Nevada Real Estate >> Las Vegas Real Estate Specialist: California: San Diego

When you decide it is finally time to buy a home of your own my advice to you is to do it backwards.  Forget looking at homes.  Let me explain:  If you need shoes you try on shoes first and then go to the register to pay.  In home buying you have to do it backwards.  This is because when you go to the register you know you have enough money to pay for your shoes.  When it comes to a home it's a different story.

I don't care if you make over one million dollars a year - all kinds of people from all economic classes get denied home loans every day. Something on your tax return or time on the job can be a loan killer.  First you have to find out if you can get a loan. Think of it as going to the register first then find your shoes.

So, if you want to buy a home you need to talk to me first. There is a reason loan officers must meet educational and testing requirements along with background checks to be able to ascertain if you will get a loan. It's because we know having good credit and a good income isn't enough, especially these days.

I know you are chomping at the bit to look at homes but don't waste everybody's time including your own.  Make sure you have financing in place first.

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Current mortgage rate trends are shocking industry experts as mortgage rates keep declining.  When the economy looks good investors tend to buy stocks which often cause bonds to sell. When there isn't demand for bonds and investors sell their bonds, mortgage rates rise. 

The opposite happens when investors think the economy is reporting bad news.  They buy mortgage bonds hoping to protect their money from falling stock prices.  Mortgage backed securities have had a very long run and profit taking should come soon.  When it does you will see mortgage rates rise.

If you are th8inking about buying a home or refinancing your home I wouldn't wait too long or it will get more expensive due to higher mortgage rates.  Rising mortgage rates won't stop people from buying a home but it will make it more expensive.  If you own a home and can save $300 a month or more you will break even on closing costs quickly because we only charge 1,770 origination fee.  To start saving, contact us today!

Protecting ourselves and our children in a world of perils is a constant battle.  Many of us know about the sex offender database online or how to get local crime statistics.  Well, add another one to your arsenal: Now you can see on a map where convicted felons live.  When searching homes for sale make sure to use this tool to get an idea of the neighborhoods occupants.  I received this link from Kathleen Daniels blog.

Contact me if you need financing to buy a home or refinance your home.

Current mortgage rate trends for those seeking mortgages in San Diego are looking good if buying a home or refinancing an existing home. Mortgage rates may remain at their current level for a few months but do not be fooled, mortgage rates will definitely go higher.  Contact us for mortgage info

Current mortgage rate trend lock advice: 

If closing in 7 days or less  - Lock

If closing in 14 days or less - Float

If closing in 30 days or more - Float

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Mortgage rates surprisingly improved today as did the stock market.  They usually oppose each other so this signals that we as a country have mixed feelings about the future.

It looks like the US economy isn't as strong as experts predicted it was a couple of weeks ago.  The International monetary fund came out Monday and said the US will grow at a rate of 1.5% instead of the anticipated 2%.  The Fed Beige Book says the economy is growing at a moderate pace and NFIB says that small business optimism is down.  Not good since small business hires the most people. 

Basically we have a long way to go and for now mortgage rates are improving.  Again,  I still believe mortgage rates are set to go higher but for now I suggest you float cautiously and be prepared to lock in your rate at a moments notice.

San Diego mortgages - Mortgages San Diego

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 Mortgage rates started off lower in morning trading but then got slightly worse by afternoon and ended up closing at the same rate as yesterdays close. Signs of an improving economy will usually push mortgage rates higher while bad economic news will usually push mortgage rates lower.  Bad news is good news for mortgage rates and the selling of bonds happens when there is good economic news. Inflation is trickling into prices but not enough to deter the Fed from selling bonds they bought from AIG. 

Current mortgage rate trends for those seeking mortgages in San Diego are looking good if buying a home or refinancing an existing home. Mortgage rates may remain at their current level for a few months but do not be fooled, mortgage rates will definitely go higher.

Mortgage rates are remaining fairly steady after the volatility that was caused by the damage of the Japanese earthquake and Tsunami.  Janet Yellen Vice Chair at the Fed says there is no immediate action by the Fed to raise rates. She feels raising rates too soon could hamper the recovery.  The Fed is set to sell 1.2 billion in mortgatge bonds they bought to bail out AIG this week.  Lack of sales of these bonds could drive interest rates higher in the short term.

San Diego mortgages - mortgages San Diego

An IRRRL is a VA-guaranteed loan made to refinance an existing VA loan, generally lowering the current interest rate resulting in lower principal and interest payments than the existing VA loan.   Generally, no appraisal, credit information or underwriting is required.

An IRRRL (which can be a fixed rate, hybrid Adjustable Rate Mortgage (ARM) or traditional ARM) must result in a lower interest rate than the loan it is refinancing unless the loan it is refinancing out of is an ARM.

The principal and interest payment on an IRRRL must be less than the principal and interest payment on the loan being refinanced unless one of the following exceptions applies:

• the IRRRL is refinancing out of an ARM
• The term of the IRRRL is shorter than the term of the loan being refinanced  Example from a 30 year fixed to a 15 year fixed, or
• energy efficiency improvements are included in the IRRRL.

A significant increase in the veteran’s monthly payment may occur with any of these three exceptions, especially if combined with one or more of the following:

• financing of closing costs,
• financing of up to two discount points,
• financing of the funding fee, and/or higher interest rate when an ARM is being refinanced.

No Cash Out –

An IRRRL cannot be used to take equity out of the property or pay off debts, other than the VA loan being refinanced.  Loan proceeds may only be applied to paying off the existing VA loan and to cover the costs of getting the IRRRL.

There is one exception which is reimbursement of the veteran for the cost of energy efficiency improvements up to $6,000 completed within the 90 days after loan closing.

For more information on VA home loans visit my VA Resources Center

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I love Pacific Beach and just spent a glorious weekend there in a vacation rental condo across the street from Fanuel  Park and Mission Bay.  It was about 4 or 5 blocks from the ocean.

Since I live in a "touristy" area already I just love going to the beach (no Sea World or Zoo for me) when I am in San Diego and Pacific Beach is my all time favorite. 

I was afraid it would be a little too chilly for me coming from 100-ish temps that I am used to and experiencing San Diego's upper 60's that were forecasted.  One thing I forgot is the humidity makes it feel warmer so it was definitely tolerable.

I decided to exit my 2 year boogie board retirement and retry.  I ate it pretty good and have a nice shiner as a reminder today.

We were entertained by the creations of "The Sand Castle Man".

After a great dinner at Nick's at the Beach we watched the Sea World fireworks on the roof top deck of the condo.

On Saturday we went back to the beach (surprise surprise) and my daughter and I encountered some jellies and each of us got stung (me twice).  I guess upon reading some San Diego online news sources they are really Sea Nettle and are rare but there were a lot on Saturday and not necessarily Friday.  I guess I can cross "getting stung by a jellyfish" off of my bucket list.  Didn't hurt as bad as I would think it would - just felt like someone snapped a giant rubber band across my leg.

Since our experience at Nick's at the Beach was awesome the night before (food and service rocks) we went back there for dinner.

We rounded out our stay and day on Sunday with lunch at PB Bar and Grill and then shopping down Garnet St to Crystal Pier.

Today I am dealing with post-San Diego depression.  Love Pacific Beach and definitely have set our sights on retiring there............. some day.