Sacramento Mortgage & More

Beating Stress When Buying A Home

Maria Marriott (Executive Mortgage) — Wed, 16 Dec 2009 09:35:34 -0600

Who doesn't get stressed when buying a home? We all do, don't we? Because this is most likely the largest "purchase" you'll ever make, it's very normal to get nervous and stresses about it.

With that in mind, here are some tips on how to beat the stress when buying a home. Definitely worth trying!

1. Start With The End - Imagine how it will feel when you move in...Why will it be better than where you are now? It's very important to have your goal in front of you at all times and think about being in that home. This will help you stay focused. Having a goal in front of you at all times will give you the energy needed to achieve it and ease the frustrations.

2. Trust Your Team And The Process- Most likely you'll be often asking yourself: "Is it ever going to work out?" There's a feeling that you're taking a big chance when the truth is you're giving yourself a big chance. It's easy to panic when there's so much to be done. It seems cloudy now but, as you move towards your goals, the path to your home will open up. Trust your team!

3. Learn To Be Flexible - This is a big transaction and in the current market anything can happen. As your real estate team we strive to tie up the loose ends as quickly as possible but remember there's not a perfect world. One perfect example is a home inspection going sideways and the need to have renegotiations at some points. So be prepared to endure some turbulences assured that your team is working hard to take you to your final destination.

4. Knowledge is Power - Do you feel out of control during this important transition? The seller, your lender, the appraiser, the inspectors, they all have the power to say yes or no to your moving plans. Did they take over your life? Ask questions, communicate.. Getting educated on the entire home buying process and knowing what's going on behind the scenes will help you ease the stress.

Originally posted at Sacramento Mortgage & More

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

Sacramento Home Buyer Class

Maria Marriott (Executive Mortgage) — Fri, 11 Dec 2009 18:56:44 -0600

Buying a home is no easy task. To insure that your home purchase is a successful one, we've teamed with other Sacramento real estate professionals to sponsor a Sacramento Home Buyer Class packed with great information to teach you the secrets of a successful home purchase.

This interactive class has been a great source of crucial information for home buyers that want to make sure they're making the right decisions. It has helped families in the Sacramento and surrounding areas achieve their dream of home ownership by teaching them all about the purchase process...step by step.

This is a FREE COMMUNITY SERVICE with NO COST OR OBLIGATION to you

Date: Thursday - January 21, 2010

Time: 6:30 - 8:00pm (Registration starts at 6:00pm)

Place: 3550 Watt Avenue, Suite 140 ~ Sacramento, CA 95821

For more information and to sign up, please visit Sacramento Home Buyer Class. Please make sure to enter your mailing address so we can send you a confirmation letter and your admission ticket. Each guests needs to sign up separately.

Originally posted at Sacramento Mortgage & More

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

For You Soccer Mom (and Dad)

Maria Marriott (Executive Mortgage) — Sun, 06 Dec 2009 20:14:12 -0600

This is for all soccer moms (and dads) who also work full time in this crazy, challenging and somewhat exciting Real Estate industry. We have to juggle everyday in order to make a living and raise our kids the best way possible. Very tough AND totally worth it!

My son plays competitive soccer and every year we question ourselves if we'll be able to do it all. Well this is Daniel's third year and we won't be going anywhere soon.

9.5 REASONS MY KIDS PLAY COMPETITIVE SOCCER - IS IT WORTH IT?

You hear a lot these days about competitive sports and kids. Most of the talk tends towards negativity for one reason or another. Recently, my 17 year old daughter and I went to a competitive soccer tournament together and we reminisced about the great memories and times we've shared around the sport we love. We talked about hilarious moments, deep friendships and overcoming struggles and challenges. We also talked about our family time together, our very first "away" tournament and how much we've changed and grown over the years. Perhaps we talked about this stuff because my daughter is heading off to college. We were both sentimental as we discussed how that weekend spent in a hotel located in the arm pit of California was going to be one of our last. Besides, she was beating me in our card game, and being the competitive guy I am I had to come up with something to disrupt her success.

After our conversation and card game I started to think about the time and effort we expended over the years and asked myself, "Was it worth it?" This is an especially important question since I have a 12 year old son who is in the thick of playing competitive soccer. In addition, we're in the midst of trying economic times and competitive soccer carries a hefty price tag. As I contemplated this question over the course of several weeks I came to a very strong, simple and emphatic conclusion: "Yes!" As part of that conclusion I developed 9.5 reasons for my answer. Here they are:

1. My kids love it - yes, there are moments when some aspects of competitive soccer are a pain, but those moments are outweighed by a genuine love for the game and teammates. During my conversation with my daughter she said, "You know, there were times when I felt like quitting but I'm so glad I didn't...I wouldn't have been on a State Cup Championship team, gone to Hawaii or had the friends or experiences that I've had."

2. Competition is an unavoidable aspect of our society - Competition is frowned upon by some. They think it's best to avoid competition and conflict because people can go sideways when issues surface. I'd rather raise kids that face reality and strive to be overcomers. Through competitive soccer my kids learn how to confront challenges and use competition to bring out the best in them.

3. Problem-solving occurs in a team environment - Issues always arise when you get more than two people together. How you respond and address those issues has a lot to do with how successful you will be in life. A team comprised of individuals who work together and sacrifice for each other can accomplish objectives beyond their apparent abilities. Developing team problem-solving skills through competitive soccer training and games prepares my kids for the challenges they'll face when they "get a real job."

