Wednesday, July 30, 2014

Water Conservation: Regulations & Rebates

It’s no secret that California has been experiencing a record breaking drought. In fact San Diego County and parts of Orange County are currently classified as D3 on the drought scale and parts of Orange, Los Angeles, Santa Barbara and Ventura counties are classified as D4. According to The National Drought Mitigation Center a D4 is considered the highest drought level possible.
In an effort to conserve water and prevent excessive waste the Governor asked California residents to reduce their water use by 20%; however, that goal remains unmet. To further conservation efforts The State Water Resources Control Board drafted emergency regulations. The new regulations prohibit the following water-related activities.
  • Overwatering of lawns (any watering that produces runoff onto sidewalks or streets)
  • Washing sidewalks or driveways
  • Using a hose to wash a vehicle without a shut-off nozzle
  • Using drinking water in a fountain or decorative water feature unless the water is recirculated
These regulations come with a fine of up to $500 per day and tickets will be distributed by law enforcement personnel.If you’re already doing your part to conserve water, be sure to look into any qualifying rebates. Funding is limited, but rebates are available for the following items.
  • High-efficiency clothes washers
  • High-efficiency toilets
  • Rotating sprinkler nozzles (minimum 15)
  • Weather-based irrigation controllers or “smart” controllers
  • Soil moisture sensors
If you live in the city of San Diego, you are also eligible to receive a turf replacement rebate of up to $1.25 per square foot. More information about that program can be found by visitinghttp://www.sandiego.gov/water/pdf/conservation/residentialrebateguidelines.pdf.
For more information about residential water conservation rebates visit http://socalwatersmart.com/.
For more information about the new regulations visit The State Water Resources Control Board website athttp://www.swrcb.ca.gov/.

Saturday, July 26, 2014

Weekly Mortgage Rate Update

The conflicts in Ukraine and the Middle East had little impact on markets this week, while the economic data was slightly stronger than expected overall. As a result, mortgage rates ended the week a little higher. 
THIS WEEK'S RATE TREND IS FLAT
Loan Amounts under $417K, Shown as Note Rate / (APR)
Conforming 30 year fixed: 4.250% / (APR 4.310)
FHA 30 Year Fixed: 3.750% / (APR 5.265)
Conforming 5/1 ARM: 3.000% / (APR 3.044)
Conforming 7/1 ARM: 3.375%      / (APR 3.359)

Loan Amounts over $417K up to County Limits, Shown as Note Rate / (APR)
High Balance Conf. 30 Year Fixed: 4.375% / (APR 4.523%)
FHA High Balance 30 Year Fixed: 3.875% / (APR 5.492)
High Balance 5/1 ARM: 3.500% / (APR 3.189)

Loan Amounts Exceeding County Limits, Shown as Note Rate / (APR)
Jumbo 30 Year Fixed: 4.125% / (APR 4.210%)
Jumbo 5/1 ARM:  3.000% / (APR 3.044%)
Jumbo 7/1 ARM: 3.500% / (APR 3.289)
Jumbo 10/1 ARM: 3.750% / (APR 3.559)

Loan Limit Snapshot

Conforming
All Counties: $417,000

High Balance Conforming
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500
High Balance FHA
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500

Kelly Marsh
Branch Manager
805-563-1100 ext. 106
  
We can pre-approve your client, help them fix credit scores and get them on the path to homeownership. Let us know how we can assist your clients.
Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.


Friday, July 25, 2014

What You Need to Know About a VA Loan

The road to buying a home looks a little different for each traveler that sets out on the journey. There is no one-size-fits-all solution or a map leading you from start to finish. However, with the right knowledge and the help of the right realtor, you can enter the market equipped with the tools required to make your big purchase with ease. Part of the preparation process is knowing what types of loans and/or programs you may qualify for. One specialty loan on the market is the VA loan.
What is a VA Loan
The VA loan program was created in 1944 in an effort to help service members, veterans and eligible surviving spouses become homeowners. The Department of Veterans Affairs does not lend money for the loans, rather it backs private lenders such as banks and mortgage companies.
Who Qualifies
  • Veterans (you’ve served 90 consecutive days during wartime or 181 days during peacetime)
  • Active-duty personnel (you’ve served 90 consecutive days during wartime or 181 days during peacetime)
  • Reservists/National Guard members (you have more than 6 years of service)
  • Eligible surviving spouses (for spouses of service members who’ve passed away in the line of duty or as a result of a service-related disability)
The Difference
One of the most substantial benefits offered by the VA loan is the buyer’s ability to purchase a home with no down payment. Additionally, unlike other home loans, buyers are not required to pay monthly mortgage insurance premiums. In some cases the interest rate for a VA loan is negotiable and typically lower. There is no cap or maximum amount for VA loans, but there are county limits that must be used to calculate the VA’s maximum guaranty amount. If you’re concerned about your credit score a VA loan is good fit for you as it has more lenient credit guidelines. Comparatively speaking, VA loans are easier to qualify for than a standard homeowner loan because they provide the lender with security and backing from The Department of Veterans Affairs. It’s important to note that navigating a home purchase with a VA loan is different than a conventional FHA loan. Be sure to align yourself with a knowledgeable buyer’s agent or loan officer who can guide you through the process.
How to Get a VA Loan
A VA loan can be applied for with any mortgage lender that participates in the VA home loan program. To prove eligibility the buyer is required to obtain a certificate of eligibility from the VA; lenders may also get the certificate on behalf of their client. You can obtain your certificate of eligibility by ordering through the VA website. For your initial request you don’t need any documentation, but have information regarding monthly income and approximate account balances readily available.

