The Bargain on Jumbo Loans! And It's Meaning For You.

It looks as if banks are trying to position themselves in retaining a high valued customer for a longer period of time. In a rather surprising move, the rates offered at some banks for jumbo loans have now dropped below those same rates for conforming loans. It is surprising because, it is really not all that common for jumbo loan rates to be at such a bargain.

This week, Wells Fargo is offering a 30-year fixed-rate jumbo loan at 4.000%, while they offer their 30-year fixed-rate conforming loan at 4.375%. US Bank is offering their 30-year fixed-rate jumbo loan at 3.750%, whereas their 30-year fixed-rate conforming loan stands at 4.125%. This is considered a major bargain, being that we are in a high-cost area where the average median sales price for a home this last quarter was roughly at $611,750.

To clarify for those that don't know, a conforming loan is a loan that is less than $417,000 nationwide, however in high-cost area's such as Santa Clara County and San Francisco loan restriction is to be less than $625,500. And as you would conclude anything above $625,500, would be considered a jumbo loan.

So why are the banks doing this? What is in it for them? Well for starters the banks want to attract clients that want to make big purchases, which means they will borrow a substantial amount of money from... you guessed it, the banks. And with the rates as low as the banks are offering them at, the likelihood of a refinance is rather low, which in turn will allow the banks to have the client on their books through the duration of the loan.

Now what does this mean for a prospective buyer? Well first and probably most important, especially being that we live in an high-cost area, a jumbo loan will allow you to borrow money for the house you had your heart set on.  As stated earlier, being that the median sales price of a home last quarter was $611,750, having a jumbo loan could mean moving into the neighborhood you desired or purchasing a home with that extra feature you coveted.  A jumbo loan also allows you to borrow the full amount of money in just one loan, instead of breaking the loan up and having two separate mortgages.  Having two loans can sometimes be a hindrance more than being helpful. And finally, a jumbo loan will allow you to avoid tapping into your savings when purchasing your home, and with the percentages that these rates are at you wont have to think about refinancing for the duration of the loan.

For additional insight click the link below...

CNN.com

The Housing Market That Makes You Want To Flip!

The days of profiting off of the real estate market are back! At least in the San Jose, Sunnyvale and Santa Clara area… In an article posted on Yahoo!, in the third quarter of this year the gross profit from flipping homes in our metropolitan area, were nearly three times the national average.  What does that mean to you? If you’re an investor with cash in hand, it could mean making quite a bit of money. If you’re a first time homebuyer, it could mean stiff competition when submitting an offer.  In either case this data should lead us to believe to be prepared for this upcoming spring, as it will probably be one filled with a lot of competition.

To read the entire article, visit.
http://homes.yahoo.com/news/the-best-metro-areas-to-flip-a-house-214129153.html

Mishandled & Mispresented Foreclosure?

We've all heard some tragic foreclosure stories.  Well now is the time to have them reviewed.  Peopel who were foreclosed on in 2009 & 2010 can now have their cases reviewed through www.independentforeclosurereview.com

There are 14 firms including, JP Morgan Chase, Bank of America, Citi, and more, awarding $500 - $125,000 each case mishandled or misrepresented.

For more information, visit.
http://www.bloomberg.com/news/2012-08-02/fed-occ-extend-foreclosure-review-deadline-to-dec-31-2012.html

California Homeowners Bill of Rights Passes

The California Homeowners Bill of Rights has passed.  It was and signed into law July 10^th by Governor Edmund G. Brown Jr. and will take effect Jan 1st, 2013.  This Bill will protect homeowners and borrowers during the foreclosure process, thus giving homeowners the right to fight for their homes.  The Homeowner Bill of Rights prohibits a series of inherently unfair bank practices that have needlessly forced thousands of Californians into foreclosure.

·       Restrict dual tract – Banks cannot have a loan modification and foreclosure process going simultaneously.  The lender must choose 1 or the other.  So if you’re in the middle of the modification process, the foreclosure process must cease.

·       Single Point of Contact - It guarantees one single point of contact with the lender. You have someone you can call directly that will give you information on your specific situation instead of talking to different people each and every time you call. 

·       Homeowners can require loan servicers to document their right for foreclosure.

For more information, you can visit www.oag.ca.gov.

For all your Real Estate needs, call Homes & Beyond Realty Inc. 

