Saturday, January 30, 2016

Putting Money Back Into The Middle Class

 Article published in Smart Life Weekly

Did you know if your mortgage is less than $625,000, your chances of qualifying for HARP could be high? The Government wants the banks to cut your rates, which puts more money in your pocket, ultimately boosting the economy.
But the banks are not happy about this. Here’s why:
  1. The program makes it easier to qualify for lower mortgage rates
  2. You have the option to shop lenders other than your current mortgage holder
You think banks like the above? Rest assured, they do not. They'd rather make more money by keeping you at the higher rate you financed at years ago. The middle class seems to miss out on everything, and jumping on this benefit is a no-brainer.
  • The average monthly savings is $250. Could you use an extra $250/month? 2
  • On top of the savings, many homeowners could pay off their mortgage faster.
  • Homeowners can even take cash out for home improvements, pay off debt, or pay for their children's education.

Where Do I Start?

With hundreds of mortgage lenders and brokers available, it can take consumers hours to simply contact each one separately and request a quote. The good news is that there are services that could help you save time and money by comparing multiple lenders at once. One such service is HARP Refi Quote™, which has one of the biggest lender networks in the nation and what’s better is that they work with HARP lenders to provide consumers with a comprehensive set of mortgage options.
There’s no obligation to homeowners, and HARP Refi Quote, offers easy and fast comparisons. It takes about five minutes, and the service is 100% free. You have nothing to lose, except for your money problems!
Select Your State below:

           If you have any questions call Doug Ross 916-259-6302



Comments (6)
   Susan D. wrote:
Never heard of HARP before, thanks for the information. I went through your form and worked with a really helpful lender to refinance my mortgage. My payments are actually manageable now!
   Paul C. wrote:
Didn't qualify for HARP when I first applied. I reapplied a couple months ago after hearing the guidelines were 'laxed, and I was eligible! Happy to be putting the extra money we're saving into my kid's college fund.
   Kevin L. wrote: wrote:
I Paid Off My Mortgage In Half The Time With This Ridiculously Easy Trick! Great Thing Is You Can Just Check if You Qualify For Free. Just Go Here
   Richard B. wrote:
is this a scam?
   Daryl J. wrote:
@Richard - I thought it was a scam too at first, because it just seemed to be too good to be true. But I filled the form out anyway and refinanced through the harp program. It was really easy actually and I'm not paying an arm and a leg anymore.
   Anonymous wrote:
great article

Potential Savings

What a 2.25% difference really means

$200k loan @ 5.5%
$1,136 per month
$408,960 total cost
$200k loan @ 3.25%
$870 per month
$313,200 total cost
Savings

Friday, January 29, 2016

The Home Refinancing Plan Banks Don't Want You Knowing

When homeowners visit HARP Refi Quote™ official website, they may be surprised to find out they qualify for a plan that has the banks on edge.
Still unknown to many, this brilliant government program called the Home Affordable Refinance Plan (HARP) could benefit millions of Americans and reduce their monthly payments by as much as $4,264 each year.1 You could bet the banks aren't too thrilled about losing all that profit and might secretly hope homeowners don't find out before time runs out.
So while the banks happily wait for this program to end, the government is making a final push and urging homeowners to take advantage.  The program is set to expire in 2016, but the good news though is that once you’re in, you’re in. If lowering your payments, paying off your mortgage faster, and even taking some cash out would help you, it's vital that you act now.
Close to a million homeowners could still benefit today, but sadly, many perceive HARP to be too good to be true. Remember, HARP is a free government program and there’s absolutely NO COST to see if you qualify. http://www.harprefiquote.com/sh1/?mediatag=31903&kw=&click_id=149131333&sub_id=ts27-47106157&__cfduid=db8c67ee65310da277301517cbd2c93911454096077   http://www.harprefiquote.com/sh1/?mediatag=31903&kw=&click_id=149131333&sub_id=ts27-47106157&__cfduid=db8c67ee65310da277301517cbd2c93911454096077
  If you have any questions call Doug Ross 916-259-6302

Article published in Smart Life Weekly


Wednesday, January 27, 2016

Will History Repeat Itself on Rates?


