ARMed and Dangerous? - 12/21/06 07:43 PM
Home loan companies are in an ARMs race...competing for your business and searching for ways to make homeownership affordable.  An adjustable rate mortgage, or ARM, is one solution.  If you need a home loan, should you consider an ARM?
If you had an adjustable rate mortgage from 1993 to 2003, you couldn't be happier.  While your friends refinanced their fixed rate mortgages about six times- paying thousands in fees and signing hundreds of papers- you've always had a lower interest rate than they did.  It wasn't uncommon for your minimum payment to be reduced annually.  And you paid the principal down faster, … (5 comments)

Infants Making Huge Strides in Real Estate! - 12/20/06 06:37 PM
When you get pulled over in California, they don't ask you for your driver's license anymore.
They ask you for your real estate license.
Okay, I knew that everyone was getting into the real estate professions recently.
But I had no idea how serious this influx was until I joined Active Rain and saw these featured real estate professionals (as of today):
                          
 Scott Gormley                           Eddy Martinez
Eddy can't be more than 6 months old, but check out the impressive resume:
Spanish-speakingLicensed nationwideSr. Loan OfficerI know it took me a couple of years to become a Sr. Loan Officer.
My kids have made a pretty cool record as a Christmas gift, and … (3 comments)

Risky Business...Why are there different interest rates? - 12/18/06 11:43 AM
 
If you've ever wanted a home loan, you've heard the commercials and seen advertisements that offer all sorts of interest rates.  Why are there different interest rates?
Put simply, when a company lends out money, they take a risk that the loan might not be paid back.  Sometimes, whether through circumstances beyond their control or through poor money management, a person loses their ability to pay back the loan.  This can be very costly for a lender.  They manage that risk by collecting interest.
Here are the major risk factors and how they affect your interest rate:
Your Credit History.  A person who has … (2 comments)

Manufactured Homes, Mobile Homes, Modular Homes...what's the deal? - 12/17/06 03:53 PM
There was a great post from a Realtor named Shari George that prompted me to write this blog entry.
Funny, it doesn't look like a trailer!
According to Freddie Mac and Fannie Mae, the two largest investors in conventional mortgage notes, the guidelines (and every major lender uses these guidelines, although they may be more restrictive if they don't feel up to underwriting these properly) for manufactured homes are as follows:
Built on or after June 15th, 1976 On it's own land Have access to roads, utilities Be taxed as Real Estate Be on a permanent foundation The axle has been removed Be at least a double wide...unless … (5 comments)

California Public Employees - CalPERS Loans - 12/14/06 02:48 AM
If you're a California Public Employee, then you're a member of CalPERS, the California Public Employee Retirement System.
And if you're a member of PERS, then one of your benefits is the CalPERS home loan.
The CalPERS mortgage loan program is for purchase or refinance, has controlled closing costs, and has a competitive interest rate.  For example, today's 30yr fixed was at 5.875%.
Here are some of the great benefits of the CalPERS loan:
Free 60-day rate lock, with two automatic float downs.  This means that PERS actually requires your lender to lower your note rate if the interest rates have dropped on the day … (3 comments)

Interest Only - Your Best Interest? - 12/14/06 01:41 AM
Talking about interest-only home loans is a lot like talking about politics.  Just the mention of them brings up strong reactions.  What exactly are interest-only loans, and why would you get one?
A traditional house payment goes to principle and interest, meaning that the interest accrued over the past month is paid first, then the rest goes to pay down the principle balance.  Interest-only payments can be much lower, but the principle amount owed stays the same.
Traditional wisdom says that the best way to manage debt is to get out of it, and as soon as possible.  But you would be hard-pressed … (6 comments)