Blanca Ramirez, (408) 608-8713, blanca@hbrealtyinc.com
Nidia Nuristani, (408) 836-2457, nidia@hbrealtyinc.com

HARP - Refinace Without Equity

Home Affordable Refinance Program (HARP)

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"If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through MHA's Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

You may be eligible for HARP if you meet all of the following criteria:

• The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
• The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
• The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
• The current loan-to-value (LTV) ratio must be greater than 80%.
• The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

If your loan is owned by Freddie Mac, you may check your potential eligibility for HARP here.

For more information, please contact Homes & Beyond Realty, Inc.
Blanca Ramirez (408) 608-8713, Nidia Nuristani (408) 836-2457

Bank of America is Reaching Out!!!!

Bank of America is reaching out! Recently Bank of America has been designating local branches as local resource center for homeowners in distress (behind on montly mortgage payments, facing foreclosure, or have a foreseeable financial problem in the near future. Although they're not exactly in our neighborhood, there is one within driving distance in the Bay Area. There they will provide you with the appropriate forms, provide assistance in completeing the not-so-user friendly forms, and even designate a local representative for you to stay in touch with. Although it may be a 20 minute drive, it's much better then calling an 800 number and holding for up to 1 hour and then getting a generic answer. I encourage any all people with a Bank of America mortgage which are in need of assistance and possibly facing foreclosure to call and visit the local center and obtain the assistance you need and deserve!

Bank of America Resource Center
1021 S El Camino Real, #A
San Mateo CA 94402
PH: (650) 581-8868
Toll Free: (888) 669-6659
Mon-Thurs 9am-8pm
Fri 9am-6pm
Sat 9am-1pm

Furthermore, Bank of America is hosting an Out-Reach Event locally. You will be able to meet "in person with one of their specialists to discuss your home loan and any assistance solutions—including loan modification options & short sales—that may be available to you". They say that same day answers may be available. YOU MUST SIGN UP TO GUARANTEE YOU'LL BE SEEN!!!! Click on the link below.

Tuesday, August 7 - August 9, 8am-8pm
DoubleTree Hotel
2050 Gateway Place
San Jose CA

http://homeloanhelp.bankofamerica.com/en/events.html?cm_mmc=CRE-HomeLoans-_-vanity-_-CA01VN0039_homeownerevent-_-071511

For more information, don't hesitate to call Homes & Beyond Realty, Inc.

Nidia Nuristani, nidia@hbrealtyinc.com, (408) 836-2457
Blanca Ramirez, blanca@hbrealtyinc.com, (408) 608-8713

Who’s ready to add some “swagga” to their spring?

"Who’s ready to add some “swagga” to their spring?"
I read this blog and LOVED it! So I thought I'd share. Enjoy and add some "swagga" to your LIFE!

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 I believe that one of the most common desires is to simply feel more confident in life. The ability to walk into a room with conviction and experience every moment with confidence is an essential key to success.

Hmmm … but how ...do you “get confident” (aka swagga)?

Some people seem to have oodles of confidence.

When asked what they do to “get it,” you tend to hear, “It comes naturally” or “I don’t know.” However, to a person who is seeking to build that confidence, this advice is not very helpful. At all.
There is some timeless advice I have received and given over the years that I would like to share with you … so here we go:

1. Snap out of it … and take action! Stop overthinking and obsessively planning every single step. Get up and go do whatever you want to get done. Constantly saying you are “going to” and then not following through not only hurts your confidence, but those around you lose it in you too. So … want to get organized? Start with one drawer, one shelf, one room. … Been meaning to start exercising? Get up and take a walk. Want to start blogging? Type your first sentence — now. Be bold … and get out of your own way!

“Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.” -Dale Carnegie

2. Stop being comfortable … and get curious. When you shift from being comfortable to being curious, the world just opens up. Curiosity is filled with anticipation and enthusiasm. It opens you up — you have more fun and actually experience life! So get on it … OK, what exactly does this mean and why is it so important? To build more confidence in yourself, you have to get to know yourself better. Face some of your fears. Take risks and fail … understand that failure isn’t really the end of the world. Swagga intensifies through such experiences. Figure out what really excites you. When you know more about who you are and what you want out of life (not what other people say you want), you will have more confidence in yourself and what you can do.
And remember, do one thing every day that stretches you. Need some ideas? Learn your favorite word in another language. Try a new food. Test a new technology or app. Memorize your favorite quote. Make something with your hands. Bungee jump or sky-dive. Even harder for many: Put your phone away during dinner … (yes, you … Put it away and focus.)