Following the Fed's decision to raise its benchmark Federal Funds Rate in December, many wondered what this meant for homebuyers and homeowners in 2016.
History in the Making
After holding its benchmark Federal Funds Rate near zero for almost a decade to support the economic recovery, the Fed upped the target rate range to between 0.25 to 0.5 percent.

The Fed Funds Rate is the rate at which banks lend money to each other overnight. It is not directly tied to long-term rates on consumer products like purchase or refinance home loans.

So what does this mean for homebuyers and homeowners?

Home loan rates do not increase as a direct result of the Fed's decision. In fact, Leonard Kiefer, Freddie Mac's deputy chief economist, noted the last time the Fed raised its benchmark rate, it had a "delayed and muted impact" on the 30-year fixed-rate mortgage.

Instead, home loan rates are tied to Mortgage Backed Securities, which are a type of Bond. Many factors impact the performance of both Stocks and Bonds and play a role in the direction of home loan rates.

For example, an improving economy, higher wages and higher inflation could all cause home loan rates to rise. However, a faltering economy or turmoil overseas could drive investors to seek out "safer" investments like Bonds, which could help keep home loan rates low.
Another Historic Year for Home Loan Rates Expected
According to Fed Reserve Chair Janet Yellen, the move to increase the Fed Funds Rate "recognizes the considerable progress that has been made toward ... easing the economic hardship of millions of Americans." The increase also reflects the Fed's confidence that lagging economic factors will continue to improve.

As the economy continues to recover—or falter—the Fed will consider additional rate changes. Regardless of future Fed action, Freddie Mac's chief economist, Sean Becketti, expects home loan rates to "tick higher but remain at historically low levels in 2016."

Tuesday, January 26, 2016

Trends That'll Influence Homes in 2016

Trends That'll Influence Homes in 2016

Help your buyers and sellers learn what’s new on the residential front to meet their own needs as well as the desires of future buyers.

Design changes, as does architecture. Trends don’t emerge as rapidly here as they do in say, food or fashion, but the economy, the environment, and demographics all spur shifts in the choices of materials, designs, layouts, and construction methods for single- and multifamily dwellings.
These 12 trends reflect ways to cope with environmental challenges, incorporate new building materials and methods, and alter the looks and functionality of our homes. Hear top designers and architects explain why these emerging trends are important and how they’ll influence real estate choices in the near future.  Read More: http://realtormag.realtor.org/home-and-design/feature/article/2016/01/trends-thatll-influence-homes-in-2016?om_rid=AADtVt&om_mid=_BWoUbUB9J8OBUS&om_ntype=NARWeekly#

Tuesday, January 19, 2016

Emergency Preparedness

During bad storms keep your self up on news reports.  We haven't seen flooding in the Sacramento/ Central Valley area for quite some time now, but  El Nino storms intensify which means more storms headed our way.  Here are a few things you should know to be prepared as you may have to leave in a hurry:
                                 Before Leaving Home Shut Off Gas and Water

     1.  You should have an emergency car pack in your car and ready to go.
       
               a.  First Aid Kit                                               l.  Duck Tape
               b.  Battery Operated Radio                             m Tow Strap
               c.  Rain Pancho's                                            n.  Drinking Water
               d.  Fire Extinguisher                                       o.  Non Perishable Snacks
               e.  Flashlight                                                   p.  Snow Shovel
               f.  3 reflective Warning Triangles                  q. Warm Blanket
               g. Tire Gage                                                    r.  Kitty Litter  (Use for traction)
               h.  Foam Tire Sealer                                       s.  Leatherman Tool
               i   Gloves                                                        t.  Windshield Ice Scrapper
               j.  Rags                                                           u.  Two Pair of Sterile Latex Gloves
               k. Matches in Waterproof Container              v.  Can Opner

