Cory Lerner

The cost of insurance has come down quite a bit. A standard policy would cost around $1000 for a $500,000 dwelling coverage. Deductible can be 10 or 15%. The enhanced policy covers more belongings and is in the $1500 range. Although having a 10% or 15% deductible seems high, it's not that bad -dwelling only, not the total value of the property. It's also a good idea if you are carrying lots of equity in your property - you want to protect that investment.

Seems like it is not a bad thing to have given the likelihood of another big one. I have it. - Fri Jun 1 2007, 14:59

Yes, - tornadoes have actually touched down in California. Usually they happen in the inland valley area, away from the coast. Conditions are more optimal. You can actually often see little dust devils when you drive on Hwy 5. They are not as common as in the midwest, however. - Fri Jun 1 2007, 14:26

I agree with much of California Mortgage Broker's response. The reputation of the company should be foremost, as well as how long that loan originator has been with that company. Companies who are on the up-and-up will not risk their reputation with an unethical loan officer.
That being said, references that a loan officer gives may be cherry-picked (usually are) and may be "vanilla" transactions that did not require any underhanded treatment. Likewise, I've heard of lenders who collaborate with unethical real estate agents, so that one is sketchy, too, unless the agent has a strong reputation.

Here's a novel idea - also ask for a contact at a couple of the lending institutions to whom that loan originator sends loans. They ought to know if they submit fishy loan apps.

Unfortunately, there are no good, easy answers. Due diligence on the part of the borrower is still the best approach.

I'm sure Mr. California Mortgage Broker has the same horror stories to tell - someone went to a cousin, friend, friend of a friend, someone that they trusted to watch out for their best interests, only to be taken for a ride. - Tue May 22 2007, 10:34

It depends- not to be vague about it. Some public high schools (limit focus a bit) are excellent and have as high or even higher a rate of placement per capita into top colleges as private schools. Given that private schools can cost thousands or tens of thousands a year in tuition, it pays dividends to look into top public schools first. The Orinda school system (part of the Acalanes School district) is consistently rated one of the top in the state, based on STAR exams, college placement, percentage of students going on to college, parent participation and almost every other criteria you could consider. Not many private schools come close to that, for example. - Wed May 16 2007, 15:55