1/26/2016
Silver Lining in Reverse Mortgages
In the last weeks I have had a number of calls for reverse mortgages
Perhaps I need to re-look at the silver lining in HECM's
For someone who owns a home that they want to stay in until
they go to heaven they make sense.
Reverse mortgages are a hybrid FHA project.
No payment is necessary, but property taxes and fire insurance
must be maintained current by the Borrower.
Makes sense for certain people
Let's chat about it
Caroline Gerardo Eagle Home Mortgage, Universal American Mortgage
NMLS 324982
1/15/2016
24102 El Mirage Laguna Niguel For Sale
|
1/13/2016
Nationwide Multiple Listing Service FREE
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get on the MLS
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1/11/2016
Dates Property Tax Due California
PROPERTY TAX SCHEDULE
The
following schedule is intended to serve as a general guide to property-owners.
July
1
|
Beginning
of the fiscal year.
|
August
|
Treasurer-Tax
Collector’s Office mails delinquent prior year secured notices.
|
August
31
|
UNSECURED
TAX DELINQUENCY DEADLINE as of 5:00 p.m. A 10% penalty plus a $75.00
collection fee is added as of 5:00 p.m.
|
Sept
25 – Oct 5
|
The
Treasurer-Tax Collector’s Office mails out original SECURED PROPERTY TAX
bills.
|
October
|
Unsecured
Tax liens filed for unpaid unsecured accounts.
|
November
1
|
First
SECURED PROPERTY TAX installment is due; delinquent UNSECURED accounts are
charged additional penalties of 1.5% per month until paid.
|
December
10
|
FIRST
INSTALLMENT payment deadline. A 10% penalty is added after the deadline.
|
January
|
Treasurer-Tax
Collector’s Office mails delinquent notice for unpaid FIRST INSTALLMENT and
SUPPLEMENTAL SECURED INSTALLMENTS.
|
February
1
|
Second
SECURED PROPERTY TAX installment due.
|
Feb
– March
|
Treasurer-Tax
Collector mails delinquent prior year secured installment.
|
March
– July
|
UNSECURED
PROPERTY TAX statements mailed.
|
April
10
|
Second
SECURED PROPERTY TAX installment payment deadline. A 10% penalty plus $23.00
cost is added after the deadline.
|
May
|
Treasurer-Tax
Collector mails delinquent notices for any unpaid first and second
installment taxes and SUPPLEMENTAL SECURED INSTALLMENTS
|
June
30
|
End
of fiscal year.
|
July
1
|
Delinquent
SECURED accounts and SECURED SUPPLEMENTAL accounts are transferred to
delinquent tax roll and additional penalties added at 1.5% per month on any
unpaid tax amounts, plus $15.00 redemption fee.
|
Please note that the list above includes only the more significant dates and may not include all items or activities in the regular tax cycle. If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day. In addition, SUPPLEMENTAL TAX bills are mailed throughout the year.
|
Home Ownership
With Mortgage Rates still low
the benefits of home ownership
are many.
This info graphic reviews some
of the values.
To me the most important
are feeling you belong, being
able to make it your own,
creating an organic garden,
and raising my family.
What are the benefits
you are looking for?
1/08/2016
Mortgage Rates Like The Surf
1/07/2016
Mortgage Bankers Storm Troopers
The Mortgage Bankers Association (MBA) loyal to the Empire awakened Monday morning after a two week holiday hiatus.
The results are both for the week ended January 1, 2016 which MBA adjusted for the Christmas and New Years Holidays.
MBA's Market Composite Index, a measure of mortgage volume, was down 27 percent from the week ended December 18 on a seasonally adjusted basis. On an unadjusted basis the Index was 50 percent lower. This is normal for holiday season as Borrowers take off work, head to the malls, movie theaters and share family dinners.
The Refinancing Index declined 37 percent from the week of the previous report and the seasonally adjusted Purchase Index was down 15 percent.
FHA applications increased to 14.6 percent from 13.8 percent the previous week and the VA share was up to 12.9 percent compared to 11.6 percent.
The USDA share of total applications remained unchanged at 0.6 percent.
Average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.20 percent, its highest level since July 2015, from 4.19 percent, with points decreasing to 0.42 from 0.49. The effective rate decreased.
Jumbo 30 year fixed rate mortgage (loan balances greater than $417,000) had an average contract interest rate of 4.09 percent compared to 4.07 percent. Points increased to 0.35 from 0.34 and the effective rate was also higher.
Thirty-year Fixed Rate Mortgage backed by FHA had a slightly lower interest rate, 3.95 percent compared to 3.97 percent the previous period. Points increased to 0.41 from 0.34 leaving the effective rate unchanged.
The largest change in contract rates among fixed rate mortgages was for the 15 year which rose 5 basis points to 3.47 along with a 2 basis point increase in points. The effective rate also increased.
The average contract interest rate for 5/1 ARMs increased to 3.19 percent from 3.13 percent but points dropped to 0.32 from 0.52 lowering the effective rate.
Even with Janet Yellen predicting rising mortgage rates, over all we are only a "smidge" higher.
The Force Awakens now with mortgage bankers and Borrowers back to usual after the holidays.
With the stock market terribly earthquake volatile, I predict Borrowers will get off the fence and
move into the conservative home loan that they have been thinking about but not executing.
The time is now to lock your rate and get it closed.
Will Finn win in his battle with the storm troopers?
Caroline Gerardo
NMLS
324982
cell (949) 784-9699
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