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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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Understanding Mortgage Rate Locks

Mortgage rates locked down / fixed concept

Understanding Mortgage Rates Locks

There is no reason any buyer should settle for anything less than the lowest rate possible. But understanding how rates work and also that sometimes the best price on a loan isn’t always the best rate on a loan. Let’s understand how you can get the best possible overall terms and how that affects your mortgage rate.

Mortgage Rate Locks

A mortgage rate lock occurs when a mortgage lender makes a commitment to honor a specific interest rate for a specific period of time. Mortgage rate locks are stated in 15-day increments with the two most common rate lock periods at 30 days and 45 days. Usually, the longer a lender has to lock your rate the higher your mortgage rate. Rates should be locked for the number of days required to close your purchase or refinance your loan.

Here are important guiding principles when understanding mortgage rate locks.

  • Always get your rate lock agreement in writing
  • Understand your rate lock policy
  • Ask about rate-lock fees

All borrowers needs a rate lock in order to close their loan or refinance.

Mortgage Rate Lock Expiration

When a mortgage rate expires lenders are under no obligation to the original locked rate.

A rate lock extension can be acquired and is exactly what it sounds like, an extension to the original rate lock. The terms of the extension are agreed upon by the lender and the borrower and come at an expense leading to the importance of choosing your rate lock terms wisely.

If mortgage rates rise or drop, you don’t have the ability to get a new rate.

Floating Your Mortgage Rate

Prior to closing, if you chose to float your rate, you are assigned a mortgage rate at the prevailing market rate of that particular day. This can be risky as the unknown and availability of rates can fluctuate.

It is always important to make sure you are working with someone who you trust and is a great communicator. Understanding what rates are available to you and what your home buying or refinancing timeline is can play a huge role in your monthly payments. Ask as many questions as you can and make sure you are confident when you make the decision to lock, extend or float your mortgage rate.

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Many Overestimate Down Payment Needs

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Here is a good informational article I found on down payment requirements.  Many of the homebuyers I talk with think they have to come in with a larger down payment than is necessary when buying a home.  Kathleen Beck-Mortgage Lender.

By Kara Johnson, Published: June 16, 2014

Potential homebuyers routinely misjudge how much of a down payment they’ll need to buy a home, often assumed they’d need 3-5 times more than is actually required.

A recent survey of renters and adults living in someone else’s found that two out of five said they believed lenders would require a minimum of 15 percent down for a mortgage. In reality, FHA mortgages allow down payments of as little as 3 percent, while borrowers with good credit can get conforming mortgages backed by Fannie Mae or Freddie Mac with as little as 5 percent down.

On average, the non-homeowners responding to the survey said they believed lenders would require a down payment of 11-15 percent. The survey was conducted by the New York analytical firm Zellman and Associates.

The survey found that only 28 percent of all survey respondents thought they could qualify for a mortgage, although that figure rose to 40 percent among the prime first homebuyer demographic of 30-34 year-olds.

Just over one in five borrowers who took out a conforming mortgage (backed by Fannie Mae or Freddie Mac) so far this year have put down 10 percent or less, according to Freddie Mac executive Christina Boyle.

Financial assistance options

In discussing the survey results, Boyle noted that borrowers may be able to obtain assistance in putting together the money for a down payment, such as through gifts from family members or by obtaining a grant or loan from a non-profit agency or public institution.

Boyle noted in particular the HOME Investor Partnerships Program and the American Dream Down payment Initiative, two federal initiatives providing down payment initiatives funded through the Department of Housing and Urban Development (HUD) and other financial assistance to aspiring homeowners. Both are state-based

First published on MortgageLoan.com at: http://www.mortgageloan.com/many-overestimate-down-payment-needs-9731

Please call or email me with any questions… Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true. Please email me today Kathleen@BeckHomeLoanPro.com or call 916-722-0395 to get started on your dream of home ownership. Kathleen Beck A person you can count on. West Coast Mortgage Group 2716 Broadway Sacramento, CA 95818 NMLS#243181

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A Person You Can Count On!

