Archive | Housing

There Might Be An ADU in Your Future

In our MLO classes we stress that the recent California SB 133 has made building ADU’s (I call them Granny Units) easier and less expensive. You can use them for extra children, senior relatives, or even investment. Check out the bill, it does change a lot of regulations. Following is an outstanding article by Modal […]

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Real Estate Concept - Miniature Model House on Top of a Glass Table with Calculator, Keys and Blueprint.

Tips From Zillow

Competitive Offers Zillow sure has contact with a lot of prospective buyers. Recently they posted three tips to buyers in a seller’s market. Since we are right now still in a seller’s market we might look at them. Zillow’s estimates today for me are fine so they are today knowledgeable. Submit your offer before the […]

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Homestead Expanded to $600,000 on Jan 1, 2021

Assembly Bill 1885 Assembly Bill 1885 expanded the homestead equity protection limits in California from the previous amounts of $75,000 to $175,000. The new increases should likely prevent more homeowners from losing their homes to bankruptcy. High-cost LA and Orange County, for example, will fall into the equity cap of $600,000 while Riverside County will […]

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business man pointing to transparent board with text: reverse mortgages

FINANCIAL ASSESSMENT FOR RM’S IS WORKING

Acquiring Date In its fifth year, FHA’s policy of requiring the financial assessment of the borrower’s ability to pay has cut tax and insurance defaults by over three quarters and serious defaults by over two-thirds. This article by New View Advisors quotes Ginnie Mae data, they state, “We grade Financial Assessment’s performance as a solid […]

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Insurance Home House Live Car Protection Protect People Concepts

WHY IS MORTGAGE INSURANCE A GOOD THING?

Dennis Smith: Author, Chef, Financier; Co-Owner/Broker at Stratis Financial, Huntington Beach; MLO Student Question of the Week Why is mortgage insurance a good thing? Answer Last week in the Weekly Rate & Mortgage Update we discussed if home buyers should wait until they have 20% for down payment before purchasing (you can read the WR&MU, […]

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