4. No timeouts or "flow of play" disruptions - You get one break in soccer: halftime. That means all week you sharpen your skills and prepare for the game by learning principals and action patterns. These principals and patterns create the foundation for "on the fly" decision-making that must be implemented in the flow and confusion of a game in order to be successful. No other game requires continuous, spontaneous decision-making and actions. When life comes at you in unexpected ways, your ability to make wise decisions "on the fly" will reap great rewards. And just like in work, the most effective employee or team uses corporate principals as the basis for spontaneous decision-making without direction or supervision from a boss or manager. There's nothing more liberating than knowing what you need to do, and then doing it without having to have a coach or supervisor tell you what to do while you're playing or working.

5. Quality time with my kids - The hours spent driving to and from practice and games, as well as the tight quarters of "camping out" in a hotel room, create the perfect environment to skillfully and lovingly get into my kids "business." Just tuning-in and overhearing my kid's conversations with their teammates in the car can reveal a lot about what's going on in my child's heart. I like being there for them and talking through a difficult interaction with a teammate or a tough loss. I'm amazed at the great questions and issues that surface on our drives and overnight hotel stays. Competitive soccer provides the platform and bridge to deepen my relationship with my kids. I just have to work on being safe, loving and honest so that I earn the right to have my kids open-up to me.

6. Exposure to different cultures - As players of the world's most popular sport, my kids get exposed to the customs, perspectives and languages of diverse people groups. This past soccer season my son had Hispanic, European (English and German), Asian and African-American teammates. In addition, watching soccer played in its grandest venues such as the English Premier League and World Cup expands my child's horizons. My son was moved by the story of Ivory Coast during the most recent World Cup. Evidently that African country and its factions ceased fighting their civil war so that everyone could watch and root for their country's national team. Also, my son's geography is fairly advanced because he watches and identifies a favorite professional player and is curious as to what country he's from. As a result, my son experiences favorable exposure to various people groups who share a common bond and interest in the "beautiful game."

7. Development of discipline and good habits - Playing competitive soccer fosters the formation of healthy fitness, eating, sleeping and study habits. It can also help facilitate the avoidance of "bad choices." All it takes is two chocolate chip pancakes at IHOP between games during a tournament for your child to realize that their low performance and excruciating stomach ache might have something to do with their poor meal choices; Or, a high schooler realizing that their late night partying before a key match contributed to their team's loss. This past season my son had a new player join his team. The team practiced early one hot summer morning and the new player wasn't holding-up well as he was bent over at the waist. The coach asked him what was wrong and the kid said his stomach was killing him. The coach then asked him what he ate for breakfast and the boy managed a painful smile and said, "Fruity Pebbles" as he held back the urge to purge. Learning how to eat well and view food as fuel, get good sleep before games, make exercise a routine in one's life and to manage one's time to maintain good grades are some of the life-long habits formed through competitive soccer.

8. Lasting friendships through one's "soccer family" - Adults setting up chairs and standing next to each other on the sidelines sharing a common interest in their child's team success more often than not develop deep relationships that last for a lifetime. Together, they weather the high and lows of the soccer season, and often support each other as difficult personal experiences occur. Most of the time the support comes in simple forms like a smile and hug, or a listening ear during a deeper conversation. In very rare instances, "soccer families" experience and work through tragedies together. This last soccer season one of our players unexpectedly and suddenly lost his Dad. During emotionally stretching events like this, major forms of support can naturally surface as we care for those we have come to love and appreciate while rooting for our children and unwittingly developing meaningful friendships on the sidelines.

9. A healthy outlet for anxiety and anger - Running around and sweating in the fresh air can create a new perspective on your circumstances by stepping outside them. And just hanging out, laughing and being with your teammates can adjust your attitude. Getting the focus off yourself and your personal issues during soccer training or games provides a healthy break from things you're anxious or angry about. When my parents divorced when I was a teenager I developed explosive anger. The soccer field was the one place I had to safely direct my emotions. My opponents may have suffered a bit during that season of my life, but having the ability to channel my anger through a positive venue was a huge help in overcoming my personal struggles.

9.5 Opportunities for college scholarships and professional play - Last and certainly least, competitive soccer provides the training, playing experience and exposure for a young player to play at the next level. I gave this item only half credit in terms of being a reason for my kids playing competitive soccer on purpose. Statistics show that only a very small percentage of youth soccer players make it to higher levels of soccer after high school. And if as a parent you obsess about college soccer or your child's soccer career, your child has a much higher probability of not making it past high school soccer. I had the privilege of playing Division 1 college soccer, but that was not a goal of mine or what I played for as a kid. It never crossed my mind, until maybe my junior year of high school. As a youth soccer player, I just wanted to play, be the best and hang with my teammates. I also wanted to play like those fuzzy German guys I watched on public television on Sundays. That was the only soccer we had on TV while I was growing up, but it inspired me. And along with the encouragement of some great coaches, parents and a couple of gifted teammates, I developed a passion for the game and a work ethic that earned me the bonus of playing at the next level. Looking back, it all seemed very unforced. My parents challenged me to become all I could become, but more as a person and less as a player. The level I had the fortune to play at was icing on the cake. Looking back, the things that really count are reasons one through nine above.

All the best to you as you enjoy the people and experiences associated with our "beautiful game", and may you look back and emphatically say, "Yes, it was worth it!"

About the Author: Daron Anderson coaches U12 Boys and U18 Girls for Placer United Soccer Club between his "real job" as a management consultant for financial institutions, real estate developers and professional service firms. He has a National D coaching license and holds degrees in finance and human resources/organizational development. He and his wife, Betsy, have three children and live in Roseville, California.

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

Update On HVCC - The Home Valuation Code Of Conduct

Maria Marriott (Executive Mortgage) — Wed, 18 Nov 2009 10:29:18 -0600

An update on HVCC - Home Valuation Code of Conduct.

Today is a big day for the real estate industry. Here's why...