Many people when buying a home or refinancing their current home do not take the time to really get know their Mortgage Lender because they are shopping for the “Best Rate”.  Sometimes the “Best Rate” is at a cost to the borrower.  The cost can be higher fees to the buyer or homeowner or a very lengthy transaction that ends up costing the borrower more money because of lost locks on interest rates or penalties incurred from the seller for not closing on time.54721hgmbpa2889

I have always quoted my best price and kept my fees to a minimum.  I also encourage my clients to contact me anytime with questions they may have.  When you submit your loan application you will be working with me, not my assistant or loan processor.  Also, I make sure you understand the transaction and fell comfortable with the loan you are applying for.

What are the three elements of a Successful Home Purchase or Refinance?

  • TRUST
  • KNOWLEDGE
  • COMMUNICATION

What is important to you is important to.

I dedicate 100% of my time and energy servicing my clients. I spend most of my time in the office ensuring your file is getting the attention it deserves, not out in the field trying to obtain business from the general public. This way you will receive my undivided attention and dedication to every detail to you home loan or refinance. What this means to you is the highest level of service from my team. What’s important to you is important to me!

 

Please call or email me with any questions about buying and financing your dream home… Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true. Kathleen@BeckHomeLoanPro.com or call 916-722-0395 to get started on your dream of home ownership.

 

Kathleen Beck

A person you can count on.

Kathleen@BeckHomeLoanPro.com

or call 916-722-0395

West Coast Mortgage Group 2716 Broadway

Sacramento, CA 95818 NMLS#243181

 

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The Five Things No One Tells You…

Before You Buy A Home Or Refinance earYour Current Home.

Financing a home can be really stressful.  Whether you are looking for a home to buy or would like to refinance your current home there are a few things you do upfront to ensure a smooth close of escrow.

  1. Do not allow anyone to pull your credit for any reason except your mortgage lender.  Credit inquiries in the last 90 days will pull your credit score down.  The lenders do what is called a credit refresh just before your loan funds and a lower score or other activity could lead to a delayed closing.
  2. Do not make any deposits into your checking, savings and investment accounts that you cannot track in the last 60 to 90 days before you apply for a loan.  Cash deposits are unacceptable and may jeopardize your closing.
  3. If you are buying a home ask for a copy of the homeowner’s monthly utility bills for electricity, gas, water and garbage and sewer.  These are costs you may not realize you will have on a monthly and/or bi-monthly basis.
  4. You cannot get a loan if you are on temporary disability.  You must get back to work or on permanent disability before you can be approved for a loan.
  5. Make sure you feel comfortable with you lender and that they communicate well with you.  You should be able to email or call with any questions you may have and get a response from your lender in a reasonable amount of time.

If you follow these five simple steps you will have a much better experience financing or refinancing your home.

Please call or email me with any questions about buying and financing your dream home… Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true. Kathleen@BeckHomeLoanPro.com or call 916-722-0395 to get started on your dream of home ownership. Kathleen Beck A person you can count on. West Coast Mortgage Group 2716 Broadway Sacramento, CA 95818 NMLS#243181

 

 

 

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Planning On Buying Your Next (Move Up) Home?

HAPPY-FRIDAY-BD (1)
Here’s a Few Things to Consider.

Let’s consider you are one of the fortunate homeowners who bought their home at just the right time and you have tons of equity in your home. You never planned on this home being your forever home. Maybe you want to buy a nicer home with more room for your family to grow, or you really want a bigger backyard, or you just want a newer home with more upgrades and closer to your friends and family.
You have been asking yourself “how do I make the move up to another home?” You think you will need to sell your current home to qualify for the loan on the new home. You think you will also need the proceeds from the sale of your home to use as a down payment on your new home.
Here’s a few things to consider:
You can sell your current home and move into a rental home while you are looking for your new home.
You can make a contingent offer on your new home. A contingent offer is an offer that allows you to sell your current residence while buying a new home. The offer to buy the new home is contingent on the sale of your current residence. This means your current residence must be priced at market or below for a quick sale and you may have to make a larger earnest money deposit on the new home.
You can rent out your current home if you qualify for both mortgages and you have enough in liquid assets for the down payment and closing costs on the new home.
You can tap into the equity of your current home with a home equity line of credit.
If you qualify for both mortgages you can finance the new home with a FHA loan. The down payment is only 3.5% and in many cases sellers are willing to pick up your closing costs.
Please call or email me with any questions about buying and financing your dream home…
Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true. Kathleen@BeckHomeLoanPro.com or call 916-722-0395 to get started on your dream of home ownership. Kathleen Beck A person you can count on. West Coast Mortgage Group 2716 Broadway Sacramento, CA 95818 NMLS#243181

 

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Finding the Best Real Estate Agent

Funny side of Olympic diving

From time to time I come across a well written article that I would like to share with you.  Many clients after working with a Realtor for a while have asked me for a referral to a knowledgeable and reliable agent.  Below are some excellent ideas to consider when choosing the best Realtor for you.

