Monday, March 23, 2015

What happens to your Credit after you purchase a Home??

Everybody knows how important it is to have great credit when you're buying a house. But keeping your credit good after you've purchased is just as critical. Letting your score take a hit after you close escrow can negatively impact you in a few important ways.

Credit Cards

It's easier than you think to get into trouble with credit cards once you become a homeowner. One late or missed payment is all it takes to get your first ding.   

Even if you don't have any credit cards when you buy your home, make your first mortgage payment and watch your mailbox fill up with pre-approval offers. While it might be tempting to get all those cards and charge them up with new furniture and window coverings and TVs and appliances, it might be best to wait. As a new homeowner, you don't yet know what your total monthly nut will be.

Maybe the utilities are way more than you expected. Perhaps your air conditioning goes kaput the first time you turn it on in the spring or your handyman discovers asbestos while scraping the cottage cheese ceilings in your living room. What if rising values in your area means higher taxes for the next year? Delaying some or all of those purchases until you know what you can easily afford can help you stay in good financial shape.

Refinancing

If rates drop after you've moved in or you didn't get the greatest rate to begin with, refinancing might be your answer since it can save you money every month and over the life of your loan. If your credit score has gone up since you purchased, which often happens after a mortgage payment or two, you might be in a good position to refinance. If your credit score has dropped since your lender approval because you took out too much credit or were late on any of your payments, you may not qualify, which would mean sticking with your existing rate.

Another good reason to refinance is lower private mortgage insurance (PMI) rates for those with a Federal Housing Administration (FHA) loan. The lower rates are expected to save homeowners up to $900 per year, according to the U.S. Department of Housing and Urban Development.

Cars, cable, and cell phones, oh my!

The bump in your credit score post-mortgage can help you get a better rate when buying a car, whereas a credit score in decline could mean not qualifying at all. But even smaller purchases and necessary services can be affected by poor credit.

"Cell phone companies run a credit check on you every time you sign up for a new contract," said CNN Money. "The rationale is simple: Wireless companies want to make sure you'll pay your bill. The company "has revealed that 50% of its customers don't qualify for its top promotions."

Utilities like electric and gas as well as cable and satellite may not decline to service your home, especially if they are the only provider in your area. But you may have to pay a higher deposit if your credit is bad—something to consider if you are planning to change to a different provider or plan.

Lovely and Large Chino Hills Pool Home. Offered at $639,000


GORGEOUS 5 BEDROOM POOL HOME ON CUL-DE-SAC. EXTENSIVE BRICKLINED HARDSCAPE. COZY PORCH. GIANT LIVING ROOM WITH FIREPLACE. LARGE KITCHEN WITH GRANITE COUNTERTOPS AND ANTIQUED CABINETS. HUGE DINING AREA WITH BUILT-IN HUTCH. FAMILY OR GAME ROOM WITH FIREPLACE. ALSO A ROOM FOR OFFICE OR PIANO. DOWNSTAIRS HAS 3 BEDROOMS, INCLUDING MASTER. CROWN MOULDING AND OVERSIZED BASEBOARDS. UPSTAIRS HAS 2 BEDROOMS , A SMALL LOFT OR SITTING AREA AND A FULL BATH. BEAUTIFUL GATED POOL AND SPA. LATTICE COVERED PATIO AND GARDEN SITTING AREA. ALL BEDROOMS HAVE 
CEILING FANS




Beautiful Diamond Bar Home. Just listed at $999,800

Beautiful, well kept home with many upgraded amenities. You'll find a welcoming feeling when you first enter through the gorgeous beveled glass and wood front doors. On the first floor you'll be pleased with the granite counter tops in the kitchen and high end appliances. The kitchen opens into the family room with a fireplace and wet bar area . There's a guest bedroom downstairs with a bath across the hall and inside laundry. Upstairs is a spacious master bedroom suite with sitting area, the master bath has been remodeled and there you will find a large soaking tub, separate shower and large walk in closet. The hallway leads to two other bedrooms and a full size bath. Also, located at the end of the hall is the perfect hideaway, a bonus/game room with another wet bar. It's the perfect house, looking for the pride of ownership buyer!


