Last week we blog on why lenders ask so many questions during the pre-qualification process. Ever wonder why each lender have different rates and how interest rates are determined?
Below are a few things lenders look at when determining an individual’s interest rate:
Is the subject property a single family home or a condo? The cost to get a better rate increases by .75% if your down payment is less than 25% on a condo.
Type of Loan: Rates differ for VA, FHA and USDA loans
Type of Borrower: if your credit scores are higher your rate will be better
Purchase or Refinance: If you are purchasing a new place, the rate is better by .5%.
Extended Locks: If you lock in a rate, there is an increase to the cost if you do a 45 day or longer.
Each lender’s rate may differ because that bank’s cost to borrow the money may have been higher.
Timing: And last but not least, the day you lock in plays a key part to the rate. You may lock in one day and the next day the rate may either go up or down. It’s a daily (and sometimes hourly) gamble.
Remember these items when you wonder why your rate is different from someone else’s rate. To get a quote for today’s rate, give me a call at 808-561-5943 or email me at lle@pacificaccessmortgage.com. – Linda Le, Loan Officer, Pacific Access Mortgage
Thursday, October 8, 2009
Wednesday, October 7, 2009
FIRST TIME HOME BUYERS, HERE IS THE LATEST NEWS!!!!
Over the last 30 years, now is the BEST time to buy! The interest rates are lower than they have been for a LONG time. Even in the peak buying years of 2004 and 2005, the interest rates were higher than they are now. Just today, the mortgage lenders with Pacific Access Mortgage told me that the interest rates are only 4.5%. That translates to more buying power for you. For example, a $400,000 loan at 7% would cost you almost $650 more per month than a loan at 4.5%. A $240,000 loan at 7% would be $380 more per month than a loan at 4.5%.... Now is definitely the time to buy!
Call Tiare Dutcher today at 808-753-5327 to set up an appointment to find that first time home you’ve been looking for.
Call Tiare Dutcher today at 808-753-5327 to set up an appointment to find that first time home you’ve been looking for.
Tuesday, October 6, 2009
Unusual Best Buy in the Luxury Market
Recently stumbled upon a “Best Buy”, it is a high end condo listed at $2.9 million. The monthly taxes and fees total $5,675. The reason why it is a best buy because of the following:
1. It is has 4,286 sq. ft of living space and is in excellent condition.
2. It is one of two true penthouses in the building with its own private elevator.
3. The other true penthouse at 4,607 which is comparable it is listed at $ $4.98 million
4. The two true penthouses are on the top floor, 38. There is a double unit Penthouse on the 35th floor which has 5,359 square feet of living space. It is listed for $4.6 million.
5. Then there are two other units on the 35th floor one at 3,111 square feet, the other at 3,225 square feet listed at $2.55 million and $2.695 million respectively.
To find comparables that have sold in the pass year is very difficult. The only properties that come close were sold in late 2008 and early 2009. They were penthouses or luxury condos that sold on high floors. There were a total of four in all:
1. 1,981 square feet for $3.3 million
2. 1,981 square feet for $3.67 million
3. 2,222 square feet for $3.8 million
4. 2,574 square feet for 4.9 million
With these comparative results one can see why the $2.9 million example is considered a “Best Buy”. If you would like any more detail regarding this article or if you interested in viewing any of the properties please do not hesitate to me, Abron Toure 503 475 6872, Mahalo.
Abron Toure Passion, Performance, Persistence http://dos-n-donts.realtors.officelive.com Realtor Associate 503 475 6872 Cellular
1. It is has 4,286 sq. ft of living space and is in excellent condition.
2. It is one of two true penthouses in the building with its own private elevator.
3. The other true penthouse at 4,607 which is comparable it is listed at $ $4.98 million
4. The two true penthouses are on the top floor, 38. There is a double unit Penthouse on the 35th floor which has 5,359 square feet of living space. It is listed for $4.6 million.
