Congrats! You Made It To Escrow! Now What?
Your offer has been accepted – congratulations! You’re ready to settle into your dream home and enjoy a glass of wine. The only thing standing between you and the keys to your new home is escrow, so now what? You’ve probably heard the term escrow (also referred to as closing) thrown around but didn’t quite understand what it meant. Escrow is something most people don’t fully understand until they experience it. In a nutshell, they are your neutral third party assisting to ensure the contract is executed correctly by all sides.
The Orange County Escrow Process Made Easy
Escrow protects all parties involved in the real estate transaction (including you)! Escrow is a third party service that holds a valuable asset (in this case – your “earnest” money) until the transaction between the seller and the buyer is complete. Once your offer is accepted, an escrow company is hired to implement the transaction in accordance with the terms of the sales agreement.
Does A Home Buyer or Seller Choose Escrow?
Not all Escrow companies are created equal and we always prefer to work with companies we know and trust. That said, it’s our advice to negotiate price over services. If you are a buyer, you may get the seller to accept your offer or your price if you let them choose the escrow company. In most Orange County and SoCal cases, the seller selects the escrow and title companies used for closing.
What Happens Next? How Do We Close Escrow?
It’s a series of steps in a specific order of operations. Your escrow, title, and lender will know it all and help guide you through. As your Realtor, it’s our job to make sure they are all doing theirs. Sometimes it feels like a circus and sometimes it feels like a symphony. Rather than writing you a book, here’s a fun graphic thanks to Finance Of America Mortgage to guide you through the main hurdles, contingencies and objections to overcome!
5 Tips To Make Your Escrow Process Run Smoothly
1. Let Your Lender Lead The Way!
You’ll need to sign loan disclosures before an appraisal can be ordered, so do everything your lender requests and do it promptly. This is the BEST way to have a smooth escrow.
2. Complete Documentation
The purchase agreement must be completed with signatures from all parties. The Escrow officer will send a package of paperwork, make sure to be on the lookout for this paperwork and complete it promptly. Signing documents online will help you stay organized.
3. Sign On Time
The purchasing of a home will require a significant amount of paperwork and legal documents. It is important that all of this paperwork is signed and in a timely manner to ensure that the sale may proceed without any delays. The escrow officer will take possession of these documents to ensure that all necessary paperwork has been completed, signed, and filed on time.
4. Communicate!
Check your email regularly! Your escrow officer will be reaching out to all parties involved frequently! Your escrow officer might need a signature sent over in a timely manner.
5. Halt Credit Utilization – You’re In A Financial Fishbowl
During the closing process, your financial history is being reviewed carefully and frequently. A change in your financial circumstances could implode the escrow process. You have made it this far based on your current financial standing – if changes occur lenders have the right the always make drastic changes.
Learn about what to avoid when closing on a mortgage here:
3 Ways To Mess Up Closing
If you are ready to get your escrow process stated, contact Angie Weeks at 949-338-7408!
Read Full Post | Make a Comment ( None so far )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 )Crypto, ADU’s, & Homeownership Day 2019 – Register Here!
Want to learn more about Real Estate?
Our annual Homeownership Day & OC Home Fair is right around the corner! We are hosting at Chapman University for the 7th year in a row on January 19th, 2019 from 10 AM – 1 PM!
Orange County Young Professionals Network, Chapman University, Orange County Realtors, and local nonprofits are putting this event together for YOU. Homeownership Day is completely FREE and taught by seasoned professionals who are passionate about helping others to change their lives through homeownership and work towards building their future.
Biggity BONUS:::::::Each attendee will be entered to win $1000:::::::courtesy of Orange County Realtors.
Homeownership Day is ‘choose your own adventure style’, where you attend only the sessions you’re interested in. This year offers twelve classes over three sessions – pick from four during each time slot! When you register online at OCHomeFair.com you are able to choose which class you want to be in during each time slot. Some of the highlighted classes this year include:
- Buying Your First Home
- Taking Advantage of ADU’s and Granny Flats
- Preparing for a Market Turn – How to Protect Your Family
- Investing to be an Automatic Millionaire
- Buying with Cryptocurrency – What you Need to Know
- Reverse Mortgages
- ++++ so many other great learning opportunities that will help you get ahead.