Today the National Association of Mortgage Brokers will be delivering 117,000 signed petitions from mortgage brokers all over the country to Attorney General Cuomo's Manhattan office. The petitions seek the killing of HVCC.

The new regulation, which was put in place by Fannie Mae and Freddie Mac along with New York State Attorney General, Andrew Cuomo, is not only driving appraisers out of business but also killing real estate sales transactions throughout the country which doesn't really help the housing recovery. Inexperienced appraisers are performing appraisal inspections on markets they're not necessarily familiar with and driving prices even lower.

The National Association of Home Builders has just released a monthly sentiment survey that says that "fully one third of respondents indicated that they have recently lost sales due to low appraisal values".

There's currently a bill in the House of Representatives (H.R.3044) sponsored by Rep. Travis Childers to institute a moratorium on the Home Valuation Code of Conduct, but it's currently stalled.

Have you had any problems with HVCC recently? I would love to hear your story!

To Your Success ~

Maria

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

Chris has his own home now!!!

Maria Marriott (Executive Mortgage) — Fri, 06 Nov 2009 08:48:11 -0600

Chris is a single father raising two teenage daughters. He had called me from a posting on Craigslist about helping first time home buyers and at that time had no idea if he could buy a home or not. He was wondering what he needed to do to be ready to buy including how much down payment was required. He had no high expectations. He also didn't know anything about credit or what kind of employment history is needed to qualify. I remember Chris saying "I know this is a long shot but I need to try for my daughters' sake." What Chris did know was that it was a great time to buy.

After going through the pre-approval process, Chris didn't believe he could actually purchase a house with very little down payment and could even have the seller credit money towards his closings costs. His financial situation was actually good and his dream of having both daughters living with him in their own home became closer.

He met with a good Realtor I introduced him to who took the time to show him every single property that met his specific needs. After a few weeks, Chris got an accepted offer. And the rest is history.

What I will always remember about this very special experience and about Chris is the look on his face when we gave him his home keys. This man shows up at the property with his two daughters who at the time didn't have a clue they now had a place to call home. You see, Chris REALLY didn't believe he would ever be a home owner and didn't tell his daughters about the house until the keys were in his hands.

The opportunity to change lives in this profession is endless, especially in this day and age...Embrace it and do the best you can possibly do for people.

Times are tough now and our industry is changing BUT Chris' story is the reason why you'll hear me say I have the best job in the world!

To Your Success -

Maria

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

Home Buyer Tax Credit To Be Extented

Maria Marriott (Executive Mortgage) — Fri, 06 Nov 2009 08:06:11 -0600

It's now on the President's desk and just needs his autograph.

President Obama should be signing the extension and expansion of the first time homebuyer tax credit today as part of H.R.3548 - The Worker, Homeownership, and Business Assistance Act of 2009.

Here're the highlights of the new tax credit:

Remember, you are considered a first time homebuyer and are eligible for the $8,000 credit if you have not owned a primary residence in the past 3 years.
You must have an accepted offer on or before April 30^th, 2010
Purchase transaction must be closed before June 30, 2010
Previous homeowners can claim $6,500 instead of $8,000 (for tax payers filing joint or single) and $3,250 or $4,000 (if married filing separate) as long as they've lived in their primary residence for the past 5 years.
In order to qualify for the $6,500 credit you must have lived in your primary residence (as claimed on your tax returns) for five consecutive years out of the last eight years.
Income limits have been raised from $75,000 for single tax payer and $150,000 for joint to $125,000 for single and $225,000 for joint.
Maximum purchase price of any qualifying single family residence is $800,000.

SPECIAL EXTENSION

There is a special extension for any qualified extended duty armed forces (military, foreign services, intelligence) serving out of Country.

If a person is out of Country on official government duty for at least 90 days during the period after December 31st, 2008, and before May 1st, 2010 - They or their spouse will be eligible for the tax credit extended until the same dates (in Contract on or before April 30th, close on or before June 30th) of the year 2011.

If you plan on taking advantage of this credit I'd suggest that you start NOW. Choose you Team (Realtor & Lender), get pre-approved and get the process started.

To Your Success -

Maria

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

The Buyer's Choice Act Is In Place

Maria Marriott (Executive Mortgage) — Mon, 26 Oct 2009 10:10:47 -0500

If you're a buyer, here is some good news for you and it could save you money!

On Monday, October 12, 2009 Governor Schwarzenegger signed AB 957, The Buyer's Choice Act and it's now in place. The Buyers Choice Act allows by law the buyers of foreclosed (bank owned) properties to choose the title and escrow company in their transaction.

Until now, sellers have been requiring a buyer to purchase title and escrow services from a company chosen by the seller as a condition to receiving offers or selling the property. The banks and asset managers no longer can direct buyers to title and escrow companies of their choice.

Here are the highlights:

It applies only to residential property and covers title insurance and escrow services
A buyer can agree to accept the recommendation of the seller as to which title or escrow company to use provided that a written notice of the right to make an independent selection of those services is first given by the seller to the buyer.
A seller who violates the law is liable to the buyer for three times all charges made for the title insurance or escrow service.
A purchase transaction cannot be invalidated solely because of the failure to comply with the law.

But why the Act? The Legislative findings and declarations state that the recent troubled real estate market has resulted in a concentration of the majority of homes available for resale withing the hands of foreclosing lenders and has dramatically changed the market dynamics affecting ordinary home buyers. The Act says that the potential for unfairness occasioned by the resale of large numbers of foreclosured homes required that protection against abuse be made effective immediately.

If you have any other questions regarding this Act, please don't hesitate to contact me.

