits could drop from $697,500 to below $600,000 depending on what formula HUD uses to compute the new lower limits. Loan amounts above the new limits will fall into the more expensive, higher interest rate and tighter underwriting rules for true jumbo loans.
Home Buyer or Home Seller?
For either party with an interest in real estate today, these two events should prompt urgency in buying or selling that home. Whether you are shopping for or looking to sell that home, you may be well served by being proactive and getting ‘er done. Contact your Real Living Lifestyles agent today, get the facts and get moving now!
For more information – Paul Gonzales, Countywide Mortgage Lending (760) 746-7388 paulforloans@aol.com, CA-DOC290493
Related Posts: Area Information, Buyers, Coastal Living, CW Mortgage, Escondido, Home Loans, homes for sale, Interest Rates, Investment Properties, Lifestyle, Mortgage News, Real Estate News, Real Living, Real Living Lifestyles, San Diego
