Market Update : low down payment

Townhouse For Sale in Cypress

Liane Thomas — Fri, 13 Nov 2009 23:03:00 GMT

• 1,031 sq. ft., 2 bath, 2 bdrm townhouse - MLS® $290,000 - Standard Sale!

Cypress, Orange County - Cute townhome in Cypress, in the highly desirable Los Alamitos School District. Walking distance to schools and shopping. You'll love the large living room with newer wood floors. The kitchen has newer cabinets and countertops. The downstairs den (could easily be converted to a 3rd bedroom) has a private 1/2 bath and slider doors out to the private patio. The master bedroom features a private patio, too. Recently remodeled with newer carpet, steel front door, and dual paned windows and slider door. The full bath upstairs has tile floor and a newer vanity and sink. Nice community with greenbelts, tot lot, pool, and spa. One car garage and one parking space included! Plan your visit today!

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It's a GREAT time to buy or refinance your home!

Liane Thomas — Sun, 02 Aug 2009 12:58:00 GMT

July 28, 2009-(MCT)-First-time homebuyers and those thinking about refinancing are in a great place.

Mortgage rates just fell for the third straight week, according to mortgage finance firm Freddie Mac.

“The credit markets are still tight, but they have loosened up significantly from 90 days ago,” said Scott Norman, vice president of the Texas Mortgage Bankers Association.

So is this a good time to enter a mortgage transaction? It might be, if you can qualify. “The two biggest issues are going to be credit and down payment,” Norman said. “Those are really going to trigger your ability to get a mortgage in a decent amount of time.”

Here’s what you’re up against in specific mortgage situations and what you can do to increase your chances of getting a deal done.

If you’re buying a home
Get ready for paperwork. Have your bank statements, W-2 wage and tax statement and pay stubs organized.

Having all the paperwork upfront will speed the application process.

Check your credit score. The most widely used score is the FICO, which ranges from 300 to 850. Your score, based on information in your credit report, helps lenders predict how likely you are to make your payments on time. The higher the number, the better the chance you’ll be approved for a loan at a low interest rate. “Clean up your credit score,” Norman said. Catch up on any late payments and pay off or pay down your debt.

First-time buyers have a sweetener in the form of an $8,000 credit on federal income taxes for homes purchased before Dec. 1.

It’s critical that you have a down payment because lenders want to see that you have skin in the game. Mortgages insured by the Federal Housing Administration require a 3.5% down payment, which can come from a family member, employer or charitable organization as a gift. For a non-FHA-insured loan, lenders are requiring a 10% down payment, said real estate agent Brenda Rogers of Coldwell Banker Apex, Realtors in Plano, Texas.

If you’re refinancing
“Have plenty of equity,” Rogers said. Equity represents the ownership value you’ve accumulated over time by making payments, and lenders want you to have a financial stake in the refinancing. “The lender doesn’t want to lend 100 percent of the value of the property,” said Norman, of the Texas Mortgage Bankers Association.

Another reason to build equity is that you don’t want to owe more on your home than it’s worth, a situation some homeowners face today.

Also, consider how long you plan to remain in your home, because you need to stay long enough to recoup closing costs associated with refinancing. Those costs typically will total $3,000 to $5,000, said Davidson, of Service First Mortgage. “If you’re going to move out of your home in five years or less, then typically it’s not going to be worth your doing,” she said. “If you plan on staying longer than that, then we need to look at the costs vs. the monthly savings to see how long it will take to recoup that cost.”

Loan modifications

A loan modification is when a lender changes the terms of your loan so you can afford your payments.

That can be done by lengthening the term of your loan, lowering your interest rate or allowing you to skip payments and adding those to the end of your loan.

The Obama administration is prodding mortgage-servicing companies to bolster their efforts to modify troubled loans. The servicer is the company that collects and processes your mortgage payment. It may or may not be your original lender.

If you’re having trouble making your payment, contact your servicer immediately and ask about a loan modification.

Valuable information provided by:
Liane Thomas, REALTOR(R), CA DRE#01704162
The Thomas Group, Keller Williams Realty
Serving Corona, Riverside, Norco, and surrounding communities
www.AllCoronaHomes.com
951.454.3805

2 Story For Sale in Horsethief Canyon Ranch, Corona 3 Bedrooms

Liane Thomas — Thu, 30 Jul 2009 17:53:00 GMT

• 1,439 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $220,000 - Priced to Sell!

Horsethief Canyon Ranch, Corona - Nestled in the foothills of the Cleveland National Forest is Horsethief Canyon Ranch, a beautiful, master planned community of 1,962 single family homes. This is your chance to beat the bank on this beautiful 3 bedroom home. Home has tile floors in the spacious kitchen, a fireplace in the family room, vaulted ceilings, and many windows to capture the stunning views. There are 3 bedrooms up, including large master with private bath, and a Jack and Jill combination. Large yard is fenced, back patio has been poured and is ready for patio cover. Great interior tract location, walk to tot lot and award winning elementary school. Community features several parks, hiking trails, volleyball, tennis and basketball courts, baseball diamond, swimming pools, spas, clubhouse, and so much more. Conveniently located commuter close to the 15 freeway and Ortega highway. Also near a new shopping center, Glen Ivy Spa, Tom’s Farms, and the Lake Elsinore Outlet Center. Plan your visit today!

