The close of 633 Tamalpais Avenue
is a very happy ending for my buyer clients.
Back in 2006, when I was selling their home in San Rafael, this very
house came on the market and they wanted to buy it. Timing was not right as we still needed to
close their home in San Rafael in order for them to purchase. In the end they purchased a different home in
Marin after selling. Fast forward nine
years later...633 Tamalpais Avenue comes on the market again. This time, my client was able to buy without
selling their current home and went for it!
Now they are so excited to make this move into their dream home which
was truly meant to be theirs.
TO REFI OR
NOT TO REFI
Having trouble refinancing? The government run HARP program
may be just what you’ve been looking for. In this era of tough lending
restrictions, many independently employed home owners are having a difficult
time passing the muster to refinance their home with conventional lenders.
an independent contractor myself, I took advantage of this program 2 years ago
and it took me 20 minutes to answer the questions over the phone with my then
current lender, and be put into the HARP program. It was the easiest refinance
I had ever done.
Successful real estate agents are like airline pilots or orchestra
conductors. We're ultimately responsible for the success or failure of
the transaction--- but we don't do it by ourselves. We rely on a network
of other professionals: escrow officers; inspectors; contractors;
transaction coordinators, and many others. We coordinate their efforts,
but we cannot achieve success without them. One of the most critical
pieces in assembling the picture-puzzle that will be the buyer's new
home is the Mortgage Broker or Loan Officer, who can literally make or
break the transaction. The best lending professionals conduct a thorough
review of the buyer's qualifications and assets prior to issuing a
pre-approval letter. They don't just take a snapshot, give it a
once-over, and then wait until the contract is signed. They give the
buyer and the agent a realistic timeline and then work really hard to
stick to it. From the appraisal to the closing, they are on top of every
Niche Jumbo Mortgages for Physicians, Dentists, Attorneys and CPAS...
5% Downpayment...No MI (Mortgage Insurance)
FOR EXISTING PHYSICIANS, DENTISTS, ATTORNEYS AND CPAS:
95% financing up to a $1,491,000 sales price ($417,000 FNMA 1st/$1M 2nd @ 4.5% APR 0 points)
90% financing up to a $2,083,000 sales price ($625,500 FNMA 1st/$1.25%M 2nd @ 4.5% APR 0 points)
85% financing up to a $2,500,000 sales price ($625,500 FNMA 1st/$1.5M 2nd @ 4.5% APR 0 points)
80% financing up to a $2,969,000 sales price ($625,500 FNMA 1st/$1.175M 2nd @ 4.5% APR 0 points)
Navigating the course of purchasing a new home can appear
For instance - what is Escrow? Most buyers know about the
beginning process of purchasing a home: pre-approval, working with a buyer's
agent, making an offer and doing inspections but what is escrow?
Buyers and sellers of a property establish, through the sales
contract, the terms and conditions for the transfer of ownership. The escrow
holder is the neutral, third party that oversees that these terms are
So often buyers hear that their...
It has been a relatively quiet week, at least until today when big news came from China showing a weak manufacturing report (PMI). If China's economy is weak, that means that the world is not ordering as many goods from China (so maybe the world economy is weaker than thought?) Of course a Chinese slowdown would have significant implications for global markets. This news sent US Stocks plunging and pushed investing dollars into the safe haven of the Bonds and improved interest rates. (see rate sheet below)
Housing Crisis is Quickly Becoming a Memory
The foreclosure crisis is showing signs that it's finally fading away. The number of new foreclosure filings -- which includes default notices, auctions and bank repossessions -- dropped 15% in November. The biggest monthly decline since November 2010 and foreclosure filings are now at the lowest level since December 2006. Filings are down 37% from one year ago.
Job creation is up. Unemployment is down.
Hot on the heels of a very strong 3rd Quarter GDP report (+3.0%); The
November Jobs Report was released a few days ago and it revealed that employers
created 203K jobs last month -- well above the 188K expected. The
Unemployment Rate fell to a 5-year low of 7%. The general consensus now
is that the Fed will have no choice but to begin tapering sooner than
Here are the rates as of Dec. 6th:
First time homebuyer question: What are the
closing and other costs involved in buying a home?
The bulk of the cost to purchase a home is the
down payment but there are several other costs involved you may or may not be
aware of. A huge benefit to being on the buyer side is the seller typically
pays the commission for both sides of the transaction. The commission is by far the
largest portion of the closing costs.
Note that all costs involved in
purchasing a home are negotiable but there are some standard that agents
Buyer closing and other costs...
A pre-approval is one of the most important ingredients in the
home-buyers' recipe book here in Marin. Sellers and Listing Agents
want to see a current pre-approval letter with every offer they
receive. Many, if not the majority of properties currently on the
market will receive multiple offers, and almost all of those offers will
have pre-approval letters attached. Offers without a pre-approval go to the bottom of the pile.
A pre-approval usually states that the lender, or mortgage broker has
reviewed financial history, income, tax returns, verified pay, etc.
Often, the lender has also had an underwriter review the file, and is in
a position to state that loan approval is subject only to appraisal and
certain other conditions. This pre-approval needs to be updated
periodically, with current pay stubs and bank statements. Changes in
employment or finances can derail the loan process, even if the buyers
were recently approved.
Here are a few of the mistakes to guard against:
At Marin Modern we often receive inquiries from potential Houseboat homeowners. One of the most important elements of owning
a floating home is the financing. It is not the same as a regular home because a floating home is not "real property". (Though, you
are required to pay property taxes- at a reduced rate compared to similarly priced single family homes).
I called Heather Ziemer, Vice President of Financial Benefits Credit Union about Floating home financing.
(Their number is: (510) 433-9200. They are open 10 a.m. to 4 p.m. Monday through Friday.)
Here is what she had to say: Expect to pay a higher interest rate and you will need 20% down payment. Variable rates are
currently (June 6, 2013) at 5.25% for a thirty
year term. It adjusts twice a year. Maximum adjustment is .75 each time
with a cap
of 5.00% over the starting rate for the first seven