Owner: Active Rain URL:http://activerain.com/blogs/cutrufelli Join Date: Sat, 10 Nov 2007 10:05:41 -0600 Rating:0 Site Description: Primary home purchase or refinance, vacation home purchase or refinance, investment property purchase or refinance in Alamo, Danville, Concord, Clayton, Lafayette, Martinez, Moraga, Pleasant Hill, Orinda, San Ramon, Walnut Creek, Contra Costa County, Cali Site statistics:Click here
79% of Credit Reports Contain Errors* 2007-11-09 19:05:31 According to the U.S. Public Interest Group Research, 79% of credit reports contain errors and 25% contain errors serious enough to result in the denial of credit. If you are thinking of buying a home, refinancing a home, a car, or even getting quotes for home owner's insurance, your credit score will have an impact on the financial package you receive, therefore, it is important to ensure your credit report is accurate.The Fair and Accurate Credit Transactions Act provide consumers the right to receive one free annual credit report from each of the three Credit Reporting Agencies (CRA): Equifax, Transunion and Experian. The CRAs have created a central website to access your free annual credit report: www.AnnualCreditReport.com. The credit reports are free but there is an additional charge to obtain your Credit Score. Since the Credit Score is often a determining factor in financing, it may be an advisable investment. Be aware Read more:Contain
, Errors
First Time Home Buyers Remind Me What is Important 2007-10-16 19:57:11 Several months ago I received a First
Time Home Buyer referral for the Pleasant Hill area of Contra Costa county from Susan Kingsley of Empire Realty Associates who has worked with these clients for two years. These hard-working, diligent, financially responsible people passionately want to own a home and have run into one road-block after another in their quest.When I initially met with these potential buyers, I also was unable to provide a mortgage approval but I did not want to be just another "NO" so we sat down and prepared an Action Plan. The Action Plan included correcting credit report errors to improve their credit scores, debt repositioning, reviewing their budget, and looking at their long-term financial goals which included setting aside funds for their 11 year old daughter's education.In the middle of completing the Action Plan, two major road-blocks popped up: mortgage guidelines for $0 down payment loans became more Read more:Buyers
, First Time
, Home Buyers
Staging....for Curb Appeal 2007-09-24 17:24:05 Am I the only one who recognizes that yards rarely match homes? This may be fine as a home owner, but as a home seller this creates a negative first impression in a buyer's mind.I must confess that I have been the biggest offender of the "Yard Doesn't Match The Home" group. It was a long standing joke in my family that my house was the Plant Cemetary - in other words, plants went to my house to die - so I have complete empathy for others lacking a green thumb, talent or time to devote to their yards. In fact, when I sold my previous two homes I didn't care that my yards were sadly lacking. As far as I was concerned, if the new buyer had a green thumb, they could deal with it!It wasn't until my husband and I purchased our most recent home that I started my Curb Appeal
education. Although the home is great, the yard didn't even meet my negligible standards and certainly Read more:Staging
Concord, California First Time Home Buyer Program 2007-09-24 16:09:02 The city of Concord
, California
in Contra Costa County offers up to $25,000 to first time home buyers as a 0% interest, 45 year loan with no repayment until tce home is sold or at the end of 45 years. The dollar amount of the loan is determined by the annual household income of the first time buyers. If the annual household income is at or below 100% of the Median Income for the area, the first time home buyer can received 20% of the sales price up to $25,000.100% of Median Income by Household Size is:1 = $58,7002 = $67,0003 = $74,5004 = $83,8005 = $90,5006 = $97,200If the annual household income is between 100% and 120% of the Median Income for the area, the first time hom buyer can receive 20% of the sales price up to $15,000.120% of Median Income by Household Size is:1 = $70,4002 = $80,5003 = $90,5004 = $100,6005 = $108,6006 = $116,700If you add the fact that sellers are offering incentives to lower the interest rate (and monthly payment) a Read more:Buyer
, First
, Program
