Labor Day Weekend’s exclusive happenings!

This Labor Day weekend travelers can take advantage of The Maritime Museum’s Sailing In San Diegoannual Festival of Sail, Julian Fall Apple Harvest, U.S. Sand Sculpting Challenge and 3-D Art Expo on San Diego Bay, featuring live entertainment and food as well as take part in the start of the San Diego Chargers football season kick-off.

Festival of Sail is hosted by the Maritime Museum of San Diego along the  North Embarcadero, San Diego Bay and will host over twenty fascinating ships from around the world during August 29, 2014 – September 1, 2014.  Julian Fall Apple Harvest going on, emulating the 1870’s gold rush, this charming festival allows travelers to shop, sample famous apple pies, picnic and hike throughout the refreshing oak trees, and even take part in a horse-drawn carriage-ride down Main Street.

In addition to this Labor Day Weekend’s exclusive happenings, other enjoyable excursions and activities include attractions and tours like SeaWorld, the San Diego Zoo, Balboa Park, boating and brewery tours, hiking, horseback riding, sailing, Segway excursions, whale watching and wine tasting.   http://www.sdmaritime.org/festival-of-sail/

Have a safe and enjoyable Labor Day Weekend!

 

Advertisements
Orange County the third and Los Angeles the ninth most expensive housing market in the U.S.

Orange County the third and Los Angeles the ninth most expensive housing market in the U.S.

According to the newest report from the National Assn. of Realtors, Orange County is considered the third and Los Angeles the ninth most expensive housing markets in the U.S., this measured the open space with fire placemedian price of homes sold in the second quarter.    Orange County’s median —          the point at which half of homes sold for more and half for less — hit $691,900 in the quarter, trailing only the San Jose and San Francisco metro areas.

The San Diego area ranked fifth at $504,200 and metro Los Angeles, Los Angeles County ranked ninth at $420,300.  Even the relatively inexpensive Inland Empire sat 21st pricier than Miami; Austin, Texas; or Chicago with a median of $274,600.

While this may seem reasonable to some, these statistics should raise concern considering the median household income in Orange County is $75,566, according to the Census Bureau. In Los Angeles County it is $56,241.

Mortgage rates fell for sixth straight day today

Mortgage Rates fell modestly for an impressive sixth straight day today.

Mortgage imagesCAE30UQZrates are driven by movements in financial markets-most directly by MBS (mortgage backed securities) which actually dictate how much mortgage debt is worth to investors. MBS are always trading with some level of correlation to broader bond markets where 10yr Treasuries are one of the best big picture reference points.

US pending home sales rebound to their highest levels in nearly a year

A report of the latest housing market showed a rebound on pePrices-going-up-graphic-2nding home sales – their highest levels in nearly a year- according to the National Association of Realtors.

The NAR’s pending home sales index surged 3.3 percent in July to 105.9, its highest level since August 2013.

Pending home sales have climbed in four of the past five months. The June decline in pending home sales was steeper than first thought, with the drop revised to 1.3 percent from 1.1 percent.

 

Why to check on your Interest Rate & APR

Why to check on your Interest Rate & APR

Financial institutions provide considerable information and guidance on mortgage loans and interest rates that apply to these. But it is you who makes the final decision for the best possible loan. Mortgage interest rates change constantly and daily, depending on various and diverse economic, national and international factors.

Finding-a-refinance-rate-for-your-home

The current national interest rate is generally published in various mass media such as the financial section of newspapers, websites, etc.  This information not only helps you know the current interest but also to analyze how interest presented by a certain time.

Keep in mind that,  your monthly payment will be reflected accordingly to the interest rate  you get on a home loan. Remember that these are the loan payments and do not include any other amount as is the property tax, homeowner’s insurance, loan insurance (PMI) if the payment is less engaging 20 percent of the value house, the cost of association if it is a condo, among others.

It is important to not confuse the effective rate of basic interest (Interest Rate) with the annual interest rate (APR), which is calculated according to the cost of your loan and not just the total amount of the amount financed, as in the interest for cash.  Ask if the interest rate is fixed or adjustable. Note that variable interest rates may increase and thus also their allowance.

However, the total cost of a mortgage includes more than just the basic rate of interest or effective. These costs include origination fees; discount points, miscellaneous expenses, etc. and other terms and conditions that could affect the final cost of your mortgage.  In most loans, lenders offer mortgages with several combinations of points and interest rates. Generally, the lower the interest rate, more points could pay before closing. Interest rates affect your monthly mortgage payment, while points affect the amount of cash that must be at closing.

Make sure to understand all terms of the mortgage you choose, so you do not get surprises along the way.  Mortgages are complex financial transactions, and lenders are committed to explain the pros and cons to homebuyers about the various programs and interest rates they offer.

Why this is a great time to sell your home?

Why this is a great time to sell your home?

Selling a house is a big decision, and there will be many factors in your decision to put your house on the market. The key is to not have to sell your house until the timing is right, at a time of the year when the market is hotter.

Home For Sale Signs In Front Of Beautiful New Homes.

When is a great time to sell your house? When you will get the most value for the property!

 

Several factors contribute to this, but always remember that time is the most important factor in achieving maximum value for your property.

While there is no way to tell when the housing market is at its top, the housing market we have seen does have some troubling similarities.  The idea to cash into your house and make a tidy profit while hoping the market to cool with the intention to find some bargains later is at a high stakes bet. Real estate market has a cyclical trend with ups and downs. However, it is not an excellent idea to speculate for most people as they’re not dealing with just money but with a real asset with real value.