5. Then there are two other units on the 35th floor one at 3,111 square feet, the other at 3,225 square feet listed at $2.55 million and $2.695 million respectively.
To find comparables that have sold in the pass year is very difficult. The only properties that come close were sold in late 2008 and early 2009. They were penthouses or luxury condos that sold on high floors. There were a total of four in all:
1. 1,981 square feet for $3.3 million
2. 1,981 square feet for $3.67 million
3. 2,222 square feet for $3.8 million
4. 2,574 square feet for 4.9 million
With these comparative results one can see why the $2.9 million example is considered a “Best Buy”. If you would like any more detail regarding this article or if you interested in viewing any of the properties please do not hesitate to me, Abron Toure 503 475 6872, Mahalo.
Abron Toure Passion, Performance, Persistence http://dos-n-donts.realtors.officelive.com Realtor Associate 503 475 6872 Cellular
Monday, October 5, 2009
The Hawaii Real Estate Market at A Glance
So, When Is It the BEST Time to Buy Real Estate in Hawaii?
Now!
Why Now?
For first time homebuyer's who want to take advantage of the tax credit up to $8000, you need to make an offer on a property and get your offer accepted so you can close by December 1st, 2009. To make this deadline, you'll need at least 45 days in escrow to close if you require financing.
Interest rates are still under 5% so your purchasing power is still MAXIMIZED!!
Home prices are still LOW vs prior years but are stabilizing with low inventories. As long as inventory levels remain low, the RATE of decrease in prices will continue to level.
FHA financing is doing some reorginazition of guidelines that will take effect in NOV and may be more stringent on qualifications for prospective buyers.
If you insist on waiting til we reach the absolute bottom of the market before buying, you'll only discover the bottom after it's already PASSED!!!
Buying on either side of the bottom of the price curve is ideal. The danger of waiting to buy at the absolute bottom of the market is that while you're WAITING for the BOTTOM of the MARKET in PRICES, INTEREST RATES may increase and REDUCE your PURCHASING POWER faster than prices DECLINE.
So, WHEN is it the BEST time to buy real estate in Hawaii?
NOW!
If you're ready to buy in the next 30 days, contact Dwight Ellis at dwighte@cbpacific.com or call me at 808 351-1507
Now!
Why Now?
For first time homebuyer's who want to take advantage of the tax credit up to $8000, you need to make an offer on a property and get your offer accepted so you can close by December 1st, 2009. To make this deadline, you'll need at least 45 days in escrow to close if you require financing.
Interest rates are still under 5% so your purchasing power is still MAXIMIZED!!
Home prices are still LOW vs prior years but are stabilizing with low inventories. As long as inventory levels remain low, the RATE of decrease in prices will continue to level.
FHA financing is doing some reorginazition of guidelines that will take effect in NOV and may be more stringent on qualifications for prospective buyers.
If you insist on waiting til we reach the absolute bottom of the market before buying, you'll only discover the bottom after it's already PASSED!!!
Buying on either side of the bottom of the price curve is ideal. The danger of waiting to buy at the absolute bottom of the market is that while you're WAITING for the BOTTOM of the MARKET in PRICES, INTEREST RATES may increase and REDUCE your PURCHASING POWER faster than prices DECLINE.
So, WHEN is it the BEST time to buy real estate in Hawaii?
NOW!
If you're ready to buy in the next 30 days, contact Dwight Ellis at dwighte@cbpacific.com or call me at 808 351-1507
Friday, October 2, 2009
A Master in Luxury Architecture!
Vladimir Ossipoff (1907–1998) won recognition as the “master of Hawaii modern architecture.”
Ossipoff's sub-tropical designs makes use of Hawaii's climate and trade winds, his open-plan spaces, and inside-outside characteristics makes use of the environment and he creates what's appropriate for a particular site.
Characteristically, Ossipoff homes are known for their strong roof lines, deep overhangs, dark woods, native stones and built-in cabinets and fixtures. He always took advantage of natural ventilation through huge sliding doors and windows that would open entire walls to the outside.
