Debora Sanders

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Jumbo Loan Requirements Are Getting Stricter!

Jul 15, 2020

Jumbo Loan Requirements Are Getting Stricter!

The Pandemic has triggered tighter requirements and it's making it more difficult for some borrowers to qualify for jumbo loans. These days, home buyers may have stricter credit score requirements and higher cash reserve requirements if they are trying to get a high balance loan. Lenders want low debt to income ratios, larger down payment requirements and some may not allow a loan on a vacation home or investment property. As a reminder, a jumbo loan is a home loan greater th

Tips to Help Keep Your Credit In The Green When Applying for a Loan

Jun 18, 2020

Tips to Help Keep Your Credit In The Green When Applying for a Loan

Buying a house and getting a loan can be complicated so it's important be prepared. Here are some tips to help you protect your credit score: DO'S DO make sure to get help from a mortgage professional. DO check with your lender before accepting gifts or loans from friends or family. There may be restrictions on what you can do and you don't want to jeopardize your loan opportunity. . DO stay current on existing accounts: Make sure you make all your payments on time. DO mainta

APR's Show Substantial Declines over April 2019!

May 22, 2020

APR's Show Substantial Declines over April 2019!

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

Fannie & Freddie Allow Payment Deferral Post-Forbearance

May 15, 2020

Fannie & Freddie Allow Payment Deferral Post-Forbearance

Yesterday, Fannie Mae and Freddie Mac announced that homeowners in forbearance could request payment deferrals and add any missed payments to the end of their loan term, without penalty or added interest. That's great news but remember, this doesn't mean you don't have to repay, it just means your loan is extended. It also only applies to the Government-Sponsored Enterprises, not necessarily traditional banks and lenders. Here are some Highlights: Freddie Mac will allow a bor

What's Happening in the Real Estate Market This Week?

Apr 30, 2020

What's Happening in the Real Estate Market This Week?

Despite the pandemic, according to a newly released report from the National Association of REALTORS®. 35% of REALTORS® reported no delays to closings in a snapshot survey conducted on April 26 & 27. Interest rates continue to encourage buyers and despite a huge increase in unemployment claims, many potential buyers are still working and see opportunities in the market Inventory is still low compared to previous years so we need more sellers to jump in. In the area I monitor

Finding Alternatives to Manage Appraisals During COVID-19

Apr 22, 2020

Finding Alternatives to Manage Appraisals During COVID-19

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

What's the Difference Between Forbearance and Deferment?

Apr 15, 2020

What's the Difference Between Forbearance and Deferment?

Many people who are concerned about making their mortgage payments during the COVID-19 crisis were relieved to hear that their lender might be able to help. Although this is true, make sure you understand the terms of your agreement. It's not free money or a free mortgage payment. Here's a quick overview of some of the options: A mortgage forbearance allows borrowers to temporarily stop making their monthly payments, but be careful! At the end of a forbearance period, genera

Beware of COVID-19 Mortgage Scammers!

Apr 5, 2020

Beware of COVID-19 Mortgage Scammers!

Unfortunately, in times of crisis, there are still those who look for ways to take advantage of others. Freddie Mac warned this week that it learned of a scam where borrowers were receiving fraudulent calls impersonating the mortgage financing giant in offering low interest rates and other false promises. I know you are under a lot of stress but be careful and follow the tips below: If you need mortgage relief, call the lender directly. It's unlikely that lenders will call yo

Mortgage Relief to California Families During the COVID-19 Crisis

Mar 27, 2020

Mortgage Relief to California Families During the COVID-19 Crisis

Good News! Governor Gavin Newsom announced that financial institutions will provide major financial relief for millions of Californians suffering financially as a result of the COVID-19 outbreak. If you call, I assume you are going to have big wait times but persevere! Here's the summary: Governor Newsom secured support from many banks including Citigroup, JPMorgan Chase, U.S. Bank, and Wells Fargo and nearly 200 state-chartered banks, credit unions, and servicers to protect

