Diegocentric - Christa Borellini
3 Mistakes First Time Home Buyers Make
What Are the 3 Biggest Mistakes I See First Time Home Buyers Make?
- Buyers Who Start Looking for a Home Before They Talk to a Lender.— This is a huge mistake. For one you really don’t know what your purchasing power is. Also, in today’s market when you write an offer you will need to Read the rest of this entry »
FHA to Raise Fees….Again!
In an attempt to fund their depleted reserves the Federal Housing Association will be raising 2 fees associated with FHA backed home loans. As a reminder FHA mortgages are low down payment home loans insured by the government. The down payment for these loans can be as low as 3.5%. In exchange for a lower down payment and other less stringent qualifying factors FHA has two added costs that are not found in other types of loan products.
One of these fee’s is the Upfront Mortgage Fee. This fee is Read the rest of this entry »
3 Techniques to Select the Right Neighborhood
According to national real estate statistics, your average person moves at least once every five years whether it be for reasons such as corporate transfers, changes in economic status, marriage, divorce, etc.
Before you move, you need to consider all the factors, especially if you have a family. You cannot just uproot without considering where you are going to settle again. It can be the best house in the world, Read the rest of this entry »
Watch What Your Are Deducting on Your 2013 Tax Bill
Beware! Your California property tax bill due in April 2013 will need to be broken down into 2 categories: Deductible and Nondeductible. The State Franchise Tax Board has implemented a new computer system to make sure no one is trying to deduct items like Mello Roos payments and Special Assessments which they say are Not deductible. Apparently the state has lost thousands due to home owners deducting such items so beware! Consult your tax advisor for more information on how this may affect you.
*This is not intended as tax advise. If you have questions about your tax situation please contact your tax advisor.
Will We See More Foreclosures This Year?
In 2011 we saw the lowest level of foreclosures (NOD’s and Repo’s) since 2007. Fillings for 2011 were down 33% over the year before. Much of the decreases were due to the ‘Robo” signing scandals in 2010. This year foreclosures are expected to rise above last years numbers, but not to the levels they were in 2007.
(All statistics from Realty Trac)
Interest Rates to Stay Low Until 2014
The Fed recently announced that they will not be raising interest rates until the end of 2014. Right now the Fed interest rate (also known as the overnight rate that banks charge each other for borrowing funds “overnight”) is near zero. This decision to keep that rate near zero until the end of 2014 will reduce the cost of borrowing and hopefully help all sectors of the economy. What does this mean to home buyers? It means home mortgage rates should remain at historically low levels until the end of 2014.
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