Famous private homes he designed include the Goodsill, Pauling and Liljestrand residences, as well as a Kahala home for the late Clare Boothe Luce that sold several years ago for $11.6 million. In the 1940s and 1950s, Ossipoff also designed hundreds of simple yet stylish homes for middle-class families moving out to the growing East Honolulu suburbs.
People take great pride in having an Ossipoff home and any hint of Ossipoff's hand in a home is a selling point for Realtors. It’s been said that an Ossipoff home on the market has brought up to 15 percent more than a similar home.
The only Ossipoff home currently on the market is a 5 bedroom, 5.5 bath home built in 1995 and remodeled in 2009 on the slopes of Diamond Head listed at $5,200,000. To view this home or for more information on other Ossipoff designs contact Mandy Berner, RA 808-286-5845, mandyb@cbpacific.com.
Ossipoff's sub-tropical designs makes use of Hawaii's climate and trade winds, his open-plan spaces, and inside-outside characteristics makes use of the environment and he creates what's appropriate for a particular site.
Characteristically, Ossipoff homes are known for their strong roof lines, deep overhangs, dark woods, native stones and built-in cabinets and fixtures. He always took advantage of natural ventilation through huge sliding doors and windows that would open entire walls to the outside.
Famous private homes he designed include the Goodsill, Pauling and Liljestrand residences, as well as a Kahala home for the late Clare Boothe Luce that sold several years ago for $11.6 million. In the 1940s and 1950s, Ossipoff also designed hundreds of simple yet stylish homes for middle-class families moving out to the growing East Honolulu suburbs.
People take great pride in having an Ossipoff home and any hint of Ossipoff's hand in a home is a selling point for Realtors. It’s been said that an Ossipoff home on the market has brought up to 15 percent more than a similar home.
The only Ossipoff home currently on the market is a 5 bedroom, 5.5 bath home built in 1995 and remodeled in 2009 on the slopes of Diamond Head listed at $5,200,000. To view this home or for more information on other Ossipoff designs contact Mandy Berner, RA 808-286-5845, mandyb@cbpacific.com.
Thursday, October 1, 2009
Why do lenders ask so many questions?
Lenders main objective is to make sure the individual is qualified prior to searching for a home. The main reason lenders ask so many questions upfront is because they want to make sure they have as much information as possible in order to know which loan programs the borrower may qualify for and is best for their unique financial situation.
Some of the questions lenders will ask during the pre-qualification process are:
Contact information: Contact phone number and emails
Personal information: name, address, birthday and social security number
Job Information: Who do you work for, what is your job function, how long have you worked there, how long have you been in this line of profession.
Income Information: What is your gross income?
Debt Information: What are your monthly debt obligations? Credit cards, car loan, personal loan, child support… etc.
Assets: How much do you have in your savings, checking, IRA, brokerage accounts, and cash?
Credit Scores: When was the last time you ran your credit report? How were the scores? Do you have any current or past delinquencies, any liens or bankruptcies?
Down Payment: How much do you plan to put down? Which bank account will money be drawn from? Will it be gift money?
Who else will be on the loan?
All these questions are important to a successful qualification of a loan. They allow the lender to see what potential red flags may come up. For example, cash is always a concern to lenders as it can not be documented. So if you have cash in a bank box, take it out and deposit it into your bank account (remember, it’ll have to be in your account for at least two months).
Good luck in your pre-qualification process. If you already have been pre-qualified and would like to get pre-qualified again, please contact me at 808-561-5943 or email me at lle@pacificaccessmortgage.com.
- Linda Le, Loan Officer, Pacific Access Mortgage
Some of the questions lenders will ask during the pre-qualification process are:
Contact information: Contact phone number and emails
Personal information: name, address, birthday and social security number
Job Information: Who do you work for, what is your job function, how long have you worked there, how long have you been in this line of profession.