Compare Cars, Stocks and Real Estate: 2007-09-15 18:16:39 If real estate were a car or a stock, there would be a frenzy to buy. A car is guaranteed to depreciate (at least one that is driven). You can upgrade it with 20" low profile performance tires and lower the chassis for better handling, add slick chrome wheels, GPS, a sweet sound system, leather interior, a racing steering wheel with special hand grips, and it will still depreciate. There is nothing you can do to change that sad fact. Yet we willingly and continually plunk down the down-payment, taxes, license and a monthly payment to drive that beauty off the dealership's lot - all the while willing ourselves to ignore the knowledge that our dollars are disintegrating with every mile. With Stocks
, we read Investors Business Daily, watch CNBC, add the ticker symbol to our computers so we can monitor the stock price and badger our Brokers to make sure and "buy low, sell high".Now let's look at Real Estate
. Real Estate
is an asset you ca Read more:Compare
Discovering The Truth Behind Realtor Marketing – The Fabulous versus The Prolific 2007-09-11 14:20:12 I have been a mortgage lender for 20 years and have learned a healthy skepticism about the personal marketing of Realtor
s. In my capacity, I have the back stage pass to view the behind-the-scenes performance and have created categories for Realtors. (Stick with me on this because an important question follows).The Fabulous Few: this elite group excels at both personal marketing and professional execution of the job.The Quiet Performers: this group doesn't excel at marketing but put their hearts and souls in the professional care of their clients. The Prolific
Pushers: This group is the whole point of my blog. They are prolific marketers but completely fall on their swords when it comes to the professional care of their clients.The "D for Degree" group. I learned this phrase during a group project in college when one member felt no need to carry his share of the assignment because all he needed was a "D for Degree". Read more:Marketing
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, Truth
, Truth Behind
, versus
First Time Home Buyers Should Take Advantage of the Buyers Market. 2007-09-10 12:09:14 In the previous mutiple offer market, First
Time Home Buyers
continually lost in the bidding wars because they didn't have the equivalent (or any) downpayment and weren't in a position to waive property inspections and repair requirements. With the increase of seller credits toward the buyers mortgage financing, this is the perfect market for First TimeHome Buyers
. Most renters want to own a home but they self-select out of the market for three primary reasons: Fear they cannot afford the monthly payment. The average renter compares their rent payment ($1,500) to the monthly payment on a home purchase ($3,000) and thinks, "Well I sure don't have an extra $1,500 extra per month in my budget so I can't buy a home." What they truly don't understand is how the tax deductibility of home ownership allows them to legally take money normally paid toward income taxes and apply it toward their house payment so the actual out- Read more:Advantage
, Market
Realtor for a Day at an Open House - What an Experience! 2007-09-10 10:56:11 My company had a very good idea that we - as loan officers - should work an Open House
, not to conduct a sales call but to "walk in the Realtor
's shoes" for a day. Since I am not a licensed Realtor, my approach during the Open House had to be different. I decided it would be a great opportunity to converse with potential home buyers and find out their concerns and challenges in the current market.My Pollyana picture of the day ahead was abruptly changed with the first person who came through the home. He absolutely topped the charts of rude behavior. I was so surprised that I asked him, "Have we ever met?". He said, "No." I said, "Is it then safe to say I have done nothing to earn this discourteous behavior?" He stopped, stared at me for the longest time and then answered, "No". We ended up having a reasonable conversation.For the next four hours hom
Realtor to realtor referrals often include a lender “tagalong” 2007-08-18 12:41:45 I was referred a wonderful first-time homebuyer by Catherine Myers of Alain Pinel Realtors. (Catherine is a fantastic realtor so any referrals in the Walnut Creek, CA and surrounding Bay Area should definitely be referred to her!) After Catherine showed the buyer houses for months, he decided to change his strategy and telecommute to work from a lower cost area giving him to the opportunity to buy more home for the same money. Catherine referred the buyer to Gena Riede, ReMax Gold in Sacramento, CA. As often happens in these situations, I was the tagalong lender to the referral.Imagine this from Gena's perspective. I was an unknown lender and, worse yet, outside of her market area! Enough to send shivers down your spine. Gena found the buyer a home that he loved which required a significant seller credit and strong negotiating skills. The transaction ended up being difficult: a listing agent who apparently believed cont Read more:include
