5 Tips To Navigate the Home Buying Shift

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How people purchase homes has changed! Did you look online to find the info on the property you were looking at? Maybe you even knew more about the property than the agent! Read here how the way people are buying homes is changing and 5 tips to help you through that process:

5 Tips to Help In Your Home Search:

  1. Appraisals Have Changed – as the market has changed, it has become more important to get an appraiser who works and possibly lives in the area, so that they can give a true assessment of what the property is actually worth, however how an appraiser is chosen has changed. AMCs, or Appraisal Management Companies are now used to contract the appraiser in your area to appraise your property and your lender will be able to give detail on how this works, so find out from them.
  2. A Few Good Agents – find an agent who is looking out for your best interest and isn’t just throwing out offerings to you that are outdated or unnecessary (i.e. offering a comparative analysis report or to drive you around when you already know what you want, etc.) . Also make sure they know the market place and will put in an offer for you that will best position you for success in this competitive buying market.
  3. A Few Good Websites – once you’ve found an agent that you feel comfortable working with, go check out their website. Most agents have a section on their site where you can look up properties in the area. Start with the areas that you know you want to live in, then work your way out from those areas if necessary. When you’re done, Google the property in Google Maps and find the area it is in, then Google the schools in the area, etc. If you use the satellite view on maps, you will be able to zoom in and see a birds-eye view of what the area actually looks like as well.
  4. Get A Personalized Mortgage Consultant – most commonly referred to as Loan Officers, I phrased the term differently because you really want a “consultant” through the process who is going to find out what your long-term goals are and the best way to get there through the investment in your home. A good Mortgage Consultant will also have a team he works with (i.e. Real Estate Agents, Financial Advisers, etc.) the he/she can refer you to for different areas of your life to help you plan your future in the best way possible.
  5. Take a Walk – once you’ve narrowed the home, or even the area down, go take a walk around the area and see how you like it. Take a look at the house, feel what the weather is like, talk to the people in the area, and even check out a restaurant. In this way, you will get a feel for what it would be like to live there.

As always, if there is ever a way that we can help you in your search and purchase of a home, we are here to help and provide a consultative approach to your experience. We also do work with trusted partners from real estate agents to financial advisers and even insurance agents and are always happy to refer you to one of them when you contact us. Call us today at 800-311-6868. Happy Home Searching!

Author: Jeremiah Berry, Certified Mortgage Consultant

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New FHA Fee Changes!

Uncle Sam needs more money, so he’s hitting up FHA loans again. Here’s a break-down of the changes:

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Home Price Increase is Greatest Since 2006!

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We have all seen the increase in value and pricing on homes lately, but to see an increase this high is a good sign. The even better news is that we will continue to see these value increases throughout 2013.

Read more here: Annual Home Price Increase is Largest Since 2006

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The Top 5 Things Home-buyers Look For First

Ever wonder what it is that home-buyers want to know about the most? Maybe your a Real Estate Agent in Orange County or you are simply looking at purchasing a new home in Orange County and wondering what to look for. If so, here are the Top 5 things that new home-buyers usually look for:

1. Patio – This may not be the top focus, but it is definitely in the top 5. If you are selling a home with a patio, make sure to keep it looking nice and double check it for any structural issues. If you are looking at purchasing the home, look out for things like dry rot, mold, creaky boards and whether the patio has the potential to be affected by water.

2. Roof – Anyone who is serious about owning a home will take a look at the roof. Why? Because nobody wants a leaky roof, or worse. If you are selling your home, then you don’t have to do a complete renovation, but make sure that it looks structurally sound and if you notice any wet spots on the ceilings in your bedrooms, get it checked out. If you are looking to buy the home, look at the ceilings in the rooms, especially the top floor, if it is more than one story. If you notice an area with a dark ring around it, or you notice that the paint is a little raised up or the ceiling bows out a bit, it might be a good idea to take that into consideration.

