Real Estate News & Market Trends

Survey says: Over half of home buyers said that their real estate agent pointed out features and information they may otherwise have missed about properties they considered purchasing.

We know that buying a home is a major financial commitment. That’s why we’re here to help, every step of the way. 

While fixed rate mortgages remain at historical low levels, some borrowers are beginning to utilize Hybrid Adjustable Rate Mortgages (“Hybrid ARMs”) for the home buying process. For certain borrowers, Hybrid ARMs are a viable product for the purchase of a home.

A Hybrid ARM is a loan where the loan is fixed for a set period, typically three, five, seven, or sometimes ten years. After the fixed rate period, the loan converts into a one-year ARM. Because there is less risk to the lender from changes in the interest rate environment, Hybrid ARMs will usually have a lower starting interest rate than a comparable 30-year fixed rate mortgage.

Borrowers who do not plan to keep a mortgage longer than the fixed period may be a good candidate for Hybrid ARMs. Borrowers who plan to either payoff the loan early either through early prepayment, refinancing, or sale of the property should carefully consider a Hybrid ARM as a mortgage product. The borrower gets the advantage of a lower initial payment for their mortgage in exchange for the future one-year adjustable rate. In addition, in many cases, borrowers who choose the Hybrid ARM may qualify for a higher mortgage amount due to the lower starting interest rate.

As with any decision involving a mortgage product, borrowers should seek out a qualified professional loan officer to provide advice on helping to decide which product is right for their individual situation. Contact your Googain Loan Officer today for information on the variety of mortgage products available and to find out if the Hybrid ARM is a good fit for your mortgage needs.

www.googain.com

Surveys show that strong curb appeal can increase prices by 10 percent or more. Focusing on landscaping, exterior decorations, and fresh coats of paint can really help you out!

Not sure if you should buy or rent a home? Calculate the difference between renting and buying a home:

Rent vs Own Mortgage Calculator.

Did you know? VA home loans don't require a down payment!

Googain is offering potential buyers a Lock & Shop Program

Lock up to 120 days with ZERO fees

Help potential buyers lock their rate with a TBD property address while they shop in an ever-increasing rate environment, up to Fannie Mae's high-balance loan limits. 

Fannie Mae Loan Limits for Conventional Mortgages:

Maximum Loan Amount for High-Cost Areas in California for 2018

Source: The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limits that apply to all conventional mortgages delivered to Fannie Mae, including general loan limits and the high-cost area loan limits. High-cost area loan limits vary by geographic location.

Disclaimer: This marketing material is not a loan approval guarantee. All borrowers are subject to credit approval. Program subject to change without notice. Underwriting terms and conditions apply.

The property disclosure report is an important document in any real estate transaction. In it, sellers must reveal any issues relating to a property that could negatively affect its value.

That’s why it’s so important for home sellers to set aside some time to fill out these forms thoroughly and accurately. Sellers are required to disclose any physical issues with a home, such as a leaky window or basement that’s prone to flooding. If the home was treated for termites, that should be on the form. Anything the seller knows about that could affect the property’s value or the home buyer’s enjoyment should be included when filling out a seller’s disclosure form.

These forms aren’t a substitute for a home inspection, of course; home buyers still should have a thorough inspection of any property they are thinking about purchasing. But buyers also should carefully read the property disclosure report as well. While disclosure statements are designed to protect home buyers from purchasing a home with hidden defects, they also can protect sellers from future legal action if the buyer alleges the seller hid a defect in the property. The bottom line: If you know it, disclose it.

Have an appointment with a title company to close on the purchase of your home? Here’s what you’ll need to bring with you on that big day:

Money: At closing, you’ll be paying for your share of the closing costs and any down payment. Since cash and a personal check won’t do, you’ll need to bring a certified check or cashier’s check. You’ll get the amount you need to bring with you a few days before closing.

A pen: You’ll be doing a lot of signing and initialing. None of the numbers you should see at closing should be a surprise. Shortly before closing, your loan officer should provide you with documentation of what your final numbers should be. These documents spell out all the financial details of your home purchase, including your closing costs and who – the buyer, seller and lender – pays what.

Your ID: You will be required to show proof of identification, such as your driver license or passport.

Proof of insurance: You’ll need documentation proving you have obtained homeowner’s insurance, and perhaps flood insurance, if it’s required as a condition of your loan.

Once you’ve completed the process of closing, your home purchase will be recorded with the county or other government entity. Then, you get the keys and you’re officially ready to move in!

Realtors and real estate agents often turn to us for FAST and LOW mortgage rates for their clients. If you’re looking for a way to get your clients into a home as soon as possible, consider Googain.

www.googain.com

Moving Tip: Don't pack those cleaning supplies! You're going to want those both for leaving once you're packed up and again before you set everything up in the new place.