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EVALUATE YOUR BUYER'S LENDER AS A VALUE-ADDED SERVICE 2007-07-31 19:57:38 There have been a number of blogs about non-performing lenders, incompetent loan officers, bad loan programs (or at least a derth of buyer education regarding the pros and cons of those programs) and useless approval letters with the end result being a call for LEGISLATIVE ACTION. Are you kidding me? You want the same people who created Truth-In-Lending, - a flawed piece of consumer-protectionism - to fix the problem? I am going boldly as to suggest a more immediate and proactive approach. EVALUATE YOUR BUYER'S LENDER AS A VALUE-ADDED SERVICE. Before I throw out the concept in its entirety, let's review what we know to be generally true about buyers:Buyers believe that all loan officers are created equal; they are all ethical, professional and dedicated to serving the buyer's best interests. If they believed otherwise, they would definitely be shopping for something other than rate. The few buyers that don't share this belief are stymi
A SELLER CREDIT IS A BETTER OPTION THAN A LOW OFFER 2007-07-25 11:46:00 As housing inventory and interest rates increase, it is time to dust off an age-old tool: seller credits. While seller credits have typically been used to assist first-time homebuyers, they are equally effective in the higher price ranges.I live and work in the East Bay area of Northern California where a "starter" home can easily cost $500,000 and a 3 Bdrm, 2 bath home in a good school district is $750,000 or more, therefore it is a good market to demonstrate the benefits of a seller credit versus a low offer at any price range. The best way to make my point is to give you two examples of benefits resulting from seller credits: monthly payment savings and increased purchasing power.Monthly Payment SavingsMr. Move-Up has decided to purchase a home listed at a sales price of $750,000. He is approved for a 30 year fixed rate, interest-only mortgage at 7% with a 20% downpayment. If he purchased at the list price, his monthly payment with a $600,000
Proof that Active Rain gives you Google Juice 2007-12-06 17:10:00 I just received a solicitation phone call that will cause every Active
Rainer to chuckle. The caller said, "I am looking at your website and the content is great but there are several things you could do to optimize your web site and turn more visitors into leads." In itself not worth a chuckle. What IS funny about the call is that I originally created my website as an online business card. I used GoDaddy because it is easy to use and incredibly inexpensive. I never expected to be miraculously "found" by the search engines and had no expectation that I would be higher than page 102 on a Google
search. I simply wanted a website where prospective clients could "meet me" online before calling. Then everything changed. Catherine Myers introduced me to the world of Active Rain blogging and Brad Andersohn gave me the tools to become more effective. Suddenly, in a matter of months, I am on Read more:Juice
, Proof
Another solution to the Mortgage and REO crisis 2007-12-06 16:47:41 We can test, certify and legislate loan officers and lenders but the real answer is to reconnect cause and effect.When I joined the mortgage industry 20 years ago - before the onset of Mortgage
Backed Securities - mortgages were funded as part of a company's investment strategy. The title Loan Officer meant you were an Officer of the company and, as such, responsible for generating mortgages that would benefit the client and the company's financial performance.To ensure that we understood the cause and effect of our origination decisions, we received a monthly report of our clients who in early payment default or who were making late payments. As the Loan Officer with the client relationship, we were expected to contact the clients on that list, find out the cause for the delinquency, determine options and make payment arrangements. That early experience taught me that the quality of my counsel during the application process had a direct impact on the time spe
Auctions, Short-Sales and Foreclosure Properties - Learn How to Buy a Home Under Market Value in Concord 2008-02-26 17:42:26 Concord, CA Recreation is offering a Home Buyer Education class, presented by Angela Martinez, Diablo Realty, and Wendy Cutrufelli, Certified Mortgage Planner to teach you:How each type of purchase - Auction, Short
-Sale or Foreclosure
- differsThe pros and cons of each for you as the buyerHow to sue the current Buyers Market
to purchase a home Under Market Value