Sunday, June 22, 2014

Weekly Mortgage Update from Kelly Marsh

June 20, 2014
Kelly Marsh, Broadview Mortgage

Inflation concerns were the main influence on mortgage rates this week. A surprising jump in CPI caused mortgage rates to rise on Tuesday. The Fed downplayed the threat of high inflation on Wednesday, however, causing mortgage rates to decline. The net result was that mortgage rates finished the week a little lower. 
THIS WEEK'S RATE TREND IS DOWN
Loan Amounts under $417K, Shown as Note Rate/APR
Conforming 30 year fixed: 4.250% / 4.336
FHA 30 Year Fixed: 3.875% / 5.438
Conforming 5/1 ARM: 3.250% / 3.154
Conforming 7/1 ARM: 3.625% / 3.359

Loan Amounts over $417K up to County Limits, Shown as Note Rate/APR
High Balance Conf. 30 Year Fixed: 4.375% / 4.323
FHA High Balance 30 Year Fixed: 3.875% / 5.392
High Balance 5/1 ARM: 3.50% / 3.160

Loan Amounts Exceeding County Limits, Shown as Note Rate/APR
Jumbo 30 Year Fixed: 4.250% / 4.415
Jumbo 5/1 ARM:  3.250% / 3.168
Jumbo 7/1 ARM: 3.625% / 3.305
Jumbo 10/1 ARM: 3.875% / 3.638

Loan Limit Snapshot

Conforming
All Counties: $417,000


High Balance Conforming

Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500
High Balance FHA
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500





Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.

Sunday, June 15, 2014

Weekly Mortgage Rate Update from Kelly Marsh

Kelly Marsh, Broadview Mortgage
June 15, 2014

Mortgage rates were influenced by a wide range of factors this week, resulting in a good deal of volatility. Violence in Iraq, comments from the Bank of England, divergent US Treasury auction results, and mixed US economic data all had an impact this week. Overall, the unfavorable news slightly outweighed the favorable, and mortgage rates ended the week a little higher
THIS WEEK'S RATE TREND IS UP
Loan Amounts under $417K, Shown as Note Rate/APR
Conforming 30 year fixed: 4.250% / 4.336
FHA 30 Year Fixed: 3.875% / 5.438
Conforming 5/1 ARM: 3.250% / 3.154
Conforming 7/1 ARM: 3.625% / 3.359

Loan Amounts over $417K up to County Limits, Shown as Note Rate/APR
High Balance Conf. 30 Year Fixed: 4.375% / 4.323
FHA High Balance 30 Year Fixed: 3.875% / 5.392
High Balance 5/1 ARM: 3.50% / 3.160

Loan Amounts Exceeding County Limits, Shown as Note Rate/APR
Jumbo 30 Year Fixed: 4.250% / 4.415
Jumbo 5/1 ARM:  3.250% / 3.168
Jumbo 7/1 ARM: 3.625% / 3.305
Jumbo 10/1 ARM: 3.875% / 3.638

Loan Limit Snapshot

Conforming
All Counties: $417,000

High Balance Conforming
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500

High Balance FHA
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500


Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.


Saturday, June 7, 2014

Weekly Mortgage Update from Kelly Marsh

June 6, 2014
Kelly Marsh, Broadview Mortgage

Ahead of two major economic events, mortgage rates moved higher early in the week. When there were few surprises in either the Employment report or the ECB announcement, though, mortgage rates recovered some of their losses and ended the week just a little higher. This was the first weekly increase in rates in six weeks. 
THIS WEEK'S RATE TREND IS UP
Loan Amounts under $417K, Shown as Note Rate/APR
Conforming 30 year fixed: 4.25% / 4.336
FHA 30 Year Fixed: 3.875% / 5.421
Conforming 5/1 ARM: 3.00% / 2.888
Conforming 7/1 ARM: 3.375% / 3.189

Loan Amounts over $417K up to County Limits, Shown as Note Rate/APR
High Balance Conf. 30 Year Fixed: 4.375% / 4.423
FHA High Balance 30 Year Fixed: 3.875% / 5.392
High Balance 5/1 ARM: 3.500% / 3.233

Loan Amounts Exceeding County Limits, Shown as Note Rate/APR
Jumbo 30 Year Fixed: 4.375% / 4.415
Jumbo 5/1 ARM:  3.25% / 3.168
Jumbo 7/1 ARM: 3.50% / 3.305
Jumbo 10/1 ARM: 3.875% / 3.638

Loan Limit Snapshot

Conforming
All Counties: $417,000

High Balance Conforming
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500

High Balance FHA
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500


Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.

Sunday, June 1, 2014

Elegant and Sophisticated Three Bedroom Condominium Near Bluffs

Elegant and open concept 3 bedroom condominium almost completely remodeled. Kitchen boasts Persa Granite counters with Ogee edging, Moen oil rubbed bronze fixtures, Diamond Gilcrest cherry cabinets, Italian Scabos tumbled travertine backsplash, Stainless Steel Appliances. Italian Porcelain Piozzi Navona tile in Versailles pattern downstairs. New dual paned windows, new solid wood paneled doors,
& new sliding dual paned patio door. Ceilings scraped with knockdown texture, recessed lights, Whirlpool tub and porcelain tile surround in upstairs bathroom. Staircase sanded and stained with Varathane Golden Mahogany. New water heater. South facing patio with ocean breezes. Carpinteria Bluffs and Monte Vista Park nearby.

Offered at $499,000.
Call Karen at 805.895.3958 for a private showing.