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Superbhomeloans' Blog

By Superbhomeloans | Broker in Sacramento, CA
  • Why Mortgage Applications are going down?

    Posted Under: Financing in California  |  September 15, 2013 11:21 PM  |  182 views  |  No comments
    Number of Mortgage applications is going down since May of 2013. And the reason is increase in mortgage rates. In January 2013 we saw the record level low rates which made people refinance to lower their monthly payments. But now rates have gone up and number of people applying for refinance down.
    Housing has been a bright spot in the U.S. recovery, with prices rising steadily since early 2012. Economists, however, expect the pace of the price gains to slow down for the remainder of this year and in 2014
    Nevertheless, rates remain low by historical standards and most economists do not expect the higher costs to halt the recovery altogether. In fact, in the short-term, it could motivate potential buyers to act before rates rise even more
    But real estate values are going up and it is one of the biggest reasons to buy real estate as a primary home or for an investment. Hopefully increasing real estate rates will bring customers in to get refinance to get cash out or buy new properties.

    Apply now: mortgage lender
  • Foreclosures in California

    Posted Under: Financing in Sacramento  |  August 29, 2013 11:33 PM  |  231 views  |  No comments
    Many people today buy a home by borrowing part of the purchase price usually from a bank or a mortgage company. 
    California has a huge list of foreclosed homes at unbelievable prices and there are nearly 5,000 active foreclosure listings waiting for potential buyers. In July, 2013, California foreclosure sales went up by 14 percent. Single-family homes and condo sales gained 12.1 percent from June with a rise of 12.9 percent in the past 12 months. The amount of California houses and condos starting the foreclosure process dropped to its lowest in more than seven years. 
    The new California Law Helps Homeowners in Foreclosure. According to the new law, if you request a loan modification within a certain period of time, your lender must temporarily stop foreclosure proceedings while it considers your application. This means if you are trying to modify your home loan, then the foreclosure process is placed on hold until the loan modification application is reviewed. 
    Some homeowners have a hard time figuring out who owns the legal right to their home but the mortgage lenders and banks are able to process all the paper work. 
    With the rising California home prices,  the homeowners who owe more than what their homes are worth are eligible to refinance or sell their homes.
  • Sacramento Real Estate Market

    Posted Under: Financing in Sacramento  |  August 29, 2013 11:32 PM  |  240 views  |  No comments
    With the sudden big boom caused in the Sacramento real estate market, the prices of the properties seem to be on a high rise in the county and the nearby localities in the state of California. The sudden shift of paradigm where people were thinking that the prices would fall low has suddenly been upturned. Instead of going steep, the prices at the Sacramento real estate market have rocketed up in quite a short span of time. Being the head of the commercial, economical and political seat of California, the prices in the real estate market have taken a toll on the common man's pocket.
    This region has seen and undergone a spree of construction works, with high rising office buildings coming up to accommodate the ever growing financial and real estate businesses. These sectors are the ones that in turn fuel the housing sector. Even the numbers of houses that have been built in the last decade have overcome the recent statistics by a whooping margin. The price rise in the Sacramento real estate market can be contributed to this.
    Even though the prices continue to rise, the market has not seen a downfall in the number of buyers. More than 4000 houses have been purchased recently, which have been the highest sales recorded after March of 2006. The shortage of homes in the recent years has being considered a major reason for the increase in the rates, which have almost doubled in the last few years. The competition for acquiring the available homes has led to the buyer's to spend more money and benefitting the sellers in return. This has eventually led to the Sacramento real estate market showing a terrific growth in its counts. The increase has been tremendous in certain counties, with the range of houses sold varying from 21% at some places to 42% in some regions.
    The housing boom ended in 2006, coming to a downfall leaving many of the buildings built during that phase vacant. This downfall was so tremendous that the prices for these half vacant buildings and empty offices came rolling down. However, the upturn now has left people looking for more and more spaces and the vacuum is being filed slowly and steadily. Even then, little did anyone expect that the once broken down Sacramento real estate market would make such a comeback, and that too in such a short duration. 
    The way the Sacramento real estate market has pulled off after the adverse market times is indeed a valid benchmark, with the sales figures and statistic counts reaching positions which had been untouched during the last real estate boom. The market still shows positive signs of growth, thus ensuring the position of the Sacramento real estate market as a strong contender in the race of the giants in the state and the nearby counties.
  • Rent or own a house

    Posted Under: Financing in Sacramento  |  August 29, 2013 11:31 PM  |  244 views  |  No comments
    In the ever toughening times of today, it has become very difficult for a common man to fulfil his basic needs jointly termed as 'food, clothes and dessert'. Even in certain conditions, it is much easier to procure the first two of the basic necessities, through the medium of 'Beg, Borrow or Steal'. However, to procure a shelter is one of the most challenging tasks faced in today's times.  The biggest hurdle which everyone faces at some point or other in their lives is "To rent or to own a house which they can call their own, a house which provides them with shelter and also getting a sense of warmth after a busy day from their hectic lives. With the increasing economic hindrances that we come across in our day to day lives, the increase in the real estate market has been the ugly monster which eats away many-a-dreams of the 'American people' who have a house of their own. 
    The upsurge of the economical imbalance has created a huge upheaval in the market, making it impossible for a man to survive. People wear out themselves working and trying to make ends meet for themselves and their families. In such a condition, it has actually become a straining task to rent or own a house with the prices rocketing up at breakneck speeds. Apart from those who have acquired ancestral houses and properties which have automatically given them the access of a so called 'well to do' life, the man who has to toil and struggle all on his own to make a living, is surely bound to suffer every bit in trying to make his dream of owning a house come true. 
    Prices in the real estate sector are being seen growing at sky-scraping rates. Statistics of recent times have shown tremendous growth in the cost of plots and buildings. Recent studies have revealed that real estate market has grown as high as 100% to 300% in the last two years. In such a sorry plight of affairs, the new generation that has just stepped in the market out of their schools, still holding onto their graduation hats, shall face a tough task, if not backed up by their daddy dearest's bank balance.
    Even in smaller cities and towns, the condition has become such that the people find it better to rent a house, better off by paying monthly amounts rather than fishing out a huge sum of their pockets which gives them no more than a nutshell in the name of a house. 

