Although it’s common knowledge that the major banks have been criticized for denying millions of loans, there is a false assumption that one’s own credentials are necessarily stronger than those who’ve been declined. While many borrowers are rejected for low income, poor credit scores, lack of equity, etc, strongly credentialed candidates are also routinely denied mortgage financing. Many reasons explain why solid loan files get rejected, including shoddy underwriting, today’s compromised appraisal process, or minor anomalies within a borrower’s loan package. Some lenders may reject certain properties while others not. Keep in mind that the loan process is inherently chaotic –even in a good housing market –as its goal is to commodify the unique…
I just helped my clients close escrow on a house in Novato in a great location. We were competing with multiple buyers and after three weeks of back and forth, finally negotiated a deal for $635,000 with the bank that owned it!
The house is a large 5 bedroom/3 bathroom beauty set on almost an acre in the sought after Country Club neighborhood, It has a huge brick patio in the back yard, remodeled chef’s kitchen and bathrooms, separate family room plus wood floors throughout. It's close to shopping, public transportation and The Marin Country Club.
I would be happy to help you with all of your real estate needs as well. Contact me whether you are looking for a Novato entry-level home, a luxary Novato home or a home in Southern Marin neighborhood.
I wanted to provide our friends and visitors with a quick look back at how the real estate market faired for mid-century modern Eichler homes in Marin County throughout 2009.
In 2009, a total of 43 Eichler homes were sold in Marin County and I was excited to once again finish the year as the #1 Agent in Marin County for closed Eichler home sales. In addition to being the top agent for Eichlers, I worked hard this past year to get my sellers the most money for their home in the shortest amount of time. In 2009, my Eichler listings on average sold for 99% of their original asking price in less than 35 days on market!
Taking a closer look at 2009 Eichler sale activity, the majority (41) of sales occurred in San Rafael where Eichler homes…
Many of our clients and friends in Marin County travel extensively for both work and play so I wanted to make our readers aware of a new, not-for-profit travel social club that is just getting started in Marin County.
International Travel Club (ITC) Marin
The purpose of the Marin International Travel Club is to share travel experiences, learn about special travel opportunities and meet on a quarterly basis with professional travel speakers. The ITC-Marin is not a travel agency and there is no fee involved to become a member.
Similar travel clubs have been extremely popular in other areas of the country and now Marin residents have an opportunity to join the newly formed Marin ITC! The group will be hosting an informal get together so…
I’m often asked by clients to explain whether it makes sense for them to pay “points” or “no points” on their proposed mortgage. My automatic response is, “How long do you intend to keep your new mortgage or remain in your home?” Once this question is answered, the decision is easily determined by simple mathematics and how willing or able a borrower is to cover the increased closing costs or refinance into a slightly larger loan.
A “point,” also referred to as a “discount point,” is industry jargon for paying 1% of the loan amount to buy down the rate on a proposed loan. This cost is on top of the standard closing costs involved in the loan process, such as the lender’s processing and underwriting fees, title and escrow fees, etc. As a general…
Often people ask about lenders. I thought I would talk about who they are and how they work.
When it comes to getting a home loan, making the choice between your local bank, a broker whose ads are on your shopping cart, or an internet lender advertised on TV, can be very confusing. How can you know which is best for your needs, and ultimately, who has your best interests in mind? Let’s look at this a bit closer:
First, when it comes to residential home financing, there are really only three types of home loan providers. They are:
1. Wholesale lenders (brokers).
2. Retail lenders (banks).
3. Correspondent lenders (large, independent companies who have warehouse lines of credit with several large banks, but who lend in their own…
"I live in the San Francisco Bay Area and want to build or renovate a house. Why do I need an architect? What's the difference between a designer, an architect, and an engineer? What's the line between an architect's work and a general contractor's?" Having practiced architecture for over twenty years now, I have answered these and similar questions many, many times.A few years ago, when my son was in pre-school, I gave a little talk to his class about my job and was relieved at the simplicity of defining an architect's work compared to, say, a financial analyst's. Try telling 4 year olds about "limited inter-bond pari passu clauses" (no, I don't know what it means either). Yet, despite the simple definition of "a person who designs…
As the New Year begins, prospective homebuyers in the high cost Bay Area are doubtless wondering if 2009’s record low mortgage rates will continue into 2010. Judging from market reaction to Chinese central banker Zhu Min’s December 17th statement that the U.S. can’t expect other nations to increase purchases of Treasuries to fund its entire fiscal shortfall, it appears the likely answer is “no.” In response to his comment, the yield curve on Treasuries shot up along with mortgage interest rates. Rates on 30-year fixed loans have since increased on average by .25% and most projections for 2010 suggest they may climb as much as 1% over 2009’s lows by year’s end.
Although an increase of 1% is certainly significant, this would still keep mortgage rates at…
I just assisted one of my clients with the sale of their 1 bedroom / 1 bathroom condominium in Novato, California. The transaction closed today and the final sale price was $144,200.
Located at 866 Tamalpais, Unit D, this upper level unit is located in a small condomimium complex in Novato with 22 units. The development is located within walking distance to historic Old Town Novato and is within close proximity to public transportation. The unit was freshly painted and featured updated flooring throughout.
Contact me if I can assist you with your Novato real estate needs. Whether you are looking for a starter condo in Novato or a Novato luxury home, I would welcome the opportunity to assist you!
The Pros and Cons of Fixed and ARMs
Not so long ago, anyone looking to buy or refinance a home could have easily been overwhelmed by the choices available in mortgage loan types. Let’s see…there were fixed rate loans, ARM loans, interest-only loans, negatively-amortized loans --- you name it, you could find it. For better or worse, those days are gone, as banks have substantially reduced their product offerings to consumers due to economic factors beyond the scope of this blog. But here’s what the savvy borrower needs to know about the most common loan types still available.
Fixed Rate Loans
Most of us intuitively understand this type of loan, and given a choice, most of us select this type of loan. The concept is straightforward. Take a…