This class will be valuable whether you are a first-time buyer, a move-up buyer or are contemplating the purchase of investment property. Tuesday, March 25th, 20086:30 - 8:00 pmCentre ConcordFee: $19 Resident / $24 non-Resident925-671-3404 or www.concordreg.org Read more:Concord
, Properties
, Sales
Auctions, Short-Sales and Foreclosure Properties - Learn how to Buy A Home Under Market Value in Pleasant Hill 2008-02-26 17:32:31 Pleasant Hill Recreation is offering a Home Buyer Education class, presented by Angela Martinez, Diablo Realty, and Wendy Cutrufelli, Certified Mortgage Planner to teach you:How each type of purchase - Auction, Short
-Sale or Foreclosure
- differsThe Pros and Cons of each for you as a buyerHow to use the current Buyers Market
to Buy a Home Under Market Value
This class will be valuable whether you are a first-time buyer, a move-up buyer or are contemplating the purchase of investment property.Thursday, March 20, 20087:00 - 9:00 pmPleasant Hill Community Center(Off Taylor Blvd and Pleasant Hill Rd)Fee: $14 Resident / $29 non-Resident925-676-5200 or www.pleasanthillrec.com Read more:Properties
, Sales
$0 Down Payment FHA loans for victims in Presidential Declared Disaster Areas 2008-02-26 17:16:28 With the upcoming increase in FHA Loan Limits, it is a good time to review an under-utilized program: the FHA 203(h) loan. This FHA loan offers $0 downpayment mortgage financing to individuals in Presidential
Declared Disaster
Areas. This program is available to home owners and renters purchasing a new home because their current home was Red-Tagged by FEMA.In order to receive the $0 down financing, the homeowner or renter will need to present the FEMA Certificate (renters can get a copy from their Landlord).A homebuyer may utilize this FHA 203(b) loan to relocate anywhere in the United States. Read more:Payment
FHA Seminar for Realtors 2008-02-15 13:40:21 FHA Seminar
- Get Prepared to Increase Your Business!Forget Conforming loans and Soft Market guidelines! FHA Loans require a 3% buyer investment - which can be 100% gift funds. Don't wait until the new limits go in to effect to learn how to utilize this program and pre-position your buyers to take action!FHA is not just for 1st Time Buyers. When the loan limits increase, this will also be a viable program for mid-range move up buyers.You will learn:Acceptable sources of funds to assist home buyers including gift funds, seller credits, Nehemiah Grant, etc.FHA credit parameters including non-traditional creditCompare FHA to CalHFA (California Housing Finance Agency), which is better for your buyer?FHA appraiser and property requirementsFHA Investor Purchase require Read more:Realtors
Mortgage Debt Relief Act of 2007 – Who does it help? 2008-01-22 18:36:56 The Mortgage
Debt Relief Act of 2007 will save some homeowners facing short-sales or foreclosures from paying federal taxes on the forgiven debt. There are very specific requirements:The mortgage is for the homeowners principal residence. The relief does not apply to any debt forgiveness for any vacation or investment home.Forgiveness is only for the "acquisition indebtedness" of the principal residence. Acquisition Indebtedness is defined as "the debt used to acquire, construct or rehabilitate the home". No relief is available for cash-out mortgages whether the cash-out takes the form of a refinanced first mortgage, a second mortgage, a home equity line of credit or a similar arrangement.Exception: If the cash-out was specifical
Home Buyer Action Plan for Timing the Market 2008-01-18 10:27:59 Many potential home buyers are waiting to purchase a home when the market "hits bottom". Unfortunately, even if you time the bottom of the market perfectly, you may ultimately miss it for lack of advance preparation.If you are contemplating a home purchase sometime in the future, now is the time to prepare for your future purchase and mortgage financing. Choose your mortgage lender. Your mortgage is typically your largest debt so your choice of loan officer and the caliber of their financial advice will impact your entire financial future. More immediately, their level of expertise will impact the ease with which your purchase transaction closes. For more information about shopping for a mortgage, visit Shopping For A Mortgage.Meet with your mortgage Read more:Action
, Buyer
, Market
, Timing
California Housing Finance Agency continues to offer $0 Down Financing 2008-01-14 07:30:32 California Housing
Finance Agency (CalHFA) has decided to buck Fannie Mae and will NOT impose Soft Market Guidelines. This means a buyer can still get a CalHFA $0 down loan!CalHFA does have income limits. In Contra Costa county, those limits are:For a family of 1 - 2: $95,532For a family of 3+: $111,454The resale Sales Price limit in Contra Costa is $670,183Finally, there is potential for Recapture Tax under certain conditions upon selling their home. Although the CalHFA Disclosure is a bit complicated, I have created a Recapture Tax Calculator which uses the specific buyers information so they can view their potential future Recapture Tax at loan application. This program is limited to first-time homebuyers which is defined as no home ownership in Read more:California
