Equity Shares – Buying a Home Despite Student Debt
Student Debt Does Not Have to Prevent You From Owning a Home
There’s a lot of us out here now that are facing the consequences of hefty student loan debt. Investing in our education can sometimes feel like a losing battle but it is still important to invest in your future. Part of investing in your future is thinking of buying a home so that you aren’t piling on money every month for rent when you could be owning something instead. Many graduates don’t think they can ever own a home while paying on their student debt, but that isnt the case. There are a lot of things that Realtors can help you figure out when you are ready. One of the easiest solutions is for your parents to cosign the loan with you.
Equity Shares
If you’re a responsible student or graduate that has a job and wants to buy a home but have a hard time getting approved for a loan due to overwhelming student debt, you can have your parents or someone in your family cosign with you so that you are able to take out the loan. This equity share is just saying they are equally sharing the responsibility with you for your loan. You would make the payments, but their name has to be on the loan insuring lenders that if for some reason you couldn’t pay, your family would have your back in making that payment for you. This helps both of you out because you are building positive debt instead of throwing away money renting something you could own for less. Parents are able to build positive debt for themselves while also helping their children out who are making the payments anyways.
Setting Our Kids Up For Success
As parents we always want what is best for our children. We are always looking for ways to improve ourselves as parents so that our children grow up into the best versions of themselves. Many of us expect our kids to go off to college after high school and pursue a higher education for their future careers. However, we don’t always think about how much that is going to cost them not only financially, but also in time and future reliabilities. The average student loan debt for a four year degree in 2015 was $30,100 – that’s a lot of money! Knowing that information it makes it easier to understand why younger adults aren’t owning homes because they simply can’t get approved with that kind of debt racked up. This is where parents come in again, wanting what is best for our children and helping out wherever we can. Helping your kid with a down-payment on their first home is an amazing investment! If you aren’t able to help them with their down-payment to get them approved you can cosign a loan with them so that the lender feels more confident and lending them money to purchase their first home. They invested in their education, now it is our chance to invest in them and their future family’s home.
If this is something you think would work for your family and you want to see what else you can do to get approved or help your child get approved for their home text Angie at 949-338-7408! She plans on getting you in with a down payment source and herself to answer any questions or concerns you may have!
Read Full Post | Make a Comment ( None so far )INVITATION: Citrus College Home Fair
Interested in buying a home in Southern California but don’t know how? Would you like safe and solid info on Real Estate Investing or Market reports and trends? We’ve got you covered with free sessions at Citrus College on April 23rd.
The event will be held from 11am – 3pm with an hour lunch break. There are 3 different sessions, each with 4 classes to choose from ranging from flipping to first time buying. We feel honored to be asked to teach 2 classes – Investing and Market Report. Come join us and learn how to buy real estate! The first 100 registrations receive a free lunch on Citrus Real Estate Club – just sign up below.
Yes, sign me up for Citrus College’s Home Fair on April 23rd!
2016 OC Home Fair & Homeownership Day – You’re Invited!
Will you be able to move in 2016?
Thinking about making some real estate moves this year or next? Check out The OC Home Fair at Chapman University coming up on Jan 30th. The event is free and offers 5 sessions guided by experts (1/2 hour each) with various classes for all levels of real estate education.
Taking a Saturday every year to protect your biggest investment is a great success strategy. Just think of how much better your life would be if you maximized your real estate opportunities! This event is pitch-free and will teach you to do just that. Fill out the form below for a personalized session plan based off your individual real estate goals:
We look forward to seeing you at #HomeownershipDay & helping you achieve your OC real estate goals!
Questions??? Comment below or like our for more details Facebook page.
Read Full Post | Make a Comment ( None so far )Villagio in San Clemente – Homes for sale in San Clemente CA
Villagio community homes – condos with backyards!
Have you been looking for real estate in San Clemente and turning up empty? Check out the Villagio community! Villagio is located in Rancho San Clemente, and although they are technically condos, the entire community is detached! You’re getting a home for the price of a condo, so that makes Villagio one of the best priced communities in the entire city! Just 3 miles from the beaches of San Clemente, 1 mile from the Talega golf course, and 1 mile from shopping centers and high school, this centrally located community has it all. Many of the homes have ocean views, plus the community is quiet with very friendly neighbors.
Want to see a home in Villagio?
Check out this virtual video tour of our listing at 716 Via Otono:
Homes For Sale in San Clemente
As of the date of this post, there are only 7 detached homes in the entire city of San Clemente priced below 600K, and 716 Via Otono is one of them! Hurry!! This gorgeous 3 bedroom 3 bath house has a spacious backyard with a patio. Also includes 2 master bedrooms, a 4 car driveway. If you’d like to get more options for detached San Clemente homes we have 15 available between 600-700K. Also Want the list? Just tweet @WeeksTeam for one or email info@successinweeks.com. You can also schedule your own San Clemente property search at http://properties.askangie.com
Read Full Post | Make a Comment ( None so far )Southern California Home Ownership Day 2014 – OC Home Fair
Need help in Real Estate?
