Warning: Be aware of 4 basic steps to every deal
May 5th, 2008 Categories: Buying a Home, Escrow Tips
Knowing the ABC’s of the mortgage process can save you time and money. This article from the LA Times clearly defines the sequence of steps involved in financing your home purchase.
I’m more than happy to walk you through the process. Call me at 310-285-7515 or email me at… wolff.jessica@gmail.com
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Fed Funds Rate Cut - for the fourth time this year!
May 5th, 2008 Categories: Buying a Home
Read the complete press release here. This is great news for mortgage interest rates.
If you are interested in knowing how this will effect your home purchase, contact me at 310-285-7515 or email me at… Valerie@valeriefitzgerald.com
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Secrets Lenders Don’t Want You to Know….
April 25th, 2008 Categories: Buying a Home, Escrow Tips
The right or wrong decision when signing your home mortgage can mean thousands of dollars difference in interest paid. There are very important considerations to evaluate before you commit to a 15 or 30 year note. For many of us our mortgage payment is the most important financial decision we’ll ever make. Doesn’t it make sense to know as much as possible about the financing of our home? Take the time to thoroughly investigate all of your options!Unbelievably, many of us sign the first mortgage placed in front of us. Typically the excitement of the new home purchase reduces the mortgage to not much more than an afterthought. What you read here could save you hundreds or even thousands of dollars. Your real estate professional has established relationships with the top lenders in your area. By aligning yourself with a professional agent you ensure that all the financial steps are taken care of properly and economically. Utilize a Lender With Established Ties to an Agent - Lenders are much more flexible with the real estate agents who have done business with them previously. This relationship then establishes them as a team. The lender and agent work effectively together, referring each other business. That’s why a good agent can make substantial difference in setting up the most economical financing. And the right financing can, literally, save you tens of thousands of dollars over the life of your loan!Don’t Attempt Paperwork Alone - All the paperwork required to complete the purchase of a home can be quite intimidating and frustrating for a home buyer. Make sure you have your lenders help you with all the paperwork. Get help from your team, your lender and agent. Their expertise will help alleviate the stress and it will prove to be invaluable before you sign your mortgage.
Look at All Your Options - Make sure you see at least 5 loan programs for your mortgage. Lenders have at least 10 programs and should work with you and your agent on deciding what is best for your circumstances. Evaluate all your options. After all it’s your money you’re spending - not theirs!
Demand Service - There is little difference between a bank, savings and loan, or a mortgage broker when it comes to the competitiveness of their loan rates. The difference is in the service they provide. It is their job to serve you! You want to get the loan approved and move into your new home as quickly as possible, but don’t overlook the fact that you are the one spending the money and they are the ones who should cater to your needs. Don’t let the process become so intimidating that you lose that understanding.
Stay in Complete Touch - You should receive a written report from your lender about every step. This will ensure that no details are overlooked and there will be no surprises.
Negotiate a Flexible Loan - Don’t just accept the terms they lay down in front of you. Lenders are in the business of loaning money and they want your business. Make sure you examine every option available to you. If you negotiate a variable rate loan, many lenders have the ability to move you into a fixed loan if rates start going up. Make sure that you understand whether or not that is an option in the package you are looking at.
Don’t Give Up on the First No - Initial decisions are not always final decisions. Going to a higher authority can sometimes get you the loan, but do so with the assistance and compliance of your lender and agent. Many times special circumstances when explained properly to the person in charge, will win you the loan.
Don’t Wait for the Bottom of the Market - The odds of you hitting the bottom of your market are about like the odds of you hitting your state lotto! You will almost never hit the bottom of a market. And trying to time it exactly right is often costly. It usually causes a person or family to miss out on the opportunity to purchase a very nice property. You’re better off simply negotiating the best rate and terms you can at the time you find a property. If interest rates go down, you can refinance. This is a much better approach because you won’t miss out on the property you’ve spent so much time locating.
Be Honest With Your Lender - Your lender wants to help you with your loan. The only time they get paid is when you get approved. The more information (good or bad) you provide your lender, the easier it will be for them to get an approval. It helps them present the loan in the best light. This in turn helps the loan get the highest approval rating.
Become Completely Educated - Pick your lender’s brain. Lenders will teach you all about your various options, even if you haven’t found the right property yet. They will be very patient with you while you are looking, especially if you have aligned yourself with the right agent. They understand all the up-front work will pay off in future business. Your agent will then continue to refer people to the courteous and service-minded lender on down the line.
Get Prequalified - Lenders will provide you with a certificate of pre-qualification. By getting prequalified you know exactly what financial parameters to stay within. Your agent and lender will consult with you and help you get qualified for the loan that best fits your needs. Many times they are able to get you a larger loan than you may have thought possible.
For more information about the ‘fine print’ of the Purchase Agreement, click here.
If you have any questions, feel free to contact me by calling 310-285-7515 or email me at… Valerie@valeriefitzgerald.com
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Going…Going…Gone! Neutra’s Palm Springs Kaufmann House up for auction!