     2.  Personal Emergency Bags: Prescription Medicine/Parents bag should have a call list for                       relatives and emergency services

              a. Change Of Cloths                                       f. Cards/Games (adults and kids)
              b. Warm Jacket                                               g. Water/Snacks
              c. Extra Pair of Shoes
              d. Hat and Gloves
              d. Tooth Brush/Tooth Paste
              e.  Sleeping Bag/Warm Blanket
             
  Things to Plan Ahead:

               a.  Call lists for relatives and emergency services
               b.  Take Pictures of Personal Property Store in Safe Place (Cloud)
               c.  List of Medications
               d.  Carrying Cases for Animals/ Pet Food  (Have it ready)
             

             


Thursday, January 14, 2016

What Are The Best Renovations That Will Pay Off When Selling Your Home?




After talking to a slew of realtors, contractors and architects, the consensus was yes. "If the roof is leaking, buyers won't get beyond that," says Ron Phipps with Phipps Realty in Warwick, R.I. "I don't care how awesome the kitchen is."
According to Remodeling Magazine (http://www.remodeling.hw.net/) you're less likely to recoup your investment in a major kitchen or bathroom remodel than you are to get back what you spend on basic home maintenance such as new siding. Siding replacement recouped 92.8 percent of its cost, according to the study. The only home improvement likely to return more at resale was a minor (roughly $15,000) kitchen remodel, which returned 92.9 percent. Replacing roofs and windows were also high on the list, returning 80 percent or more at resale  
Read more of the article:
http://www.hgtv.com/design/decorating/clean-and-organize/which-home-improvements-pay-off

Wednesday, January 13, 2016

Tuesday, January 12, 2016

Home Buying Benefits for Veterans and Military Buyers


This article was written by Chris Birk (Author of: The Book on VA Loans)
Veterans, service members, and their families believe in homeownership. In fact, the homeownership rate among veterans far outpaces that of civilians.
But the financial toll of military service can make it tough for some veterans to get a financial foothold, let alone land a home loan.
The good news is those who serve have access to a host of home-buying benefits and protections, from what’s arguably the most powerful home loan on the market to financial safeguards and more.
Let’s take a closer look.
VA loan program
Since the VA loan program’s inception in 1944, the Department of Veterans Affairs has backed more than 21 million loans for veterans, active-duty military members, and their spouses. This program has made buying a home more accessible to those who most deserve the American dream they helped build and protect.
VA loans feature many benefits that help make home buying possible, including the following:
No down payment requirement
No mortgage insurance
Lower average interest rates
Limits on closing costs
More lenient credit requirements

VA home loans have boomed in recent years, attracting many veterans and military members who may not qualify for conventional loans, which have stricter credit requirements.
Still, many eligible buyers are unaware of the benefits of VA home loans and the protections they offer. Some buyers also make the mistake of assuming a government-backed loan comes with endless red tape and miss an opportunity to benefit.
Typically, veterans and active-duty service members are eligible for a VA home loan if they served in the following capacity:
90 consecutive days on active duty during wartime
181 consecutive days on active duty during peacetime
6 or more years in the National Guard or Reserves

