Life Beyond Raising Children

As a mortgage lender and mother of two wonderful boys, Bryan (18) and Josh (14), life can become both hectic and routine, depending on the day. I enjoy working with my clients and seeing their home ownership goals become a reality just as much as I love watching our boys grow and reach new milestones. It has been fun over the years learning to balance work and my home life and I know that my family has benefitted from my commitment to both. As our boys are growing up, I have seen a shift in my time management as they need me less each year.

It is important for parents to rebalance as their children grow and find ways to take the time to nurture our own lives. Often as parents our children are the priority which is a beautiful blessing. But there comes a time when we need to refocus and make sure we are taking care of ourselves. Some people even manage to do this with young kids and I admire them greatly. I am learning more and more the importance of making myself a priority, which can be hard as a mother of two.

Find new hobbies.
Make it fun and do something you thought you would never like! What is the worst thing that happens? You hate it and never do it again? Well chances are you may actually enjoy it. I thought I would hate doing artsy things like ceramics and painting, but sure enough here I am returning to my Saturday night ceramics class, meeting new people and having a blast.

Get involved in your community.
This is one that I remained close to, even with children as they grow older I see myself finding new fun ways to participate.  Such as the Antelope CPAC (Antelope Planning and Advisory Council) and the Center Unified School District Bond Oversight Committee.  I am also active socially in the Ladies of Antelope which started about a year and a half ago so the women in our area had a place to connect and socialize with each other.  Even if you are just attending meetings or going to an outdoor community fair, making the time to do these things means that I am meeting new people and fostering fresh relationships.

Make a personal health commitment.
This is something we should all do regardless of where our lives are at. Most focus on physical health but lets not forget about emotional and mental health. Living a healthy life means less stress and more energy. For me as a mother I have found more time to make this a priority as my boys get older. I am now food prepping, finding time for myself at thy gym and also focusing on my emotional health, which has been an amazing experience. Self-love is something we assume we need to schedule. Sometimes it is a s simple as taking your coffee outside and walking around the block, or the river if you are near one. Sometimes self-love is a simple as just taking five breathes of fresh air without interruption.

As a mother this wouldn’t be fun unless I highlight my two boys. We adopted both our boys, Brian who is now 18 at 13 months and Josh who is 14 at six weeks. Brian is autistic and we have seen him grow and reach incredible milestones like teaching himself how to play guitar and also teaching all of us about the latest tech trends. His sense of humor always lifts our family and his autism has never been a something he has allowed to slow him down. Our younger boy Josh is an adventurous, gracious, empathetic and caring boy. With an autistic big brother brother, you can see how much he cares for all those around him no matter what their circumstances. His kindness makes me so proud. Josh just earned his second degree black belt in taekwondo and what makes me even more excited is his interest in helping the kids that attend his academy learn and grow.

Our boys inspire me to work harder and be a better person. I hope this sheds some light into what I am working on now that my children are growing up and also helps you think about how you can prioritize yourself in all that goes on around you. Carve out time for something fun. Be adventurous and do something you said you would “never” do. Who knows, maybe you’ll be like me and laugh at how much you love it.

Kathleen Beck – Mortgage Lender
2716 Broadway
Sacramento, CA 95818
916-722-0395
#LifeBeyondRaisingChildren #RaisingChildren #Children #Life #Hobbies #WorkLife #WorkLifeBalance #Balance #Harmony #Fitness #CommunityInvolvement #PersonalHealthCommitment #PersonalHealth #Health #Community #Involvement #HomeFinancing #TrustedLender #Mortgage #MortgageLoanProcess #Buying #HomeBuyer #Refinance #ConventionalLoan #FHALoan #VALoan #JumboLoan #PreQualifications #PreApproval #Borrower #HomeOwnership #Sacramento #BayArea #California #Mom #Mother
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Thinking About Buying A Condo?

The question of “should we buy a condo” crosses everyones mind, especially those who live in urban areas. A condominium is a building or complex of buildings containing a number of individually owned unit homes. Just like owning home, when you buy a condo you own it outright. But there are a few things that all interested condo buyers should understand before they decide to buy.

Understand the Home Owners Association (HOA) Rules
When you buy a condo, you’re also buying into the association’s rules. This includes monthly ownership fees, operating budget, liens and personalities that are included within your potential condo. Before escrow is closed you should receive documentation of all the HOA rules. If you want to hang things outside your home, plant a tree, park your RV at your home, you’d better check with the HOA first.