April 24th, 2008 Categories: Buying a Home
Neutra in the Desert...a rare opportunity to live in a work of art. The Palm Springs Kaufmann house will be offered at auction on May 13th by Christie’s auction house. The home was designed by Richard Neutra between 1946 and 1947.
If you are interested in owning a part of architectural history, contact me by calling 310-285-7515 or email me at… wolff.jessica@gmail.com
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1040 N. Bundy and 15101 Mulholland Drive on NBC
April 22nd, 2008 Categories: Video Posts
Valerie was again interview by the folks over at LX.tv for their show Open House LA. The segment, entitled The Hunt, originally aired on NBC April 14th, but you can see it here. The Hunt follows Valerie and her client around as they tour houses for sale, hoping to find the perfect home.To see Valerie’s first appearance on LX.tv click here.Click here for more information about 1040 N. Bundy…and…
Click here for more information about 15101 Mulholland Drive
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Celebrate Earth Day in Los Angeles!!!
April 22nd, 2008 Categories: Events in Los Angeles, Video Posts
Many Los Angeles area environmental, social justice, and other groups plan a powerful series of Earth Day events, actions and teach-ins before, during and after the month of April of every year.
How did Earth Day begin?
In 1970, Wisconsin Senator Gaylord Nelson proposed a nationwide “Environmental Teach-in” on college campuses across America. Denis Hayes led the organizing effort which involved 20 million Americans celebrating the first Earth Day on April 22, 1970. It led to the creation of the United States Environmental Protection Agency (EPA) and the passage of the Clean Air Act, the Clean Water Act, and the Endangered Species Act. Click here for more info.
• What is happening on Earth Day around the world?
Earth Day is organized every year by over 4,000 organizations in 168 countries around the world. National and local groups are developing a multitude of activities during the month of April, which are expected to involve hundreds of millions of people worldwide, in a grassroots call for clean energy solutions to global warming. Click here for more info.
If you want to be kept up to date on events in Los Angeles, subscribe to our blog by clicking here.
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20 Ways to Expand Your Purchasing Power!
April 16th, 2008 Categories: Buying a Home, Tips & Tools
- Pay off your debts.
- Consolidate your debts into a lower-interest rate loan.
- Use an adjustable-rate mortgage (ARM).
Use a portfolio lender.- Buy with someone else.
- Ask someone to give you money for a down payment (requires a gift letter).
- Ask the seller to pay some of your non-recurring closing costs.
- Ask the seller to carry a second mortgage.
- Ask the seller, or lender, to buy down the interest rate on your mortgage.
- Ask your employer to lend you money, pay some of your closing costs, or buy down an interest rate for you.
- Buy when interest rates are low.
- Buy a property that generates rental income.
- Take advantage of a first-time buyer loan program, if you qualify.
- Take advantage of government-assisted financing programs, if you qualify.
- Close late in the month to reduce the interest owed to the lender at closing.
- Reduce the cash you need for closing costs with a zero-point loan.
- Borrow against a 401(k) retirement plan or insurance policy.
- Borrow against or liquidate securities.
- Use a mortgage with a forty-year due date (but watch out for prepayment penalties).
- Take a penalty-free IRA withdrawal.
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More green or purple?….trees, that is!
April 14th, 2008 Categories: Environmental Issues
Each week Peter Viles over at the LA Times, writes his Tree of the Week article. This week it’s about Spring’s favorite…the Purple Plum.
Also, check out how you can help save the environment and get a free Purple Plum of your own, by calling LADWP at 1-800-GREENLA (800-473-3652).
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1014 Laurel Way…on TELEVISION!
April 14th, 2008 Categories: Buying a Home, Video Posts
The producers over at LX.TV contacted our office to talk about one of our listings they were particularly interested in…we LOVE to talk about our listings! After the phone conversation, they were convinced they needed to do an entire segment on 1014 Laurel Way. It originally aired on NBC on April 4th, but you can see it all here.
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Don’t miss it…Home Buyer’s Fair this weekend!
April 11th, 2008 Categories: Buying a Home, Events in Los Angeles
The Home Buyer’s Fair this weekend is a great opportunity for you to learn everything you need to know regarding the purchase of your next home. This free event offers a two-day, power-primer on the home buying process, and promises more than two dozen educational “how-to” seminars designed to help you navigate today’s real estate market.
CLICK HERE TO DOWNLOAD YOUR ENTRANCE COUPON.
THE HOME BUYER’S FAIR
LOCATION: The Los Angeles Convention Center in downtown Los Angeles; 1201 S. Figueroa St., Los Angeles, CA 90015.
DATE & TIME: Saturday, April 12, 2008, from 9 a.m. to 6 p.m.
Sunday, April 13, 2008, from 9 a.m. to 6 p.m.
COST: Free to the public
EVENTS: More than two dozen educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind.
EXHIBITORS: The Southern California Home Buyer’s Fair also will feature more than 75 exhibit booths where visitors can obtain information from industry experts about a vast range of programs pertaining to homeownership and the home-buying process.
SPECIAL PROMOTIONS: Free “green” giveaways; first 200 attendees to present an entrance coupon on each day will receive a free movie ticket (one ticket per person).
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