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How Low Down Payments Can Work in Your Favor

October 9, 2017
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Down payments take time to save up for and are one of the main reasons most people don’t rush into purchasing a home. Thankfully, there are now many options available that allow borrowers to purchase a home without a large down payment.

Some of these low or no down payment mortgage loans include VA loans, USDA loans, Conventional loans and FHA loans, with FHA loans being the most common. By securing your home financing through one of these loan options you can pass on putting a large amount down on your home, which can be helpful in a few different ways.

Some people may not have the money to make a 20% down payment, so having the option to put down 0% in the case of a USDA loan or as low as 3.5% in the case of an FHA loan, may sound appealing.

There are also benefits to low down payments, even if you have the money to put down more than 3.5%.

If you don’t plan on living in the same home long-term or plan to make other large purchases shortly after purchasing your home, putting down a smaller amount and keeping the rest of your cash in your savings will give you more flexibility in scenarios like these. In cases like these, the extra funds you are saving may be better used elsewhere than to lower your monthly mortgage payment.

Depending on your current situation, these options may work out very well for you or they could be a risky gamble, which is why it is important to discuss all your mortgage options before making any final decisions.

As a senior mortgage consultant, I have worked with many clients who have come to me in all different financial situations. I strive to build lasting relationships with each of my clients, so your wellbeing will always be my priority. We will review your current situation and your goals for the future together and make a decision, based on my experience and knowledge of the industry and what you feel comfortable with.

If you have any questions about your options for a no or low down payment mortgage loan, or need help getting the process started, give me a call today!

 

 

Source: https://www.forbes.com/sites/trulia/2017/01/04/is-it-smart-to-buy-a-home-with-less-than-20-down-payment/#18ff1edd6c8d

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August Market Update

September 25, 2017
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As a Bay Area mortgage professional, I strive to stay up to date on the most recent real estate market news and trends. I believe this information can be helpful to my clients as they begin searching for their dream home and I work hard to be considered a trusted source for all information related to mortgages.

Over the past year, the median sales price across all homes in the Morgan Hill area rose nearly 7%, up from $800,000 in 2016 to $855,000 in 2017. This median price was calculated from housing data collected between the months of May and August of each year.

The housing data pulled for this time frame also points towards significant changes in median sales prices of one, two and four bedroom homes, while the median sales price of three bedroom homes has barely changed.

For the three months between May and August this year, the median sales price of one bedroom homes was recorded at $519,000. This down an impressive 16.2% from the price of $620,000 that was recorded for the same time last year.

The median sales price of four bedroom homes, on the other hand, did increase on a year to year basis, rising 14.7% from $850,000 in 2016 to $975,000 in 2017. The median sales price of two bedroom homes increased by an even larger 23.8%, rising from $480,000 in 2016 to $594,000 in 2017.

The only homes that didn’t see much difference in median sales prices for the third quarter of the year were three bedroom houses. Median prices in this category only varied by 0.7% on a year to year basis, rising ever so slightly from $760,000 in 2016 to $765,000 in 2017.

Real estate professionals have predicted that the overall median sales price for homes in the Morgan Hill area will continue to rise another few percentage points over the next year.

A recent report by Zillow shows that Morgan Hill falls roughly in the middle of the surrounding area when affordability is considered. Homes in Morgan Hill are recorded as being more expensive, on average, than homes in Aptos, Soquel, Gilroy, Watsonville, and Freedom, but less expensive, on average, than homes in Los Gatos, Cambrian Park, San Martin, and some parts of San Jose.

It is my hope that you find this market information helpful as you begin your hunt for the perfect home. If you are searching for a home in the local area, give me a call today so we can get the ball rolling on your pre-approval!

 

 

 

Source: https://www.trulia.com/real_estate/Morgan_Hill-California/market-trends/

Source: https://www.zillow.com/morgan-hill-ca/home-values/

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Mortgage Checklist

August 10, 2017
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Even with the amazing updates in technology, there is still a large amount of information and paperwork involved with applying for and obtaining a mortgage to purchase your home.

This process may seem confusing and at times intimidating, especially if you are a first time home buyer and aren’t sure what to expect.

I have been working in the mortgage industry for almost 30 years, so I am well aware of all the aspects involved throughout the different stages of the mortgage process, from pre-approval to closing.

I believe it is my job as a trusted mortgage professional, to make sure my clients are educated on the entire process so they feel comfortable making the important financial decisions they will be faced with.

There are a few things, like your credit score, how much you can afford, and what type of mortgage you want, that you should consider before even beginning the process. If you aren’t sure where to start, I am always happy to help answer any questions you may have or guide you in the right direction as you move through the process.

While you are preparing yourself for the important steps to come, it is also essential that you prepare your documentation so you are ready to go when it comes time to submit your mortgage application. The same application process affects both your pre-approval and your official mortgage application, so the following information will need to be ready even as you begin the mortgage process:

 

  1. Personal Identification
    1. Driver’s License
    2. Personal Information – Phone Number, email address
  2. Previous Residences
  3. Employment and Income Verification and History for two years
    1. Company Information, Pay Stubs, etc.
  4. Current Assets
    1. Bank Account Statements, Investment Account Statements, etc.
  5. Current Debts
    1. Credit Card Balances, Recent mortgage statement, etc.
  6. Written Permission to Run Your Credit

 

This list is not meant to be all-inclusive as your required documentation will vary based on your financial situation. It is my hope that the information above does help by giving you some insight into what will be required from you during the mortgage process.

If you have any questions about the mortgage checklist above or would like to get your mortgage process started, give me a call at (408) 313-6162 today!

I can’t wait to help you purchase your dream home with the perfect mortgage!

 

 

Source: https://www.zillow.com/mortgage-learning/mortgage-application-documents/

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