Condominium Fees
Condo’s have monthly fees that are charged to each resident and cover an array of expenses. These expenses can include painting the exterior, landscaping, insurance, upkeep, maintenance, garages and other things. Knowing what your HOA has saved in the reserve is important so you know they actually have saved for these types of expenses and also understanding if there are any special projects slated for the next few years.

Reserve Fund and HOA Budget
Speaking of reserve fund, this is a very important item to be aware of if you are planning on buying a condo. The reserve fund is used for general maintenance and special assessment projects. If the reserve fund is low, this could lead to an increase in your HOA monthly fees to build the fund up. You also want to understand how the HOA is used and you can better understand that by reviewing the budget. These items should be included in the documents your realtor provides you when you are in contract.

Condominium Management
If the condominium you are interested is managed by a particular company, ask for the name and check its reputation. Two great ways to look into a management company is through the BBB (Better Business Bureau) or even a simple Yelp search.

Owner Occupancy
Understanding the ratio of tenants to renters is actually an important aspect when buying a condo. Some loans have minimum owner occupancy rates that a condo must meet to qualify for Fannie Mae, Freddie Mac, FHA and VA loans.

Knowing Your Neighbors
The best way to meet the neighbors is to attend a HOA board meeting. Most of the time, if there are complicated neighbors they surface at these meetings. You can also get a better understanding of the current owners viewpoints and personal feelings on living at the condominium.

Insurance
It is common that liability and hazard insurance are covered by the HOA and if it is not then it is up to the owner to cover these.  You will be responsible for the “Walls In Coverage” also known as a Renter’s Policy cover the interior of the condo.

Condominiums can be great purchases, especially in urban areas where walk scores are high and they have well ran HOA’s. Many times sellers will not release the HOA documents until a buyer is in contract. Do not allow this to turn you away from making an offer. Once you are in contract you are allocated time to review the HOA documents once they are provided to you so that you can make sure they fit with the lifestyle you are looking to create.

Kathleen Beck – Mortgage Lender
2716 Broadway
Sacramento, CA 95818
916-722-0395
#Mortgage #MortgageLoanProcess #Buying #HomeBuyer #Refinance #ConventionalLoan #FHALoan #VALoan #JumboLoan #PreQualifications #PreApproval #Borrower #HomeOwnership #Sacramento #BayArea #HomeFinancing #TrustedLender #Condo #Condominium
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Understanding the Mortgage Loan Process

 

By: Kathleen Beck – Mortgage Lender
West Coast Mortgage Group
NMLS #243181  |  BRE #01058848

There are four important steps in buying or refinancing a home. Before you get started it is important to organize your documents from the “Needs List” (see prior blog for complete “Needs List”) to ensure your loan or refinance is processed in a timely manner without unanticipated hurdles.

In order to simplify the loan process I have summarized the timeline into four simple steps to better understand the process.

  1. Needs List and Pre-Qualification:
  • Your mortgage professional receives your loan application and documents needed to verify your application (see blog on “Mortgage Needs List”) from you.
  • Buyer: Your mortgage professional will process your application and issue you a Pre-Approval letter for you and your realtor to use to verify your loan pre-approval for the offers you present to the seller. You can now view homes, make offers and enter into contract with a seller.
  • Refinance: Your mortgage professional should process your application and issue you a Pre-Approval letter based on your qualifications and interest rates currently available.

2. Offer Time:

  • You made an offer, it was accepted and you are in contract!
  • You will receive a Loan Disclosures within 5 days of receiving your complete purchase contract.
  • Your appraisal will be ordered and scheduled with your realtor.
  • Additional documents may be required at this time to further prepare your file for underwriting of your loan.

3. Underwriting (UW):

  • Your loan package is submitted to underwriting for approval.
  • The underwriter will send out a Conditional Loan Approval.
  • You will work together with your mortgage professional to complete your “Prior To Doc Conditions” from underwriting so your file is cleared to close.

4. Closing:

  • Your “Prior-To Doc Conditions” are completed and signed off by the underwriter.
  • Once underwriting has signed off you receive a clear to close (CTC).
  • Your “Closing Disclosure” (CD) is issued.
  • You acknowledge your “CD” and your 3-day waiting period begins before you can sign your final loan documents.
  • 48 to 72 Hours after you sign the final loan documents, the title company will receive funds from your mortgage lender and records your Deed of Trust (special circumstances apply with holidays and weekends).

