loan: The Energy Efficient Mortgage for FHA is Hot.. no, Cold.. it can be both with a new HVAC unit!
- 06/26/09 12:11 PM
"What the heck is she talking about", you say? FHA has a killer loan "add-on" where you can save money by borrowing money to upgrade your heat and air unit, windows, insulation and other energy efficient products. It's pretty cool... (or hot, if you get a new heater!) "So stop with the mumbo jumbo and give me the details!" Ok, here's an example. You are buying a $200K bank repo using FHA financing, with a nearly dead heat and air unit (or missing!), ugly aluminum single pane windows that are drafty, a measly 2" of matted down insulation in the attic, and a … (6 comments)
loan: What happens if... My home doesn't appraise? Or worse, the review appraiser whacks the price?
- 05/22/09 04:58 AM
Bummer. But this is happening more and more. With the price decline over the past few years, it's like trying to hit a moving target. But what do you do when a buyer and seller agree on a price, yet it won't appraise? First, you may want to cry. Sometimes that helps. But usually not. Then see what you can do to adjust the appraisal. Get a copy. What have they used for comps (comparable sales that are used to measure value). Do you know of any closer... more recent.... more similar? Find out if any are about to close escrow. Current … (11 comments)
loan: Is This the Time to Buy a Home? What if Prices Come Down More?
- 04/23/09 05:07 AM
Buyers are panicking at the moment. They are running out of homes to buy! In Sacramento there is only 2.3 months of inventory under $300K (if buyers maintain their present rate of snapping up homes, we'll run out in 2.3 months). In Fair Oaks it's not much better... 2.4 months to sell 'em all out. That means if no new homes come on the market, we'll be out of homes by summer. Basically economics says when supply goes down prices go up.... like skyrocket up, in this case. EEKKKK! HOWEVER... don't look now, but there is a wall of new inventory … (13 comments)
loan: Interest rates and your home... THESE are the "good old days".
- 03/23/09 03:07 AM
You've probably heard that interest rates are pretty good now... around 5% for a "30 year fixed". But check out what that means to you as a buyer. It's pretty shocking! A $200K loan at 5% costs you $1,073 per month P&I (principle and interest) If you want to keep that payment, here's the price loan you can afford if interest were higher. 6.25% = $174,000 - (the interest rate in 2002 for a $1073 payment) 8.5% - $139,000 - (2000 interest rate for a $1073 payment) 9.25% - $130,000 - (1994 interest rate for a $1073 payment) 15% - $84,000 - (1984 interest rate fora $1073 payment) … (10 comments)
loan: The Loan Lock Shuffle... Now What Will You Do?
- 03/19/09 03:29 AM
I just read that the Fed's actions today may cause mortgage interest rates to drop up to 1/4 or 1/2 point. Interesting dilemna for those in escrow who have already locked their loan. Do you stand by what you said, or weazle out because rates have changed? When you lock your loan, you are gambling that interest rates won't go down any lower.... to protect yourself in case they go higher. So to be safe, if the current rate is OK with you, you and the lender commit to it... regardless of future rates being higher or lower. If they go higher, you still have your … (7 comments)
loan: Does the Lender Make a Difference?
- 03/13/09 10:59 AM
When a new buyer chooses a lender, what is their choice based on? Interest rate?, the trust of a referral?, who has the prettiest sign? Often it's who seems to have the cheapest interest rate. What a mistake! Consider Captain Sulley. He looked like everyone else who flew. He always landed those planes, so it's hard to say how good he was. But when disaster hit, he was able to pull off the miraculous, and land a giant engineless jet in the cold frigid waters of the Hudson River. He used his years and years of experience, training, drills, and lessons … (7 comments)
Fair Oaks homes for sale by Realtor Sally Dunbar, who's been hoofin' it through the homes of Fair Oaks and the surrounding areas, matching up eager buyers with ready-to-move sellers, since 1979.
While I sell homes in Fair Oaks, I venture in Sacramento, Carmichael, Citrus Heights, Orangevale, Rancho Cordova, Gold River, Folsom, El Dorado Hills, Roseville, Rocklin and Granite Bay...(and Chevron loves me!)
How have I survived for so long?... By always doing what's right for my people.... Always!
Now check out my video about why I love Fair Oaks...
Short Sale, REO, foresclosures??? ... find out the difference below...
How do you pick a listing price? See below...
What price should you offer when you've found the home of your dreams??? Find out below...
Prepping your home for sale??? Don't miss the video below...
"What the heck is she talking about", you say? FHA has a killer loan "add-on" where you can save money by borrowing money to upgrade your heat and air unit, windows, insulation and other energy efficient products. It's pretty cool... (or hot, if you get a new heater!)
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