Learn Property Down Payment Hacks from the Best
Participating Nonprofits include NeighborWorksOC and Affordable Clearinghouse – offering a panel on grants, down-payment programs, and more called ‘Finding Funds to Buy Your Home’. If you are currently renting, these nonprofits are here to help YOU! Veterans Association of Real Estate Professionals (VAREP) will also be hosting a class for veterans to take advantage of their housing benefits. Furthermore, Women in the Housing & Real Estate Ecosystem (NAWRB), will be featuring chairwoman Desiree Patno as a speaker.
Buying A Home with Bitcoin?
Featured in Forbes, Entrepreneur, & Inc Magazine, cryptocurrency transaction expert Piper Moretti will teach ‘Buying with Cryptocurrency – What You Need to Know’. As crypto becomes the mainstream, it’s important to know what to expect and how to protect yourself from cyber-fraud.
Travel much? As the world continues to shrink, Spencer Hoo is a Certified International Property Specialist (CIPS) active in Orange County Young Professionals Network (OCYPN) and Asian Real Estate Association of America (AREAA). This year Spencer is teaching our “Safely Buying and Selling International Real Estate” session.
Tired of Renting?
Orange County Realtors 2019 President Matt Clements will educate on Hassle Free Homebuying, and past Orange County Young Professionals Network chair Angie Weeks (yours truly!) will teach on David Bach’s book concepts to become “The Automatic Millionaire Homeowner”. This information is absolutely essential to anyone who wants to grow their real estate empire safely.
OC Home Fair is for Everybody. Homeownership Matters.
Whether you’re trying to buy your first home, or someone who owns multiple homes but is trying to grow your portfolio or buy internationally, our classes have real life applications to help everyone learn how to establish and grow a residual income stream. There is absolutely no pitching, anything to buy, or programs to subscribe to– just solid information presented by experienced industry leaders.
To join the next generation of real estate, and to educate yourself on all there is to know about safely building wealth with property, and for a complete colloquium list, please register online at OCHomeFair.com or simply fill out the form below:
We’ll see you at Chapman University on January 19th!
In the meantime, Let’s be InstaFriends! Follow us at @AskAngieTeam & @OCHomeFair
You can stay in touch with all of your connections you’ll inevitably make at Homeownership Day at these by following these tags on IG & Twitter.
#OCHomeFair #HomeownershipDay
Read Full Post | Make a Comment ( None so far )Vow2Save featured in South County Magazine!
Our Vow2Save program launched
We’ve been working on our Vow2Save program for years now – perfecting and enhancing its qualities. We are very excited that it is now fully functioning and helping newlyweds everywhere. On Vow2Save’s website you can set up your own wedding website with the ability to crowd fund a down payment for your first home together. We know nowadays many couples are living together before marriage or living separate in rented apartments or homes. This means most couples already have kitchen supplies and towels that most couples register for on their wedding registry. Now, instead of getting gifts that you don’t really need or already have you can register for your own home! What better way to start off your marriage than a down payment all ready for you to purchase your own home.
Vow2Save in South County mag!
We were recently mentioned in South County magazine talking about our program and what all it entails. This is really exciting for us because its one of our first public mentions with our new program! The article in South County Magazine talks about how much debt most Americans are in and how many newlyweds start their marriage off with overwhelming debt due to buying a home. Thanks to Vow2Save they can get into a home without the debt taking over. It mentions how easy it is to set up your own site with templates, infographics and how-to emails. We work with Realtors all over the country so it isn’t secluded to just Orange County! We are so excited to work with newlyweds nationwide.
We are really excited to help brides to be start their wedding website and registry with Vow2Save – so if you or anyone you know is getting married soon and wanting to buy a home please send them over to us! Email info@vow2save.com or fill out the form below for more information!