Want to buy a home, but don’t know where to start? Or are you trying to sell your home, and everything is going wrong? Have an interest in investing? Then you came to the right place. All your questions can be answered On March 29 2014 at the Southern California Home Ownership Day located at University Drive Orange, CA 92866 !! This event is a do not miss opportunity.
The Southern California Home Ownership Day
California Home Ownership Day is hosting. Some of the seminars include Buying after a Short Sale Foreclosure, Steps to Buy Your First Home, The Escrow Process, What to Expect With Your Home Inspection, and Ways to Reduce Your Electric Bill. Each class is taught by a well educated instructor.
Do you want to be an Automatic Millionaire Homeowner?
The Automatic Millionaire Homeowner seminar is a slow play way to become a millionaire in real estate. I am teaching this class, please click on this link (https://www.surveymonkey.com/s/ochomefairclass01). You can also enter to win a free raffle to win the book The Automatic Millionaire Homeowner by David Bach.
The best part of this event is that it’s FREE!! But you need to hurry and register a seat for the classes you would like to attend. Don’t know how? To learn more about this event visit http://www.OCHomeFair.com or Contact me at (949) 338-7408 or Tweet me @AngieWeeks
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Read Full Post | Make a Comment ( None so far )What’s in store for Orange County Real Estate in 2014?
What’s in store for 2-0-1-4?
Today we had the pleasure of attending a lunch & learn by The Real Estate Focus Group and Steven Thomas, one of Orange County’s best real estate forecasters. Steven’s reports have been published in Forbes, USA today, NY Times, and especially the OC Register because he’s constantly pulling tons of valuable data about what’s going on with the OC housing market.
2013 Real Estate Review
In 2013, short sale volume dropped by 61%, (holla:) we experienced a hot hot hot market with 18% appreciation and then the unrealistic sellers entered the market after June. We saw many more move up sellers, which is a great sign. There was a significant lack of inventory at the beginning of the year, followed by a spike and overpriced inventory in the fall. We also had a refinance bonanza, so hopefully you took advantage of that! Interest rates are still historically low, but tapering is looming, so 2014 is a year to get your financing while financing is still good.
2014 Real Estate Ramp Up
We currently have 5000 homes on the Orange County market, and we have a 49% increase in inventory since this time last year. Our market is healthy because interest rates are still low (but expected to go up), and we are currently at 90% equity (standard) sales.
Only 5% of the mortgaged homes in Orange County are currently underwater. That means 95% of you are back to even or have (gasp!) equity – FABULOUS NEWS – and this makes the perfect formula for a continued move up market. If you’d like to get the house with the yard or the pool, this year is opportunity time for you.
First time buyers who have been squeezed out of the market the last 12 months will come back, even though their rates are a little higher and FHA guidelines have changed. In addition, more luxury buyers are expected to enter the market this year.
Sellers, our expected time for a properly priced home on the market in Orange County is 93 days. Our median sales price is 610K, and buyers, your monthly payment for a 4.5% loan at this price is approximately $2500. Still affordable. Unless you like paying off your landlord’s mortgage instead.
New home construction is going up: Rancho Mission Viejo, Great Park Irvine, and Baker’s Ranch in Foothill Ranch are all big developments underway. Remember it’s still a good idea to have a Realtor represent you even in a new build situation, so be sure to call us if you would like to check out any of the inventory out there.
Some concerns for 2014….. uncertainty, lack of fair market value homes, interest rates, and the circus in Washington DC.
Some expectations for 2014…… buyers will insist on fair market value vs. paying over appraisal, active inventory will continue to rise, interest rates will continue to rise, and we should have a mild appreciation of 0-5%.
If you are interested in MORE geeky data, we have it at our fingertips! Just email angie@askangie.com, tweet @angieweeks or @weeksteam, or call 877-230-3211 to request a copy of this month’s Orange County housing report.
Read Full Post | Make a Comment ( None so far )First Time Buyer Fears – 5 Reasons Renters Hesitate to Buy a Home
As first time buyer specialists, we’re constantly helping buyers address their fears about purchasing real estate. Some are very valid, while others are simply fear of the unknown. If you know someone going through pre-homebuying drama , please share this post with them, so they know they’re not alone, and understand how to overcome! 🙂
1. Fear of getting rejected.
There are WAY too many renters missing out on today’s buyer’s market simply because they are afraid to get qualified. They’re afraid that one bill they forgot to pay 5 years ago or those charged off accounts from college will keep them from buying a home forever. This is NOT true!! Everyone has dings on their credit, it does not mean you’ll be excluded from buying a home. At least talk to a lender and see what steps you need to take next to get qualified. Interest rates are ROCK BOTTOM right now, you owe it to yourself to try 🙂
2. Fear of losing good faith deposit.
A typical California ‘Good faith’ deposit (GFD) is 3% of the purchase price. Buyers write a ‘Good faith’ check and submit it with their offer, and if their offer is selected, the check is cashed and the escrow process begins. We’ve seen lots of buyers hesitate to write this check because they believe once the check clears, they MUST buy that property. In California, this is FAR from the truth. Your GFD is simply funds you as the buyer put forward to show your commitment to the property as you do your due diligence. During this due diligence contingency period, you can decide against the property and have your deposit returned for any reason, so don’t lose a great property because you are in fear of making a deposit!