To Your Success -

Maria

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

When The Down Payment Is a Gift

Maria Marriott (Executive Mortgage) — Wed, 21 Oct 2009 12:48:38 -0500

When getting ready to buy your first home, a down payment can get in the way of making things happen.

One of the great features of a FHA loan is being able to have a family member or a close relative gift you the FULL 3.5% down payment required by the program. But to make sure your transaction goes smooth and there are no "surprises", it's very important to understand how gifted down payment works.

First, make sure the person who will be gifting you the money is a family member or a close relative. Gifts from non-family members are generally not acceptable unless your can document a close past relationship. In other words, you friends or co-workers may not work.

Second, the bank will require proof of "ability to gift" meaning, whoever is gifting you the down payment will need to provide recent bank statements to show they do have the funds (just like a bank would ask YOU if you're bringing your own funds to close). So make sure that person knows what to expect. It will help the transaction go smoother.

Third, the bank will also supply you with a form called "Gift Letter". This letter will state the relationship between the parties, the property address and the amount of the gift. The gift letter clearly states that the funds are a gift and not required to be repaid. You and the person providing the gift will be required to sign the letter.

Last but not least, you'll need to provide proof that funds came out of that person's (who is gifting) account and deposited in to yours. Keep all the transfer receipts and statements.

If you have any questions on gifted down payment or on mortgages in the Sacramento and surrounding areas, please don't hesitate to contact me.

To Your Success -

Maria

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

Your Realtor - They Key To Your Home!

Maria Marriott (Executive Mortgage) — Tue, 13 Oct 2009 16:06:27 -0500

Last week one of my clients got an accepted offer after making quite a few unsuccessful ones. If you're actively house hunting and making offers with no success, here's a story for you. Being a deligent agent, Debbie Baldes aways makes sure to check several times a day if new homes that fit her clients' specific needs came out in the market. And this time was no different. She noticed a new property in the market and scheduled an appointment that same day for our clients to see the inside. The house was a charm so she advised them to make an offer RIGHT AWAY. The reason behind the "right away" was because Debbie knew that the property wouldn't be around for long. Even days. They immediately got a verbal acceptance and the rest is history.

So what's the big deal? Well, the next day that same property had other offers up to $20,000 higher than our client's offer and if it wasn't for the sense of urgency and the trust between all parties, our buyers wouldn't be in escrow now and would risk loosing the chance of taking advantage of the $8,000 tax credit.

The lesson..."ACT NOW...THINK LATER", Debbie says. Don't be afraid of making an offer on a house that you like because you'll always have time to do all your inspections and due diligence. But you need to get the offer in. Listen to your agent.

hoIn this real estate environment it is crucial that you trust your Realtor. A few hours could make a difference. You sooze...you loose. With home prices as low as they are and rates at historic lows, investors are coming in with cash offers and the houses are going very fast. So make sure you work with an agent that understands the market and is pro-active. Follow their lead and you'll get the keys to your home.

To Your Success

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

Two Words For You...Don't Wait!

Maria Marriott (Executive Mortgage) — Mon, 05 Oct 2009 08:44:10 -0500

Last week Mortgage Bonds finished at levels not seen since May 21 and home loan rates hit near historic lows. It’s hard to believe that some borrowers locked their interest rates under 5% on 30 year fixed rate mortgages. Stocks closed lower and the Dow market had its worse week since mid-June. As a result, money flowed to Bonds which helped home loan rates to stay low.

With weaker than expected Job Report for September and the unemployment rate of 9.8%, the Labor Department wasn’t showing much love for US workers. We also saw a decline in the Average Workweek and Average Hourly Earning. Both reports show the weakness in the labor market.

Personal Spending indicated that spending rose in August – the fastest monthly pace in almost 8 years. It sound like great news but we need to take into consideration the results of the “Cash for Clunkers” vehicle purchasing incentive, which is no longer in effect. Pending Home Sales were up above expectations which could be due to the $8,000 First Time Home Buyer Tax Credit set to expire on November 30. So if you're still thinking of taking advantage of this great incentive, it's certainly time to act and get off that fence.

I wonder if Timothy Geithner's home has sold yet... Check out what our Secretary Of The Treasury is trying to do with his house. It's hillarious!

Looking Forward

The markets may see some volatility due to the Treasury Department auctions coming up this week and the auctions will certainly compete with Mortgage Backed Securities. As you may or may not know, the Fed has decided to scale back their purchase of Mortgage Backed Securities so Mortgage Bonds may not get as much support now. We could see more of a wild ride on this week’s auctions than before.

Always Remember

When economic news are weak, money flows out of Stocks and into Bonds which helps the bond market and home loan rates to improve. Strong economic news usually has the opposite result.

To Your Success ~ Maria

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

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CADRELicense#: 01372198

No More Purchases...Mortgage Market Update

Maria Marriott (Executive Mortgage) — Mon, 28 Sep 2009 13:14:59 -0500

In big news this week, the Fed said that there won't be any additional Mortgage Backed Securities purchase on top of what they've committed to buy. Instead, they'll slow down on the purchase and extend it through the first quarter of 2010 in order to provide a smooth transaction back to normal market conditions. It's important to remember that once the Fed stops purchasing Mortgage Backed Securities interest rates will start climbing. It also means that they'll be purchasing lower quantities since the remaining will be spread over a long period of time. Needless to say...we could see some home loan rates increase in the near term.

Existing Home Sales and New Home Sales reports came lower than expected but continue to show that the housing market seems to be getting a little better. Inventory of unsold existing and new homes went down. In the case of new homes it is partially because we haven't seen as many constructions as before.

Stocks struggled this past week and one of the reasons being concerns of Iran's nuclear sites construction. Stocks and Bonds could suffer some more if the situation escalates. There's a meeting scheduled for Thursday where members of six nations will discuss the situation further.

