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What the Heck is a Short Pay Refinance?
There is a new buzzword being used in today's real estate market, that term is Short Pay Refinance. Most of you have not heard about this. It is a new approach were a new lender negotiates on your behalf with your current lender to pay less than the full amount for the pay off of the existi...
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Davis, CA Real Estate Made Simple
Straightforward and intuitive... this website is for anyone buying or selling homes and real estate in Davis, Woodland, Winters or anywhere in Yolo County, California. Explore! Ask Real Estate or community specific questions. More than powerful tools and valuable information for Buyers and Seller...
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Who's Behind the Web?
Carmen Isais - Realtor Keller Williams, Davis My work philosophy is simple. I approach each transaction with dedication, integrity and a sense of humor. The latter always comes in handy. Those who have ultimately decided to work with me, know me to be a good listener, a sage advisor...
Summering Year Round… Buying a Vacation Home
September 19, 2008
Enjoyed your summer vacation? Thinking of investing in your local hotspot, but wondering if it is a wise choice? There are ways to comfortably afford the vacation home of your dreams while making smart financial choices. A vacation home can be a very wise investment when the proper financing methods are utilized.
Here are a few tips and strategies:
- If you have multiple location choices, make sure you are working with a Real Estate Professional who is a specialist in the location you want to purchase in. Also, make sure you are working with a Certified Mortgage Advisor who has experience with Investment and vaction homes:
- From an investment perspective:
- Which area is likely to appreciate more in value over the next several years?
- Which area is more likely to enable you to rent out the home when you are not using it (if you desire to do so)?
- From a lifestyle perspective:
- Which area provides more amenities and lifestyle benefits?
- Which area is a better value in terms of living space and upgrades?
- From an investment perspective:
- If you plan on renting out the home when you are not utilizing it for personal use, make sure you are working with a professional to help you evaluate the cash flow implications. Additionally, by working as a team with your CPA, Mortgage Advisor and Real Estate professional they can help you determine the tax consequences of your decisions.
- Know your credit score! You may be able to get a better mortgage rate and more favorable loan terms by restructuring some of your balances on credit cards, car loans, etc. a Mortgage Advisor can help you correct errors on your credit report and determine which balances to restructure or pay off in order to improve your credit score.
- Know how much you can spend and determine how much you can afford. Your Mortgage Advisor can help you:
- Finance your vacation home based on your monthly payment comfort level
- Determine how much cash to use as your down payment and where to get these funds
- Understand your before and after-tax monthly payments
- Restructure some other debt you may have to free up more monthly cash flow that enables you to improve your vacation home buying budget financing
- Determine whether to rent or buy a vacation home based on timeframe, budget and local market conditions. A Mortgage Advisor can help you run the numbers to determine if it is better for you to rent or buy a vacation home based on your individual circumstances.
- Don’t get caught in the “pre-approval” / “pre-qualification” trap. It is always better to get a full approval / loan commitment from a Mortgage Advisor before you even start looking for a vacation home. Many mortgage brokers and lenders will give you a “pre-approval” or “pre-qualification”, but these are often meaningless. What you really need is a bona fide commitment from a mortgage lender that you are in fact approved for financing.
- Don’t be scared by “Housing Bubble” misinformation. For the last four years, the national media has been scaring potential home buyers with continuous chatter about a so-called “housing bubble”. For the last four years, the national media has been wrong. It is always wise to base your decision to buy or not to buy on fact, not emotional hype.
Please feel free to give me a call and I would be happy to help you evaluate your options to purchase your new vacation. home.
Marc Thompson, CMPS
UMAX Mortgage
437 F Street
Davis, CA 95616
Davis, CA 95616
530-753-8800 direct
415-520-0706 fax
mthompson@umaxmortgage.com
New Foreclosure Search
September 16, 2008
Foreclosure searches are popular and of interest, not only to sellers, but to homeowners whose property value is clearly effected by the surrounding market.
In an effort to bring you the best tools available, we’ve upgraded our current foreclosure search. New in this edition, is a custom search setup, so look for this soon… What does this mean?
Those of you looking for homes in Sacramento, Davis, or whichever city, can find everything you need with one click. Look for these custom links starting tomorrow.
Have a particular city you want to keep an eye on? Contact me, Carmen Isais, your Davis-Metro area Realtor, with a techie bent.
But, what are you waiting for? Let’s get searching now!
Say What? Real Estate Glossary
September 3, 2008
Real estate is like any other business. There are industry related terms that are, for the most part, useless outside the bubble of that work field.
In a university town like Davis, CA there’s a lot of brain power. Nonetheless, I often times have to stop and explain real estate terms and definitions to my clients. This makes sense given that most people will only deal in real estate about once every five years, as opposed to myself, who lives and breathes real estate, day in and day out. It’s what I love and what I’m good at.
So, if you have a question about real estate, contact me. Shy? That’s OK too, subscribe to the blog and you’ll be certain to learn a lot about the local Davis real estate market and its surrounding communities.
If you need to know the definition of a specific real estate term, check out the glossary below. And let me know if I should make additions.