Some spouses of military members who died in the line of duty or of a service-related disability may also be eligible for a VA loan.
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Talk with a VA lender about obtaining your Certificate of Eligibility and getting a sense of your purchasing power.
Occupancy & power of attorney
VA loans are focused on getting buyers into homes they’ll live in full time. But the program makes exceptions for some veterans and active-duty service members.
For example, a spouse or children may be able to fulfill the occupancy requirement on behalf of a VA buyer. Also, a VA buyer who is deployed or otherwise unable to manage the loan process can typically assign a power of attorney to a spouse or family member to manage the loan process and sign documents.
There are two types of power of attorney: general and specific. The type needed depends in part on what loan-related documents the VA buyer can sign.
The occupancy and power of attorney options mean an eligible VA buyer’s spouse and children could buy a home during a deployment or unaccompanied assignment, helping alleviate the emotional toll of multiple moves on military families.
Basic allowance for housing
Many active-duty military members who receive a monthly housing allowance are surprised to learn that they can use this money to qualify for a home loan. Lenders can count Basic Allowance for Housing (BAH) as effective income. That can help service members make the leap from renting to owning, especially in higher-cost areas.
BAH is based on several factors, including the location of your duty station, your pay grade, and your family size. The housing allowance can change on an annual basis. To calculate your BAH, refer to the BAH calculator on the Defense Department’s website.
Financial protections
Even after becoming homeowners, active-duty service members can face unique financial challenges. Deployment and changes of station can strain a family emotionally and financially.
The Servicemembers Civil Relief Act (SCRA) provides active-duty military personnel and their families financial protection involving interest rates, income tax payments, eviction, foreclosure, and more.
For example, military personnel can ask creditors—including their mortgage lender—to cap their interest rate at 6% during their term of service. The SCRA also forces lenders and servicers to seek a court order to foreclose on active-duty military members during their time of service and up to nine months afterward.
Veterans Affairs also offers foreclosure avoidance protection assistance for homeowners. The VA has a team of experts who work with lenders and servicers on behalf of struggling homeowners to find alternatives to foreclosure. Their efforts have helped nearly 500,000 veterans and service members avoid foreclosure in the past six years alone.
Check with your local Armed Forces Legal Assistance office for more information regarding the Servicemembers Civil Relief Act. VA homeowners in jeopardy of defaulting on their mortgage can contact the VA loan program at 877-827-3702.

Friday, January 8, 2016

10 Commandments Home Buyers Must Follow

There are a lot of emotions that go into buying a home excitement of course, disappointment (when an offer is not accepted), frustrating with all the paperwork needed, fear at the commitment, exhaustion while looking for the right one, and many other emotions that we don't expect.

The first thing is to be pre-qualified with a lender, then you know what you can afford and from there figure out what you are comfortable with as a house payment.  Once you have that knowledge you are now ready to start looking at homes that meet your needs and your financial goals.

During this process it is easy to forget all the things that your lender or realtor has told you and it is easy to make some very common mistakes.  These mistakes can be costly and even cause you to loose the ability to buy.  It is very important that if you decide to do anything that will change your financial situation always call your lender first. 

Here are the 10 Commandments of Home Buying:

1.  Thou shalt not change jobs, become self-employed or quit your job.  (You need to be able to show steady employment and steady income source)

2.  Thou shalt not buy any new vehicles.  (You must not alter your debt liability)

3.  Thou shalt not use your credit cards and run up debt beyond what you had when your lender first ran your credit for pre-qualification.  (Never use more than 30% of your line of credit and never fall behind on any payments) 

4.  Thou shalt not spend the money you have set aside for buying the home (down payment, closing costs, etc)  

5.  Thou shalt not omit debts or liabilities from your loan application.  (Remember your lender is your friend and the only way he/she can make sure you qualify for the loan is if he/she knows everything you owe.  Hiding things will only come up later in the underwriting process and by then it may be too late to fix it and could cost you a lot of money lost in the buying process) (Your lender and Realtor work together to protect your money but they can only do that if you are truthful with them)

6.  Thou shalt not buy furniture or any other major purchase.

7.  Thou shalt not originate any inquiries into your credit.  

8.  Thou shalt not make any large deposits without first checking with your loan officer.  (This includes any gifted money)

9.  Thou shalt not change any bank accounts or credit cards with out checking with your lender.  (Don't pay off, close, change or add to any of these accounts without checking with your lender.

10. Thou shalt not co-sign a loan for anyone.

Remember your credit, banking, and employment information must not change during the buying process. Wait until after closing on your new home to mak any changes.