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Owning vs Renting in OC
Are you struggling with the increase in rent here in OC?
Most people are having a hard time staying in one place with the increase in rent for current residents every year. The Orange County Register posted that Orange County rent is up $73 a month or 3.8 percent year over year in May of 2018. There is no rent control to help current residents stay closer to their going rate after living there year after year. We have been renters before and understand the struggle of paying so much every month for something that isn’t actually yours. In reality you could be paying around the same amount every month to own a home. Believe us, it feels a lot better to make that payment every month knowing that you own your home. It doesn’t look like the price of rent is going to decrease anytime here in Orange County so now is the time to get yourself your own home.
Benefits of Homeownership
There are so many more benefits to homeownership other than just having something of your own. Most people don’t realize how affordable owning a home really is, down payment options are as low as 3.5% currently. We often think about how expensive it is to own our home, but do we ever consider how expensive it is not too? Throwing all that money away on rent every month adds up to such a high price on something you don’t even get to keep. While owning a home you are building equity which helps you have a better plan for your future. You also save on your taxes if you’re a homeowner so really, owning a home makes you some money every year in equity and tax savings. You are no longer tied to a landlord who can raise your rent or change things on you at the end of any lease and your family has a stable home to live and grow in. However, we think the best part of homeownership is the pride you feel knowing you worked hard for something that is all your own.
Rent vs Own Analysis
To help you more visualize why owning is more beneficial than renting we created a rent vs owning analysis based on a rent of $2500 a month or buying our current home on the market 16555 Sell Circle . Let’s say you had a down payment of around $10,000 and got a loan for $515,000 for the rest of the payment, with a 4.875 interest rate. You pay HOA fees of $360 a month, but you also get a tax benefit from owning a home. This is the amount you’d be SAVING to own instead of renting! Many people think they can’t afford their own home, but they definitely can! We would love to help you put together one of these for your own situation to help you see the difference in your life if you were to buy a home!
If you are interested in seeing your rent vs own analysis or if you’re ready to find your home contact Angie at 949-338-7408!
Tis’ the Season – it’s now an even Market in Orange County
Finally a NORMAL market in OC
If you are have been considering buying, but were reluctant due to the market – the times have changed! For the first time in 7+ years, our market in Orange County is even. This makes it a great time to consider buying, especially because we never know how long it will last. For quite a while it has been a sellers market due to low inventory of houses. This left buyers frustrated due to not being able to find the home they had been dreaming of. Many people were putting multiple offers in on whatever homes were available even if it wasn’t their dream place, just to be turned down because of all the competition in the market. This Spring it quickly started to become a more balanced market where both sellers and buyers had the opportunity to be successful. The active inventory has more than double this year, which is the fastest the market has changed since 2008. This does not necessarily mean it is favoring buyers more than sellers now, but is much more favorable towards buyers than it had previously been which is a huge plus for Orange County and clients who have been wanting to buy for awhile.

Until this Spring, houses were flying off the market at higher than normal prices due to demand, now this is what is sitting on the market due to the change in demand.
Luxury homes are still in demand
Even though it is a much more balanced market at the moment, luxury homes are still being sought out for and there isn’t enough inventory for those luxury buyers. Anything over $1.25 million is needed in the market. Every year luxury demand goes down a little more. So all our luxury owners who are reading this – its your time to make the most money for your home, and possibly upgrade to something even more luxurious 😉
Importance of listening to your Realtor
You all know that we are always advising to find a good real estate agent and sticking with them and their advice, this has not changed. We think it is so important for both buyers and sellers to be properly represented in order to give them the most smooth home purchasing or selling experience. In a balanced market it is almost more important to really listen to your Realtor. We have become so accustomed to the market we have been stuck in that people have a hard to adjusting back to a normal market. In a more balanced market there is no room for error, which is when a Realtor really comes in handy. In a sellers market it is easier to stretch the price because buyers are desperate, but in an even market overpricing leads to failure. It is important to have a Realtor help you decide on upgrades and pricing. Careful and well thought pricing is crucial for the remainder of the year now that it is no longer a sellers market.