The entire loan and refinance process takes approximately 30-45 days and mortgage loan officers work to make this as simple and stress-free as possible for borrowers. If you have questions about the loan process or are interested in learning more about refinancing your home direct message me and lets get you moving towards your home ownership goals.

#Mortgage #MortgageLoanProcess #Buying #HomeBuyer #Refinance #NeedsList #ConventionalLoan #FHALoan #VALoan #JumboLoan #PreQualifications #PreApproval #OfferTime #Underwriting #Closing #Borrower #HomeOwnership #Sacramento #BayArea #HomeFinancing

 

 

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Home Financing “Need List”

 

Kathleen Beck – Mortgage Lender

West Coast Mortgage Group

NMLS #243181 | BRE #01058848

Looking to buy or refinance a home is a very exciting time. It is also an important time for interested borrowers to organize their documents, better known as a “Needs List” to ensure your loan or re-fi is processed in a timely manner without unforeseen challenges.

The documents listed below are needed by your mortgage officer in order to verify the information you provided during the application process. These items should be sent at your earliest opportunity to expedite the processing of your request.

Documents Needed:

  • Copy of your Driver’s License
  • Copy of your Social Security Card
  • Legible copies of W-2’s and 1099s from last two tax years
  • Personal Federal Tax Returns from last two tax years
  • Statements for all checking, savings, investment and retirement accounts (including all pages for the last two months)
  • A letter of explanation for all non-payroll deposits into your accounts and copies of the checks deposited
  • Current pay-stubs from all borrowers (most recent 30 days)
  • Copy of Homeowners Insurance Policy Declaration Page showing the coverage and premium on all property owned
  • Current mortgage statements on all property owned

The entire loan and re-finance process takes approximately 30-45 days and mortgage officers should work to make this as simple and stress-free as possible. Once you have gathered the items above, send the documents via secure email, hand delivery, or by means you feel comfortable and you should have a smooth experience.

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Understanding Mortgage Insurance Q&A

By: Kathleen Beck, Mortgage Lender

West Coast Mortgage Group

NMLS #243181 | BRE #01058848

Mortgage insurance is an important element of the loan process if you have a low down payment, yet many first time borrowers aren’t very familiar with what it is and how it works. Mortgage insurance helps borrowers lower the risk they are placing on lenders for qualifying them for a loan with a low down payment. There are two types of mortgage insurance, “Borrower Paid” and “Lender Paid.” Understanding the difference between borrower and lender paid, and why utilizing this insurance option could benefit the buyer as well as the lender.

Here are some great questions and answers that I have provided my clients that all borrowers may also find useful.

  • Q – Who needs mortgage insurance?
    • A – Most borrowers making down payments fewer than twenty percent of the purchase price need to obtain mortgage insurance.
  • Q – What is the purpose of mortgage insurance?
    • A – Mortgage insurance lowers the risk the lender making a loan to you holds, so you can qualify for a loan.
  • Q – What is Borrower Paid Mortgage Insurance (BPMI)?
    • A – BPMI is insurance on your loan for the lender when a borrower has a low down payment and a lender is looking for assurance that the loan will be paid in full and on time. If a borrower decided to utilize BPMI, the lender charges a yearly premium paid in monthly installments.
  • Q – What is the average a borrower will pay a lender for their BPMI?
    • A – On average, BPMI premiums costs between 0.3 and 1.15 percent of the total loan amount.
  • Q – What is Lender Paid Mortgage Insurance (LPMI)?
    • A – LPMI is mortgage insurance that the lender pays for the insurance premium instead of the borrower. The cost of the LPMI is reflected in a higher interest to the borrower.
  • Q – Does mortgage insurance increase your monthly payment?
    • A – Mortgage insurance does increases the cost of your loan.
  • Q – Will the mortgage insurance payment be included on my monthly payment statement?
    • A – Yes, mortgage insurance will be included in your total monthly payment.
  • Q – If I default on my payments and the insurance kicks in, what will happen to my credit and my home?
    • A – If you fall behind on your monthly payments, your credit score may suffer and there is a possibility your home could foreclosure.

There are multiple loan options available to borrowers with low down payments. I enjoy working with my clients to help them find the down payment and loan that best fits their financial needs and I always recommend that they ask questions and maintain communication throughout the lifecycle of their loan. The last tip I would like to leave you with is, once the loan is paid down some, you may be eligible to cancel your mortgage insurance. If you are able to cancel, you won’t have to continuing to pay the monthly insurance expense.

