Learn more about Assembly Bill 1551

Interest rates continue to remain at historic lows but some metro areas are seeing larger declines than others in their APR's. LendingTree recently ranked the nation’s 50 largest metros by their annual declines in both purchase and refinance APRs. The Annual Percentage Rate reflects the true cost of borrowing by including the interest rate, points, and fees charged by a lender. As such, it is higher than the quoted interest rate when obtaining a mortgage. It looks like 6 Cali

During the Shelter in Place order in Monterey County, any house that is not completely vacant, including no furniture, can not be accessed for inspection or viewing. With that challenge, appraisers are trying to come up with alternative ways to value a home. Appraisers need to determine the characteristics of a property so they use a combination of methods to do so. Usually, they will pull comparables online preferably close to the subject property. A standard appraisal would

As we have seen over the last couple of weeks, the Coronavirus is shaking financial markets and it’s hard to know when things will start settling down. So far, fears have prompted mortgage rates to drop. Investors are pulling their money out of stocks and putting it into steadier U.S. Treasury bonds—and when bonds perform strongly, mortgage rates tend to dip, realtor.com® reports. Although the coronavirus may slow home sales in some segments of the market, low mortgage rates

Closing costs can run from 2-5% of the purchase price of your home. Wondering what they are? Here's a quick summary: Origination Fees: A fee charged by lenders for processing the application and underwriting it. The fee typically ranges from .5%-1% of the borrower's mortgage. Service Charges: Includes the appraisal, credit report, flood determination and certificate, tax status, pest inspection, title search and insurance and survey fees. Appraisals and surveys can cost anywh

If you are a first time home buyer or it's been a while since you bought a home, here is some information that might help: How Much Should a Buyer Offer in Earnest Money? Typically, the deposit required by a buyer will be between 1% and 3% of the purchase price. I recommend 3% when the offer has competition. Otherwise, 2% works and the Seller might ask for a bump of 1% after release of contingencies. What Happens to the Earnest Money Deposit? The title company will keep the

The leading reasons for mortgage denials, researchers found: Debt and credit history: 33% of potential borrower’s debt-to-income ratios and 23% of credit history (which includes credit score) was the chief reason for denied mortgage loans. Don't buy large ticket items just before you apply for a loan and don't let anyone run credit reports unless you are serious about moving forward with a loan application. Inspections and appraisals: 17% centered on collateral.If a seller do

Another scam just hit the streets and it's hard to keep track of them all. Here's the latest...... If you receive a letter from "First National Bank" that is offering lines of credit and secured or long-term loans, do not contact them! The federal authorities are warning that First National Bank is “not a licensed or chartered bank.” The "bank" claims to be from Minneapolis and is falsely claiming “to be a financial institution offering business banking services.” They are ta

Here are 6 types of mortgage fraud that have been found in applications. According to Corelogic, fraud is again on the rise. It climbed 12% year over year. Potential borrowers have provided false or misleading information in order to qualify for a mortgage when home prices are rising and demand is strong. This issue was rampant prior to 2007 and many attributed the crash to the banks making loans to those who could not not afford their payment. Are we heading down the same ro