HUGE NEWS...Mortgage Insurance Tax Deductible!! - 12/13/06 01:58 PM
On Saturday, December 9th both the House and the Senate passed a bill allowing homeowners to deduct the cost of Mortgage Insurance.
MI premiums will be 100% Tax Deductible for households whose adjusted gross income is $100,000 or less.
The bill applies to all loans closed on or after January 1, 2007.  Happy New Year!
President Bush is expected to sign the bill soon.
Mortgage Insurance (or PMI, Private Mortgage Insurance) is insurance that covers a lending institution that is typically associated with home loans with less than 20% down payment for purchases or 20% equity for refinances.  Up until this bill, PMI added to buyers' … (5 comments)

Association of Realtors Affiliates elections results! - 12/13/06 12:26 PM
The Hemet-San Jacinto Association of Realtors Affiliates Committee held their elections for 2007 officers today.  The Affiliates Committee raises scholarship money for graduating seniors from these local high schools: Hemet High School, San Jacinto High School, Esperanza, West Valley High School, Allesandro High School, and Baptist Christian High School.
Last year the Affiliates gave away about $16,000 in scholarships.  The money is raised through an annual golf tournament, bowling tournament and other fundraisers.
The elected are:
Chair: Joey Aszterbaum, Patrion Mortgage
Vice Chair: Will Kading, Master Building Inspection
Secretary: Sharon Adair, Prime One Financial
I appreciate those who voted for me and am excited about 2007.  It's going to be … (5 comments)

Dead Firefighters' Families Will Get Donations After All - 12/11/06 12:37 AM
Good News...
The families of the five Firefighters that were killed in October fighting the Esperanza fire (just north of Hemet and San Jacinto) will get the money that the United Way collected.
Almost $1,000,000 was donated, but the United Way was warned that they would lose their tax-exempt status by delivering the money to specific individuals.
Congress unanimously passed a bill early yesterday making an exception to the law, and the United Way will release the funds.
By the way...Congress working on the weekend?  Pinch me!
… (2 comments)

Plant Your Flag! - 12/09/06 02:43 AM
Realtors...do you want to distinguish yourself from your competition?  I have an easy way to do that:  Plant your flag!
I was in a rock band that never was a household name, but we were pretty succesful - record deal, radio play, international tours.
How did we get so far?  Was it talent?  Was it style?
I think a major part of it was simply this: all the other bands were breaking up or changing members.  We four stayed around long enough to outlast the competition, so to speak.
It's the same thing in Real Estate.  People like to do business with people who are … (1 comments)

Don't Anger the Google gods! - 12/07/06 11:26 PM
Curious about page rank?  It's quite simple.  You see...
PR(A) = (1-d) + d(PR(t1)/C(t1) + ... + PR(tn)/C(tn))
That's the explanation I found on a web page called...I am NOT making this up..."Google's PageRank Explained".
I live in Hemet, California. It's not the largest real estate market in the world, so I have shot up the Google rankings.  I have been lucky enough to build my Google page rank to the whopping score of.....drum roll please.....
          3
On good days.  Others it sits around 2. 
Okay it's not the best website...but I'm willing to learn!
I have some e-Pros in town that I really respect.  They speak Googlese as well as anyone … (2 comments)

Going to the Movies in Hemet - 12/07/06 05:40 PM
If you liked Pirates of the Caribbean Dead Man's Chest in West Hemet...
...and you enjoyed Pirates of the Caribbean Dead Man's Chest in San Jacinto...
...then you're going to LOVE Pirates of the Caribbean Dead Man's Chest in Downtown Hemet!
When I first moved to Hemet in 1983 there were only two theaters in the valley and both had only one screen. One was in San Jacinto on State street, near today's courthouse. The other was downtown on Florida Avenue. Both closed years ago.
Since then, two multiplexes have been built. Again...one in Hemet and one in San Jacinto.
You would think that having two … (0 comments)

The Great Real Estate Crash of 2007 - 12/07/06 12:51 AM
… (12 comments)

 

Joey Aszterbaum

Hemet, CA

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Jolynne Photography

Cell Phone: (951) 285-1012

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Retired from the Mortgage Business 6/09 Work for Jolynne Photography


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