, Financing
Buy Now or Wait? 2007-12-28 13:01:05 The question on every prospective buyer's mind is, "Should I buy now or wait?" There are five variables that must be considered to accurately answer this question:- Specific market area- Intended length of ownership- Interest rates- Mortgage qualifying guidelines- Availability of Seller Credits toward the buyer's financing costsSpecific market area:While it is true that the average home value has dropped nationally, there are markets where home prices continue to appreciate. Real estate is extremely market specific with price stability affected by multiple factors such as location, access to public transportation (gas prices have made commuting an expensive option), distance to amenities, school scores, etc.Within my own county of Contra Costa in California, there a
Limitations on Fannie Mae's new Jumbo-Conforming Loan limit 2008-03-17 15:39:19 Fannie Mae's new Jumbo
-Conforming loan limit in Contra Costa county is $729,750. (A loan is classified as Jumbo-Conforming if it is between $417,001 - $729,750). While that is exciting news, there are several very specific limitations that you should be aware of:The increased loan limits are only approved through 12/31/08Only the following loan programs are included in the increased loan limits:15 and 30 year fixed and amortized (principal & interest)5 Yr Fixed-Adjustable, amortized, LIBOR index with 5/2/5 interest rate caps (the first adjustment is limited to a 5% change, subsequent annual adjustments are limited to a 2% change, the lifetime interest rate cap is 5% over the starting Note rate)5 Year Fixed-Adjustable, Interest-Only for 10 years with a 30 year term, LIBO
550 Marblehead Lane, Walnut Creek, CA 2008-06-12 13:03:36 550 Marblehead Lane, Walnut
Creek - Open on Sunday, June 15th from 1:00 to 4:00Location: Walnut Creek, CAThe spacious entryway introduces you to the living room with soaring ceilings, hardwood floors, a fireplace and two-story windows filling the room with light. The European-style kitchen is flanked by the dining and the family room with a second fireplace. Both rooms have sliding doors to the
2360 Deer Valley Lane, Walnut Creek, CA 2008-06-12 09:55:55 Custom home with Panoramic Views and 2.18 acres in gated Mockingbird Hill. This is a MUST SEE!Location: Mockingbird HillOpen on Sunday, June 15th, 1:00 - 4:00 pm.Only minutes from the Walnut
Creek financial district, shopping and restaurants, this custom home has a Tahoe setting in the exclusive, gated, Mockingbird Hill community. Fantastic, panoramic views of Carquinez, city lights and Mt. Di Read more:Valley
My Father's Lesson in Ethics 2008-06-13 20:55:41 As a young girl my father taught me mini-lessons in business: how to properly shake hands, the importance of looking someone in the eye when speaking, you don't get paid your allowance if you don't do your chores and the really BIG topic "Your word is your bond and demonstrates your character". This topic was A TALK and it made such an impression that I remember every detail of the room in w Read more:Ethics
, Father
FREE Water Conservation devices from Contra Costra Water District 2008-06-27 15:45:41 Water Conservation
Tips:
· Now is a good time to add 2”-3” of mulch to shrub and flower beds. Mulch not only reduces weeds but also reduces water evaporation by up to 70%.
· Sweep your driveway clean versus hosing it down with water.
· Wash only full loads of laundry.
· Install low-flow shower and faucet heads (ava Read more:District
851 Brittany Lane, Concord, California 2008-06-21 08:38:51 851 Brittany
Lane, Concord
, California
Location: Concord, CAUpdated 2,172 s.f. home located in a well-maintained neighborhood bordering Walnut Creek. Large master suite with 3 additional sizeable bedrooms, The light and bright kitchen has a full-sized eating area in addition to the dining room. The home is graced with crown molding, hardwood floors, new carpets, a fireplace with a heatilator,
Homeowners Delinquent on their Mortgage Payments 2008-07-14 22:19:28 Due to my extensive lending background, I have received numerous phone calls from homeowners who are delinquent on their mortgage payments asking for advice. As a result of these calls I have learned the unfortunate truth that many homeowners wait too long to determine their options, the end result being an unwanted short-sale or foreclosure.
The first thing you should review is the underlyi Read more:Homeowners
, Mortgage
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