Archive for the 'Real Estate News' Category
***Open House This Sunday, 8/22 from (1-4) ***
Posted by Nancy Canfield | Leave A Comment »
“On a clear day you can see forever…” This is one of those homes where you
“Buy the view, and we’ll throw in the home.”
Gracious home located at 12242 Paseo Lucido #E with Bernardo Heights Golf Course view from your patio. Highly upgraded 4 bedroom, 3 bath home is 1,939 square feet in a family friendly neighborhood. Built in 1985, the lovely complex of Fairway Vista is beautifully landscaped with mountain views, 3 patios, on cul-de-sac, with it’s own complex pool and spa.
Bedroom on the ground floor would suit nanny, company or other house guests. Upstairs, Master Suite has its own sitting room, fireplace, and seemingly endless views to the mountains. New granite and cabinets in kitchen, high quality plantation shutters throughout, new dual pane windows, vaulted ceilings, skylight, formal dining, breakfast nook, fireplace in the living room. Two car attached garage with floor to ceiling cabinets, provides excellent storage.
Open house this Sunday, August 22, from 1-4 pm!
Love to entertain?
Home ownership here means membership to the Bernardo Height Community Center http://bernardoheights.org/). With it’s Pool, Spa, exercise room, tennis courts, clubs, and so much more. Feel like a quick dip? Fairway Vistas has it’s own pool and Jacuzzi just a few doors from this home.
View the virtual tour at:
http://flyingreal.com/12242PaseoLucido/
For more photos and details, Please visit Nancy Canfield at www.NancyCanfield.com
call 619-871-9333, or email: ncanf@san.rr.com
Related Posts: Buyers, Real Estate News, San Diego, homes for sale
Shopping for a Home Loan – Be Sure to Compare Apples to Apples
Posted by Paul Gonzales | Leave A Comment »
You’re a smart cookie, so you called five different lenders and “shopped” for your home loan. If you are like most folks, you asked “what’s your rate?” and each lender tossed you a quote. What’s your next move – do you go with the guy that quoted you the lowest rate? You probably shouldn’t and here’s why – you didn’t ask enough questions, and probably didn’t speak to all of them on the same day.
Interest rate quotes by themselves literally mean nothing. This is because, all other things being equal, you can get a lower rate by paying ‘points’ or other closing costs. On the other hand you may reduce or even avoid those extra expenses by accepting a higher interest rate. The problem you have when you ’shop’ is that each lender may be simply tossing you an interest rate without explaining what it will cost you to get it. They simply want to take you off the market with whatever you want to hear – they’ll clue you into the full picture later.
Your job is to get the full picture right up front! Here’s how:
- be very specific about the kind of loan you want (30 year fixed, interest-only payments etc.. Rates very depending on the type of loan you are seeking)
- When they quote you an interest rate, ask them if that particular rate requires your payment of any discount points, an origination fee or application fee.
- Also ask what the Annual Percentage Rate (APR) is for that particular quote (see below for more information on the APR)
- finally, ask them to give you an estimate of your final and total closing costs including an appraisal and credit report
The Annual Percentage Rate (APR)
In addition to the interest rate being offered, the APR takes into account the costs necessary to actually get that rate. It does this by mathematically spreading those costs over the life of the loan (say 30 years) and treating that cost as an added interest burden. For example, if you are quoted a rate of 5.50% for a 30-year fixed loan of $300,000 and the total costs incurred to get that loan are $2,700, the APR might be 5.58%. This device is intended to help you better compare quotes from different lenders. If you talk to two different lenders about the same loan and each one quotes you the same interest rate but different APRs, you might conclude that the lender quoting the lower APR is estimating a lower closing cost figure. On the other hand, if one lender quotes a lower interest rate than another lender, but both APRs are about the same, the lower rate may involve paying discounts points that the second quote doesn’t incur.
