Mortgage Loans

8/07/2013

Dump Your MI Premium

If you recently purchased your home with a FHA loan the real estate market has increased and you may be able to dump your MI. I am seeing clients save three hundred to four hundred dollars a month in refinancing to conventional. Imagine either paying down the loan faster and gaining even more equity or just feeling the breathing room to make a lower payment

If you would like a FREE market analysis of the value of your home or condominium and review of exactly how much you could save Call Now

Caroline Gerardo
(949) 637-8190

8/05/2013

55 Via Abruzzi Aliso Viejo

Condo Fixer investment in Aliso Viejo, California, Orange County

55 Via Abruzzi Aliso Viejo, California

Condominium Complex Altisse

Total payment owner occupied with 10% down and FICO of 720 $ 1500

that includes HOA both fees, Mello Roos, tax and walls in insurance, 30 year fixed rate loan

Two bedroom two baths $370000. sales price.

I sat open house with my buddy Darlene Kelly of CFL Real Estate in this condo this past weekend.

Here is my skinny on this property:

Needs new carpeting cost to cure: $ 2200

Put new IKEA Adel kitchen cabinets, counters, back splash in for $2100.

Remove laminate on the stairs and replace with commercial grade carpet. $1200

Replace kitchen flooring with new laminate $ 1100

Repair door handle hole in downstairs - I can do that for $6.00

Home owner Association is covering the leak behind water heater and drywall in garage - caused from neighbor's shower pan. no cost

Use bleach on all shower and tub enclosures with windows open

Then solution of 2 cups dawn 2 cups vinegar on showers tubs and sinks

May later require bath upgrades, bath fixtures, painted wooden frames on mirrors to update, new bath fixtures (second stage remodel to be done one bath at a time) Cost $ 8000.

Clean all windows, behind washer and dryer clean garage and after leak is fixed paint garage floor and walls ( do it self cost $55)

Paint the entire unit vanilla white and dove white trim - call me got a guy whose bid is $1000

The unit is now valued at $410000 with the upgrades

Normally condos are not a great investment but this fixer upper could be worth more with some simple clean upgrades.

Condominium will now look brand new.

Foreign National Mortgages

Foreign national citizens buying in United States must remember not to make assumptions about how mortgages work in America. There are many differences. Understanding the difference will help you close a successful purchase. You should work with a specialist in order to secure a foreign national mortgage to avoid the potential for disaster. Caroline Gerardo, has twenty four years experience and can help you avoid the pitfalls and direct you in your search for a great investment home and the right Foreign National Mortgage Loan.

The best way to guarantee the success of your property purchase is to gather as much factual information as possible, and get relevant advice from the right people with your best interest in mind and who work with foreign national mortgages on a regular basis. A Realtor on the ground in the local County and city where you target to purchase is very important. They will know and have seen properties on the market over the years.

Your documentation of bank statements and tax returns should be ready as pdf attachments. Current paycheck stubs and copies of your ID such as passport or driver’s license should also be copied and enlarged and put into easily readable pdf format. All the information about your financial status for the past two years is necessary to get a lower conventional mortgage loan. Every deposit over $500 that is not a payroll check you must be prepared to provide copies of the checks and trail the source. In order to get a low rate a very large amount of paperwork is required.

Mortgage Types for Foreign National Investors

There are many of popular types of mortgages available to foreign nationals buying in California. Particularly the basic fixed rate and adjustable (variable) rate mortgages. However, there are variations on these themes that have no real foreign national mortgage equivalents. There is also a wide range of programs and offers that are really only suitable for special case USA citizens. Below you will find a brief description of the many types of foreign national mortgages.

FIXED RATE MORTGAGE
Fixed rate mortgages have traditionally been the most popular type of mortgage. With a fixed rate mortgage, you pay both capital and interest over a fixed period of (usually) fifteen or thirty years with the same monthly payment for the duration of the loan. This type of foreign national mortgage suits buyers who value knowing exactly what their repayments are going to be over the long term and don’t want to take any risk of being affected by rising interest rates. Thirty year loans are the most popular.

ADJUSTABLE RATE MORTGAGES
With an adjustable rate mortgage (much like a UK variable rate or Canadian 5 year or 7 year but not due and payable) there is usually a fixed interest rate for the start of the term (typically five or seven years), after which the rate is adjusted once every year (depending on the foreign national mortgage type) and fluctuates in line with independent published financial indexes.

SPECIAL CASE MORTGAGES
Certain foreign national borrowers – those who are coming from non- OLFAC restricted countries who do not want to proved income and asset documentation. There are low documentation loans available, often called Hard Money loans in the eleven to twelve percent interest rate range with forty percent down payment.

There is a foreign national mortgage structure for almost any situation, and once your mortgage broker understands your circumstances, we will be able to find a suitable mortgage to fit your situation.

MORTGAGES FOR RENTAL PROPERTIES

There are different types of mortgages available, and these vary depending on the use you plan for the property. There are different lending rules for mortgages on properties which are used as a primary residence, a second home or as an investment. Many times there are different and / or additional rules for Foreign residents.

For those seeking a foreign national mortgage, you must ensure that you are completely open about why you are buying a property in California in order to avoid any serious consequences.

For example, while you are researching the California market, you may see advertisements featuring loans of up to 80% of the property value which would increase your buying power with low owner occupied rates. However, typically these loans are only available on properties that are for your personal occupation as a primary or a secondary residence. These types of loans are not designed for and are specifically not offered on rental properties. Also certain properties such as condominiums may have pending lawsuits or low owner occupancy ratios and you may not discover this information until the last minute. Finding yourself at the final hour and closing on the property without a loan can be disastrous. Do you pull out of the deal and potentially lose the property and your deposit?

We work with many international, national, regional lenders and some Wall Street conduits and investment firms. Most US lenders do not offer foreign national mortgages or an international borrower program. Most of the big banks won’t touch them. Each lender may limit options in some way.

When working with a buyer interested in a Foreign National Mortgage Caroline Gerardo is motivated to find the loan that offers the best rate and quickest approval time. Because of this, we are not tied to any one bank and will work with many lenders to find a competitive rate and to guarantee loan approval. Our desire to find our clients the most suitable mortgage ensures a continued stream of referrals and solidifies our reputation as a top-notch foreign national mortgage resource.
We will coordinate with a US escrow/ attorney and
US notary for signing

Caroline Gerardo will act as your professional in a Real Estate Property transaction and Foreign National Mortgage Loan.
Refinance or Purchase no limit to number of properties
Rates change daily and are subject to your credit score, net income on taxes, type of property, property
use and other factors call for details

Caroline Gerardo NMLS #324982 (949) 637-8190 Newport Beach California

8/02/2013

Laguna Garden Charm

I'm posting eye candy. Garden ideas from my yard, and neighbors. Come over it is summer. I'll make you homemade lemonade with mint sprigs. I have six varieties of heirloom tomatoes going wild. I even have okra and peppers in my front yard.

Mortgage rates are up a tick but everything in Orange County seems to be rosy.

Tourism is up 31% in Laguna Beach.

I am certain it might be more. I haven't seen traffic backed up this far in ten years. On my drive home from my W J Bradley Mortgage Capital LLs office in Newport Beach the traffic stops at Crystal Cove to enter north Laguna Beach. I'm not complaining. I can sit in my car and watch pilot whales pass me.

When I get home in an hour I look forward to the unusually cool weather in the mid sixty degrees in the evening. Last night my daughter and I went to Laguna Beach Art Walk and the streets were jammed and lively.