3. Layout – Everyone has their preference on layout, but if you are selling a home, take into consideration what the current buying trends are considering layout and be able to help people who might be partial to a certain style. In this way, you can be better prepared to come up with solutions without tearing down walls and changing everything around. If you are buying a home, then sit down and determine what sort of layout you would like in a home. Do you want the kitchen and dining room to be separated by a partition or wall, or would you rather they flow together? Would you like a restroom attached to the master bedroom or would you rather have it down the hall? Solidify what you are looking for and it will help the process for you.

4. Indoor Decor – This is geared towards the Real Estate Agent and the home seller. When you are selling your home it is better to stick with neutral colors rather than the more eccentric colors. Your agent can help give you some insight into how you can stage your home to best sell, so employ their expertise and experience.

5. Infrastructure – This is the basic stuff like water, electricity, and heating. Make sure everything is in a good condition. No one wants to buy a house that has leaky or rusted pipes, light switches that are cracked or falling off the wall, or a heater or air conditioning that may need to be replaced in the near future. On that note, also keep in mind that the efficiency of the infrastructure is important as well. With the growing popularity of improving energy efficiency to save the environment and keep costs down, you may want to consider getting energy efficient modifications to your infrastructure and even look into things like solar paneling.

A final word to anyone selling a home (i.e. agents and/or sellers), as a general rule, make the home look the way you would want it to look if you were buying it for the first time. For buyers, take that time to sit down and figure out exactly what you are looking for in a home, then take off and go for it. Happy selling and happy house hunting!

Mortgage Rates Rebound from Slight Scare

Monday through Friday of last week caught us a little bit by surprise when rates jumped up from the lows that we have been seeing lately.

The best advice out there is if you haven’t taken a look at refinancing or your have been on the fence about whether to do it or not, your best bet is to look into it and see if you could get into a better rate and save yourself the regret later.

Give us a call and see what we can do for you today 800-311-6868

To read more on the story click HERE

 

FHA Loan Limits Southern California By County

The FHA released the new loan limits for 2013! Here is the list by county for southern California:

County One-Family Two-Family Three-Family Four-Family Median Sale Price
Orange – Los Angeles $729,750 $934,200 $1,129,250 $1,403,400 $535,000
San Bernardino $500,000 $640,100 $773,700 $961,550 $210,000
San Diego $697,500 $892,950 $1,079,350 $1,341,350 $400,000
Ventura $729,750 $934,200 $1,129,250 $1,403,400 $437,000

Are you in an FHA loan or looking to get an FHA loan? Give us a call and see what we can do for you today! 800-311-6868

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Mortgage Fraud: Are you committing it?

Maybe you fudged something a little here and there, or embellished it just a tad. Is it really that big of a deal? I mean, maybe a real estate professional told you it wasn’t!

It is a very big deal and can cause you a world of heart ache too! If a lender finds out that any part of your application is falsified, not only can it demand immediate full payment of your loan, but you could potentially wind up paying six-figure fines, get a friendly house call from your neighborhood FBI and/or an all inclusive trip to jail.

So, what exactly is mortgage fraud?

The FBI defines it as “any material misstatement, misrepresentation or omission relied upon by and underwriter or lender to fund, purchase or insure a loan.”
Here a few examples:

1. Undisclosed Kickbacks – if you have made a deal with the seller that they will be cutting you a check at closing to do some repairs on the property and the lender doesn’t know about it because it’s not disclosed in the purchase contract, addendum, or estimated closing statement (HUD-1 Statement), it is mortgage fraud.

2. Silent Second Mortgage – if the seller of the home is agreeing to lend money out to you for a downpayment, which you will not disclose, and he has set up a repayment plan that will not be recorded – this is a silent second and is mortgage fraud.

3. Falsifying employment income – this one speaks for itself. Don’t say or alter any of your income statements to appear like you make a different amount than you actually do – this is definitely mortgage fraud.

4. Claiming to be an owner occupant when you’re not – what this boils down to, is that rates tend to be higher and not so favorable to those who don’t occupy the property, so some people claim that they will, even though they are not. Please don’t do this, as it is mortgage fraud.

5. Gifts for a down payment that you will be repaying – this one is a double catch. If you and someone else engage in this, you both are involved in mortgage fraud. A gift is a gift; it cannot be repaid.