Durable Goods Orders fell in August and adding stocks struggles to that, the Bond market did well and we saw some improvements on interest rates.

Looking Forward...

The biggest report coming out this week is the Jobs Report for September. It's a very important one because it can show signs of an improved economy. August report wasn't good so hopefully we'll see something a little better.

Other reports coming out this week...Consumer Confidence (Tuesday), Core Personal Consumption Expenditure (PCE) Index (Thursday) - Fed's favorite measure of inflation, and the Jobless Claims report just before the Job Report on Friday.

Remember...Weak economic news causes moneys to flow from Stocks to Bonds, helping home loan interest rates. Strong news has the opposite effect.

To Your Success ~

Maria

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

The 90 Day Flipping Rule

Maria Marriott (Executive Mortgage) — Fri, 25 Sep 2009 16:20:53 -0500

It is no news that the current real estate market has attracted a large number of real estate investors. With all the great deals available and home loan interest rates extremely attractive it has become evident that some investors are taking advantage of the market by doing what is called “flipping”. Flipping is when an investor purchases a real estate property, makes some improvements and sells it for a profit.

If you’ve been involved with flipping, you’re aware of the “90 Day Flipping Rule” but if you haven’t here’s the scoop on this very important rule that could change the course of your real estate transaction. Based on the “90 Day Flipping Rule” a lender won’t approve financing on a property that is being flipped within the first 90 days. So it’s extremely important that all parties involved in the transaction know the last time that specific property was sold. If it’s been less than 90 days a buyer may have to review their financing options. If purchasing with cash…no problem. But if financing is necessary, the buyer needs to make sure they're getting the correct mortgage.

FHA loans are now very popular but will be a problem for flipping properties. You see, HUD won’t allow flipping within the first 90 days so it’s in your best interest not to even get in contract until the 91st day. VA loans are OK.

Technically the rule does not apply to conventional loans (Fannie and Freddie) but it’s smart to make sure your mortgage professional is aware of each lender’s specific guidelines. Even though the rule doesn’t technically apply to conventional financing, different lenders will have their own “overlays” that could get in the way. Banks will look at the new appraised value, amount of profit, etc, and if not within the investor’s parameters it could be a problem. So the rule will vary from lender to lender and it’s crucial that your mortgage professional knows which lender to use in order to avoid surprises, especially after you’ve invested your time and money.

To Your Success ~

Maria

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

USDA - It's Not About Beef! It's About A Zero Down Loan

Maria Marriott (Executive Mortgage) — Tue, 08 Sep 2009 08:29:48 -0500

Nope. It's not about beef!
It's about a great zero down payment home loan.

USDA Rural Development's Guaranteed Rural Housing Program is designed to assist home buyers who have dependable income and satisfactory credit history, but not the down payment funds. It's a great option for home buyers who need 100% financing.

Here are the highlights:

- 100% financing. No down payment required
- No loan limits or sales price limits.
- Income limits will apply
- No monthly mortgage insurance - This is a big one!
- You DO NOT HAVE to be a first time buyer
- Sellers can credit up to 6% of purchase price towards buyers' closing costs
- No cash reserve requirements
- Property must be USDA eligible
- Property must be owner occupied

This is a great program that has been helping hundreds of home buyers.

CLICK HERE for income limits

If you'd like more information about USDA home loan program, please feel free to call me.

To Your Success ~
Maria

Maria@MariaMarriott.com

www.MortgageMinutesAndMore.com

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

H.E.R.A. And The New Truth In Lending Disclosure - Good Or Bad For Consumers? You Decide...

Maria Marriott (Executive Mortgage) — Mon, 03 Aug 2009 07:36:13 -0500

There has been a lot of talk about the new Truth In Lending diclosure regulation that took effect on July 30, 2009. This new regulation is part of the Housing & Ecomonic Recovery Act or H.E.R.A. and it's called Morgage Disclosure Improvement Act. Is it good or bad for the real estate industry? How will it affect consumers? Make sure to watch the video below. It says it all!

To Your Success ~

Maria

Maria@MariaMarriott.com

www.MortgageMinutesAndMore.com

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

Are You A CalPERS Member?

Maria Marriott (Executive Mortgage) — Thu, 26 Mar 2009 12:51:39 -0500

If you're a CalPERS member, this is your lucky day. The CalPERS Home Loan Program is one of the few left that will help you get up to 100% financing. It makes purchases and refinances available to members who may not have qualified for any other mortgage loan.

This is how it works...CalPERS allows members to borrow 50% of their account balance up to $18,421 in the form of a personal loan to use as down payment assistance. Funds are not withdrawn from the member's account but used as collateral for the CalPERS personal loan. This personal loan will be due in up to 15 years depending on the amount taken. When combined to a conventional or FHA loan, CalPERS members can purchase a home at 100% financing. It's that simple.

The property has to be owner occupied and only single family residencies, condominiums, PUDs and manufactured homes (that meet Fannie Mae guidelines) are eligible.

The CalPERS Home Loan Program offers several other advantages included competitive interest rates and reduced fees and the qualification process is the same as if you're qualifying to another home loan. Buyers can use a gift from a relative and/or up to 6% seller contributions to pay for closing costs.

If you'd like to get pre-approved for a CalPERS loan, please call me. I'd be glad to help.

On Your Team ~
Maria

www.MortgageMinutesAndMore.com

www.HomeBuying101Now.com for our upcoming First Time Home Buyer Class

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

Is Your Name Being Sold?

Maria Marriott (Executive Mortgage) — Wed, 25 Mar 2009 18:08:13 -0500

Your Name Is Being Sold!

