Santa Cruz Lenders

Found 99 blog entries about Santa Cruz Lenders.

If you get a mortgage for more than 80% of your Santa Cruz real estate’s fair market value, your lender will require that you pay Private Mortgage Insurance (PMI). PMI payments are expensive at about 0.5% to 1% of the entire loan amount on an annual basis.

Obviously, it would be a good thing if you didn’t have to pay PMI. To help you achieve that goal, here are several tips to avoid paying PMI on your Santa Cruz real estate:

• Save for a big down payment: The easiest way to avoid PMI is to have a down payment of at least 20% of the value of the home you want to purchase.

• Borrow to get 20% down: Check with friends and family for down payment assistance. You can offer repayment with interest and still never pay as much as you would have to for

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Sellers are quick to blame their real estate agents if their Santa Cruz homes are slow to sell, but that can be an unfair assumption.  Here are four reasons for a slow sale that have nothing to do with your real estate agent:

Reason #1:  Your neighborhood has seen better days. 
There are many signs that a neighborhood is in decline. Examine yours to determine if this could be one of the reasons why your home isn’t selling. Here are a few signs to look out for: local businesses going out of business, schools deteriorating, major traffic jams or a multitude of foreclosures or short sales. What can you do to get your home sold if your neighborhood is in decline? Work with your real estate agent to set the price of your home based on the neighborhood’s

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In today’s precarious job market, many luxury homeowners are finding they can’t afford their massive, custom-designed properties any longer. As the once rich are having to quickly sell or abandon their Santa Cruz real estate, you might be able to snag a good deal on a distressed luxury home.

There are many horror stories associated with short sales and foreclosures, but if you do your research, are patient and can act quickly, you might be able to purchase the home of your dreams. If you want to take advantage of this sour market, then consider the following guidelines — and happy house hunting!

• Find an agent who has experience with distressed real estate. Interview Santa Cruz real estate agents to find out their history of dealing with

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Home improvement shows tell you that you can add 20 to 40 thousand dollars to the value of your Santa Cruz home by doing a simple remodel on virtually any room or outdoor space.  While you can get a return on your investment for most remodeling projects, the increase to your home value is not always as high as the home improvement shows claim.

Myth #1:  If you put 20 thousand dollars into a kitchen remodel, your home’s value will increase by 40 thousand dollars.

Fact:  The average kitchen remodel costs 40 thousand dollars.  This is on a mid-range remodel, not a high-end remodel.  The average return you can expect is 80 to 95 percent or about 36 thousand dollars on a 40 thousand dollar remodel.

Myth #2: Updating a bathroom can add as much as 20

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In the recent downturn of the economy, many homes nationwide as well as homes in Santa Cruz have taken a dive in value. As a result, they may not be the nest eggs that potential retirees were hoping for. Now, retirees need to know their options and what to do with their homes in Santa Cruz.

If you find yourself in this predicament and aren’t sure what to do, speak with your financial expert and review the following options for your financial future so that you can retire on time — and enjoy it!

• Wait it out. Most retirees want to try this tactic and are hoping that the housing market will rebound. However, if your property’s upkeep costs, such as taxes, insurance and utilities, continue to rise, you might need to consider other options.

• Pay

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As the need for home loan modifications has increased, so has the number of home loan modification scams.  Like all scams, they aren’t always easy to detect.  To help you identify loan modification scammers, here are five things to watch out for:

1. Asking for payment up front. This can be masked as a house payment, insurance payment or a deposit. No matter what they tell you it’s for, do not give it to them in advance of work being performed and contracts being signed.  If you do give payment up front, at best, you’ll pay for work that could have been done for free through other non-profit organizations or loan modification assistance programs. At worst, no work will be done, you’ll never see your money again, and you’ll no longer have time to save

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You’ve been watching the news, reading blogs and you know this is the perfect time for you to buy a piece of Santa Cruz real estate.  You want to do all the right things to get the best deal, and you know one of the first steps is to line up your financing.  

To help you pick a mortgage that matches your goals and financial situation, here’s an overview of three of the most popular mortgages available today.

Fixed Rate Mortgage

If you plan on keeping your new Santa Cruz real estate for more than 10 years and you don’t expect your income to change, this is probably the loan for you.  Although fixed rate loans charge a bit more interest, the rate will never change.  This provides financial stability and the security of knowing what your monthly mortgage

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What happens if you have a signed contract to purchase a piece of Santa Cruz real estate and the appraised value comes in lower than your agreed upon purchase price?   Unfortunately, that’s happening more often these days.

Don’t give up!  It is possible to salvage the deal.  Here are four options to consider, if you find yourself in this position:

#1:  Ask the lender for a review of the appraisal.
If you are aware of comparable sales numbers or any other pertinent data that was not considered by the appraiser, provide that information to your lender and ask for a review of the appraisal.  If problems are found with the first appraisal, ask your lender to order a second appraisal by a qualified real estate appraiser.

#2:  Ask the seller to drop the

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Now is the time to make your dream of owning a second home in Santa Cruz come true.  Whether you want it for income property or as a vacation home, you may never encounter a more perfect time to get a great deal on your dream home.

Here are five reasons why now is the time to buy a second home in Santa Cruz:

1. The housing market is stabilizing.  Home prices are stabilizing and are not predicted to drop much past their present point.  This means homes will once again gain equity making them a good long term investment.
 
2.  Inventory is high.  There are homes available in all price ranges and neighborhoods so finding that perfect second home is well within reach.

3. You get more for your money.  With all the homes currently on the market, many sellers

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The process of buying a new home is daunting enough without having to track down all the various paperwork necessary at the last minute. Don’t endure extra stress! Get your paperwork together early, so that you can feel piece of mind when purchasing Santa Cruz real estate.

You should have the list of documents below in hand before you make an offer on a home. This will ensure the purchase process is as quick as possible. Every mortgage lender’s requirements can be different, so double-check with yours for a comprehensive list.

• ID – This might seem like a no-brainer to most people, but just make sure you have official identification.

• Pay stubs - Your lender will want proof that you’re still earning an income, so inquire about how many months worth

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