Make an Offer in Writing

This is the time to think carefully about what you want and what you can afford. If your offer is accepted, it becomes a legally binding contract. Make sure you don’t include anything in the offer that you’re not totally comfortable with doing.

Make sure you put everything in writing. Offers usually include items like:

• Proposed purchase price
  Remember, the seller may counter-offer with a higher purchase price – consider that when you decide on your proposed purchase price.
• Concessions
  This includes things you’d like the seller to help pay for, like closing costs.
• Conveyances
  This covers any personal property to be included in the sale, like the washer and dryer or the refrigerator.
• Home inspection contingencies
  Make sure you’re prepared if the home inspection report shows major problems. Know what you will ask the seller to fix prior to buying the home and what you will ask a reduction in price for to account for the cost of repairs that you will do yourself.
• Earnest money
  Earnest money is a deposit you offer to show you’re serious about purchasing the house. Earnest money is usually held in escrow and applied to your closing costs at settlement. If you fail to meet the terms of your contract, you may lose this deposit.
• Acceptance
  This covers how long the seller has to respond to your offer before the offer is no longer binding.
• Mediation and arbitration
  These are legal methods for handling contract disagreements between you and the property seller. These methods are not necessarily beneficial to you, and you do not need to agree to them.

When the Offer Becomes a Contract

Once the seller accepts your offer, the offer becomes a contract. What’s in a contract varies from state to state, depends on the state where the house resides, but some common things you’ll find include:

• Legal description
  This describes the property you are buying in terms of its dimensions relative to a fixed point (like a road) or in relation to a recorded subdivision plat or declaration of condominium. It often includes the street address of the property.
• Selling price and deposit
  This is the price you and the buyer agreed upon, as well as the amount of earnest money you’ll pay when you sign the contract.
• Mortgage contingency
  A contingency protects you by stating that the sale depends on a lender approving you for a specific San Diego Ca mortgage, rate, and term.
• Closing date and location
  The closing date (also called the settlement) can be several weeks to several months away to meet the seller’s and your needs.
• Conveyances
  Double check these conveyances to make sure that the items are there and are what you and the seller agreed on in the offer.
• Home inspection
  If you’ve made the contract contingent on a home inspection, this will set an inspection date and provide an explanation of what will happen if the inspection identifies any problems.
• Possession date
  This is the date you can move in. It’s usually the closing day or very soon after it.
• Property insurance
  This details the home insurance policy that will cover the property until the closing date. This can be the buyer’s or seller’s policy.
• Property disclosures
  This includes legal notification of any required information concerning the property. For example, it could contain copies of the documents from the homeowners’ association. This section would also outline any problems with the property that must be disclosed.  
• Source Freddie Mac

Uncategorized mortgage broker san diego, mortgage loan san diego, mortgage loans san diego, san diego ca mortgage, san diego ca mortgage loan, san diego ca mortgage loans, san diego california mortgage, san diego home mortgage, san diego mortgage, san diego mortgage brokers, san diego mortgage companies, san diego mortgage lender, san diego mortgage refinance

Obama’s Home Affordable Modification Program

President Obama’s Mortgage Modification Program – Do You Qualify?
Published by mortgageloanmodification October 15th, 2009 in Finance.
Obama’s $75 Billion Modify Mortgage program can seem like a dream come true for many people who are at risk of losing their biggest investment – their home. But how do you know if you even qualify?

Even if you’ve been turned down by your bank in the past, you can still apply for this mortgage modification program. If you are two or three payments behind, or you foresee financial hardship in the near future, you can apply and get your mortgage payment reduced.

Here are the basic guidelines you need to adhere to in order to qualify for the loan modification plan:

The home that you live in must be your primary residence
Your total mortgage balance must be less than $730,000
Your monthly payment must equal 31% or more of your total monthly income.
Your mortgage must have commenced before January 1, 2009
Check If You Qualify……….!
You will obviously have to provide proof of your income and expenses in order to be considered for Obama’s San Diego Ca Mortgage Loan Modification plan. Make sure you have all your documents, tax receipts, copies of bills, etc. to make your application stronger. This is an extremely important step, as every applicant will be approved on a case-by-case basis.

Interested homeowners are encouraged by the U.S. Treasury Department to apply for Obama’s Home Loan Modification Plan and lenders are expecting a surge of applicants. There is no cost to apply, but it is advisable to take some time and learn everything you can about the process and what you can do to increase your chances of being accepted.

