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        <title>Santa Cruz Real Estate News &amp; Information</title>
        <link>https://www.mysantacruzrealestate.com/blog/2017-11/</link>
        <description>Lifestyle, community, day trips, restaurants, real estate, home improvements, and more. Discover what makes Santa Cruz County such a great place to live. Presented by My Santa Cruz Real Estate.</description>
<item>
    <guid>https://www.mysantacruzrealestate.com/blog/your-rights-as-a-santa-cruz-real-estate-buyer.html</guid>
    <link>https://www.mysantacruzrealestate.com/blog/your-rights-as-a-santa-cruz-real-estate-buyer.html</link>
        <author>lauren@laurenspencer.com (Lauren Spencer)</author>
        <title>Your Rights As A Santa Cruz Home Buyer</title>
    <description> <![CDATA[ 



When you buying any type of real estate in Santa Cruz, it's imperative that you're aware of your rights. Not everything is as cut and dry as some may want you to think, and while any good Realtor will do everything they can to protect you, knowing what you are and aren't entitled to will help alleviate any awkward conversations and potential disappointment. The following is a list of many of those rights:


Nondiscrimination


In this case, discrimination means being denied the purchase of a home unfairly. If you can afford a home, you have every right to buy it no matter who you are or what neighborhood it's in. The Fair Housing Act makes it illegal to discriminate because of race, handicap, religion, familial status, national origin, whether you have children or not, and many other issues. This not only applies to those buying a home, but also homeowners who rent their property out. 


Fair Lending


This goes hand in hand with nondiscrimination. To be denied a loan, there has to be a legitimate reason, such as insufficient income or an unacceptable credit history. A lender cannot use race, gender, national origin, religion, familial status, or disability as a reason to deny your loan. If you have the great credit and are financially stable enough to support a home loan, then there's no reason to be denied. 


Forceful Measures


You can't be threatened, coerced, or intimidated into not buying real estate. No one can use violence or blackmail to force you into buying a property. 


Good Faith Estimate


A Good Faith Estimate is a document that a lender has to give you when you apply for a reverse mortgage. Thanks to RESPA (the Real Estate Settlement Procedures Act of 1974), you can ask a lender to give you a &quot;Good Faith Estimate.&quot;  A Good Faith Estimate is the lender's best estimate of settlement costs. This allows you to compare offers and understand the true cost of the loan, which will help you make more informed buying decisions. 


Hidden Fees


Sometimes lenders have fees that aren't refundable to you if you cancel a loan agreement. If this is the case, the lender has to let you know what fees won't be refunded when you're agreeing to the terms and conditions of the loan. There must be full disclosure of every additional fee and clause. 


Annual Percentage Rate (APR)


This is the yearly costs of your loan. It includes up-front fees and interest, as well as finance charges, payment schedules, and late payment charges. Your lender must provide you with a Truth In Lending Statement that shows you a list of items that have been added to your APR. 


Home Inspection Report


You have the right to have a home inspector visit the property to identify any major problems before the agreement is finalized. Based on this report, you can get out of the sales contract if any serious problems are identified. Or, you can adjust your bid to compensate for the problems. If you sign the contract before getting the property inspected, make sure there's a claus in the agreement so you can leave the deal if any major problems are found.  Buying a home can be exciting, and you may be tempted to scan over the paperwork in a whirlwind of excitement. Read everything before signing, and know your buyer rights
 ]]> </description>
    <pubDate>Fri, 24 Nov 2017 09:24:00 -0800</pubDate>
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<item>
    <guid>https://www.mysantacruzrealestate.com/blog/when-is-it-a-good-idea-to-use-a-home-equity-loan1.html</guid>
    <link>https://www.mysantacruzrealestate.com/blog/when-is-it-a-good-idea-to-use-a-home-equity-loan1.html</link>
        <author>lauren@laurenspencer.com (Lauren Spencer)</author>
        <title>When Is It A Good Idea To Use A Home Equity Loan?</title>
    <description> <![CDATA[ 



What Is A Home Equity Loan?


A home equity loan is a type of loan that allows you to use the equity of your Santa Cruz home as collateral. It is an option that homeowners have available to them and that some people use to pay for major expenses such as home renovations, college education or medical bills.


These types of loans became popular in 1996 because they provided a way for consumers to circumvent their tax charges for that year, which eliminated the deductions on the interest for most consumer purchases.


Are Home Equity Loans A Good Idea?


It is a good idea to leverage your shelter for cash? What is a legitimate reason for taking out a home equity loan? It can be tempting to use the equity you have in your property to pay for expensive luxuries, but there are only a few things that you should be spending a home equity loan on.


1. Home Renovation Projects


Home renovations are a popular reason why people take out a home equity loan. This idea actually makes sense, because making improvements to the home can greatly improve its value. The renovation could pay for itself and more, when it comes to increasing the value of the property. Of course, the value of the home is also dependent on other factors beside the renovation, so there are no guarantees.


2. Debt Consolidation


Another reason why people take out home equity loans is so that they can combine all of their bills and debts into one, such as the credit card debt, retail credit debt and more. This can be advantageous, because the interest rate on a home equity loan is a lot cheaper. Having a single monthly bill rather than having to keep track of several debts can also make things a lot simpler and improve your monthly cash flow.


3. Investing In Your Kids


Many parents have chosen to use their home equity loans to fund their child’s university or college education. With the extremely high costs of post-secondary education these days, this option can make a lot of sense. However, if you are just about to consider retirement when your kids are going to college, you might want to look for scholarships or student loans instead so that you don’t reduce the nest egg you planned to retire on.


