It's not everyday you go looking for a mortgage.
It's not a trip to the mall.
It's a methodical, step-by-step process requiring planning, time, effort and attention to details.
Here are some guidelines for beginners, especially first-time home buyers -- assuming you've already laid the groundwork by inspecting your credit report.
• Inspecting your credit report and getting it in the best shape possible is your first step to the best mortgage. In today's tight money world it behooves you to take the time necessary to carefully scrutinize your credit report and credit score to be prepared to explain to creditors any dings you can't fix.
• Shop around for a mortgage from a variety of sources to determine what's available. Shop mortgage brokers, mortgage lenders, banks and credit unions. Don't forget to examine your local and state mortgage programs as well as community service and housing agency mortgages and mortgage assistance programs.
• Obtain all loan cost information, not just the monthly mortgage payment and annual percentage rate (APR). Check the cost of points (in dollar amounts, not just number of points), broker fees, origination fees, underwriting fees, administrative costs, mortgage insurance, yield spread premiums, commissions, escrow and closing costs -- each and every cost associated with your mortgage. You need these numbers to make a fair comparison.
• Get an explanation for every fee you don't understand. Use the Federal Deposit Insurance Corporation's (FDIC) "Mortgage Shopping Worksheet" to help keep your costs in check.
• Check the loan terms for a variety of loans. Know what down payment you'll need, the term of the loan, whether the loan is a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM) and the specific terms of each. For ARMs, ask for the beginning rate, when and how often adjustments occur, how much adjustments could cost, and the ARM's ceiling rate.
• Be aggressive. Prepare to negotiate with the information you've gathered on the mortgage worksheet. The more information you have about each loan the move negotiating leverage you'll have. A pristine credit record can also give you an edge. Look particularly to quibble over points, yield spread premiums and other broker's fees or commissions. Don't be afraid to ask the lender or broker to waive or reduce one or more of its fees or to agree to a lower rate or fewer points. Make sure the lender or broker isn't just lowering one fee to raise another or lowering the rate to raise points. There's also no harm in asking lenders or brokers if they can give better terms than the original ones they quoted to you, especially if you've found better terms elsewhere.
• Once you are satisfied with the terms you have negotiated, consider a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, the number of points to be paid and a lock on as many other costs and terms as possible.
• Also seek a written loan commitment that guarantees you the terms and costs you've locked. A loan commitment puts you ahead of the pack in the eyes of the home seller who wants to sell quickly.
Article published in Realty Times
Written by Broderick Perkins
March 25, 2010
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Wednesday, March 31, 2010
Monday, March 29, 2010
Stunning Home in Gated Community in Lake Tahoe!
Great News for Buyers! If you are looking for a beautiful home in a private, gated community in Lake Tahoe...
We have the perfect property for you!
Enjoy the privacy of this stunning home, located in the prestigious Country Club Estates. One of seven custom homes, it offers beautifully landscaped grounds on a 1.11 acre parcel in a gorgeous park-like setting. The main level includes an impressive foyer, living room with a striking floor to ceiling river rock gas fireplace, wet bar and French doors opening to the lush backyard. The luxurious master suite boasts a lovely marble surrounded gas fireplace (which can also be enjoyed from the spa tub in the master bath), a private patio and master bath with steam shower, spa tub and a spacious walk-in closet. There are two additional bedroom suites on this level. On the upper level you will find a formal dining room, a beautiful bright gourmet kitchen featuring top-of-the-line appliances, granite countertops, Kitchen Island with cook top, breakfast nook, walk-in pantry and a wine room. The lower level includes a spacious media/family room with wet bar, a private patio, another bedroom suite and a convenient dumbwaiter off the garage. This grand residence has it all and is just minutes from the Hyatt, beaches, shopping, restaurants and all recreational facilities!
Call Us For Details!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Friday, March 26, 2010
Moving In, Not Out: Multi-Generational Housing Growing
In some cultures it's very popular to have mothers-in-laws, grandparents, and even children and their children all living under the same roof. But in America an attitude of independence has prevailed and living in multi-generational households has just not been as popular.
