Santa Cruz Lenders

If you’re in the middle of buying Santa Cruz real estate, for which you’re hoping to get a Homebuyer Tax Credit of up to $8,000, you have more time to finalize it. 

After a close brush with the deadline, Congress passed a 90-day extension of the Homebuyer Tax Credit closing deadline.   The extension applies only to buyers who have written, binding contracts in place as of April 30, 2010. The new closing deadline is now September 30, 2010. 

Extending the tax credit closing deadline will provide additional stability to Santa Cruz real estate and real estate markets nationwide.  Additionally, the National Association of REALTORS® (NAR) estimates that this new extension will help about 180,000 to 200,000 homebuyers who already signed purchase agreements…

While those who own Santa Cruz homes for sale are worried about the real estate market, some buyers are getting good deals. However, there are plenty of people on both sides of the market with a case of cold feet.

For instance, some with Santa Cruz homes for sale took them off the market. Others, who’ve thought of selling, haven’t.

The same can be said for buyers. Many potential homebuyers change their minds or still worry over that age-old question of, “Should I or shouldn’t I?”

Two Cases of Cold Feet
A 26-year old with a steady job, good paycheck and good credit, sums it up for many potential buyers. “My job’s steady and my credit is good.  I keep watching the houses that go up for sale, thinking I could go ahead and buy, but then the ‘what if’s’…

When you look for a mortgage, you want to find one that allows you to buy the biggest house possible for a monthly payment you can afford. This seems simple enough. All you need to do is a little division to determine your monthly payment.

Unfortunately, this isn’t the entire picture of your monthly mortgage payment, and lenders don’t always explain this to you. Here are three things you need to know about your monthly mortgage payment for your new Santa Cruz home:

1. Interest and Principal. Only part of your monthly mortgage payment actually pays down your loan. A portion of your mortgage payment goes toward your loan principal and part of it pays the interest. The longer you have your loan, the more money goes toward your principal. Be aware that at…

A past filing of bankruptcy does not mean you can’t buy Santa Cruz real estate.  Your real estate agent may be able to help you get a mortgage or find other ways to buy a home, if you do get turned down for a traditional mortgage. 

Before you meet with your Santa Cruz real estate agent, here are a few ways to prepare:

• Have a copy of your current bank statement
• Have written proof of your monthly income
• Make a list of all your current monthly bills
• Collect all your recent credit card statements
• Have a copy of your bankruptcy agreement

Put all this info in a file folder and take it to your meeting.  Your Santa Cruz real estate agent will appreciate you doing your homework!

If you have straightened out your credit since the bankruptcy, you are in…

If you have never purchased a home before, you may not yet recognize how crucial it is to acquire the services of a professional Santa Cruz real estate agent. 

Buying a home will probably be the most expensive purchase you ever make.  Therefore, you undoubtedly should consider enlisting the help of a REALTOR® who has experience, extensive knowledge of the area and integrity.

Benefits of using a professional Santa Cruz real estate agent

Having your own buyer’s agent to walk you through the entire home buying process saves you a lot of time and stress, as well as money. 

You decide:

     • Size of home desired
     • Style preferred
     • Location
     • Price range

That’s easy!  With this basic information, your agent begins the hard part: searching…

We, meaning the real estate industry, say, “It’s a buyer’s market!”  Buyers think that means that deals are available out in the big wide world of Santa Cruz homes for sale. Although that’s true, it’s not the whole truth. The whole truth is that money pits, bad deals and half-hearted sellers still exist. Without careful consideration, you may not get the deal you expected.

If you’re in the market for one of the Santa Cruz homes for sale, follow these tips to help you get a great deal:

1. Go back to school. In other words, do your homework. Yes, due to the buyer’s market, you have an advantage, but you still need to do your research.  Talk with a real estate agent who specializes in the area and look at the prices of homes sold within the past year. The…

You’ve finally decided that, yes, you can afford to buy a Santa Cruz home. After years of frugal saving, hard work and patient waiting, the timing is great. You don’t want to wait anymore, so you rush out and start looking for homes. It is, after all, a buyer’s market, and you’re a buyer.

Now, if you read about real estate, you’ve probably considered your credit. Is my credit strong enough? Is my score high enough? Some go to lenders and request preapproval. A few request prequalification. Many, however, go to the “free” credit score searches.

Of those who use the credit score searches, some find a Santa Cruz home they want to buy. They then confidently take their credit reports to the lenders and find out the lenders don’t care about the reports.…

The government’s first-time and repeat-buyer tax credits gave homeowners with Santa Cruz homes for sale a lot of hope. The potential for getting their homes sold seemed infinitely higher. The credit expires at the end of this month though, and many homes are still on the market. If yours is one of them, what should you do?

Don’t Panic!
The first inclination for many homeowners with Santa Cruz homes for sale is to panic.  Often, it’s during the hard periods of life that something miraculous happens. You find the job of your dreams after searching for two years for any kind of job at all. Your life has been plagued by bad relationships so often that you’ve quit looking and then – out of nowhere – your soul mate walks up. You need to sell your house, money…

You've gotten your financing, your offer has been accepted and you just have to wait the few weeks until your closing date and your new Santa Cruz real estate is all yours. Nothing can go wrong, right? Wrong!

Technically nothing is likely to go wrong in that period of time, when it comes to the actual process of the property transfer. However, people often make critical mistakes that cripple their deals in that tense time right before closing.

Things You Shouldn't Do Before Closing

Buy a new car: Don't buy a new car or any big ticket item that might flag your loan company. Your credit will be continuously under review and your Santa Cruz real estate loan can be turned down at any time up until closing, even after it was accepted. Keep that in mind…

Surprising numbers of potential homebuyers are holding off on buying Santa Cruz homes. They see the housing prices drop and are waiting for them to go lower. They see the mortgage rates and are waiting for them to drop further. If this is you, you might want to rethink your strategy and take a real look at potential Santa Cruz homes.  

Here are two crucial reasons why you might not want to wait any longer:

1. Interest Rates on the Rise - Thanks to the Federal Reserve buying $1.23 trillion worth of mortgages, interest rates have been kept somewhere between 4.93% and 5.09% for a 30-year fixed-rate loan.  That’s about 0.4 % lower than it might be without the Fed’s help. However, by the end of 2009, the Federal Reserve had already started implementing a…