3. Fear of overpaying.
Even though today’s buyers know the market better than ever with access to the MLS via internet and home value apps everywhere, buyers are still afraid to make a move in fear they will have ‘overpaid’ for a property they fell in love with, and be stuck underwater for years and years. (Sound like any renters you know??) Nothing could be further from the truth. Unless you are paying CASH for a property, it’s impossible for you to overpay, because there are systems of checks and balances in place to ensure this does not happen. During your ‘due diligence’ period, your lender is also doing their due diligence to make sure this is a solid property to loan you money on. The lender will send out an appraiser, and the appraiser’s sole job is to confirm the property is worth the price you offered on it. So rest easy knowing the bank will never loan you more money than the property is worth, even if you wanted to overpay. Plus, having an experienced buyers agent as your Realtor will also help you avoid overpaying, so you’re double covered 🙂
4. Fear of choosing a lemon.
We’ve all seen “The Money Pit” with Tom Hanks….YIKES! There are a lot of people out there who believe sellers will lie, cheat and steal to get their property sold. (and sometimes they may try to!) Fortunately for today’s homebuyers, a property inspection is conducted to ensure the home you love is not a lemon. There are quality home inspectors all over Orange County and they will inspect your property while its in escrow to make sure all the electrical, plumbing, appliances and structure is in working order. After a buyer’s inspection is complete, it is also typical to submit a ‘request for repairs’ to the seller with a list of items you would like addressed before moving into the property. Every property will have its problems, but buyers will always go into the situation with eyes wide open as long as they get a a property inspection with a quality inspector.
5. Fear of overextending.
Another completely valid buyer fear is over extension. “What if I bite off more than I can chew”? “What if I get laid off”? “What if I need to move”? These are all GOOD things to consider, but, they are not reasons why you should rent in fear the rest of your life. Actually, if you rent until you retire, you’re going to have a lot of reasons to worry how you’ll keep the roof over your head. Ideally, you’ll purchase a property, pay down the mortgage, and live in your paid off property after retirement 😉 In order to safeguard your investment, its a really good idea to have 3-6 months worth of reserves in the bank in case you do lose your job or need to move and find a renter for your property. Talk to your financial advisor about how much you should have in reserves so you don’t overextend and have to eat ramen noodles for the rest of your life. Its bad for your health.
What makes you hesitate to buy a home? If you’ve already bought your first property, do you remember your biggest fear when you took the plunge the first time? Please share by commenting below or tweeting @weeksteam or @angieweeks – we’d love to hear your story!!
Read Full Post | Make a Comment ( None so far )First Time Homebuyers Have a New Reason to Rejoice
As if there weren’t a bonanza of incentives already available to first time homebuyers, newbies have yet another excellent reason to purchase a house. Called Homepath, this very generous program currently enables Fannie Mae to offer buyers up to 3.5% in closing cost assistance through October 31, 2011. In addition, a $1,200 selling agent bonus is available to agents who close on an owner occupant property and meet all eligibility requirements and terms and conditions. 
Remember, Homepath is available only for Fannie Mae properties and to first time buyers. If you and your chosen property qualify, the program offers you a fantastic way to get some amazing benefits. Possibilities include getting your closing costs paid or changing a prohibitively costly condo into an affordable dream home.
If you’re interested in Homepath, here are some of the conditions you should be aware of.
- Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer.
- Initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
- Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)
If you’d like to learn more about Homepath, I’ll be delighted to help. Just call, tweet, or email me at 949.338.7408, @AngieWeeks, @WeeksTeam, or angie@askangie.com. I’m ready to assist you in any way I can.
Read Full Post | Make a Comment ( None so far )Owning Laguna Hills Real Estate May Take Some Creativity
“As Orange County realtors with specialization in Laguna properties, the Weeks team has been successful at helping folks just like yourself actualize your dreams and own a piece of Laguna Hills real estate. It is always recommended that you consult a financial advisor when it comes to a large purchase, but don’t be surprised if you find out that you may qualify as a candidate to own Laguna Hills real estate!” – “Laguna Hills Real Estate – Creative and Savvy Ways to Own”, OC METRO.
Though many people don’t see themselves as potential homeowners, most people with somewhat decent credit just need to think outside the box a little to get into a home. Whether its sharing payments with roommates, using another property as leverge, or having a family member co-sign, it may take creativity to get that Laguna Hills real estate you’ve always wanted. Find out what some creaive homeowners did to afford their Laguna Hills real estate!
Click here to read the full article, entitled, “Laguna Hills Real Estate – Creative and Savvy Ways to Own”.
Read Full Post | Make a Comment ( None so far )
Orange County Real Estate Success 