Question of the week: How will election impact mortgage rates? Answer: Minimally. Every four years the media for every sector of the economy runs articles on “what happens to _________ if X or Y is elected?” Automotive, travel and leisure, financial services, real estate, shoes, pets, toys and games…and mortgage. Historically, going back many, many […]
Question of the week: What is driving housing market? Answer: The Millennial Generation. In 2019 millennials (defined as born 1981 to 1996) surpassed baby boomers as the largest living adult generation. Today millennials are between 28 and 43 years old. Nationwide, first-time homebuyers are overwhelmingly in their late twenties and early thirties; due to higher […]
Question of the week: What is a “No Doc” loan? Answer: Back in the old days…. No documentation loans were somewhat prevalent in the market. Too prevalent in the early-2000’s which was a large factor in the mortgage and real estate industry melt down that dragged the economy into the Great Recession. Today the number […]
Question of the week: What are your positions on housing related ballot measures in California? Answer: Ballots will be mailed soon to Californians for the November elections. On the ballots there are two propositions that directly impact property owners and cost of housing in the state. Proposition 5 if passed will, for local bonds and […]
Question of the week: Why didn’t rates go down when rates went down? Answer: Because the Federal reserve does not control mortgage rates, or any other rates besides the federal funds rate. The federal funds rate is the rate banks charge each other to loan money overnight. Why would a bank lend, or borrow, from […]
Question of the week: Can we pay down debt to help qualify? Answer: Yes. But before you start paying off credit obligations know how much and what needs to be paid down, or off, so you do not pay more than you need to in order to qualify—and leave yourself with less cash for closing. […]
Question of the week: How long do we have to stay with our agent? Answer: As you are likely aware, the real estate industry changed dramatically on August 17th. As of that date, sellers are no longer obligated to include paying a buyer’s agent (the selling agent) as part of a sale and a listing […]
Question of the week: Are homes more affordable than last summer? Answer: No. And maybe yes. Looking at the median home prices for 2023 and 2024, using the 30-year fixed rate mortgage for the last Friday of July 2023 and July 2024 here is a look at monthly mortgage payments and amount of down payment […]
Question of the week: Should we change our homeowner’s insurance? Answer: We can also put “auto insurance” in the question of the week as well. It is not new news that insurance premiums are increasing dramatically in California for all types of coverages. Because of these increases many are shopping around for cheaper rates to […]
Question of the week: Should we purchase off campus housing with our college student child? Answer: Maybe. With colleges and universities starting classes in the near future, many of you will be moving your kids into dorm rooms, and double checking the room and board fees for the upcoming semester, or quarter, wondering why it […]