Today, times are changing and multi-generational households are a burgeoning trend which is changing what buyers are looking for in a house. "There are a lot of people doubling up," says Barry Goggin, owner of Ronkonkoma.
According to a January poll by Coldwell Banker, 37 percent of its 2,360 agents polled noted increases in buyers who want to purchase homes that can accommodate multi-generational families. The poll also found that financial concerns were the primary reason for the 39 percent of buyers or sellers who were moving into multi-generational homes. That was followed by 29 percent who said the reason was health care issues, and 6 percent expressed tight family bonds as the motivator to combine households.
"There are times when there are young families moving back into a home because they can't afford their own home and the owners of the home will adapt [their home]," says Goggin.
He says that owners used to build an apartment on top of the home for the younger couple. But he says, these days, homeowners are going beyond the common conversion such as finishing a basement or converting the garage. "It seems to be more elaborate, but always keeping in mind what will be sellable in the future—not just to throw an apartment on the house which usually is a negative point when you try to sell a house (because of local regulations about two family homes), explains Goggin.
He recommends that if you're considering a home for multi-generational living purposes be sure to look for these four things.
1. Space. Obviously, the more people in the home, the more space is needed. Goggin says, if the home isn't the square-footage that you need, buyers should just make sure that there is a way to expand on the property so that the home still retains its value upon resale.
2. No Stairs. Sometimes finding a home that's a single story can be very difficult, especially in densely populated areas. However, fewer stairs is a big plus for multi-generational families. Even homes that have sunken living rooms are often remodeled for not just the aging-in-place generation but also the very young (crawling babies and barely-walking toddlers).
3. Full bedroom and bath on first floor. If you can't find a single-story home that you like, at least having a full bedroom and bath on the first floor is essential. These types of homes are also highly sought after because of the fact that they have multi-purpose rooms—used for everything from an elderly family member, a nanny, or an office. With many people out of work and starting their own business, home office space is a high priority in housing.
4. Communication. People living together can be in a very blissful harmony but, often, issues occur if they are not stated and agreed upon beforehand. Looking for a home together can be challenging depending on mobility issues or, if small children are involved, it can lengthen the housing-hunt process. That doesn't mean their needs shouldn't be addressed.
It's a good idea to have several conversations to discuss the needs, chores, obligations, and expectations of all those who will be living in the multi-generational living home. Having this clarity ahead of time will allow you to shop for the most appropriate home as well as have a peaceful living arrangement beyond the purchase of the house.
This article was published in Realty Times
Written by: Phoebe Chongchua, March 26, 2010
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Today, times are changing and multi-generational households are a burgeoning trend which is changing what buyers are looking for in a house. "There are a lot of people doubling up," says Barry Goggin, owner of Ronkonkoma.
According to a January poll by Coldwell Banker, 37 percent of its 2,360 agents polled noted increases in buyers who want to purchase homes that can accommodate multi-generational families. The poll also found that financial concerns were the primary reason for the 39 percent of buyers or sellers who were moving into multi-generational homes. That was followed by 29 percent who said the reason was health care issues, and 6 percent expressed tight family bonds as the motivator to combine households.
"There are times when there are young families moving back into a home because they can't afford their own home and the owners of the home will adapt [their home]," says Goggin.
He says that owners used to build an apartment on top of the home for the younger couple. But he says, these days, homeowners are going beyond the common conversion such as finishing a basement or converting the garage. "It seems to be more elaborate, but always keeping in mind what will be sellable in the future—not just to throw an apartment on the house which usually is a negative point when you try to sell a house (because of local regulations about two family homes), explains Goggin.
He recommends that if you're considering a home for multi-generational living purposes be sure to look for these four things.
1. Space. Obviously, the more people in the home, the more space is needed. Goggin says, if the home isn't the square-footage that you need, buyers should just make sure that there is a way to expand on the property so that the home still retains its value upon resale.
2. No Stairs. Sometimes finding a home that's a single story can be very difficult, especially in densely populated areas. However, fewer stairs is a big plus for multi-generational families. Even homes that have sunken living rooms are often remodeled for not just the aging-in-place generation but also the very young (crawling babies and barely-walking toddlers).