#Mortgage #MortgageInsurance #LPMI #BPMI #LenderPaidMortgageInsurance #BorrowerPaidMortgageInsurance #Market #RealEstate #Lending #HomeOwnership #Jumbo #FHA #VA #Conventional #Sacramento #BayArea #HomeBuyer #CreditScore #DownPayment #KathleenBeck #TrustedMortgageLender

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2017 Increasing Loan Limits

With so many changes taking place as we transition into this New Year, the Federal Housing Administration (FHA), Fannie Mae, Freddie Mac and VA increased loan limits for the first time since 2006! Two large changes that have helped create this shift are the steady rise in property values and the housing market continuing to recover. The new limits will be considered for borrowers looking for lending on or after January 1, 2017, and will remain in place through the end of the year.

The maximum loan limits have increased across the board, mainly being seen through one-unit properties as well as in high cost areas and FHA-insured Home Equity Conversion Mortgages (or reverse mortgages).

Maximum loan limits:

  • One-Unit Properties – Increase from $417,000 to $424,100(Sacramento Tri-County area).
  • High-Cost Areas – Increase from $625,500 to $636,150.
  • FHA-Insured Home Equity Conversion Mortgages (or reverse mortgages) – Increased to $636,150.

These increases mark a rising confidence in borrowers ability to repay their loans and have lead to more options for buyers when it comes time to choose a home due to a wider variety of financial lending options.

It is important to understand that lenders still work diligently to get borrowers approved and the documentation requirements have not changed. These increasing lending limits have allowed me to create a competitive landscape for my clients, focused on providing more financial lending options.

For more information regarding these lending limits shifting and the requirements for buyers to make a home purchase, I am always available to help my clients, friends and family and look forward to the new opportunities these increased loan limits will create for buyers in 2017.

#Mortgages #LoanLimit #Market #RealEstate #Lending #HomeOwnership #Jumbo #FHA #VA #Conventional #Refinance #Millennials #BabyBoomers #2017 #Sacramento #BayArea #HomeBuyer #CreditScore #KathleenBeck #TrustedMortgageLender

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Four Trends Will Shape the Housing Market in 2017

By: Kathleen Beck, Mortgage Lender

CA BRE #01058848  |  NMLS #243181

It doesn’t take much reflecting on 2016 to understand that 2017 will find creative ways to surprise us. Knowing the complexity of the market I want to break down what we can expect to see shape our buyers market for 2017 and also combine that with what Realtor.com annual market study to draw a picture of the key housing trends to come.

According to Jonathon Smoke, Chief Economists of Realtor.com, “The pace of growth is still strong and, for pricing, still represents an above-average level of appreciation.”

Key 2017 Predictions:

The West Will Lead the Way

Realtor.com expects metropolitan markets in the West to see price increase of up to 5.8% and sales increase of 4.7%. The Western markets also are dominating the 2017 Realtor.com Top Housing Markets, including Sacramento, Los Angeles, Tuscan and Portland.

Millennials and Baby-Boomers Will Move Markets

Both millennials and baby boomers are approaching life stages that naturally motivate people to change their living experiences such as, getting married, buying a home, having children, empty nesting and retiring. Jonathon Smoke predicts that millennials will make up 33% of buyers in 2017.

Slowing Down Price Appreciation

Home price increases are forecasted to slow from what was forecasted at 4.9% in 2016 to 3.9%. “Prices are still likely to go up at an above-average pace as long as supply remains so tight,” Smoke says.

Fast Markets with Fewer Homes

The average time it takes a home to move from “listed” to “sold”, is currently 68 days in the top 100 metropolitan areas. That average age of inventory (68 days) is 11 days faster than the national average. The conditions limiting home supply are not expected to change in 2017.

The number one thing I recommend for all my clients is to get your documents in order and lets talk about what the market is doing and when would be best for them to buy. Everyone’s timeline is different and making sure you feel comfortable with both what the market is doing and also what you want your financial future to looks like are always my top two priorities.

#Mortgages #Market #RealEstate #Lending #HomeOwnership #PriceAppreciation #Jumbo #FHA #VA #Conventional #Refinance #Millennials #BabyBoomers #2017 #Sacramento #BayArea #HomeBuyer #CreditScore #KathleenBeck #TrustedMortgageLender

 

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3 New Year Resolutions for Future Homeowners

As the holidays swirl and the New Year is just around the corner, it’s time to start thinking about your new years resolutions. If buying a home is on your list of 2017 goals, it’s the right time to start creating resolutions that direct you to accomplishing that milestone of home ownership.