Prices surged more than 10% in many markets last year, bidding wars are once again common, and homes are routinely going for well over the asking price in some cities. These trends make it seem like a return to the days of the housing boom.

The turnaround comes roughly seven years after the housing bust and signs that the economic recovery is picking up. As the unemployment rate drops and consumer confidence increases, more buyers are entering the housing market and sellers are finding that they have more leverage in negotiating the going prices of their homes.

More homes are expected to hit the market, and you will probably see that the number of “For Sale” homes will rise, with much of the extra supply coming from home builders. Since the recession, investment firms, including private-equity firms and hedge funds, have been purchasing large numbers of single family homes and turning them into rentals. Some analysts say that the supply & demand imbalance has helped to create this seller’s market by following this trend.

Do you really need Earthquake insurance?

Do you really need Earthquake insurance?

While earthquakes are more prevalent in the state of California, they can occur in any state. The truth is that an earthquake can occur and cause damage to your property in almost any state.

Earthquake insurance will cover damage to your dwelling and its contents caused by damage from and earthquake such as walls that collapse or valuables that are destroyed inside your home.

CALIFORNIA EARTHQUAKEYour regular homeowner’s policy does not cover damage caused by earthquakes. You must either purchase an earthquake coverage endorsement or purchase a separate policy for earthquake insurance.

Don’t make the mistake of thinking that you will rely on government disaster assistance to help you recover losses from an earthquake.  Government disaster programs, such as FEMA, are designed to take care of immediate needs such as food, clothing, medical assistance and temporary shelter.

If you live in an earthquake prone area, the only way your property and contents will be covered is through Earthquake Insurance.

Do You really need Earthquake Insurance?  Only you can make this determination. Many people, especially people who do not live in earthquake prone areas choose not to get this coverage. Earthquake Insurance policies can be quite expensive. Just know that if you do not have earthquake insurance, rebuilding your home and replacing all of your valuables will come out of your own pocket.

The state of California offers earthquake insurance through the California Earthquake Authority (CEA). Individual insurance companies in the state can elect to participate in the CEA.  By law, if an insurance company offers homeowner’s insurance in the state of California, it must also offer earthquake insurance.

Mini-policies are also available which only cover your dwelling, excluding items such as patios, pools or other detached structures. This was introduced in 1996 by the California legislature in an effort to keep earthquake premiums affordable for homeowners.

Before you start looking for a home!

Get pre-qualified!

Banks, credit unions and mortgage bankers make home loans; mortgage brokers process them. The lender will take an application, process the loan documents, and see the loan through to the funding stage.

If you have less than perfect credit, talk to your lender.

A lender should be able to advise you on whether your credit history will prevent you from qualifying for a home loan.

You will need a down payment. blog21

Down payment requirements vary depending on the type of loan. However, down payment assistance programs are available for First time buyers. These programs may loan or grant you the funds necessary for the down payment.

Funds for closing costs.

Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to:

  • Escrow fees charged by the company handling the transaction
  • Title policy issuance fees charged by the title insurance company
  • Mortgage insurance fees
  • Fire and homeowners insurance
  • County Recorder fees for recording your deed
  • Loan origination fees

Some loans have “points” and some do not.

A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate they constitute the yield on your loan for the lender. Some lenders charge a higher interest rate to compensate for charging no points. It is important to comparison shop lenders to make sure your loan is at a competitive yield.

  Be aware of the two main types of loan categories:

  • Conventional Loans. Conventional mortgage loans are available with fixed or adjustable interest rates. Some loans may require mortgage insurance.
  • Government Loans. These include Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans, and Veterans Administration (VA) fixed rate mortgage loan, USDA (United State Department of Agriculture).

Always keep in mind that buying a house is the best deal investment you can make!

 

It is Officially unaffordable to rent

According to the latest real estate market report from Zillow, homes remain more affordable to buy in 94 of the country’s 100 largest metros compared to historic averages. On the other hand, renting is more expensive than ever in 88 of the country’s 100 largest markets.

“The affordability of for-sale homes remains strong, which is encouraging for those rent-vs-buybuyers that can save for a down payment and capitalize on low mortgage interest rates. But the health of the for-sale market is directly tied to the rental market, where affordability is really suffering” said Zillow Chief Economist Stan Humphries.

Home values jumped 6.5% year-over-year, while national rents increased 2.8% for the same time.

 

 

 

 

Homeowners receiving BofA settlement may get a huge tax bill as well

The relief could be too good to be true!Tax Relief

As part of the record $16.65 billion settlement between Bank of America (BAC) and the U.S. Department of Justice, approximately $7 billion is designated to provide relief to consumers. However for the borrowers that reap the rewards from BofA, there could be something that severely dents the promised relief funds…a huge tax bill.

In a statement, the U.S. Department of Housing and Urban Development outlined how some of that money will be disseminated to the consumers.

“The $7 billion in consumer relief will focus on areas that were hardest hit during the housing crisis,” HUD said. “Consumer relief will take various forms including loan modification for distressed borrowers, including FHA-insured borrowers, and new loans to credit worthy borrowers struggling to get a loan in hardest hit areas, borrowers who lost homes to foreclosure or short sales, and moderate income first-time homebuyers.”