A final word about interest rates
Mortgage rates for all lenders are subject to the frequent and rapid changes in the financial markets. They can (and commonly do these days) change literally hour-by-hour, much as the stock market does. In recent months we have actually seen interest rates on mortgages rise and fall as much as a half of a percent in the same day. The point is that if you are leisurely “shopping” for the best deal over a period of several days or weeks, your information has already gone out of date and you have no basis for a sound comparison.
The key is to recognize that rates alone are only half the picture. You also need to know the costs involved in getting those rates and talk with lenders preferably on the same business day, so you can compare “apples to apples”, instead of “soup to nuts”. The bottom line, however, is still choosing to work with a lender whom you can trust and who will work hard to get you the best interest rate-and-cost package you can qualify for. And that may definitely not be the the person tossing out the lowest rate of the day!
Paul Gonzales, Countywide Mortgage Lending, (760) 746-7388 or email at paulforloans@aol.com
Related Posts: Buyers, CW Mortgage, Home Loans, Interest Rates, Mortgage News, Real Estate News
BEWARE! The Type of Property You Choose May Affect Your Loan Approval!
Posted by Paul Gonzales | Leave A Comment »
Most people know they need to look their best when trying to get approved for a mortgage. Like brushing our teeth and combing our hair for a family portrait, we know that our credit scores, job history and general financial health are important. (To see how to avoid common pitfalls after you have been approved for a loan, see my recent post Your Loan is Approved! Now Avoid These Four Pitfalls That Can Really Ruin Your Day).
However, did you know that the type of property you choose may also have a major impact on your loan approval? If not, dear reader, then Press On!
Let’s say you start out thinking you’re looking for a cute house with a white picket fence. But then you begin to see different options. Let’s see how those choices may change, limit or even eliminate your financing options:
A Planned Unit Development, or PUD
A what? They look like a regular house, but are part of a large, master-planned community. Most homes built in recent years by major builders are PUDs. This property choice invariably comes with a required membership in a Home Owners Association (HOA). The monthly HOA dues can commonly run into the $200 to $400 range, especially in Southern California. This will reduce the amount of financing you qualify for because it will be included as part of your debt-to-income ratio.
Condominiums
- Non-Warrantable Condo Projects – This is a condominium that does not have official Fannie Mae or FHA approval (required to get financing from these agencies)
- Condo Conversions – These are condos that started life as apartments and then were converted to condominium building codes. Most are OK, but a few may be little more than cosmetically-enhanced apartments. Again, look for that all-important Fannie Mae or FHA approval on the project
- High-rise Condos – commonly defined as a condo above 4-stories tall. Some lenders won’t do mortgages on them
- Those ubiquitous HOA dues will change your qualifying debt/income ratio
Manufactured and Modular Homes
This can be a tricky area with regard to financing. These types of homes are partially built and assembled in a factory and then moved to the property site where they are permanently affixed to the land. Such homes manufactured in recent years can look like a traditionally-constructed or site-built home except to the most discerning eye (like an appraiser). However, lenders definitely make the distinction and the types of loans available to purchase or refinance this type of property are quite limited, especially in the current financial markets. Where available, a mortgage on this type of property will likely require a greater down payment. Options such as interest-only payments will be almost impossible to find. While this type of housing can be ideal for the right Buyer, be aware that it will limit the financing options for you now, and most likely for the next person looking to purchase it (from you)
Large or Unusual Properties
This one can catch you by surprise. A common example might be a home built on 18 acres of land. Regardless of how big or nice the house is, a large tract of land may actually dominate the total value of the property. Conventional mortgages are intended to finance residential property, not land. As a result, some lenders will limit the maximum size of the property they will finance; 5 acres is not uncommon. Other lenders will allow larger acreage but will require the appraisal to consider the value of the improvements (house) and limit land value to 5 acres. Another issue can arise if the property includes improvements other than what is common to residential property. Examples might be a home on 4 acres that includes 300 avocado trees, or a duplex where 1 of the 2 units actually houses a business such as a barber shop. These properties may be viewed as commercial or mixed-use in nature, rather than residential.