Wednesday, January 6, 2016

Prepare your home for El Nino

By Property ID Corporation - Staff Writer | 12/8/2015 
El Niño Preparedness Guide
Please download El Niño Preparedness Guide here.

Know Your Risks

El Niño continues to gain strength in the Pacific Ocean. The latest forecast increased the urgency for both government agencies and property owners to prepare for possible flooding.
Residents that live in low-lying beachfront homes should be aware of the flood risks.
Residents that live in drought-stricken or fire-ravaged canyons should be aware of the flood and mudslide risks.
Residents can locate a flood map by entering the addresses at www.msc.fema.gov/portal (Federal Emergency Management Agency website).

Checklist for Homeowners and Renters

House

  1. Register your cell phone for emergency notifications and download the CodeRED Mobile Alert app from iTunes or Google Play.
  2. Inspect your roof for any trouble areas.
  3. Clean out your rain gutters and downspouts to ensure that there is no debris blocking or ice stopping the flow of your gutter.
  4. Stock up on salt for your walkways to prevent ice from forming.
  5. Store emergency repair materials (sandbags, heavy plastic sheeting) in a safe dry place.
  6. Have materials on hand to divert water: sandbags, concrete edgers and straw-waddle tubing.
  7. Invest in an emergency generator that turns on automatically when the power goes out.
  8. If you live on or near a hill, talk to your neighbors. Drainage from your yard may cause water to damage your neighbor’s house below. Or your neighbor’s drainage may flood your home.

Garden

  1. Have an arborist check your trees. Trees may look fine, but can be weak. Wet branches weigh more and they can break.
  2. Find your water shut-off valve and familiarize with it to prevent burst pipes. Learn how to turn off your automatic sprinklers.
  3. Check decks and balconies. Make sure water flows away from your walls and foundation. Store your outdoor patio furniture or securely cover it.

Car

  1. If your crawl space, garage or basement could be flooded, think of installing a sump pump.
  2. Put together preparedness and emergency supply kits for your home and car.
  3. Replace your windshield wipers. Check your car battery, tires, brakes, lights in your car, headlights, brake lights, turn signals and emergency flashers.

Don’t forget the pets

  1. Make sure your pets' tags are up-to-date. Storms can be disorienting for pets when they’re outside. If it’s too cold for you, it's too cold for your pet. Although most animals have fur coats, this alone does not provide adequate protection from the elements. Never leave a pet alone outside during a snowstorm. If they must go outside for relief. Stay with them the entire time.

What to Do Once a Flood Has Begun

  1. Monitor radio and TV news closely for information about weather conditions, flooding in your area and safety precautions being advised.
  2. Be prepared to leave immediately if an evacuation is ordered.
  3. Stay away from flood channels and flowing rivers. Don’t try to cross flooded areas and never enter moving water.
  4. Stay away from steep slopes that may become unstable when saturated.
  5. Look for tilted trees, telephone poles, fences or walls, and for new holes or bare spots on hillsides.
  6. Never touch a downed power line, which can cause serious injury or death. Call 9-1-1 to report it.
  7. If trapped in your vehicle, stay with it. If possible, relocate to the hood if water continues to rise.
  8. Be alert when driving. Roads may become blocked or closed due to hazards.
  9. Floodwaters pick up sewage and chemicals from roads, farms and factories. If your home has been flooded, protect your family’s health by cleaning up right away. Throw out foods and medicines that may have been affected.
  

Monday, January 4, 2016

Understand Your Credit Score


Good credit is one of your most important assets.  Without good credit it is hard to get a loan or buy anything on credit, but did you know it can prevent you from getting the job you apply for or renting a house or apartment.  Before you hurt your credit from a lack of understanding how it all works there is a great web-site for you to learn a lot about how it all works. As we start the new year take sometime to understand your own credit score and how you can make it even better.
 https://www.bettermoneyhabits.com/credit/what-is-a-credit-score/how-credit-score-is-calculated.html