    So, keeping in mind these all things, in today's time, dreaming to rent or own a house in order to give yourself and your family a peaceful happy life, has become one of the worst nightmares which haunts the common man day in and day out!
  • Did you know that you can buy a Home with One Month of Rent and a Month of Deposit?

    Posted Under: Financing in Sacramento  |  August 2, 2013 11:22 PM  |  283 views  |  No comments
    There is no perfect answer to the question of when and how to buy a home, and if at all. There are many factors that come into play, including the state of the real estate market, the buyer's financial capacity and future plans among other things. Most important of all is the planned usage, which varies from a primary residence to a vacation home or just as an investment.
    Buyers who are constrained by a budget and their credit score may not have too many options such as the property size, location and other details. The real estate crash of 2007-08 has made it almost impossible to get subprime mortgages quickly and easily. However, it is still possible to buy a home instead of renting one with just a month's rent and deposit.
    Renters may have no financial headaches or maintenance issues to deal with, but they also end up with zero assets when they leave the home. On the other hand, being the owner of a property offers all kinds of financial security and earnings. To begin with, mortgage payments are tax-deductible, while paying monthly rent offers no such benefits. 
    Secondly, a wise real estate investment can be leveraged into significant gains. This may be in the form of capital gains associated with appreciation in the value of the property. It can also become a rental income, or savings accrued from not having to pay rent once the mortgage is cleared. There are many such benefits to being a home owner, but the key question still remains - are you capable of buying a home in the first place?
    If you have a credit history that's not very impressive, the best way to find out is to apply for a mortgage with a subprime lender. Unfortunately, most of them do not publicly advertise their services any more. The only way to find them is to go to a traditional lender and enquire about a subprime loan even if the lender does not offer it. As a customer they will direct you to an affiliated subprime specialist.
    If the subprime lender also rejects your application, try applying through a state or federal program. There are many schemes available to help people buy homes. The government provides a guarantee, which reduces the risk for the lender, allowing ineligible buyers to get a loan with little or no down payment and easy repayment options.
  • Getting Mortgage is Not Easy But It Is Not Impossible As Well

    Posted Under: Financing in California  |  August 2, 2013 11:21 PM  |  271 views  |  No comments
    "Shopping for a mortgage is the original footfall against owning a home and conceivably daunting a lot, abnormally if you are not prepared(Broderick Perkins)".
    Educating yourself is a bigger choice. Mortgage advice source are inclusive as the bulk of mortgages available. Web sites, contemporary bi-weekly articles, mortgage books, customer seminars and workshops, banking planners, absolute acreage agents, mortgage brokers and lenders are all accessible to abetment you all the way. First and foremost, you need to accept to actuate how your mortgage transaction will fit your accepted annual income and to some extent how you are going to approach the obligations 15 to 30 years down the road from today. If you ascertain to back off that you cannot followyour mortgage payment, then remember that you will not alone face the achievability of accident but everyone around you will also pay the consequences.
    Examine your affairs
    If you can afford to buy a home, accept to actuate how abundant mortgage you can afford, then the lenders are apt to put your accommodation appliance in the best ablaze and authorize you for as abundant as they are accommodating to lend. It is up to you to yield banal of your assets and expenses; both accepted and projected, to actuate what you can calmly administer every month. Forth with your mortgage payment, do not overlook accompanying insurance, taxes, homeowner affiliation ante and any added costs formed into the mortgage payment.
    Shopping for a loan
    When you are accessible to boutique for an accommodation, you accept two basal types of mortgage food to boutique -- absolute lenders and mortgage brokers. Direct lenders accept money to lend. They accomplish the final accommodation on your application. Brokers can boutique abounding lenders for anniversary lender's abundance of loans. If you accept appropriate costs needs and can't acquisition a lender to clothing them, an accomplished agent may be able to ascertain out the accommodation you need. Mortgage brokers, however, are paid with an allotment of the bulk you borrow, some added than others, and some less. Internet brokers today conceivably accept the aboriginal cut, sometimes none at all, and can prove to be an absolute bargain.
    Apply for a loan
    The appliance action is the simple allotment -- provided you've aggregated abstracts all-important to prove claims you accomplish on the application. The appliance will ask for advice about your job tenure, application stability, income, your assets (property, cars, bank accounts and investments) and your liabilities (auto loans, chapter loans, mortgages, credit-card debt, domiciliary costs and others). The lender will run an acclaim analysis on you to yield an attending at your acclaim status, and you will have to accept accumulation added affidavit including pay check stubs, coffer annual statements, tax returns, investment balance reports, rental agreements, annulment decrees, affidavit of insurance and added documentation. If the lender deems you creditworthy, it will accept and appoint an appraisement to accomplish abiding the bulk of the home you are about to buy which will absolutely account your accommodation amount.
  • 4 Basic Fundamental Steps for Home Buyer

    Posted Under: Financing in California  |  July 29, 2013 3:10 AM  |  279 views  |  No comments
    Everyone has a dream of purchasing their dream home. If you can accomplish this goal, it feels as if you have defeated amongst the hardest feats in life. After all, houses aren't cheap but the home-buying approach should not be complicated either. Many people get very excited when purchasing their first home. 
    Below are a few simple steps to make first-time home buying less complicated.
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