The Median Home Price for a single family residence in Danville in December 2016 was $1,213,000. That Median Home […]Read More
Analysts are now starting to take a look at the big questions that will matter in the home market […]Read More
As Bay Area home prices keep going up, home ownership is becoming harder and harder to attain for many of our teachers. They don’t know how to buy a home with no way to save for the down payment needed. A new program by Landed.com is offering a unique solutions for our dedicated educators. They are offering to provide teachers with 50% of their downpayment in exchange for sharing in 25% of the appreciation of the home you buy. This can make a dramatic difference in the timeframe needed to buy a home along with potentially lowering your monthly homeownership costs. If you have questions, feel free to ask me. I’m Karen, your Mortgage Genie, helping you find the home of your dreams.
People want to update the feel of their home but not invest a lot of time and money to do so. […]Read More
In the Bay Area, many of us hear the term, “Jumbo Loan” due to the high cost of buying a home. However, most individuals and families do not understand what this term means. In the US, there are two main entities (Freddie Mac and Fannie Mae) that provide mortgage lenders with security, like a guarantee, where they purchase mortgages. These groups provide a cap in the Bay Area for such protection up to $636,150. Such loans are considered “Conforming”. Any loan amounts above this are viewed as Jumbo Loans. Thus, with the average price of homes in the East Bay approaching or exceeding $1 million, it is very common for many individuals to use a Jumbo Loan to obtain their home and even “Super Jumbo Loans”. Such mortgages can come with higher interest rates, larger down payments, and greater credit scrutiny. If you have questions, feel free to ask me. I’m Karen, your mortgage genie whose helping you find the home of your dreams.
This will be the year for some substantial changes within the Danville and San Ramon retail landscape. Each city […]Read More
Civil servants like police officers, firefighters, and teachers often struggle to become homeowners as housing prices in the Bay Area […]Read More
As a home buyer, you’re likely going to obtain a home mortgage. Many of us look at the interest rates […]Read More
Most people looking to find a home struggle with figuring out the down payment. You have a couple options. First, if you are moving into a home within the limits of a FHA Loan then you could manage to purchase a home for only 3% down. Second, if you are Veteran, there are VA loans that offer low down payment options. Third and the most commonly used option is getting money gifted to you from friends and family. Each of these scenarios has pluses and minuses including some precautions that need to be taken. Saying that, do not feel that you are without options. The best thing to do is to consult a qualified mortgage consultant to go over the best way to finance your first home purchase. I’m Karen, your Mortgage Genie, helping you find the home of your dreams.
As a first time home buyer, you are likely very nervous, confused, and scared. I want to make it as easy as possible for you by breaking it down to 5 easy steps:
- Review your financial situation with a qualified financial advisor to determine the realistic amount that you could afford in a monthly mortgage.
- Work with your CPA to understand the possible tax benefits you may have by owning a home. This is particularly critical with the new tax law.
- Identify a strong, mortgage broker who can not only give you a qualified preapproval letter but also will provide a secondary perspective on some of the first two items.
- Interview and identify a strong realtor who can advocate on your behalf. Do not merely choose the cheapest or family friend. Realtors have an important role and could impact your ability to find the right home, particularly with this still being a seller’s market.
- Work with your Realtor and the important family members to identify the neighborhoods that would work for you. Once you have all these players in place, you can locate the home, make an offer, and get in the home of your dreams.
After you are in escrow, the last piece of advice I would provide is that you ensure you obtain proper home inspections before you close on the property. I’m here to help you through this scary, exciting period. I’m Karen, your Mortgage Genie, helping you find the home of your dreams.