Income Information: What is your gross income?
Debt Information: What are your monthly debt obligations? Credit cards, car loan, personal loan, child support… etc.
Assets: How much do you have in your savings, checking, IRA, brokerage accounts, and cash?
Credit Scores: When was the last time you ran your credit report? How were the scores? Do you have any current or past delinquencies, any liens or bankruptcies?
Down Payment: How much do you plan to put down? Which bank account will money be drawn from? Will it be gift money?
Who else will be on the loan?
All these questions are important to a successful qualification of a loan. They allow the lender to see what potential red flags may come up. For example, cash is always a concern to lenders as it can not be documented. So if you have cash in a bank box, take it out and deposit it into your bank account (remember, it’ll have to be in your account for at least two months).
Good luck in your pre-qualification process. If you already have been pre-qualified and would like to get pre-qualified again, please contact me at 808-561-5943 or email me at lle@pacificaccessmortgage.com.
- Linda Le, Loan Officer, Pacific Access Mortgage
Wednesday, September 30, 2009
Home Inspection 101
There are lots of things to be nervous about when you are buying your first home, and having to do a home inspection shouldn’t be one of them. You should definitely get a professional home inspector to do the inspection. He will go over the home to check for various things---
He’ll look at structural elements like the walls, foundation, floors, ceilings, and the roof.
He’ll check the plumbing. Do all the drains work properly? Do the toilets flush? How are the P-traps?
He’ll look at appliances. What is the condition of the washer and dryer? Does the dishwasher work well—he should run it through a cycle. What is the condition of the stove and refrigerator?
He’ll check all the electrical components like switches, plugs, circuit breakers, and he’ll look to see if the home is grounded properly, and he’ll make suggestions as to what to do if it isn’t.
Is there an attic to the home? The inspector will check the attic for its condition. Is there a basement? He will look at that as well.
He’ll go out into the yard, if there is one, and look at landscaping, outdoor lighting, fences, rock walls, sidewalks, etc.
Your home inspector will tell you if there are health and safety issues you need to be aware of, any damage to the roof that he can see, appliances that are malfunctioning, foundation problems, and moisture or drainage issues.
There may be some things that need repair. As the buyer, you should talk to your agent about this. Will you get a credit through your escrow? Or will the seller do the repairs? If the seller does the repairs, they need to be finished by the time you close on your home. And you need to make sure the repairs are done properly, so you will need to be sure to check those things on your final walk through before closing.
If you need more information on home inspection ideas, and what to look for, please be sure to call Tiare Dutcher at 808-753-5327.
He’ll look at structural elements like the walls, foundation, floors, ceilings, and the roof.
He’ll check the plumbing. Do all the drains work properly? Do the toilets flush? How are the P-traps?
He’ll look at appliances. What is the condition of the washer and dryer? Does the dishwasher work well—he should run it through a cycle. What is the condition of the stove and refrigerator?
He’ll check all the electrical components like switches, plugs, circuit breakers, and he’ll look to see if the home is grounded properly, and he’ll make suggestions as to what to do if it isn’t.
Is there an attic to the home? The inspector will check the attic for its condition. Is there a basement? He will look at that as well.
He’ll go out into the yard, if there is one, and look at landscaping, outdoor lighting, fences, rock walls, sidewalks, etc.
Your home inspector will tell you if there are health and safety issues you need to be aware of, any damage to the roof that he can see, appliances that are malfunctioning, foundation problems, and moisture or drainage issues.
There may be some things that need repair. As the buyer, you should talk to your agent about this. Will you get a credit through your escrow? Or will the seller do the repairs? If the seller does the repairs, they need to be finished by the time you close on your home. And you need to make sure the repairs are done properly, so you will need to be sure to check those things on your final walk through before closing.
If you need more information on home inspection ideas, and what to look for, please be sure to call Tiare Dutcher at 808-753-5327.
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