One way to increase your chances of being approved is to download The Complete Mortgage Loan Modification Guide from making home affordable government website.  You will be guided step by step on what you need to do to apply, how to fill out the necessary forms, calculate your debt ratio and putting everything together in a professional looking package that you can take to your lender. This is your chance to get back on the path to financial independence.

To see if you qualify and learn how to apply for Obamas Mortgage Refinance Plan you can go to http://www.loanmodificationca.net

——————————————————————————–
Source Pcql.com

Uncategorized loan modification ca, making home affordable, mortgage broker san diego, mortgage loan modification, mortgage loan san diego, mortgage loans san diego, san diego ca mortgage, san diego ca mortgage loan, san diego ca mortgage loans, san diego california mortgage, san diego home mortgage, san diego mortgage, san diego mortgage broker, san diego mortgage companies, san diego mortgage lender, san diego mortgage refinance

Homeowners interested in a home mortgage refinancing program have a few options to consider. Here are some things to consider.

Fixed vs Adjustable Rates

A typical fixed rate example has a fifteen or thirty year term and a fixed rate. This is a popular choice for a San Diego Ca Mortgage option because the consumer knows that his interest rate will not change during the life of the loan. The fifteen-year term is a comfortable timeframe for many customers as well, although a thirty year term can also be the better choice for some. Many San Diego homeowners are more attracted to an adjustable rate San Diego mortgage loan. This option can actually cost less in the long run. However, it is a bit of a gamble. If interest rates increase, so does your home mortgage loan rate. If you can afford it if rates increase, and weigh the possibility of higher rates, then to refinance home loans with an adjustable rate can save money. And if the rates are in your favor, this option can really help with your monthly expenses over the course of time.

Costs To refinance your home mortgage loan

Remember, there are charges for a San Diego Ca mortgage home loan refinance. At times the costs outweigh the benefits. However, in many cases the homeowner can save a significant amount of money throughout the term of the loan. When consumers refinance home loans, they are not simply reducing your payments or changing your interest rates. This process consists of paying off the original loan in full. The refinanced loan is completely new in spite of the fact that you have been making payments for the same property. Since the mortgage loan is brand new according to the lender, it is subject to the same fees, points and other fees you paid for your initial mortgage loan agreement.

There is another significant fee that many homeowners do not consider when they try to get a San Diego home mortgage refinancing loan. Pre-payment penalties can be pretty costly, and you should not get a loan that includes them. You can check with your lender and with the regulations in your state to see if the pre-payment penalties apply to your specific loan or not.

The process of finding the right home mortgage refinancing package does require some preparation and homework. However, you can find a great deal that will pay off over time.

Source sportyhealth.com

Uncategorized mortgage broker san diego, mortgage loan refinancing, mortgage loan san diego, san diego ca mortgage, san diego ca mortgage loan, san diego ca mortgage loans, san diego california mortgage, san diego home mortgage, san diego loan, san diego mortgage, san diego mortgage lender, san diego mortgage refinance

