san diego mortgage

REO Property – how to Buy?

sandiegoloans — Sat, 30 Jun 2007 16:38:14 +0000

With the sub-prime mortgage market taking a hit like it has in the early part of 2007, we have seen a large increase of distressed property. Major real estate markets have been effected. San Diego has seen some significant changes but not as bad as many other markets.

When you look at data in the San Diego area, the property that is selling is being sold at a fair market price. We are not seeing the fire sale we saw just a few months ago when your home would sell before you could put up a for sale sign. With mortgage rates increasing, allowing fewer people to afford to purchase and driving the demand down, it indirectly effects the family’s that have purchased a home thinking that they would be able to refinance into a lower payment after a few years. The increase in interest rates has increased the amount of property’s that will go into default.

REO property is the end result of a person loosing their home and the home going back to the bank to be sold. It becomes an REO property which stands for Real Estate Owned and now becomes the banks top priority to sell. Banks do not want to be in the real estate business and do not want to take back a property but unfortunately when all other avenues are exhausted the end result is foreclosure and the bank takes back the property so they can sell it.

REO property can be a great investment for investors and regular individuals looking to buy a home. It can also be a more complicated process to purchase a REO home but working with a experienced Real Estate Agent can help make the process fairly simple.

If you think that you may want to purchase REO or bank owned property and you are not sure where to start. Please call us today to discuss. We have a experienced team that works with many banks REO departments all over the country and we can help you find something depending on what your needs are. We can also help you if you need to sell your home.

Carlos Aguilar

Mortgages in San Diego

sandiegoloans — Sat, 30 Jun 2007 15:48:09 +0000

Applying for a home mortgage in San Diego may appear overwhelming at first but like in any other difficulty the solution comes in knowing and analyzing your situation. You will surely have to know what you need and what is involved.

First of all be aware of you budget. That would help you decide how much you can invest and therefore what kind of mortgage you want. One other crucial thing is to have a good credit history so you’ll have to be aware of that also.

But maybe the most important thing in applying San Diego home mortgage is to be sure how much you are willing to pay. If you want to get an idea on how much you will be eligible to pay for a monthly rate for a San Diego mortgage, estimate a sum of the monthly housing expenses. These include mortgage principal and interest, insurance, real estate taxes. These should not go over 30% of your income. Other than that you must feel comfortable with that amount. After you get prequalified you will know how much mortgage you can get but be aware that it’s not pre-approved yet. You must do that to get more credibility and gives the seller the certainty you can purchase their home.

It’s important to consider how many years you will want to pay for your mortgage. A lower rate means more years to pay but if you can afford a greater rate it is better to go with that because you will pay less money overall but the best way of saving money is to find the cheapest interest rate and look out for other ways too. If you plan on having the loan for a short period of time,a good strategy is to look for a low interest rate and a feel as small as possible. It will help save money keeping closing costs to a minimum amount.

Also when applying for a San Diego home mortgage you must know that normally you will have to carry private mortgage insurance if you do not put down 20% for you down payment.

Get informed on different San Diego mortgages and understand each one in therms of monthly, yearly and overall payments. You have to consider you scenario and use a mortgage calculator to understand what each program mean.

Home Mortgage Market – Look at the upside

sandiegoloans — Thu, 21 Jun 2007 00:47:32 +0000

The key to any real estate market and acquiring long term wealth in real estate is to purchase in a down market. What better time to purchase property in the San Diego or many other metropolitan areas is to purchase a home while rates are at very low levels.

Everyone always talks about the bad news and how negative the forecast is for real estate. The easiest way to get someone attention and to sell newspapers is to talk about all of the bad news.

The good news in this market is that if you can afford to purchase property and take advantage of the great home loans available, this is the best time to buy property in San Diego. For my clients and market in the San Diego area we specialize in helping people acquire real estate for long term investments and educate them on how this can be a excellent way to build your real estate portfolio.

Right now you are able to secure home loans at excellent rates that are still very low compared to historical averages. A typical home mortgage may be slightly higher then what we saw just a couple years ago but when you take into consideration the overall savings of buying in this market, you can’t pass on the opportunity of buying more real estate with a great home mortgage.

If you would like to get some additional information about buying property in San Diego or perhaps finance a home with a great home mortgage, please call us today.