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Changes in Home Loans May Affect You

Liane Thomas — Fri, 17 Jul 2009 22:37:00 GMT

Starting July 30, 2009, if the APR on an initial Good Faith Estimate is no longer accurate (within a 0.125% range) at close of escrow, a lender must generally provide a residential borrower with a new disclosure and a three-day right to rescind before consummating the loan. REALTORS(R) are forewarned that, because of this new three-day waiting period, a lender's failure to timely provide corrected disclosures has the potential of delaying funding of the loan and close of escrow.

This new requirement is part of the Mortgage Disclosure Improvement Act (MDIA) implementing new loan procedures to protect borrowers and foster greater transparency in mortgage lending. For loan applications submitted on or after July 30, 2009, the new MDIA changes to the Truth In Lending Act are generally as follows:

- Applicability: The new MDIA rules pertain to federally-related mortgage loans covered under RESPA and secured by a consumer's dwelling. The rules apply to both purchase and refinance loans.

- Early Disclosures: A lender must provide a borrower with an initial Good Faith Estimate within three business days of receiving the borrower's written loan application as specified. For this provision, a "business day" is generally defined as a day on which the lender's offices are open for business.

- Upfront Fees Restriction: Neither a lender nor any other person may impose an upfront fee on the borrower (except for credit report) until the borrower has received the early disclosures in person or, if mailed, three business days after the early disclosures are mailed. For this rule, a "business day" is defined as all calendar days except Sundays and legal public holidays as specified.

- Seven-Day Waiting Period: A lender must wait seven business days after providing the early disclosures before consummating the loan. For purposes of this waiting period, a "business day" is defined as all calendar days except Sundays and federal legal holidays as specified. A borrower may waive the waiting period in writing in case of personal financial emergency, such as an imminent foreclosure sale.

- Re-disclosure Requirement: If the final Annual Percentage Rate (APR) at loan consummation varies more than 0.125% (or 1/8 of one percent) from the initial APR on the early disclosures of a regular transaction, the lender must provide the borrower with a corrected disclosure at least three business days before the loan is consummated. For purposes of this waiting period, a "business day" is defined as all calendar days except Sundays and federal legal holidays as specified.

- Three-Day Waiting Period: For corrected disclosures, a lender cannot consummate a loan until three business days after the borrower receives the corrected disclosure in person. If the corrected disclosure is mailed, the borrower is deemed to have received it three business days after it is placed in the mail. A borrower may waive this waiting period in writing in case of a bona fide personal financial emergency, such as an imminent foreclosure sale.

What does this mean to you? Let's say you go to sign loan docs, and find out that the interest rate or fees are higher than quoted. At that point, you are stuck because if you don't sign, you don't get the house, and you are supposed to be moved out of your apartment by the weekend. So you lump it and sign. These new laws will require the lender to notify you when the rate changs, so you won't get a nasty surprise.

Information provided to you by:

Liane Thomas, REALTOR®, CDPE©, Lic # 01704162

The Thomas Group, Keller Williams Realty

Serving Corona, Norco, Riverside, and surrounding communities

(951) 454-3805

www.AllCoronaHomes.com

www.FreeNorcoHomeSearch.com

www.FreeRiversideHomeSearch.com

Quick Facts about Home Ownership in California May 2009

Liane Thomas — Mon, 06 Jul 2009 04:08:00 GMT

Calif. median home price - May 09: $267,570 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region April 09: Santa Barbara So. Coast $875,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region April 09: High Desert $106,210 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: C.A.R.)
Mortgage rates - week ending 6/25/09 30-yr. fixed: 5.42% Fees/points: 0.7%
15-yr. fixed: 4.87% Fees/points: 0.7% 1-yr. adjustable: 4.93% Fees/points: 0.7% (Source: Freddie Mac)

info provided by:

Liane Thomas, REALTOR®, CDPE©

The Thomas Group, Keller Williams Realty

Serving Corona, Norco, Riverside, and surrounding communities

(951) 454-3805

www.AllCoronaHomes.com

www.FreeNorcoHomeSearch.com

www.FreeRiversideHomeSearch.com

Price Reduced on 3803 Clarkson Street in Riverside

Liane Thomas — Tue, 26 May 2009 19:16:00 GMT

Riverside, San Bernardino - Announcing a price reduction on 3803 Clarkson Street, a 1,752 sq. ft., 3 bath, 3 bdrm two story home with 2 car garage. Now MLS® $179,000 - Just Reduced! + BONUS.

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10478 Pendleton Street in La Sierra is Sold!

Liane Thomas — Sat, 23 May 2009 20:09:00 GMT

La Sierra, Riverside - The single story at 10478 Pendleton Street has been sold.

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2 Story For Sale in Horsethief Canyon

Liane Thomas — Wed, 13 May 2009 01:27:00 GMT

• 1,320 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $249,000 - NOT a Short Sale!