By Aaron Crowe, Published: April 24, 2014

Finding a professional to help you with the biggest purchase of your life shouldn’t be a random event. Consumers probably spend more time picking out paint colors for their house or deciding where to go for dinner than they do choosing a real estate agent.

The average sale price of a new home in the United States was $272,900 in 2010, according to the U.S. Census Bureau. For first-time homebuyers guided by a real estate agent, that’s a lot of money to spend if their agent doesn’t help them find the best home at the best price.

Since many home shoppers can do much of the legwork themselves by looking for homes online, a real estate agent needs to do much more than put a home on the MLS and expect buyers to show up – though that is a good start. Finding an Internet-savvy Realtor is one attribute to look for. Here are five others:

1 – Good referrals

These can be an agent’s bread and butter, and they may pay a fee to the person who gave the referral. Like many professions – dentist, roofer, plumber – getting a referral from people you know can be the easiest and best way to find a good real estate agent, and can be a sign that you’ve found a good one.

Christy Haussler, host of a podcast for small business entrepreneurs, bought a home in December 2013 after moving 800 miles to a city where she knew few people. Her new friends recommended a Realtor who “was honest and didn’t try to get you into a house you didn’t want, just so she could make a sale,” Haussler says.

An honest, hard-working agent was what she wanted the most. “When you don’t see them doing a hard sell on their listings over another listing that may be more appropriate for you, then you probably have yourself a keeper,” she says.

The referral worked perfectly and the agent kept everything on track and helped her find a great house, she says. Haussler has already referred two other friends to the agent.

Be careful not to use a referral only because the person giving the referral is friends with the agent, and hasn’t worked with them, says Ron Nawrocki, fund manager of B.I. Solutions Corp., a residential real estate fund.

“A bad experience with that agent may not only cost you money or waste your time, but also hurt your existing relationship with the person who recommended them,” Nawrocki says.

If you’re not happy with the referrals you’ve been given, then ask agents you’re interested in for references. Call them and ask if they’d hire the agent again. Were they easy to reach? Did they follow up with you enough?

2 – Get the Ferrari

Since both the buying and selling agents are normally paid by the seller, a buyer shouldn’t worry about cost when selecting an agent, says Travis Saling, a real estate agent at Team Home Loans in San Diego.

“Choosing a cheap agent is like going to get a rental car and having free reign to choose any car for the same price and getting the Pinto hen you could get a Ferrari,” Saling says. “Look around and go with the best agent you can find regardless to what his commission is because you are not paying for it.”

3 – They’re not a dual agent

This is something a buyer should at least think twice about. A real estate agent representing both parties can lead to distrust because they have two conflicting obligations: Getting the highest price for the seller and the lowest price for the buyer.

“I know it might seem attractive to use the seller’s agent because you think it will help your offer get accepted,” Saling says. “One would think that this agent has more to gain and will push your deal harder to get it accepted.”

But the seller hired the agent first, reminds Saling, and they may hold the seller’s interest above yours. This is one type of agent a first-time homebuyer would likely want to avoid.

4 – No part-timers

When looking for a real estate agent, it can seem like everyone is getting their license or knows a friend or family member who is getting one, says Saling, who recommends avoiding a part-time Realtor and hiring a dedicated professional who sells homes full-time.

“A professional will be able to negotiate you a better deal and you can be more confident the deal will close on time,” he says. “There are all kinds of pitfalls to buying a home and it is part of the Realtor’s job to keep you away from these bad properties.”

5 – Transaction history

As a buyer, you want an agent who knows the area you’re looking in, and has sold a lot of homes there.

“You might find the best Realtor in the world, but if he doesn’t work in your area, what good is he to you?” Saling asks.

Ask real estate agents who you’re interested in hiring how many homes they’ve sold in the past year in neighborhoods you want to buy in. Another method, which Saling recommends, is to go to a local Title company and ask for a list of recently closed deals to see if agents you like have completed the most deals.