3. Full bedroom and bath on first floor. If you can't find a single-story home that you like, at least having a full bedroom and bath on the first floor is essential. These types of homes are also highly sought after because of the fact that they have multi-purpose rooms—used for everything from an elderly family member, a nanny, or an office. With many people out of work and starting their own business, home office space is a high priority in housing.
4. Communication. People living together can be in a very blissful harmony but, often, issues occur if they are not stated and agreed upon beforehand. Looking for a home together can be challenging depending on mobility issues or, if small children are involved, it can lengthen the housing-hunt process. That doesn't mean their needs shouldn't be addressed.
It's a good idea to have several conversations to discuss the needs, chores, obligations, and expectations of all those who will be living in the multi-generational living home. Having this clarity ahead of time will allow you to shop for the most appropriate home as well as have a peaceful living arrangement beyond the purchase of the house.
This article was published in Realty Times
Written by: Phoebe Chongchua, March 26, 2010
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Wednesday, March 24, 2010
Are You Looking For Property In Lake Tahoe?
Great News for Buyers!If you are looking for property in Lake Tahoe...We have the perfect solution for you!
Fantastic and close to the 11th Fairway of the Championship Golf Course, this great condo offers two bedrooms, two baths, and a spacious sleeper loft! Cathedral beamed ceilings, sky lighting and large windows create an open and bright feeling on the upper level. A generous deck off of the living room highlights Incline’s tasteful views as the conforming wood stove located inside sets the stage for a welcoming mountain ambiance. The guest master, located on the entry level, also includes an enclosed seating area for a timely retreat. With a finished basement and spacious two car garage this condo offers all the convenience of a home. Close to golfing, beaches, shopping and much more, all this could be yours because the price is certainly right!
Call Us For Details!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Monday, March 22, 2010
Pre-Qualifying for a Mortgage
One of the first steps to take as a potential home buyer is to get pre-qualified for a loan. This step helps both you and your lender learn just how much home you can afford. And you should begin this process before you even start looking for a home.
According to the Federal Housing Administration (FHA), their pre-qualification essentials include:
*Having a steady employment history, at least two years with the same employer.
*Consistent or increasing income over the past two years.
*Credit report should be in good standing with less than two thirty day late payments in the two years.
*Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.
*Any foreclosure must be at least three years old with good credit for the past three years.
*Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.
Other lenders' ideas regarding pre-qualification are all similar to those outlined above. A mortgage lender will look at your credit report, earnings, debts, and savings in order to see how much home you really can afford.
Why is this important? In recent years there has been a “mortgage crisis,” where the industry was rampant with fraud and with loans that put homeowners into situations they could not afford. As payments rose, homeowners found themselves unable to meet their monthly obligations. According to Realtytrac.com and their U.S. Foreclosure Market Report, in January 2010, one in every 409 households in the country had received a foreclosure filing.
Since pre-qualification for a home loan typically costs you nothing, but gives you both a goal of what homes are in your affordability range, as well as how much money you should look to have saved for a downpayment, you can hardly wait to take this step.
What if the home you want is out of your reach? Experts recommend reducing your debt and saving up a larger amount for your down payment. Let's say your dream home is $225,000, but you only qualify for a $180,000 loan. If you have a downpayment of $45,000, then you are ready to make a move!
During the pre-qualification process, you will be expected to provide the following information:
*your gross monthly income
*your total monthly payments (car payments, credit cards minimums, child support payments, student loan payments, any other monthly debts)
The lender will be looking to see that your debt to income is below about 40 percent, and the lower the better. So, if you are looking to buy in the near future, be sure to talk to your lender soon!
Published on Realty Times
Written by Carla L. Davis
March 8, 2010
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
According to the Federal Housing Administration (FHA), their pre-qualification essentials include:
*Having a steady employment history, at least two years with the same employer.
*Consistent or increasing income over the past two years.
*Credit report should be in good standing with less than two thirty day late payments in the two years.
*Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.