Multi-Family Property (Duplex, Triplex etc.)
Conventional financing is still widely available for 2 to 4 family properties. However, recent changes in the mortgage markets have tightened a number of requirements to qualify for financing on these property types. Examples include larger down payments, higher credit scores, higher interest rates and more conservative debt-to-income ratios.
The important point to draw here is that one size does not fit all when obtaining financing. It’s best to have a reasonably clear idea of the type of property you are seeking to purchase before you obtain loan approval. And if that idea changes, be sure to let your mortgage professional know as soon as possible. That will avoid unpleasant surprises and assure that your approved financing will work for the home of your dreams!
For questions about matching your loan to your home, call Paul Gonzales, Countywide Mortgage Lending at (760) 746-7388 or email me at paulforloans@aol.com
Related Posts: CW Mortgage, Find A Home, Home Loans, Mortgage News, New Homes, Real Estate News, homes for sale
Puzzled by Real Estate Lingo?
Posted by Nancy Canfield | Leave A Comment »
Puzzled by the various Descriptions of Properties when you are searching?
Here are the current Definitions of Residential Styles from Sandicor, which should make searching a bit simpler.
Detached:
Neither the residence nor any attached garage shares any wall with another property. This category also includes zero lot-line properties. The residence and/or attached garage is separate, disconnected and shares no common façade, roof or exterior wall.
Twinhome:
One of only two units attached by a single wall, façade, ceiling, roof or garage.
Townhome:
One of 3 or more units attached horizontally; each unit is typically 2 or more stories, but can be single story; no unit located above or below the subject unit; can be attached on one or two sides, but not on three sides; typically would have a front entrance and access to a yard or patio at the rear or side of the unit.
Row Home:
One of three or more units that are attached by a façade, roof or walkway.
All Other Attached:
An attached unit that does not fit the definition of Twinhome, Townhome or Row Home. Is typically part of a larger building with units above, below or on three sides. This style is meant to convey the characteristics of the building not just the unit listed. The “Unit Location” field gives additional info about the specific unit. For example, if the subject property is a penthouse or end unit attached at only one wall but part of a large multi-story building, it should be placed in the All Other Attached category.
Manufactured Home:
Includes all homes which were constructed in substantial or in part at a location other than the final property address. This category is independent of whether “real estate is included”, the property is on a foundation, HCD documents have been filed, the form of ownership, or the property is on the tax rolls.
Modular Home:
Modular homes are built in sections at a factory. Modular homes are built to conform to all state, local or regional building codes at their destinations. Sections are transported to the building site on truck beds, then joined together on site. Local building inspectors check to make sure a modular home’s structure meets requirements and that all finish work is done properly.
Any Questions? Please Contact:
Nancy Canfield
ncanf@san.rr.com
www.NancyCanfield.com
(619) 871-9333
Related Posts: Agent Services, Area Information, Real Estate News, San Diego
Windermere Exclusive Properties Community Service Day Fair 2010
Posted by The Windermere Team | Currently 1 Comment »
Windermere agents in more than 400 offices and 10 states took the day off to GIVE BACK to their communities for the 27th year in a row! Windermere Exclusive Properties of San Diego used the day to to host a full blown Community Service Day Fair!
Enjoy this video tour of our day in the community.
Charities helped: San Diego Community Resource Center, Interfaith Community Services, San Diego Bone Marrow Donations, Rady Children’s Hospital, E-World Recyclers, Child ID Services, American Red Cross Blood Bank, Helen Woodward Animal Center, Leez PJ’s 4 Kids,Family & Friends Community Connection, Shred-It, and more!
Related Posts: Activities & Events, Agent Services, Community Service, Just for Fun, Lifestyle, Real Estate News, San Diego, Windermere Agents, WindermereSanDiego.com, windermere foundation