6. Inflating the purchase price – if you have two purchase contracts and send the falsified contract with the higher sales price on it to the lender in hopes of getting a higher appraisal, it is mortgage fraud.

7. Falsifying deposits – basically, don’t say that you are making a deposit or paying any sort of money outside of escrow if you aren’t.

So what do you do?

Be careful with whom you are working with. If they are telling you to do any of the above things, then run the other direction and fast. They are not helping you by convincing you to commit mortgage fraud.

If you suspect mortgage fraud, report the individual to the FBI. If you have a feeling that you are being asked to commit mortgage fraud, at the very least, reach out to a reputable real estate lawyer or licensing authority in your state before proceeding with your original plan.

If you have any questions or would like further information, please visit us at http://www.acchomeloan.com or give us a call at 800-311-6868 and we would be happy to help you.

Everyone telling you to downsize? They may be wrong.

 

How many people do you talk to on a regular basis, who are thinking of downsizing?

There reasons are usually to free up some money, live beneath their means so they can travel, etc., but is it really the right choice?

If there is one thing to be aware of out there in the world and market that we live in, it would be to be careful and be wise when making huge financial decisions. Don’t always rely on your family and friends to give you the advice that could ultimately put you in a position you don’t want to be in.

Things to consider:

  1. Don’t move before you sell your home
  2. Consider the surroundings of where you are wanting to move to
  3. Consider the emotional tangles
  4. Consider if there REALLY is going to be that big of a savings
  5. How much do you have and will it fit in the possible “tight quarters” you are considering?

In the end, “Downsizing isn’t always going to save money. In the end, it doesn’t always make financial sense.” , quotes Ann Tergesen in interviewing a man regarding his choice to downsize. To read more, click here

To  talk to someone about a possible game plan for your situation, visit us at http://www.acchomeloan.com

“With Us You’re Never A Loan”

Top 5 Most Important Things When Financing a Home Loan

  1. Find out which mortgage programs they offer.
  2. Ask about fees and more importantly credits.
  3. Inquire about service and community standing.
  4. Make sure they are more concerned with your outcome than a rate quote
  5. If you feel uncomfortable about something and they can’t explain it for you, get a 2nd opinion

 

If you are looking to refinance or purchase a home we would be happy to take a look for you with a no obligation, free analysis to see what opportunities we may have for you.

For more information, please visit, http://www.acchomeloan.com or call us at 800-311-6868

“With Us You’re Never A Loan”

What would happen if you changed ONE ingredient?

Ever tried a potato donut???

Biting into a piece of fried potato dough drizzled with glaze can be a religious experience in Portland, Maine. A visit to a funky new dive called The Holy Donut has become a weekly, or sometimes daily, ritual for customers craving a fix of flavors ranging from sweet potato ginger to roasted pistachio.

“I’m trying to convince myself it’s not a sin to eat donuts,” says regular Nathan Hagelin as he takes the first bite of the shop’s seasonal apple cider flavor.

Everybody wants it. They think they can’t have it, but we tell them they can,” says owner Leigh Kellis. Traditionally the poster child of unhealthy treats, donuts here are made with all natural colors and flavors, local Maine ingredients and no preservatives.

Kellis says she can be neurotic about food, so when she came up with the idea to start her own donut business about a year and a half ago, she decided she would only use ingredients that she’d be willing to feed her 8-year-old daughter. (Read more here )

What Kelli did was take something and completely remake it by changing one major ingredient.

What are the things in your life that you could change just by altering one ingredient?

We are in the business of doing just that. Creating opportunities by getting to know you and your future plans as much as possible so that we can take an initial situation or program and, by altering certain “ingredients” to the mix, so to speak, we can come up with a scenario that fits you perfectly and leaves a good taste in your mouth.

If you are considering refinancing or purchasing a home, let us take a look at your situation, get to know what your goals are, and fix up a “recipe” that works for you and your future. For more information, please visit, http://www.acchomeloan.com or give us a call at 800-311-6868.

“With Us You’re Never A Loan”