3. Be authentic and true to your values! Stand for something. Embrace your values, honor them. You have heard me say this before: Knowing your why, being true to your values, and shining authentically is epically important to true confidence and swagga. So, let’s get real. Have you read your “About” page on your website lately? Does it truly reflect who you are today and share what your WHY for being in real estate is in a way that inspires consumers to want to call you?
Reality check: You must stop worrying if people will agree with you, share what you are passionate about, or even accept/like you. You can’t and won’t please everyone all of the time, but you can always be true to yourself. Before you take on the next client or project, ask yourself, “Does this align with my values? Will this get me closer to my personal or professional goals?”

“Values are the moral and ethical rules we all live by. They serve to guide our actions, our behavior and the decisions we make in operating every aspect of our business every day.” -Jeff Turner

4. Be your own experiment. Embrace change, delight in progress … and always be reassessing. The world moves so quickly that every once in a while you need to step back and assess where you are, how you got there, and if you want to continue down the same path. Shame OFF you if you are not what or where you imagined you’d be … maybe you woke up on Monday working somewhere where you no longer connect to the vision/culture or finally realized that your depressing attitude is being fueled by a client or friend who is sucking the life from you with their negativity. You KNOW what you need to do. It is OK not to be OK. But take steps to fix it. Now. Immediately. Go!

5. Step up your style … add some swagga … I dare you! You know THAT feeling … the one you get when you slip into your ultimate power suit/tie, a pair of jeans that fits perfectly, maybe sassy new shoes or even a fun new accessory! They can all add swag to your step in no time! Why is it that there are so few pieces like this in our closets? Why do so many lament “I don’t have a thing to wear” in a closet packed with clothes? Well, maybe it is time for you to get your spring cleaning on in that closet and then call a personal stylist for a consultation to give your wardrobe a swagga-tastic makeover.

6. Be grateful When you focus too much on what you don’t have, your mind creates reasons why you can’t be successful, happy or complete without it. The best way to avoid this is to consciously focus on gratitude. Set aside time each day to write down at least one thing you have to be grateful for. In other words, count your blessings. Recall a key event that brings you joy; unique skills you possess; loved ones in your life; or that meeting or presentation when you totally nailed it. You need to remind yourself of what you have going for you and harness this to motivate yourself to take that next step towards success … which is certainly linked directly to a confidence shot!

“Each day offers us the gift of being a special occasion if we can simply learn that as well as giving, it is blessed to receive with grace and a grateful heart.” -Sarah Ban Breathnach

7. Smile Yes, smile! Studies around the “facial feedback hypothesis” state and confirm that facial movements can influence an emotional experience. A smile can actually encourage your brain to register positive emotions. So by just looking in the mirror and smiling at yourself every day, you might feel happier with yourself and more confident. In the end, being your own positive advocate is powerful. Speak good words to yourself, not negative-filled advice. Encourage yourself as you would a friend and SMILE while you do it! Want more? Write a 30- to 60-second speech that highlights your strengths and goals. Then recite it in front of the mirror aloud (or inside your head if you prefer) whenever you need a confidence boost.

8. Connect and contribute in your community It is easy to become spellbound by your own wishes and dreams. This leads to forgetting to focus on the needs of other people. Stop obsessing over yourself and concentrate on the contribution you are making to the rest of the world, the help you are providing a friend, or work you are doing with a local charity in your town. Have fun with your community on this one! Wave when someone lets you in on the freeway. Say thank you in an unexpected way like writing a review for a local business … or one of my favorites: Pay it forward in the Starbucks drive-thru line! These types of contributions will make everyone involved feel great, and they will bring smiles to many faces and increase confidence all around! And, of course, these contributions will add swagga to your attitude, your community and your step. That’s a TRIPLE WIN!

“Our inner strengths, experiences, and truths cannot be lost, destroyed or taken away. Every person has an inborn worth and can contribute to the human community. We all can treat one another with dignity and respect, provide opportunities to grow toward our fullest lives, and help one another discover and develop our unique gifts. We each deserve this and we all can extend it to others.” -Author Unknown

I believe that so many moments in our lives have the potential to be rich experiences. What better gift can you give yourself than living confidently in and boldly through those experiences — with a smile? So now, sit up straight, choose at least one of these swagga-building points above, and repeat after me: “I will take action … I will take action … I will take action.”

~ Debra Trappen