The Coronavirus & Mortgage Rates

Mar 11, 2020

The Coronavirus & Mortgage Rates

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

Wild Fires & Insurance in California

Feb 28, 2020

Wild Fires & Insurance in California

With an increase in wildfires around the world and in California, home insurance has become a hot topic as insurance companies are forced to deny renewals or charge exorbitant premiums to cover risk. One of our Monterey County Association of Realtors representatives recently met with the Insurance Commissioner and other officials to discuss fire insurance concerns. A lot was discussed but I thought I'd share a few of the takeaways: Current Challenges: There has been a 600%

What are all these fees?

Feb 19, 2020

What are all these fees?

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

The Difference Between A Down Payment and an Earnest Money Deposit

Jan 30, 2020

The Difference Between A Down Payment and an Earnest Money Deposit

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

Some Points About Our California Housing Crisis

Dec 13, 2019

Some Points About Our California Housing Crisis

Reasons why we don't build enough housing in California Community resistance Water restrictions and lack of water to support additional population Commercial development brings in more tax revenue than residential Project reviews and CEQA delays discourage developers What are the obstacles to housing in California? Supply and demand create inflated prices and income doesn't have the chance to catch up Mortgage rates are low but buyers can't afford to pay the inflated housing

Woman vs Man - Home Purchase Preferences

Dec 5, 2019

Woman vs Man - Home Purchase Preferences

One in five consumers buying a home today is a single woman. Meyers Research in Costa Mesa, Calif., conducted a survey analyzing the buying preferences of 33,000 home shoppers, including both men and women with a variety of locations and price points. They found that the influence of the female buyer segment goes further than expected. Not only are women involved in buying their own homes, but they also help guide many single men who seek advice during a home search. Here are

Do You Know Your Credit Score?

Nov 26, 2019

Do You Know Your Credit Score?

Your credit score matters so it's important to know where you stand. Federal law allows you one free credit report per 12 month period. Get a copy so you can make sure you don't have any debt that doesn't belong to you or that went to collections. It takes time to clear credit issues and it affects the interest rates that lenders will charge. Stay on top of your score! #realestatemarket #homes #realtor #housingcrisis #creditscore #financing #mortgage #qualifiying

Putting Corporate Money to Work in California!

Nov 10, 2019

Putting Corporate Money to Work in California!

We have a housing crisis in California and as we know, the Bay Area and Monterey Peninsula are no exceptions. It's a difficult challenge for fire fighters, nurses, teachers, hotel workers and many others to find affordable housing and they often have to commute long distances to get to their jobs. With average home prices ranging from $660,000 to $1,200,000 most people can not afford to buy or sometimes even rent. The good news is that there have been some efforts by local an

What is the Department of Real Estate's Role?

Nov 8, 2019

What is the Department of Real Estate's Role?

In the Real Estate world, we use a lot of acronyms. You may have seen this one....DRE. It stands for the Department of Real Estate. They oversee California real estate transactions and are tasked with protecting the consumer from fraud, misconduct and financial abuse. This year marks their 100th anniversary and they continue to service and protect the public. Here are some of their duties: Audits to ensure that trust funds are handled correctly during a real estate transactio

Top Three Reasons Why Your Mortgage Gets Denied

Oct 10, 2019

Top Three Reasons Why Your Mortgage Gets Denied

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

A Mortgage Before Marriage!

Apr 18, 2019

A Mortgage Before Marriage!

Times they are a-changing! According to Lending Tree, young adults are getting married later in life. In 1980, the median age of a first marriage for men was 24.7 and 22 for women; by 2018, those numbers rose to 29.8 for men and 27.8 for women. Millenials comprise 37% of current home buyes Twenty-seven percent of millennial buyers say they are postponing parenthood until after they purchase a home 22 percent are waiting to get a pet until they have a home of their own 17% of