Friday, March 20, 2015

Another Chino Hills Pool Home; Great Area!! Offered at $649,999

Wonderful Turnkey Move-In Ready Pool home located in Coral Ridge community of Chino Hills. Neighborhood is surrounded by rolling hills, horse trails, parks, close to award winning schools and shopping. Home features include 4 bedrooms (4th bedroom currently used as retreat office off master bedroom), 2 1/2 baths, 1860 sq. ft. Additional features include a recently remodeled kitchen with updated cabinets, granite counter tops with stainless steel appliances. Interior includes decorator paint colors, beautiful flooring, open floor plan with lots of light . Extra-large rear yard with a sparkling pool and spa along with the large lot size, 3-car garage with built-in storage, location and setting makes this property very unique. A must see property, a great family home.


Stunning Eastvale Home!! Offered at $508,000

Beautiful turn-key home in desirable Parkview Meadows subdivision in Eastvale- on a small cul-de-sac. This home offers 4 large bedrooms- 1 downstairs bedroom with adjacent full bath. The spacious great room has stunning beams that add a unique look. Also includes a large 10' wide built-in media unit with dark privacy glass & lighting. The open concept kitchen, dinning room, breakfast nook, & great room is perfect for entertaining! Beautiful engineered hardwood floors! The elegant kitchen has travertine floors, granite counter tops, extra large island, walk-in pantry, and ample cabinets with plenty of storage. Recessed lighting throughout the home. Spacious laundry room with extra cabinets & travertine floor. Ceiling fans in all the bedrooms. Large formal dinning room with elegant ceiling fan. Spacious master suite with dual walk-in closets, ceiling fan, large master bath with oversized tub, separate shower stall, upgraded lighting, & framed mirror. The hallways are wide & have custom linen cabinets including a built-in desk with a glass top. Home is Beautiful inside and out! Front yard has a lovely courtyard with a fountain, easy care landscaping, mature trees, & shrubs/ hedges. Back yard is inviting with it's beautiful surrounding & many fruit trees.

Monday, March 16, 2015

Looking to Purchase a Home??

You're ready to make an offer on the home of your dreams. But before you do, make sure you're really ready. Ask yourself and your household members if this is the home for the next five or so years. Make sure everyone is on board with commitments to make it work, from putting off the dream vacation to putting in the elbow grease to clean, paint and do the yard work.


Have your real estate agent pull up the most recent sold comparables (CMA) within a reasonable radius of the home, so you can compare the home with other similar homes in terms of location, size, features, and amenities.

Next, consider the most current market conditions, so you can choose the right offer strategy.

In a buyer's market, discounts are common because there are fewer buyers, more properties for sale, and home prices are soft or falling so offers under list price are common.

In a seller's market, homes sell quickly for full price or higher because there are plenty of buyers and few homes for sale.

Whether you are in a buyer's market or a seller's market, your goal is to buy the home at a fair price. If you were the seller, what is the lowest possible price you'd accept?

To show the seller you're serious, include a copy of your lender's pre-approval letter, along with a cover letter summarizing your strengths as a buyer in terms of creditworthiness, flexibility in closing, and why you love this home. Include a copy of the comparables you used to show why your offer is a fair price for the property.

If the seller's home is offered at a reasonable price, don't waste time. Pay asking price or close to it. A home priced to sell will sell quickly and you'll lose it if you mess around.


Offering too little for a property is risky. If the seller feels insulted by your offer, you've lost the opportunity to negotiate. On the other hand, some sellers are simply unrealistic about their home's value. Maybe your offer will be their wake-up call. The seller will probably respond with a face-saving still-high offer, but at least they're negotiating with you.

If your offer is conditional, such as your need to sell another home before closing on the seller's, you'll have to find a way to sweeten the deal, such as a full-price offer. Few sellers will accept a discount and a contingency.

Your real estate professional will help you draft the offer with a price, estimated closing date and terms, including earnest money (a guarantee that you'll perform as a buyer in good faith,) final approval by your lender and your right to have an inspection. Your earnest money check will be forwarded to the escrow agent when your offer is accepted.

You'll have a brief period to get your home inspections completed. Your home inspector will go through the home with you and point out the condition and potential lifespan of all systems and appliances. You should only renegotiate when a problem wasn't obvious before, or when a system is found to be unsafe or not functioning.

Once you and the seller have agreed to terms, your offer is now a binding contract and you're on your way to owning a home!