Here are some great New Years resolutions to focus on in 2017 to help make your goals a reality in the New Year.

Check and Raise Your Credit Score

Being familiar with your credit score and history is one of the biggest factors mortgage brokers and banks will look at when determining whether or not to lend to you. Starting with a free online credit report provider and analyzing your score is the beginning to finding ways to raise your current credit. If your credit score is lower than you’d like don’t panic. It is always a good time to start taking easy steps to improve your credit.

Tips to Raising Your Credit Score:

  • Pay your bills on time
  • Pay credit cards down to 1/3 of the high limit each of your credit cards
  • Pay off your credit balances every month

Organize the Documents Needed to Purchase a Home

Having the documents and forms need to complete the home buying and mortgage process can help your entire transaction run smoother and also help you get a better sense of where you stand in terms of loan qualifications.

Documents to Start Gather:

  • Tax returns for the past two years
  • W-2 income statements
  • Two most recent pay stubs
  • Most recent credit-card statements
  • Most recent bank and investment account statements
  • Divorce decrees and child support documents

Get a Pre-Approval

A pre-approval means a legitimate financial institution has looked into your financial background and determined what you qualify for, letting real estate brokers and sellers know that you’re the real deal. Regardless of where you stand on the map to homeownership, connecting with a trusted mortgage professional should be at the top. Understanding what steps are needed to get you from point A to point B can provide a sense of ease during this process. More importantly, knowing what your home buying budget is changes the entire buying experience and also gives you leverage to move forward if you do walk into the home of your dreams over the weekend.

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10 Rules For Today’s New Home Buyers

Over the past few decades the housing market has gone through a boom and a bust, followed by an insane decade of home-price escalation, wide-scale under-financing, and subprime lending. Today, many homebuyers are stepping into the real estate arena for the first time and they are wondering where they fall in the home buying “market” cycle.

Many clients ask me what advise or “rules” I give buyers based on my experience of the ever-changing market. Here are some rules for homebuyers looking to make the transition to homeowner.

  1. Research and learn about the area the home is in that you are interested in buying. Talk to the neighbors. You’re not just buying a house, you’re buying a neighborhood.
  2. Put down 20% of the purchase price if possible to avoid mortgage insurance.
  3. Keep extensive financial records, and be patient throughout the entire process.
  4. Don’t overpay for a house you can’t really afford expecting the market to appreciate.
  5. Less home can actually mean more money in your pockets.
  6. Actively manage your credit and shoot for a score above 750.
  7. Plan to stay in your home as long as possible.
  8. Budget for all the costs of homeownership not just the monthly mortgage payment. Calculate funds for property taxes, insurance, upkeep, and even emergency home repair)
  9. Feel out your job and the security you have within your role with the company. Also look into your companies industry and make sure you don’t foresee any fluctuation in the market industry that could alter your employment.
  10. Connect with a trusted lender and work patiently and closely with them to ensure your financially side of the transaction is not only inline for the success of your offer, but also for the success of your family’s financial future.

I am always available to help interested homebuyers learn more about where they stand financially and how they can transition smoothly into home ownership.

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Millennial Buyers to Transform the 2017 Real Estate Market

Every year realtor.com® does an annual survey of home buyers to compile data on home-buying trends. According to their 2016 findings, more than half of all homes next year will be bought by first-time home buyers, and the survey states most of those buyers will be millennials.

  • In 2016 33% of home buyers were first-time buyers
  • In 2017 52% of home buyers were first-time buyers
  • In 2017 61% of first-time buyers will be under age 35.

Jonathan Smoke, chief economist for realtor.com® said, “This represents an ‘Oh, shift’ moment in housing. With so many first-time buyers in the market, competition will be even fiercer next year for affordable starter homes in the suburbs. Those looking to buy may want to consider a winter home purchase in order to avoid bidding wars and higher prices spurred by a potential increase in millennial buyers.”

Millennial First Time Home Buyer Focus:

  • Safety
  • Privacy
  • More Space
  • Indoor and outdoor space

Millennials’ Top Reasons for Buying:

  • Moving in with a partner
  • Getting married
  • Growing tired of their current living space
  • planning an addition or two to their family

Millennial Buyers Prefer:

  • Single-family homes (39%)
  • Townhomes (34%)
  • Multifamily homes (15%)
  • Condos (10%)

If you are a millennial thinking about buying in the near future, or just someone who wants to beat the millennial rush, we should sit down and talk about what you are looking for and how your financing can be lined up to meet your home buying needs.

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