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Should I Take Out a Reverse Mortgage?

September 29, 2009 By Leave a Comment
Reverse Mortgage

Here are some points to take into account when considering a Reverse Mortgage. What is a reverse mortgage: A reverse mortgage is a loan given to seniors on the equity in their home.  It can be in one lump sum or several payments. In a conventional loan, amortized payments are made to the lender on a monthly basis with the equity increasing as payments continue.  At the end of the payment term the property has been paid off and the lender releases the home to the owner.  In a reverse … [Read more...]

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What if the Appraisal Comes in Lower than the Accepted Offer?

September 26, 2009 By 1 Comment
House Appraises Lower

You have an accepted offer in on a house for $600,000. You have put down 25%. The appraisal comes in at $580,000. What do you do? Firstly, you do not have to pay more than the house is worth, unless your would like to. Meaning you don't want to risk losing it.  Of course this means you would have to come up with $20,000 out of pocket. You can walk away from the deal since Item 2 J of the California Residental Purchase Agreement makes the offer contingent upon the house appraising … [Read more...]

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Annual Meeting Westside Homeowners

September 22, 2009 By Leave a Comment
Los Angeles Westside Homeowners Meeting

There will be an Annual Meeting for West of Westwood Homeowners Association and Westside Neighborhood Council. Tuesday, October 6th at 7:00 p.m. Westside Pavilion Meeting Room B Landmark Theatre side 3rd floor Across from Barnes and Noble Contact: West of Westwood Homeowners Association 310-475-212 Discussion includes:  Pico/Olympic One-Way, Expo Light Rail, Marijuana Dispensaries, Crime Update and New Developments. Guest Speakers: Councilman Paul Koretz, West L.A.P.D. … [Read more...]

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Walk Areas Command High Prices

September 11, 2009 By Leave a Comment
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Especially applicable to Los Angeles, a recent study conducted by "CEOs for Cities", found that neighborhoods with the most walkable areas, with shopping, restaurants, entertainment, command higher prices. This can be broken down to a range of between $4,000 to $34,000 over houses with just an average attraction level and the scale was measured from 0 to 100 - car dependent to most walkable. See full story. Buying or Selling Los Angeles Real Estate Buying or selling a Los Angeles home can … [Read more...]

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Smaller Down-payments May Result in Better Interest Rates – But

September 7, 2009 By Leave a Comment
Interest Rates

Strange as it may seem, the less you put down on a house, the lower your interest rates will be.  However, this may not always be of benefit to the borrower. For example, in late August a borrower putting $80,000 on a $400,000 purchase, with a good credit score, around 720, would have qualified for a 4.875 rate on a 30-year fixed mortgage. The same rate was offered to borrowers only putting 5% down. And those who put down 25% got an even higher rate, 5.375%.  Why? … [Read more...]

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FHA Loans

September 4, 2009 By Leave a Comment
Mortgage Application Process

In 1934 the Federal Housing Administration started its quest to help Americans become homeowners by offering them mortgage insurance on loans through FHA approved lenders. They wish to keep the dream alive that millions of Americans can secure a home of their own with affordable rates. So you have a mortgage and you are interested in refinancing your home through FHA Refinancing, but there is one problem, you don’t have a FHA mortgage. It may seem like your chance has been lost, but it has … [Read more...]

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