*Any foreclosure must be at least three years old with good credit for the past three years.
*Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.
Other lenders' ideas regarding pre-qualification are all similar to those outlined above. A mortgage lender will look at your credit report, earnings, debts, and savings in order to see how much home you really can afford.
Why is this important? In recent years there has been a “mortgage crisis,” where the industry was rampant with fraud and with loans that put homeowners into situations they could not afford. As payments rose, homeowners found themselves unable to meet their monthly obligations. According to Realtytrac.com and their U.S. Foreclosure Market Report, in January 2010, one in every 409 households in the country had received a foreclosure filing.
Since pre-qualification for a home loan typically costs you nothing, but gives you both a goal of what homes are in your affordability range, as well as how much money you should look to have saved for a downpayment, you can hardly wait to take this step.
What if the home you want is out of your reach? Experts recommend reducing your debt and saving up a larger amount for your down payment. Let's say your dream home is $225,000, but you only qualify for a $180,000 loan. If you have a downpayment of $45,000, then you are ready to make a move!
During the pre-qualification process, you will be expected to provide the following information:
*your gross monthly income
*your total monthly payments (car payments, credit cards minimums, child support payments, student loan payments, any other monthly debts)
The lender will be looking to see that your debt to income is below about 40 percent, and the lower the better. So, if you are looking to buy in the near future, be sure to talk to your lender soon!
Published on Realty Times
Written by Carla L. Davis
March 8, 2010
Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com
Friday, March 19, 2010
Are You Looking For Property In Lake Tahoe?
Great News for Buyers! If you are looking for a fantastic opportunity in Lake Tahoe...We have the perfect solution for you!
This could be the perfect opportunity you are looking for! On the entry level there is a commercial space approximately 800 sq. ft. which includes a half bath. The condo upstairs is approximately 1,288 sq. ft. with living room, kitchen, dining area, two bedrooms, two baths, utility closet with stack washer and dryer, and a large loft area. The kitchen and bathrooms have been remodeled and there are designer touches both top and bottom. The living room features a wood burning stone fireplace and opens to a large deck overlooking the courtyard. Live upstairs and walk downstairs to your business, or you may wish to use one and rent the other. Its perfect location is situated one block from Lake Tahoe, across from the Hyatt and surrounded by restaurants. This is a fantastic opportunity with many options!
Call Us For Details!
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Wednesday, March 17, 2010
Have an Eco-Friendly Home? Make Sure Buyers Know It
In tight real estate markets one sure thing is that sellers have to highlight the finest qualities of their homes. Yet, sometimes the very benefits buyers might be interested in are overlooked.
Sometimes sellers forget to mention important upgrades and other times the listing services used make it difficult for buyers to search for green properties. While statistics show that buyers won't necessarily chose an eco-friendly home over a standard one simply because it's green, they can be influenced to purchase the former if the home will save them money. There are a few areas of a home that can really help save money, but the sources of the savings are hidden in the walls and roof. "Insulation is relatively inexpensive for the return on investment. You will save the most money by doing a lot of insulation in your house," says Steven Mark Design Consultant at Marrokal Design & Remodeling.
The San Diego-based remodeling company uses green materials like recycled blue jeans that are turned into insulation as well as special roofing to help lower the energy costs by allowing heating and air conditioning systems to work less to keep the home comfortable.
"On our roof sheathing we're using a special plywood that has a little layer of metal in it that reflects the UV rays before they go into your attic," says Mark. He says by using this special radiant barrier plywood the attic will be considerably cooler. "The attic is going to be 20 or 30 degrees cooler in the summertime which then means the insulation and air conditioner and everything else you need to get your living space to a comfortable temperature is now reduced," says Mark.
Of course, buyers should be told about all those energy-saving appliances that you might have installed over the years. For instance, say there are two decades-old homes on the market, but the first houses old appliances and the second features new energy-saving appliances. The upgrades in the second home are a distinct advantage that should be made very clear to buyers. While this seems obvious, sometimes sellers neglect to mention all the perks.
