Scroll down for the Facebook Live Video!
Friday the 13th, 2017. Remember that movie, “Saturday the 14th?” – I don’t either very well, but it was a “thing” when I was growing up. A parody of sorts – but I digress.
Welcome to the 13th day of the year. I’m going to let you know I’m in pocket and available for your calls and questions regarding real estate all weekend!
Today, we will touch on some topics related to Santa Clarita and Greater Southern California real estate. Such as Real Estate loans and lending. How to get your best deal and the current state of the real estate market. I will also break down “closing costs” which I spoke about on the video. Who does what types of loans and why you should ask, will be something else I speak about.
Check our our latest Facebook Live Video for Santa Clarita real estate – This is Friday and I’m glad to be of service to you all week.
Real Estate inventory is not setting records
During the past four years, we have been researching the Santa Clarita Valley Inventory and have the following proof to show you that our 585 active listings as of December 2016 was the all time low during the past four years in Santa Clarita real estate.
The impact on a Santa Clarita home buyer will be noticeable due to the competition that exists in the local real estate market. Make sure you are teamed up with a professional that understands the dynamics of a high pressure and non level real estate market.
Santa Clarita loans and lending
As I spoke about on our Facebook Live Video, there are lenders in the world which are not allowed, or do not, handle specific loan programs.
If you read any publication that is employer centric, if they allow ads to be placed by service providers, you would think that all Lenders and Realtors are Super Hero’s, being able to do anything!
That is not the case. Some real estate lenders, which we are Realtors – not Lenders, can only perform specific loans.
For example, if you are needing a FHA or VA Loan, make sure your lender is going to procure or originate that themselves. The last thing you want is to be passed onto another vendor/lender who is not accountable because you don’t know them from Adam.
Interest rates have been lowered this week closer to 4%. With the FHA mortgage interest having been reduced – that puts an FHA buyer back in the 3’s when taking into account the MI reduction as part of the mortgage payment. Reach out to me for more information and to be hooked up with a top Santa Clarita Real estate lender!
Getting your best deal in today’s market
It will come down to having the best in financing and being the most competitive in the real estate marketplace. View Listings which have been trying to be sold for a long while…
Anything less than those two factors could have you beaten when it comes to buying real estate with the current lacking housing inventory.
Make sure you are talking with your lender, if you have not in a while, to ensure you qualification amount hasn’t changed too much. If you had been qualified before when interest rates were 3.5% – and now they are 4.1% you may not qualify for as much as you were. (all things being the same, with an interest rate increase, you are now qualified for less)
Closing Costs as a home buyer
Home Buyers have to pay, if not negotiated otherwise, closing costs. They are on top of the amount you offered to buy any home, condo or town-home.
In rough numbers they are “about” 3% of the purchase price. About 1% each in cost. There are three things
- Your part of the escrow fee
- Your part of the title insurance fee
- Your Lender’s Fee (read on *)
I remember back in the day, when I was a full time cop for the LAPD, all of the advertisers us cops were peppered with as we were in the Stations reading bulletin boards and reading the LAPD Thin Blue Line publication.
Mortgage brokers and Lenders were everywhere. After I became a full time Realtor, it was only then when I learned the games sometimes played and the “huge fee’s” charged to Police and Fire employees/personnel.
In some cases, it was predatory and criminal. The lender, in some cases, was also a Realtor. They were doing the loan and selling their buyer the home.
Watching out for our real estate clients
I’m here to set the record straight and to educate our real estate clients so they don’t get taken ever again or for the first time!
I have more intel to speak about regarding lenders and lending. I have tons of intel about closing costs and the best ways in which to get them paid reference to specific buyer’s real estate and financial needs. Plus a ton of real estate information which you can read on our Santa Clarita and So. Cal Real Estate Blog.
Be safe – share this article and please enjoy my latest facebook live video about Santa Clarita real estate where I hit on all of these topics plus others.