Yep...Your information is now a hot commodity. Having your credit checked is an important step in the home buying process. But did you know that every time you have your credit checked the "inquiry data" that the credit bureaus (Equifax, TransUnion or Experian) have on file now have become an "article of trade"? The credit bureaus are selling this information to other lenders as well as to companies that sell and resell the same names and personal information. No wonder your mailbox is getting fuller by the minute with unwanted junk mail!

The credit bureaus have now found a way to make money at your expense and without your permission. These "inquiries data" include name, address, phone numbers (including unlisted), credit score, current debt, property information and more. Your privacy is being sold not once but over and over again. Crazy!

Check this out...Lenders that purchase these "leads" at a premium will need to recoup their investment and turn a hefty profit. And they'll do everything to make it happen.

An example - Clients have been called by disreputable lenders and told that the lender they had been speaking to previously "passed on" the information to them, because they knew that they'd be able to offer much better interest rates and terms. Ouch!

You Can Protect Yourself. JUST SAY NO!

The consumer credit reporting industry has provided a way to "opt out' and remove your name from these lists. Just contact them by phone at 1-888-567-8688 or online at www.optoutprescreen.com. You must opt out at least 48hrs before having your credit checked to make sure it is processed on time. Choose from a 5 year or lifetime option, and the lifetime option does require a signed form.

By opting out you will be protecting yourself from "pre-approved credit offers" coming in to your mail box, which is one of the leading causes of identity theft in the US.

You have the right to shop for the best professional to meet your lending needs but it should be done when and how YOU choose it to be, wouldn't you agree? So take action now and protect yourself. Unfortunately, these unsolicited marketing tactics are a nuisance and intrusive, but quite legal.

On Your Team ~

Maria

www.MortgageMinutesAndMore.com

www.HomeBuying101Now.com for upcoming First Time Home Buyer Class

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

Protect Your Loved Ones - Understand How To Hold Title

Maria Marriott (Executive Mortgage) — Sun, 22 Mar 2009 11:09:34 -0500

Buying A Home

Protect Your Loved Ones

Understand How Holding Title To Your Home Affects Your Family

One of the last things most home buyers think about when buying a home is how to take title to their new house. It's best to consult a real estate attorney or your tax professional but, unfortunately, most home owners don't do that.

To help with this decision, here are the five most common ways to hold title to your home.

Sole Ownership

For single individuals or married persons who takes title in their name alone.

Tenants in Common

Owners are any people at any time
All personal shares are subject to probate
Only descendents' share receives step-up in basis*
Can be Willed to non-co-owner third party
Co-owner may transfer personal share to third party during life

Joint Tenants

Owners are people who purchase at the same time
Passes to co-owners without probate
Only descendents' share receives step-up in basis*
Cannot be Willed to non co-owner third party
Co-owner may transfer personal share to third party during life
If co-owner transfers personal share to third party, ownership changes to tenants in common

Community Property

Owners are spouses or domestic partners (DP) only
Passes to spouce/DP without probate if left to spuse/DP
Received full step-up in basis* on first death if left to spouce
Maybe Willed to non-spouse/DP third party
If Willed to third party, descendents' share gets step-up in basis*
Required concent of both owners for transactions that affect title

Community Property With Right of Survivorship

Essentially combines the most desirable aspects of community property and joint tenancy for many couples
Owners are spouses or domestic partners (DP) only
Passes to spouses/DP without probate
Cannot be Willed to non-spouse/DP third party
Receives full step-up in basis* on first death
Requires concent of both owners for transactions that affect title

*Step-Up In Basis: When a person dies, their real property is re-valued as of the date of death. A higher value can minimize or eliminate income tax due upon later sale of the property.

If you don't currently have a good estate planner and/or a tax professional, please let me know. I'll be happy to introduce you to one.

To Your Success ~

Maria Marriott / Mortgage Planning Advisor

Maria@MariaMarriott.com

www.MortgageMinutesAndMore.com

CLICK HERE for upcoming Home Buyer Classes

CaDRELicense#00654852

This blog contains general information and is not intended to be used as legal advice for your individual situation. How you choose to hold title to your real property may be affected by many factors not considered here. You should consult legal and tax professionals before deciding how to hold title to real property.

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

FHA Home Loan - Why So Popular?

Maria Marriott (Executive Mortgage) — Sun, 08 Mar 2009 11:23:49 -0500

The Federal Housing Administration (FHA), an agency of the federal government, insures private loans that are issued for new and existing housing, and loans that are approved for home repairs. Created by congress in 1934, the FHA became part of the Department of Housing and Urban Development's Office of Housing (HUD) in 1965. Today the mission of the FHA includes helping borrowers get amounts they qualify for, and assisting lenders by reducing their risk in issuing loans. FHA loans do not come directly from the FHA. The FHA only insures the loans.

Long-overlooked, the FHA mortgage has become popular again for its low rates and the real security it provides borrowers and is responsible for over 75% of the loans financed within the past couple of years.

Benefits

If you're looking for low down payment loans, FHA is the way to go. It only requires a 3.5% down payment whereas standard loans will ask for at least 5% - 10% down and the interest rates on those loans are much higher.

Credit guidelines are easier on the buyers. FHA will allow credit scores down to 580. Now, with the credit crunch you'll find that banks have their own guideline "overlays". For example, even though FHA may be Ok with a 580 score borrower after looking at their credit history, the bank may require a minimum 620 fico score. You see, the bank is the one lending the money. FHA only insures the loan. So it's basically up to the bank to make the final determination regarding risk.

Here's the deal when it comes to credit. If you apply for a conventional loan (not government insured) the lender will be increasing your interest rate as your credit scores go down. So if you're not on the 700s, be prepared to face higher rates, especially if not putting much money down. But on FHA home loans, interest rates will remain the same as long as your fico score is higher than 620. Pretty good!