Remember, the things that aren't always visible can save a surprising amount. Tankless water heaters, for example, are becoming more in demand. That's probably because you can have as much as 30 percent savings of a normal utility bill using a tankless water heater according to Dennis Hargraves of El Cajon Heating & Plumbing Supply. Additionally, consumers can get big rebates.
"Tankless water heaters … they can get up to 60 percent of their installation and cost of the heater it could be up to $1,500 in rebates or tax credits," says Hargraves.
Special water-saving shower fixtures and low-flush toilets can also be enticing to buyers. If you haven't already installed them, consider replacing an old toilet with a more efficient one. Also, don't worry about the low-flush not being effective, Hargraves says the functionality has greatly improved; no need for double flushing. Plus, there's incentive to install them.
"There are vouchers available so a customer can receive up to $50 to $100 per toilet by going to the 1.28 flushes versus the others," says Hargraves.
It's a good idea to keep a three-ring binder to help you remember all the upgrades and eco-friendly additions when it comes time to sell your home. Be sure to include the sales receipts, product warranties, operating instructions, and any other pertinent notes into the binder. Don't forget to review the material in your binder so that you're prepared to highlight your green improvements when you meet with your real estate agent.
Published on Realty Times
Written by Phoebe Chongchua
March 12, 2010
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
Sometimes sellers forget to mention important upgrades and other times the listing services used make it difficult for buyers to search for green properties. While statistics show that buyers won't necessarily chose an eco-friendly home over a standard one simply because it's green, they can be influenced to purchase the former if the home will save them money. There are a few areas of a home that can really help save money, but the sources of the savings are hidden in the walls and roof. "Insulation is relatively inexpensive for the return on investment. You will save the most money by doing a lot of insulation in your house," says Steven Mark Design Consultant at Marrokal Design & Remodeling.
The San Diego-based remodeling company uses green materials like recycled blue jeans that are turned into insulation as well as special roofing to help lower the energy costs by allowing heating and air conditioning systems to work less to keep the home comfortable.
"On our roof sheathing we're using a special plywood that has a little layer of metal in it that reflects the UV rays before they go into your attic," says Mark. He says by using this special radiant barrier plywood the attic will be considerably cooler. "The attic is going to be 20 or 30 degrees cooler in the summertime which then means the insulation and air conditioner and everything else you need to get your living space to a comfortable temperature is now reduced," says Mark.
Of course, buyers should be told about all those energy-saving appliances that you might have installed over the years. For instance, say there are two decades-old homes on the market, but the first houses old appliances and the second features new energy-saving appliances. The upgrades in the second home are a distinct advantage that should be made very clear to buyers. While this seems obvious, sometimes sellers neglect to mention all the perks.
Remember, the things that aren't always visible can save a surprising amount. Tankless water heaters, for example, are becoming more in demand. That's probably because you can have as much as 30 percent savings of a normal utility bill using a tankless water heater according to Dennis Hargraves of El Cajon Heating & Plumbing Supply. Additionally, consumers can get big rebates.
"Tankless water heaters … they can get up to 60 percent of their installation and cost of the heater it could be up to $1,500 in rebates or tax credits," says Hargraves.
Special water-saving shower fixtures and low-flush toilets can also be enticing to buyers. If you haven't already installed them, consider replacing an old toilet with a more efficient one. Also, don't worry about the low-flush not being effective, Hargraves says the functionality has greatly improved; no need for double flushing. Plus, there's incentive to install them.
"There are vouchers available so a customer can receive up to $50 to $100 per toilet by going to the 1.28 flushes versus the others," says Hargraves.
It's a good idea to keep a three-ring binder to help you remember all the upgrades and eco-friendly additions when it comes time to sell your home. Be sure to include the sales receipts, product warranties, operating instructions, and any other pertinent notes into the binder. Don't forget to review the material in your binder so that you're prepared to highlight your green improvements when you meet with your real estate agent.
Published on Realty Times
Written by Phoebe Chongchua
March 12, 2010
Thinking about Buying or Selling?
Call Alvin's Team Today! 800-666-4718
Or visit our website: www.LivingLakeTahoe.com
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