As part of the transaction history, buyers may also want an agent who lives in or near the area they like so the agent can speak to school districts, transportation and other amenities. Also ask if they’ve sold and purchased homes for clients that are similar to what you’re looking for, and are in your price range.

Interviewing real estate agents may be the best way to start the search. Set up individual meetings and ask them about all the issues listed above. You’ll look like a prepared buyer, which is what every real estate agent should want in a client.

BRE#01058848First published on MortgageLoan.com at: http://www.mortgageloan.com/picking-best-real-estate-agent-9702

Taking these few steps to insure your Realtor is working for you will make the home buying process much easier for you and your family.  Please call or email me with any questions… Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true. Please email me today Kathleen@BeckHomeLoanPro.com or call 916-722-0395 to get started on your dream of home ownership. Kathleen Beck A person you can count on. West Coast Mortgage Group 2716 Broadway Sacramento, CA 95818 NMLS#243181

#1004-D, #30yearloan, #BeckHomeLoanPro, #buyinghomes, #Buyingahome, #creditscore, #homeinspector, #homeownership, #Inspection, #inspector, #KathleenBeck, #lending, #mortgages, #pitfalls, #sacramentomortgagelender, appraisalvalue, BeckHomeLoanPro, CaliforniaStateLaw, Fixed-ratemortgage, Mortgageloan, PrepaymentPenalty, RealEstatebyKathleenStewartBeck., Refinancing #Homepath #FannieMae, Tagged #15 year loan

 

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Poor Little Easter Bunny…

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A man was driving along the highway when saw the Easter rabbit hopping across the middle of the road.  He swerved to avoid hitting the rabbit, but unfortunately the Easter bunny jumped in front of the car and was struck by his car.

The basket of eggs and candy, the rabbit was carrying, went flying all over the place. The driver, being a sensitive man, as well as an animal lover, pulled over to the side of the road, and got out to see what had become of the rabbit carrying the basket. Much to his dismay, the colourful rabbit was dead. The driver felt so awful, he began to cry.

A woman driving down the highway saw the man crying on the side of the road and pulled over. She stepped out of her car and asked the man what was wrong. ‘I feel terrible’, he explained, ‘I accidentally hit the Easter rabbit and killed it. Children will be so disappointed. What should I do?’

The woman told the man not to worry. She knew what to do. She went to her car trunk, and pulled out a spray can. She walked over to the dead, limp rabbit, and sprayed the contents of the can onto the furry animal. Miraculously the Easter rabbit came to life, jumped up, picked up the spilled eggs and candy, waved its paw at the two humans and hopped down the road. 50 metres away the Easter rabbit stopped turned around, waved and hopped down the road. 50 metres further on, he turned again, waved and hopped another 50 metres, again he waved.

The man was astonished. He couldn’t figure out what substance could be in the woman’s spray can. He ran over to the woman and asked, ‘What is in your spray can? What did you spray on the Easter rabbit?’

The woman turned the can around so that the man could read the label.It said…

Funny Easter Bunny Story

‘Hair spray. Restores life to dead hair. Adds permanent wave.'”

source: http://www.guy-sports.com/months/jokes_easter_bunny.htm
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Self Employed Borrower Buys A Home!

jumpJoy

I recently helped a self- employed borrower qualify for a mortgage home loan that was turned down by several mortgage lenders until she applied for a loan with me, Kathleen Beck-Mortgage Lender with West Coast Mortgage Group in Sacramento California.

Sally is a Self-Employed Real Estate and Stock Investor. She has no conventional W2 or 1099 income, just interest income, dividend income, rental income and capital gain income. Her personal income taxes did not reflect income in the normal cookie cutter way that most lenders and underwriters look at as income.
Luckily Sally called my office and my team and I were able to help her qualify for a loan based on her true income, by examining her tax return and pulling out her true income. We then submitted her to a lender we know has a great understanding of Self-Employed income.
Sally is super excited to have her loan approved and has an offer accepted on a home she loves. Sally’s new home will close in 30 days. Call me and let’s get started on your loan approval.
Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true.
Please email me today Kathleen@BeckHomeLoanPro.com or call
916-722-0395 to get started on your dream of homeownership.

Kathleen Beck
A person you can count on.
West Coast Mortgage Group
2716 Broadway
Sacramento, CA 95818
NMLS#243181 BRE#01058848
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