These are just a few things for homeowners to consider when it comes to home equity loans.
 ]]> </description>
    <pubDate>Fri, 24 Nov 2017 08:02:00 -0800</pubDate>
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<item>
    <guid>https://www.mysantacruzrealestate.com/blog/help-a-new-program-to-help-first-time-buyers-in-silicon-valley.html</guid>
    <link>https://www.mysantacruzrealestate.com/blog/help-a-new-program-to-help-first-time-buyers-in-silicon-valley.html</link>
        <author>lauren@laurenspencer.com (Lauren Spencer)</author>
        <title>H.E.L.P. – A New Program to Help First-Time Home Buyers in Silicon Valley</title>
    <description> <![CDATA[ 



With housing prices continuing to climb in the region, many first-time buyers have had a hard time breaking into the Santa Cruz real estate market. To help alleviate some of the financial pressures these buyers are facing in the Silicon Valley , Housing Trust Silicon Valley is helping home buyers with a new Homebuyer Empowerment Loan Program (H.E.L.P.), which will become available to help households with incomes that are up to 140 of the area's median income to buy a market-rate home.


Here’s everything you need to know about the latest loan program for first-time home buyers in Silicon Valley.


Funding Assistance For Your First Home in Silicon Valley


The Homebuyer Empowerment Loan Program will assist middle-income earners looking to buy their first home in Silicon Valley with down payment assistance of up to 10 of the purchase price, with a maximum purchase price of $800k.


H.E.L.P. is a 30-year deferred loan plus a share of appreciation. Borrowers will have to repay the principal loan amount plus a share of the appreciation based on the percentage of the loan borrowed through the program. The benefit? There's no monthly principal or interest payments on the loan Payment of the loan will be deferred until the maturity date is reached, you sell the home, or refinance the first mortgage. The H.E.L.P. market area is currently exclusive to Santa Clara County and the San Mateo County cities of East Palo Alto and Menlo Park.


Although the program doesn't currently serve Santa Cruz, there's hope that if the program proves successful, local governments and housing authorities may be inclined to offer something similar for our area, too.


H.E.L.P. Quick Facts






The Maximum loan amount is up to 10 of the purchase price


Interest Rate – Share of Appreciation


Term/Maturity Date – 30 Years


Monthly Payments – Deferred


First-time buyer status is required


8-hour homebuyer education class is required


Maximum gross household income limit- Up to 140 of area median income


Minimum credit score- 680Asset limits-$125,000


HSV Pre-Approval Required is required


Maximum Purchase Price of Home is $800k


Owner occupancy is required


30 Year Fully Amortized Fixed Rate Mortgage Only- No Adjustable Rate or Interest Only Mortgages Allowed


Minimum/maximum loan to value is 70/87


Combined loan to value cannot exceed 97






We Love Helping First-Time Homebuyers


If you are ready to buy your first property in the Silicon Valley, Lauren Spencer can help you get started on your home buying journey. Check out this blog post about the most affordable neighborhoods to buy a home, and read more about our comprehensive first-time home buyer’s guide first-time home buyer's guide and our  home buyer resources library. We have extensive knowledge in all fects of the Santa Cruz County real estate market, as well as a solid financing tips for the purchase of your home.
 ]]> </description>
    <pubDate>Fri, 17 Nov 2017 08:41:00 -0800</pubDate>
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<item>
    <guid>https://www.mysantacruzrealestate.com/blog/listing-spotlight-1955-seascape-boulevard.html</guid>
    <link>https://www.mysantacruzrealestate.com/blog/listing-spotlight-1955-seascape-boulevard.html</link>
        <author>lauren@laurenspencer.com (Lauren Spencer)</author>
        <title>Listing Spotlight: 1955 Seascape Boulevard</title>
    <description> <![CDATA[ 



Don't miss your opportunity to view this beautiful midcentury-modern home in Aptos' beloved Seascape neighborhood 


Seascape Courtyard Home


   






A wooden gate leads to an inner courtyard and double doors that invite you into this unique 3-bedroom, 2.5 bath, 2 story home in the neighborhood surrounding the Seascape Resort. Inside, a tiled foyer and wide carpeted steps lead to an open living room with an angled ceiling and exposed beams, a wall of windows, a fireplace, and sliding doors to a deck that spans the front of the house, looking out towards the ocean.


The kitchen occupies the lower floor of a circular tower, with a tile counter and backsplash, white cabinets, and stainless steel appliances, including a sleek induction range and double ovens. Windows follow the curved lines and look out onto the patio.


The kitchen flows to an adjoining family and dining area with hardwood floors and a fireplace with a brick mantel, framed by built-in bookshelves. French doors in the dining area lead to a back patio and lawn, shielded by fencing and a stucco wall from neighboring properties. A half bath on the ground floor has plenty of room for a laundry area with a washer/dryer and built-in cabinets overhead.


The carpeted master bedroom upstairs opens to an upgraded master bath above the kitchen, on the second floor of the cylinder. Custom tile work in the spacious walk-in shower and custom wood cabinetry follow the arc of the circular walls, adding a striking and elegant touch. Double glass vessel sinks, recessed lights, and chrome fixtures add to the modern, spa feel. Two other carpeted bedrooms share the same angled ceiling as the living room. A second full bath has tiled counters and a shower/tub. A two-car garage offers plenty of room for beach toys, bikes, and other gear.


Living in this Desirable Seascape Neighborhood


Located near Seascape’s beach walks, resort amenities, shops, restaurants, and golf and tennis, this home is in a perfect location for enjoying the many recreational options the beautiful Central Coast offers. With indoor and outdoor space for entertaining and unique architectural touches and upgrades throughout, this unique home is both comfortable and elegant.


Learn More About 1955 Seascape



 ]]> </description>
    <pubDate>Thu, 02 Nov 2017 16:01:00 -0700</pubDate>
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