FHA also allows the seller to credit up to 6% of the purchase price towards the buyer's closing costs. This is double of what conventional financing allows. Last but not least, FHA doesn't always require cash reserves. This will be determined based on the buyer's overall financial situation.

If you'd like more to learn more about FHA or check if you qualify for one, don't hesitate to call me.

On Your Team,

Maria

www.MortgageMinutesAndMore.com

www.HomeBuying101Now.com for upcoming First Time Buyer Class

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

Should I Hire A Realtor?

Maria Marriott (Executive Mortgage) — Sat, 28 Feb 2009 10:28:40 -0600

Clients often ask me if it's really necessary to hire a real estate professional to represent them on their home purchase.

And the answer is ABSOLUTELY!

You see, there's not a single disadvantage for doing so. First and foremost, it will cost you nothing. The seller is always responsible for paying both the seller's agent and the buyer's agent. It is a free service for you. What do you have to loose?

Choosing the right Realtor is as important in the home buying process as choosing a good mortgage professional. Making sure your Realtor has your best interest in mind and takes the time to find out what's important about buying a home to you will ensure a successful outcome.

Benefits Of Using A Buyer's Agent

A great Realtor will take the time to find out your goals, needs and wants BEFORE showing you property. They will also make sure you've been pre-approved for a home loan so you don't waste time looking at properties that don't fit your financial profile. Once they know what you're looking for, they'll set you up with a Home Finder Service that will provide you with a list of every single property that meets your personal specifications right when they come in the market. Once you identify properties that you'd like to see, the agent will schedule an appointment to get you inside.

Your real estate professional is also responsible for advising you on how to structure an appropriate offer to purchase your selected property and negotiate on your behalf. More importantly, you will get an opinion that is not emotionally involved with the house. It's easy to go out and "fall in love" with some of those properties, loosing sight of what you REALLY need.

If you're looking for a professional, dedicated, caring and trustworthy real estate agent, please let me know. I've been working with some of the best agents in the area and would love to introduce you to one of them.

On Your Team,
Maria

www.MortgageMinutesAndMore.com

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

FREE First Time Home Buyer Class ~ Get Educated!

Maria Marriott (Executive Mortgage) — Sun, 22 Feb 2009 21:29:58 -0600

Sacramento, CA -I'm sure you have read and seen from the newspapers and mass media about the current state of the real estate market. Buying a home is both complex AND confusing. In an effort to replace confusion with clarity, real estate professionals have teamed up to sponsor a FREE Home Buyer Class. By the time you're done with this class, you'll have a better and deeper understanding of what it takes to buy a home in today's market and be ready to make the rigth choices.

You will learn...

Secrets of foreclosures and short sales *** How to find the hot deals ***

How much can I afford to buy *** Is my credit good enough *** What loan programs are still available

Do I qualify for zero down payment ***Can the seller pay for my closing costs

Please register at www.HomeBuying101Now.com. Seating is Limited!

Date: Thursday, October 22nd, 2009

Time: 6:30pm - 8:30pm (Registration starts at 6:00pm)

Place: 3550 Watt Ave., Suite 140 Sacramento, CA

Sponsored by Executive Mortgage / CaDRELicense#:00654852

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

Stimulus and Stability - Apparently...That's the Plan!

Maria Marriott (Executive Mortgage) — Sun, 22 Feb 2009 20:44:43 -0600

Two major economic plans were released that will impact a lot of home owners. Even though most of those plans are still being worked out, let's see how it could impact you.

Let's start with the Economic Stimulus Plan for 2009 - It's a $787 billion stimulus bill made up of tax cuts and spending programs with the goal of reviving the economy. Believe me or no, initially it was a $1 Trillion plan, and even though it was cut down, it is still the largest anti-recession effort in history since World War II. Wow! One of the major benefits of the plan is the update of the First Time Home Buyer Tax Credit. (check my "News On The Home Buyer Tax Credit" post for more information).

No details yet, but we also expect to get some clarity regarding an additional tier for conforming loans limits. Currently conforming loan limit is at $417,000 with "conforming jumbo"being up to $474,950 for our tri-county area and $626,500 for the bay area. "Conforming Jumbo" loan rates are slightly higher than loans up to $417,000. So we'll have to wait and see if the additional tier will really happen.

Now let's go to the Homeowner Affordability and Stability Plan- President Obama's plan is to stabilize and the housing market and keep millions of home owners in their homes. It includes a Refinancing Initiative and a Stability Initiative.

The Refinancing Initiative is open to home owners who owe up to 5% or more of what the house is worth. In order to qualify for the refinance program, their current loan amount has to be under $417,000 (conforming limit) and guaranteed by Fannie Mae or Freddie Mac. "Credit worthy and responsible" borrowers would be able to refinance their mortgages in to a 30 or 15 year fixed loan based on current rates but it can not include prepayment penalties or balloon payments.

The Stability Initiative is being designed for homeowners who are struggling to pay their mortgages but can't sell their homes because of lack of equity. The goal is to reduce their monthly payment to an amount they can afford. Lenders will be encouraged to lower borrowers' mortgage payment to 31% of their income by lowering their interest rates significantly or extending the term of the loan (i.e. 30 year to 40 year). Lender could also lower the principal balances in order to make it work with the Treasure sharing the cost. Home owners do not have to be behind on their mortgages. Other incentives are also being considered including a $1,000/yr "reward" for home owners who keep their mortgages current all year for the first 5 years.

For you investors...Sorry to tell you but investment properties won't qualify for neither of the plans.

