How to Score a Deal on a Home After School Starts

Wow, is it back to school time already? Not a moment too soon! Parents everywhere are high-fiving as their kids finally return to classes. (And can you really blame them?)
But with summer sputtering to a close, parents aren’t the only ones who should be celebrating. Would-be home buyers, rejoice! If you’re looking for a good deal on the right home, now is your time.
Maybe you thought spring and summer were the prime time for buying. Truth is, the end of summer has some distinct advantages for home buyers who aren’t tied to the academic calendar.
So, with the kiddos back in school, you might be able to swoop in and score a deal. Here are four ways to make it happen.


1. Stop procrastinating and get started
2. Ask for concessions, but stay flexible
3. Take your time
4. Research comps—and be ready with the right offer


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To Discuss Your Home Buying Options

Easterbrook Team with Sierra Pacific Mortgage

John Easterbrook (NMLS#226555) and Patty Aguon (NMLS#994635) can both be reached at

(916) 850-6050.  We can also be emailed at easterbrookteam@spmc.com. 

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Do You Have Lender Paid Mortgage Insurance?

Mortgage Insurance vs. LPMI

 

Do You Have Lender Paid Mortgage Insurance?

 

When purchasing a home with a loan, in addition to this being a great idea, you are required to have homeowner’s insurance (sometimes called fire insurance or hazard insurance).  Contact your Insurance Agent to provide you with that type of coverage. When your loan to value is over 80% on your loan, mortgage insurance is typically required. 

 

Mortgage insurance is entirely different from other types of insurance in that it covers the lender against a loss.  There are several factors that determine the cost of mortgage insurance – FICO score, loan to value, and loan type.  The standard option for most buyers is monthly mortgage insurance.  There is, however, another excellent money saving option – Lender Paid Mortgage Insurance (or LPMI).

 

LPMI is paid by the lender by slightly increasing the rate.  Typically, the higher the buyer’s FICO score, the lower the cost of the LPMI.  Unlike most lenders that offer LPMI, Sierra Pacific Mortgage offers savings for borrowers beyond 740 FICOs.  If you are a higher FICO buyer requiring or currently having to pay mortgage insurance, then call us for a comparison—you’ll probably be able to save some money.

 

On a $400K purchase at 95% loan to value, the typical buyer with a 740 FICO will save over $135 per month over traditional monthly mortgage insurance.  In addition, LPMI may allow them to buy more house! 

 

Another benefit of LPMI is for borrowers that want to refinance out of their monthly mortgage insurance, but don’t have the 20% yet in equity to remove it.  LPMI bridges the gap to entirely remove the mortgage insurance up to 95% loan to value. 

 

As home loan interest is typically tax deductible and mortgage insurance is currently not, LPMI may provide additional tax savings too. Confirm with your tax professional.

 

For LPMI or other mortgage questions, call the Easterbrook Team at Sierra Pacific Mortgage.  John Easterbrook (NMLS#226555) and Patty Aguon (NMLS#994635) can both be reached at (916) 850-6050.  We can also be emailed at easterbrookteam@spmc.com. 

3.5% Down

Any Benefit of Weekly Home Mortgage Payments?

A bi-weekly schedule beats a monthly one in terms of shortening the term of a home mortgage. Weekly payments, however, make little difference.


Typical borrowers make their mortgage payments monthly. Some, however, make bi-weekly payments to reduce the term of their loans. Could weekly mortgage payments speed the payoff even further?
The answer in some cases is yes—but usually not much more than with bi-weekly plans.
Converting to any schedule that increases payment frequency reduces the principal loan amount faster, resulting in less interest owed and a shorter mortgage term, says Jack Guttentag, professor emeritus of finance at the Wharton School of the University of Pennsylvania. The biggest benefit of weekly payments, however, is not cost savings, but convenience for people who are paid weekly and like to handle bills accordingly, he adds.


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To discuss your monthly payments and how you can reduce your monthly payment through refinancing and be able to afford increased payments call us today. 









The Easterbrook Team with Sierra Pacific Mortgage
806 Bidwell Street
Folsom, CA 95630
916-850-6050
EasterbrookTeam@spmc.com


John Easterbrook
NMLS# 226555
916-224-7653
John.Easterbrook@spmc.com


Patty Aguon
NMLS# 994635
916-833-5063
Patty.Aguon@spmc.com

Mortgage Calculator for Faster Principal Reduction

Would you like a copy of our FREE mortgage calculator that shows you how to reduce your principal balance at an accelerated pace?   It shows you that paying even an extra $100 per month toward your monthly mortgage payment can save you a lot of money.  This calculator will work for FHA loans, VA loans, conventional loans, and jumbo loans.  This is one of the best ways for a first time home buyer to build equity fast.   Also, if you’ve had a bankruptcy or foreclosure and have lost everything, paying down your mortgage is a strategic way to reacquire wealth.  If you refinance and combine the power of extra payments for faster equity reduction, you’ll have even more equity quickly.

If you have a high loan to value and are wanting to accelerate your mortgage principal reduction to get rid of mortgage insurance on your home loan, our FREE mortgage calculator can help you too.  Just call or email us for a FREE copy. 

You can call the Easterbrook Team at (916) 224-7653 or (916) 833-5063 or email us at easterbrookteam@spmc.com.  

Good news: Homeowners spend like it's 2006

U.S. housing is finally lifting itself off the mat.

The latest evidence came from Home Depot (HD). The world's largest home improvement retailer on Tuesday revealed it experienced a record number of transactions in the last three months. On average, shoppers spent more than at any point since 2006 and sales at stores open for a year or more jumped 6%.


To Read This Entire Article Please Click Here!




Contact The Easterbrook Team Today for Your Home Loan Needs


John Easterbrook
NMLS#226555
916-224-7653
John.Easterbrook@spmc.com


Patty Aguon
NMLS# 994635
916-833-5063
Patty.Aguon@spmc.com


The Easterbrook Team
806 Bidwell Street
Folsom, CA 95630
916-850-6050
Easterbrookteam@spmc.com

More millennials stuck renting for years before buying home

WASHINGTON

Home ownership, that celebrated hallmark of the American dream, is increasingly on hold for younger Americans.
Short of cash, burdened by student debt and unsettled in their careers, young adults are biding time in apartments for longer periods and buying their first homes later in life.

The typical first-timer now rents for six years before buying, up from 2.6 years in the early 1970s, according to a new analysis by the real estate data firm Zillow. The median first-time buyer is age 33 — in the upper range of the millennial generation, which roughly spans ages 18 to 34. A generation ago, the median first-timer was about three years younger.
The delay reflects a trend that cuts to the heart of the financial challenges facing millennials: Renters are struggling to save for down payments as wages have largely stagnated. Increasingly, too, they're facing delays in some key landmarks of adulthood, from marriage and children to a stable career, according to industry and government reports.

These shifts help explain why homeownership, long a source of middle class identity and economic opportunity, has started to decline. The share of the U.S. population who own homes has slid to 63.4 percent, a 48-year low, according to the Census Bureau.




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To Discuss How You Can Become A Home Owner Call The Easterbrook Team
916-850-6050 or E-Mail: Easterbrookteam@spmc.com

Read more here: http://www.sacbee.com/news/business/real-estate-news/article31283318.html#storylink=cpy