Mortgage Refinance|FHA|Rates|First Time Home Buyer

Real Live Orange County Real Estate Update for June 23, 2009 outlining the home buyer tax credit.

Orange County Realtor, Leslie Eskildsen
949-678-3373

http://www.leslieeskildsen.com

Time is running out! Get your first-time home buyer tax credit!

Leslie Eskildsen has been involved in the Real Estate industry since 1989. She has a Bachelor’s Degree from UCLA and a Master’s Degree from USC. Leslie is dedicated, motivated, well organized and pays close attention to the small details that can often be neglected or overlooked. Her personal business standard is built on unparalleled professionalism and a service-oriented approach.
Your Orange County REALTOR

As an Orange County REALTOR, Leslie helps her clients achieve their goals, whether they are buying, selling or doing both. She thoroughly understands the value of providing outstanding client service that meets and exceeds customer expectations. Her dedication to her clients is unrivaled, as is her enthusiasm for the field of real estate. Honesty and integrity are her watchwords in real estate and in life. Consequently, she is well respected throughout the Orange County real estate community, and those who have had personal dealings with her know that she is the consummate professional. She treats all aspects of a transaction with care and diligence.

Coldwell Banker Previews International provides the perfect platform for Leslie’s real estate activities. The affiliation with Previews allows Leslie to align her personal values with a company who mirrors them. Thus, she strives for excellence. Leslie treats her clients’ business like it is her own and many of Leslie’s former clients are now friends.
Areas of Expertise

Families buying and selling real estate property, individuals buying and selling real estate property, investors buying and selling real estate property, investment groups, businesses, asset protection, leveraging equity, 1031 Tax Deferred Exchanges, needs analysis, cash flow analysis, wealth accumulation strategies
Orange County Real Estate
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Grand Coto Estates 1
Grand Coto Estates 2
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Legacy
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Ranchos Colinas
Rosewood
San Marino
Silver Creek
Spring Hill
Southern Hills
Southern Hills Encore
Stonefield Estates
Stonehedge
Summerfield
Tanglewood
Tapestry
Terraces
Terraza
Terra Vida
Tiara
Trails
Via Conejo Condos
Valle Vista
Villa Serena
The Village
Weatherly
Woods
Andalusia
Arbours
Arroyo Sur
Atherton
Canyon Estates
Chantemar
Chatham
Classics
Coto Country Homes
Courante
Crooked Oak
East Hill
East Point
Enclave
Fairway Estates
Fairway Oaks
Fairway Reflections
Forest
Glen Eagles
Glenmere
Grand Coto Estates 1
Grand Coto Estates 2
Greens
Greystone Villas
Hillsboro
Legacy
Los Ranchos Estates
Los Verdes
Masters
Montecito
Meritage
Oakmont
Oak Knoll
Oak View
Oak Ridge
Pinnacle
Private Collection
Ranchos Colinas
Rosewood
San Marino
Silver Creek
Spring Hill
Southern Hills
Southern Hills Encore
Stonefield Estates
Stonehedge
Summerfield
Tanglewood
Tapestry
Terraces
Terraza
Terra Vida
Tiara
Trails
Via Conejo Condos
Valle Vista
Villa Serena
The Village
Weatherly
Woods
Covenant Hills
Casta del Sol
Pacific Hills
Painted Trails

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Technorati Tags: first time home buyers, homes for sale, leslie eskildsen, Orange County California, orange county real estate, real estate, tax credit

As per http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html
We are common-law and purchased in 2008. We’re thinking of splitting and selling the home. We each put the maximum down ($20,000) on the house. I regret to admit that I know very little about how we would do this or what happens to that credit. Any info is appreciated.

With the amount you’ve quoted ($20,000), I think you must be referring to the Home Buyer’s Plan, where you each can withdraw up to $20,000 from your RRSP to purchase a house.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html?=slnk

In this case, the fact that you sell the house does not change your obligations under the plan. You still need to either put the money back into your RRSP over the next fifteen years (or sooner), or be taxed on 1/15 of the withdrawal in each of the next fifteen years. On selling the house, there is no obligation that you repay the withdrawal straight away.

The first time home buyers credit is a basically a $5,000 tax credit on the purchase of your first home. If you bought the home in 2008, you wouldn’t have been allowed to take advantage of this as the credit didn’t exist until 2009.

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In Part 2 of this seminar for First Time Home Buyers, Kam discusses Property Transfer Tax and First Time Home Buyer’s exemptions and the rule surrounding the exemption.

Kam Brar, Notary Public. www.kambrar.ca 604.569.2911 or kam@kambrar.ca, 204-6700 No. 3 Rd, Richmond, BC. Mobile through the Lower Mainland.

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Technorati Tags: conveyancing, Exemption, first time home buyer, FTHB, home purchase, Kam Brar, notary public, Property Transfer Tax

I am a first time home buyer and my contract was accepted back in June and escrow closed end of October. I am in California. Do I qualify for any of the credits and are they still available to claim as of now? Thanks!

No the deadline has passed and you do not qualify for the federal credit. You had to have a contract by 4/30/2010.

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• Refinancing a FTHBC

http://www.mypremierloan.com

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I see others have asked this same question, but not in the same situation as me.

