So as this blogging unfolds, follow my direction; and I will take you through the ABCs of home buying in San Diego County. I will be discussing the short sale vs. foreclosure market and telling you what the banks may not want you to hear....the truth! I will discuss the most effective process for finding the hot deal, qualifying for the loan, timing (which is critical), disclosures & contracts (boring but necessary), negotiating (Deal...or no deal), and ultimately the escrow process. I will be addressing the first time home buyer, newly divorced with kiddos, downsizer, investor, buying a condo while your child is in school, trust sale and the move-up purchaser. I will discuss benefits of home ownership vs. renting and I will touch on any real estate topic that is suggested to me. If you want to jump the gun and I'm not at your topic yet, call me. I am available seven days a week 7 am to 7 pm. I am never to busy to talk with you. If you find this information helpful and feel we might be a business match, all I ask is that you consider me your Realtor and let me place you in your dream home at a HOT price...it's that simple. Put me in your cell phone. Kim Drusch, Realtor (760) 580-9195. www.ViewKimsHomes.com
So to bring me to my first point...the loan. It takes a little more today to qualify for a loan other than simply stating that I'm a pool cleaner, I make $400,000 a year and oh yeah, I can't document my income. (And by the way, I'm a little short on cash so I have nothing down...but I'm good for it.) That ship has sailed...and thank God! We're returning to the days of when our parents purchased homes and they actually saved for it...and it WAS the American dream. Realistically, you can still get financed with possibly 5% down with great credit (FICOs over 700), but to expand your options and get a more flexible interest rate, 10% down would do it. Be aware that loan programs are changing (and disappearing) on a daily basis, so it is absolutely in your best interest to hook up with a great lender. And coincidentally, I know of one. He works a lot like I do-straight talker and 20+ years experience. In 10 minutes over the phone he can determine the best loan program for you and help you decide on a monthly payment that you are comfortable. After all, you will probably qualify for a lot more than you actually want to pay. Your financial comfort zone is critical. One last comment on home loans, there seems to be this "sick pit" in the stomach of the average consumer whenever the mention of discussing finances with a banker. It really isn't just you...it's everyone. Universally I find that when my clients take the first step and call the lender, their angst is relieved, it's no where near the embarassing process they imagine and there is a reasonable attainable outcome. With that process over with (and pre-approval letter in hand) my clients then confidently walk into homes they can afford and THEY are in the driver's seat. I confess that I did it backwards in my younger days. I found the perfect home and then set out to see how I could afford it. The days of waiting to qualify were actually gut-wrenching. Don't do it backwards. Call a lender first...a great lender and relax! THEN you select your dream home in peace and with confidence!
By the way, the lender I prefer is Jim Auten with American Capital Home Loans. He can be reached at (760) 975-0255. Tell him I sent you. Following is an article that Jim sent to me today. Take a moment and read it. Just as I will keep you up to speed with real estate, Jim will do the same with loans, the economy and all things financial.
Fed cuts again - future unclear. What does it mean to you?
The Federal Reserve cut interest rates today for the seventh straight time since September of last year. Many experts believe that the Fed is done cutting interest rates and will begin a new watch-and-wait policy. This new policy is due – in part – to the fact that the first Stimulus Act rebate checks are hitting millions of mailboxes this week. The Fed hopes this money gives a boost in the arm to the economy.
If you've been taking a watch-and-wait approach with your own finances, now is the time to call and review your options.
Consider this: the Federal Reserve Board meets 11 times this year to review the health of the US economy and make adjustments if needed. Don't you think you owe it to yourself to take just a few minutes and do the same with your own financial goals?
I want to ensure that you're taking advantage of this unique market and not letting it pass you by. Here are just a few things to consider:
· Today's tougher housing market means there are some great buys to be had if you're looking to purchase. This is an especially friendly market for first-time home buyers.
· The government has temporarily increased FHA loan limits in many areas across the US. These government-insured loans are not FICO-score driven and require little to no down payment. Here's the catch: these new limits expire at the end of the year, so you must act now.
· You really don't want to play the waiting game if you are holding an adjustable rate mortgage (ARM). That's because there is nowhere for the rates to go but up from here, if we are truly at the end of the Fed's cutting cycle.
Invest 10 minutes in your financial future. Call me today. Together we'll review your situation. While the Fed takes a quick break from cutting to plan its next move, take advantage of the opportunity to do the same for yourself. I look forward to hearing from you!
Thank you and I hope to hear from you soon,
Jim Auten
Senior Loan Officer
1525 S. Escondido Blvd, Ste. A
Escondido, CA 92025
760.975.0255 Office
760.908.9161 Cell
760.975.0257 Fax
The Federal Reserve cut interest rates today for the seventh straight time since September of last year. Many experts believe that the Fed is done cutting interest rates and will begin a new watch-and-wait policy. This new policy is due – in part – to the fact that the first Stimulus Act rebate checks are hitting millions of mailboxes this week. The Fed hopes this money gives a boost in the arm to the economy.
If you've been taking a watch-and-wait approach with your own finances, now is the time to call and review your options.
Consider this: the Federal Reserve Board meets 11 times this year to review the health of the US economy and make adjustments if needed. Don't you think you owe it to yourself to take just a few minutes and do the same with your own financial goals?
I want to ensure that you're taking advantage of this unique market and not letting it pass you by. Here are just a few things to consider:
· Today's tougher housing market means there are some great buys to be had if you're looking to purchase. This is an especially friendly market for first-time home buyers.
· The government has temporarily increased FHA loan limits in many areas across the US. These government-insured loans are not FICO-score driven and require little to no down payment. Here's the catch: these new limits expire at the end of the year, so you must act now.
· You really don't want to play the waiting game if you are holding an adjustable rate mortgage (ARM). That's because there is nowhere for the rates to go but up from here, if we are truly at the end of the Fed's cutting cycle.
Invest 10 minutes in your financial future. Call me today. Together we'll review your situation. While the Fed takes a quick break from cutting to plan its next move, take advantage of the opportunity to do the same for yourself. I look forward to hearing from you!
Thank you and I hope to hear from you soon,
Jim Auten
Senior Loan Officer
1525 S. Escondido Blvd, Ste. A
Escondido, CA 92025
760.975.0255 Office
760.908.9161 Cell
760.975.0257 Fax