Horsethief Canyon, Corona - Welcome to Horsethief Canyon Ranch, a beautiful, master planned community nestled at the base of the Cleveland National Forest. This is your chance to own a beautiful, well kept home offered by the original owner. Many upgrades include marble entry, newer carpet, granite tops in kitchen, basswood shutters, and custom paint. Turnkey home on one of the largest lots in the tract, large covered patio and basket ball court in the back! Living room has vaulted ceilings, wood floor, and a two sided fireplace. Large master has a private bath, and many windows to capture the stunning views of the hills. Community features parks, hiking trails, volleyball, tennis and basketball courts, baseball diamond, swimming pools, spas, clubhouse, and so much more. Award winning Elementary school walking distance. Conveniently located commuter close to the 15 freeway and Ortega highway. Also near a new shopping center, Glen Ivy Spa, Tom’s Farms, and the Lake Elsinore Outlet Center. Visit today!

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Price Reduced on 10535 Shasta Road in Phelan

Liane Thomas — Wed, 18 Mar 2009 15:12:00 GMT

Phelan, San Bernardino County - Announcing a price reduction on 10535 Shasta Road, a 2,720 sq. ft., 3 bath, 3 bdrm single story. Now MLS® $199,900 - Big Home 5 Acres.

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Price Reduced on 10478 Pendleton Street in Riverside

Liane Thomas — Wed, 18 Mar 2009 15:07:00 GMT

La Sierra, Riverside - Announcing a price reduction on 10478 Pendleton Street, a 1,665 sq. ft., 2 bath, 3 bdrm single story home with pool. Now MLS® $169,000 - Price Reduction!.

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2 Story For Sale in Central Riverside

Liane Thomas — Mon, 16 Mar 2009 23:21:00 GMT

• 1,384 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $175,000

Central Riverside, Riverside - Beautiful, nearly new KB home in gated community. Light and bright open floor plan with many upgrades. Large kitchen with granite counter tops, upgraded cabinets, tile floor, and stainless steel appliances including built in microwave and dishwasher. Upstairs you'll find a grand master suite with a private bath including dual sinks, jetted tub and separate shower. Spacious secondary bedrooms with upgraded mirrored closet doors. Upgraded carpet, ceramic tile, 3" baseboards, window blinds, and custom paint throughout. Well kept community has pool, spa, clubhouse, parks, BBQ area, and tot lot. Commuter close to the 60, 10, and 215 freeways. Plan your visit today!

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Single Story For Sale in Calimesa

Liane Thomas — Mon, 23 Feb 2009 20:04:00 GMT

• 1,846 sq. ft., 2 bath, 4 bdrm single story - MLS® $175,000

Calimesa - This beautiful single story home is your dream come true! Big 4 bedroom pool home is about 99% remodeled and features many upgrades. In the kitchen you will find recessed lights, Silestone counter tops, newer cabinets, and stainless steel appliances. The guest bath has a new pedestal sink and custom tiled shower. The spacious master bedroom features French doors with plantation shutters out to the patio and pool. The bath off the master has a separate shower and jetted tub. Most of the flooring has been replaced with easy care tile, and most fixtures and fans are new. Energy saving upgrades include a newer furnace, air conditioner, whole house fan, and dual paned windows. In the back yard you'll love the covered patio that overlooks the pool and spa. Located in an established neighborhood that shows pride of ownership, this home needs very little to make it shine. Located close to shopping and commuter close to freeways. Low tax rate and no HOA, plan your visit today!

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Price Reduced on 10478 Pendleton Street in La Sierra, Riverside

Liane Thomas — Sat, 07 Feb 2009 00:28:00 GMT

La Sierra, Riverside - Announcing a price reduction on 10478 Pendleton Street, a big 1,665 sq. ft., 3 bedroom home (could be 4 bedroom), 2 bath single story home. Located in the La Sierra area of Riverside, plan your visit today! . Now $172,000 - Price Reduction!.

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Price Reduced on 10535 Shasta Road in Phelan

Liane Thomas — Fri, 23 Jan 2009 00:28:00 GMT

Phelan, San Bernardino County - Announcing a huge price reduction on 10535 Shasta Road, a 2,720 sq. ft., 3 bath, 3 bdrm single story home on 5 acres. Now MLS® $224,000 - Big Home 5 Acres.

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6516 Whitelily in Eastvale Corona is Sold!

Liane Thomas — Sun, 18 Jan 2009 19:19:00 GMT

Eastvale, Corona - The Thomas Group has successfully closed another shortsale. This one was the 2 story home 6516 Whitelily in the Eastvale area of Corona. The new family has moved in and they love their new home. The prior owners are delighted that they did not have a foreclosure on their credit, and the bank is happy they got their money sooner rather than later.

If you are considering selling you home, and you owe more on it than you can sell it for, please call us. We have helped many familys in your situation, and we offer a free, no obligation, consultation.

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Liane Thomas
Keller Williams Realty, The Thomas Group
www.AllCoronaHomes.com
Liane@LianeThomas.com
951 454-3805 cell
Serving Corona, Riverside, and surrounding communities