Closing Costs What’s included in closing costs? Closing costs typically average approximately 5-10% of the house price. This percentage may vary, depending on where you live. In general, your San Diego Ca homeowners closing costs will include the following items: Lender Fee – Typically paid by the seller to cover the San Diego lender’s expenses for processing the San Diego Ca Mortgage loan. Title Insurance – Based on the sale price of the home. The percentage of sale price varies by title insurance company. It is the fee charged for property title inspection and insurance policy against policy defects. This will require coverage for both the San Diego County lender and the buyer’s guaranties. Title Search Fee – Fee charged for examining the public record, laws, and the Registry of Deeds to ensure that no individual other than the seller can legally claim ownership of the property. State Mortgage Taxes – Fee charged by the state as a tax on the sale of the home. Settlement Charge – Fee charged by the closing company to cover attorney fees and other expenses incurred. Escrow – Items for which the San Diego Ca lenders require escrow accounts, as they are not monthly fees. Companies usually require two months in escrow at closing. Federal, and in some cases, state law dictate the amount of funds that must be held in your escrow account at all times. Your California realtor or lender can help ascertain these amounts. Items that typically require escrow accounts include: Hazard Insurance – Fee charged for insuring the property against property loss or damage. Property Tax – Fee charged for the property that is based on the assessed value of the property. The tax rate can vary by county. San Diego Ca Mortgage Insurance – Fee required by lenders to insure against the risk of default by the borrowers. This is usually required if the down payment is less than 20% of the mortgage amount. What is included in the closing costs? Settlement or Closing Fee – Fee charged to cover the services of the settlement agent that handles all the payment transfers during the closing. Attorney’s Fee – Fee charged if an attorney performs the functions of a settlement agent. In some states, it is required that an attorney be involved with the closing process. Flood Insurance Fee – Fee charged to determine if the property is in a Special Flood Hazard Area. Home Warranty Fee – Fee charged by an insurance company for a warranty that covers repairs or replaces defective items in the home. Home Inspection Fee – Fee charged for professional inspection of the house to identify any problems associated with the home. Survey Fee – Fee charged for measuring the property to document location, dimensions, and any construction improvements of the property. Notary Fee – Fee charged to cover cost of a licensed notary individual authorized by the state to certify the identity of the individuals signing the documents. Recording Fee – Fee charged for filing closing documents such as your deed of trust at the county recorder’s office. Interest – Prorated fee charged daily for San Diego Ca mortgage interest due from the date of funding until the time of the first monthly mortgage payment. Lender Fees/Charges Discount Points – Finance charges calculated by the lender at closing. Each point is equal to 1% of the loan amount which is paid at closing. This fee is sometimes charged by the lender to reduce the interest rate of the mortgage, also referred to as a “buydown”. One discount point typically reduces the loan rate by an eighth of a percentage point. For example, if the interest rate is 7.5%, you may end up paying 7.25% over the life of the loan and pay the difference in additional up-front costs equivalent to 2 discount points. Discount points are based on the total loan amount and can vary by lender and by lender’s loan products. Loan Origination Fee – Based on loan amount; typically this fee is 1% of the loan amount. San Diego Mortgage Interest – The interest on the loan amount from the date of closing to the last day of the month. Credit Report Fee – Fee charged by lender to request a credit report on the borrower. This fee varies by location and reporting agencies. Appraisal Fee – Fee charged for a written evaluation of the fair market price for the property. This fee varies by lender. Tax Service Fee – Fee charged by the San Diego Ca lender to cover the cost of hiring a tax service agency. A tax service agency monitors the property tax payments for the loan and informs the lender if they are not paid in full and on time. If property taxes are included in the monthly payment as part of the escrow account, the tax service will obtain the tax bills for payment by the lender. Document Preparation Fee – Fee charged to cover the cost of preparing the mortgage loan documents.

Source: Hud . Gov

Uncategorized mortgage broker san diego, mortgage loan san diego, mortgage loans san diego, san diego ca mortgage, san diego ca mortgage loan, san diego ca mortgage loans, san diego california mortgage, san diego home mortgage, san diego mortgage broker, san diego mortgage brokers, san diego mortgage companies, san diego mortgage lender, san diego mortgage rates, san diego mortgage refinance

The Negotiation Process

When you have found the San Diego, Ca home that best meets your needs, you are ready to make an offer on the California house. In most cases your real estate agent will present your offer to the seller. Do not be discouraged if your first offer is rejected by the seller. It is not uncommon for the seller to make a counter-offer on a San Diego home.

Once the selling price has been agreed upon by both the buyer and seller, a purchase contract is started. In most cases, your San Diego, Ca real estate agent will help you negotiate the terms of the purchase contract. The purchase contract is a legal contract that details the final terms for the purchase of the home including price, closing date, and estimates on the closing costs. By signing the purchase contract, it means you have agreed to purchase the property under the negotiated terms and price. Although some closing cost fees are required by law, you can negotiate closing cost and fees as part of the purchase offer.  These fees could be buyer credits for repairs, points and discounts points on a San Diego Ca mortgage loan.  Check with your lender in your state and they will let you know what is allowed under state law and the type of loan you are going to be making the purchase with.

What’s included in closing costs? 
Who pays for what?There are no definitive rules on who pays which closing costs. The buyer and the seller usually negotiate who pays certain closing costs. For instance, the seller may be willing to negotiate full or partial payment of appraisal fees, loan points, credit report request, and inspection fees. Usually the seller is responsible for the brokerage fees, as this is compensation to the real estate agents for their roles in the sale of the home.
Earnest Money – Typically required as part of the purchase contract, earnest money provides a “good faith” deposit and secures the sale agreement. This deposit is usually a portion of the purchase price. This deposit shows that the buyer is serious about purchasing the house. Earnest money is held in an escrow account for the buyer and can be applied toward the down payment or closing costs. In some cases, the buyer must pay the deposit in cash.

 Source: Hud . Gov

Uncategorized mortgage broker san diego, mortgage loan san diego, mortgage loans san diego, san diego ca mortgage, san diego ca mortgage loan, san diego ca mortgage loans, san diego ca real estate, san diego california mortgage, san diego home mortgage, san diego mortgage broker, san diego mortgage brokers, san diego mortgage companies, san diego mortgage lender, san diego mortgage refinance, san diego realtors