Pros:
Lots of homes to choose from. Interest rates are still good. If I buy before July 1, I can take advantage of the $7500 first-time home buyer credit (realizing that I do have to pay back over 15 years). I have lots of money saved up – the price range I’m looking in, I figure I can put around 26% down for a down payment yet still keep a nice cushion left in my checking/savings combined. I have a stable, full-time job with good benefits. Even in the case something bad were to happen, there a lot of jobs in this area with my skills. Oh yeah, and I plan on staying in this area. I may be single, but so far a husband isn’t even close to being on the agenda. I have crunched the numbers and once my car loan is paid off, which I should be able to pay off early with the help of the $7500 (in 3 years instead of 5), I figure I should be back to having a monthly "savings" (income-expense) of more than I do now.

Cons:
The economy — despite my good, financial situation, people tell me I should still wait — at least until after the election, maybe longer. I’m in Madison, WI, by the way, one of, if not the highest, priced area in our state, but not nearly as bad as CA or anything.

What does everyone else think?
Yes, I do have excellent credit history. As for the car loan, the way I see it, is I can wait 5 years to pay that off and then buy a home and who knows how much homes will cost then or what the rates will be, or I can use the $7500 from the first-time home buyer credit, to shave off 2 years worth, and be in an even better financial situation than I am now, after it is paid off in those 3 years. Oh yeah, and I am renting now – I have been renting for 4.5+ years now.
Oh, btw, the car loan is a 5 yr. 0% interest car loan. I did it that way instead of paying the whole thing down, so that I wouldn’t make a huge dent in my savings, and wouldn’t severely affect a down payment for a home in the future. Besides, the home I’m currently looking at is well maintained, has newer windows, roof, siding, etc. and for the first year of ownership, I would still be able to save 25% of my after-tax income – it would only increase after that. I’m simply afraid that if I wait, and home prices increase, interest rates increase, it’ll cost me more in the long run.

There is no rush, but what will happen with rates is speculation. If anybody knew, they wouldn’t tell you because they could make millions by selling the information.

On the other hand, if you are ready to buy and find a place that you like and can get your price on, why wait? All you would be doing is losing the tax benefits you might accrue this year.

Good luck with your purchase whatever you decide to do.

According to market experts, this year – year 2010 is the best year to refinance your mortgage as the mortgage rates have fallen historically. If you are in financial hardship or if you want to save more or pay off your mortgage earlier than as in the loan term, you can opt for mortgage refinancing. Mortgage refinancing helps you to avoid foreclosure and change the loan terms according to your affordability.

What’s mortgage refinancing?
Mortgage refinancing is the process of changing the loan terms by taking out a new loan with lower interest rate. This lowers the amount that you will have to pay each month. In mortgage refinance, you can even convert an adjustable rate mortgage to affixed rate one and a fixed rate mortgage to an adjustable rate one. However, you should remember making some mistakes while refinancing your mortgage.
Mistakes to avoid while refinancing your mortgage

There are some common mistakes that people make while refinancing mortgage. You should avoid these mistakes to reap maximum benefit from refinancing.
Failing to compare – You should remember to compare your current mortgage rate with the current market rate and calculate if refinancing will save you money.

Failing to shop around – You should also shop around for mortgage loans in the market before taking out a loan. Loan terms vary according to lenders and so it is important to shop around and get the loan best suited for you.

Not considering property value – You should not miss assessing the value of your property before considering refinancing.

Not getting verbal rate lock – You should remember to get the rate lock in writing from the lender. It is very important to keep written copy of everything.

Not reading the loan terms carefully – Don’t forget to read the loan terms and conditions before signing up for the loan.

Choosing low rate lenders – Simply choosing low rate lenders is a grave mistake that you should avoid. It is not that all the low rate lenders are a scam. But you should consider every aspect of the loan and the lending institution and check with the authenticity of the lending institution.

Failing to do a break down analysis – Don’t forget to get a break-down analysis of the loan and your payments. You need to determine the total cost of the loan transaction and the amount that you will save from this transaction.

Failing to provide needed documents – You should also remember to provide all the needed documents in order to get the loan and that too within the stipulated time or else your loan application may get rejected.

People generally refinance in order to get out of their financial problem and not get into it. So, you should follow the above tips to avoid making mistakes in refinancing.

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Add’l info my rate is 6.0 and I am not paying no discount points. Lender is charging me 1 point in origination. Thanks, your HELPFUL advice is greatly appreciated, I am a first time home buyer with a 740 FICO. Thanks.

thats real fair! the rate is good considering what the rates have been doing and 1% is real good as well

if you want to get an idea how good a deal it is go to see for yourself! go to link below its the freddiemac website!

look at the interest rate weekly reports and find your area to see national averages! good luck

New FHA program has been released. Now you can finance your home for as low as 3% down payment. Additionally, you can also get the seller to pay the 3%, which means 100% finance for your home.

Many Lenders can offer FHA Loans. Normally the best place to apply for your FHA loan is with a direct, or streamline lender. As a direct or streamline FHA lender, we offer lower cost, better terms and quicker FHA responses.Streamlined FHA loans, cut out a lot of the red tape with less documentation and fast closings. We service our own loans at Flagstar Bank and never resell your loan. Our processing and underwriting team view files immediately once received. This ensures quick approvals for your FHA loan.

Just visit http://www.americancapitalbanc.com/ for further details about the new FHA loan program

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is there any programs for first time buyers of a home, with bad credit in or around the fresno area???

I have a consultant that can give you a free consultation to see where you are in the eyes of the credit bureaus. He is just south of you in LA. He is a mortgage broker and can work wonders. If you want to e-mail me I will be happy to give you his number.