On Your Team,

Maria

www.MortgageMinutesAndMore

www.HomeBuying101Now.com - FOR FREE FIRST TIME HOME BUYER CLASS

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

Are Rates Really Going Down? What’s Really Happening NOW…

Maria Marriott (Executive Mortgage) — Sun, 22 Feb 2009 18:09:33 -0600

If you've been following the news, you know that, in an effort to help the current real estate market come out of the whole, the Fed has started their program of purchasing Mortgage Backed Securities and has mentioned it will continue as needed. We also know that the media will (actually...already is) of course offer their own interpretation and most likely say "Great news...rates will go even lower because the Feds said they will continue their purchasing program...and rates will remain lower in the summer...".

Here's the deal...

The Fed is indeed buying Mortgage Bonds. What they've been purchasing is lots of Fannie Mae 30-yr 5.5% and 5.0% Bonds, which won't have much impact on our current home loan rates (go to http://www.newyorkfed.org/markets/mbs/index.html to check on the Feds Mortgage Bonds purchases). Buying those kinds of bonds is a very smart move. Why? Because 5.5% bonds actually represent outstanding mortgages with rates of 6 - 6.5%, which are the loans being refinanced at today's great interest rates.

Come On... Keep On Reading...

Because rates are still at historic lows, many of those FNMA 5.5% mortgages the Fed is buying will most likely be refinanced, thus giving the Fed a quick recoup of some of their investment. Pretty good move! AND this is likely the reason the Fed said they will continue with the program beyond June, if needed.

Bottom Line...

The Fed buying these higher rates coupons won't necessary help rates to move lower. It doesn't really impact the loans being generated in today's low rates market. Aha!

How Does It Affect You?

Some consumers are in a situation where it really does make sense to refinance right now and save, for example, $200.00 per month. But the media keeps insinuating that lower rates could be right ahead and consumers hold off the $200.00 saving now in the hopes they'll be saving another $25.00 - $35.00 in additional savings if they get a lower rate than the one currently being offered. We all know that rates could turn higher and in this volatile market, window of opportunities could pass by and very quickly.

Think About It...

EVEN IF rates go down and you can time the market perfectly, how much would they have lost by waiting? Just do the math. While they delayed, they lost the savings they could have gained by taking action soon. How long will it take for them to break even? At a $30.00/month pace it could take years to make up for what they lost waiting for months before the rate decrease (well...if that really happens). Besides if they refinance now and rates go down...they can always refinance later.

On Your Team,

Maria Marriott

www.MortgageMinutesAndMore

www.HomeBuying101Now.com FOR OUR UPCOMING FREE FIRST TIME HOME BUYER CLASS.

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

The Stimulus Package And The New Buyer Tax Credit

Maria Marriott (Executive Mortgage) — Sun, 15 Feb 2009 19:07:01 -0600

We’ve all been excited about the possibility of the government increasing the current $7,500 tax credit for first time home buyers to $15,000. Well, things have changed a little...

Congress has just passed the American Recovery and Reinvestment Act of 2009, known as the new Stimulus Bill, with some modifications to the original proposal and the president is expected to sign it into law on President’s Day.

The tax credit in the Stimulus bill has been scaled down to $8,000 from it’s previous levels of $15,000 or 10% of the value of the home for any first time home buyer who purchases homes from January 1, 2009 until the end of November. Unfortunately, only first time buyers will be eligible. It starts fazing out for couples with incomes over $150,000 and single filers with income over $75,000. Buyers won’t have to repay the credit UNLESS selling the property within the first three years. Not Bad, considering that most first time buyers will live in their property for 5 – 7 years before moving.

On Your Team,

Maria

www.MortgageMinutesAndMore.com

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

Home Path - New Fannie Mae Program Opens Doors To New Buyers!

Maria Marriott (Executive Mortgage) — Sun, 15 Feb 2009 16:39:19 -0600

Great news to home buyers...Fannie Mae is now offering a special loan program that allows buyers to purchase Real Estate Owned (REO) properties straight from Fannie Mae. It's called Home Path and is already in place.

Why is it a good idea? Because in the midst of a credit crunch and lack of loan options that allow high financing, Fannie is offering a product that not only requires very low down payment but also has flexible guidelines, thus opening doors for new home buyers.

This home loan allows home buyers to finance up to 97% of the property value, if occupying the property, and up to 90% for investment properties. It's huge!

To top it off, credit guidelines are easier AND there is NO mortgage insurance and NO appraisal requirements. Pretty good, wouldn't you agree?

Now, let's remmeber that other underwriting guidelines still apply such as proof of employment stability! This isn't one of those "as long as you can breath we'll lend" kind of loan...

There are just a few lenders who will offer this program and I'm happy to say we're one of them!

For more information on Home Path and eligible properties in your area go to HomePath.com or contact me.

On Your Team,

Maria

www.MortgageMinutesAndMore.com

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198

Refinancing Without An Appraisal...Is It Possible?

Maria Marriott (Executive Mortgage) — Thu, 29 Jan 2009 19:07:43 -0600

By this time, most of you know how hard it's been to refinance a home loan due to property values. Short sales and foreclosures have driven home prices to their lowest and even though interest rates are still amazingly attractive, the grand majority of home owners can't take advantage of it.

But wait...you may be one of the lucky ones and be able to save some cash on you monthly payment. What if you can refinance WITHOUT an appraisal and no income or asset verification. Yep...It is very possible.

Please CLICK HERE for my video on Streamline Refinance and learn all about this incredible opportunity.

On Your Team,

Maria Marriott

www.MortgageMinutesAndMore.com

CADRELicense#: 00654852

Maria Marriott/Mortgage Advisor based out of the Sacramento area.

Join me in the conversation...

CADRELicense#: 01372198