If you would like to subscribe to regular market reports, email us at successinweeks@gmail.com. If you are interested in selling or buying a home in the new balanced market, contact Angie at 949-338-7408 so she can help you with all your real estate needs.
Read Full Post | Make a Comment ( None so far )Homeownership and Divorce: What To Do About Your House
The evil D word, nobody wants it, but it happens to 50% or more of us. Orange County sky rockets the national divorce average from 50% to 72%. Did you know that divorces spike in August and January? As summer winds down, we thought it would be a good idea to give you some pointers on this super touchy subject.
Listing your home during a divorce
MANY of our listings are divorce sales, and we strive to provide solutions to better protect our clients. It’s a HARD time, and we want to make it as easy as we can when it comes to the most important asset. For this reason, I just earned my RCS-D designation with Professor Kelly Murray, who has degrees from Stanford & Harvard Law. Watch this video to find out some important tips to a successful resolution of the house during a dissolution:
Real Estate Collaborative Specialist – Divorce
Did you know that less than 50 Realtors in Orange County, CA have this prestigious designation? Did you know the standard in divorce when it comes to real estate is an appraisal and a mortgage statement?? That’s IT.
- NO inspection reports
- NO previous title search for liens or secret mortgages
- NO insurance search to confirm the property can be refinanced
- NO preapproval to make sure the home can *actually* be refinanced by one party or the other on their own
Property division is permanent, and not all divorce attorneys are stellar when it comes to real estate handlings. Things you sign in mediation are binding, and sometimes you feel rushed into these decisions. CONTACT US for a no obligation conversation on how you can protect yourself before you ever walk into court or mediation.
Hard Scenarios You MUST Consider During Divorce
Scenario 1: “Oh, just let them keep the house.”
Are you sure about that? One late payment can be 100 credit points! Do you care about your credit score? Ask yourself: Can you or your ex ACTUALLY qualify for the refinance?
- For example: Can you use your alimony or support payments, and if so, how soon? Many banks have a 6/36 rule. They want to see 6 months consistent income, and receive evidence that 36 months of income will continue before they will lend.
Scenario 2: “It’s ok, I’ll just go buy another house.”
ASK: If you allow your ex to keep the house, will YOU still qualify for with your name on the old mortgage? Can you start your next chapter?
- For example: In the eyes of a lender, both parties don’t have 50/50 responsibility on a loan……you each have to pay 100% if the other defaults. Does this ruin your chances of qualifying for a second home in your name? Make it a point to find out before you make a promise you can’t keep.
Scenario 3: “I lost my job / health & I can’t pay.”
Consider what might happen in a worst case scenario. Would you be able to carry two homes to save your credit? Or possibly be willing to sell in a down market?
- UNFORTUNATE FACT: Only 25-30% of individuals regain homeownership 7-10 years after foreclosure. Don’t let your divorce put you into this pool.
If you need help deciding what to do with your house during a divorce talk to the proper Divorce Professionals who can give you the protection, tools, and timeline to make your future a success. We have an entire team waiting to assist you, from moving out all clutter for free to pulling the necessary paperwork to know what you truly owe and own on your properties.
Please reach out to Angie via phone or text anytime at 949-338-7408. Always confidential, always caring, always at your service.
Read Full Post | Make a Comment ( None so far )Loan Advisor for your Southern California home
Need help with a loan for your home?
We value strong work relationships so much in our line of work. Successful home buying includes many different people and many different skills, and we couldn’t be as successful as we are without the help of our favorite referrals. When our clients are needing help with a loan to purchase their home or refinance on a loan they currently have, we frequently match them with Derek Beisner at RPM Mortgage.
Derek has an ‘advance approval’ program which basically makes buyers look as good as cash investors. This approval allows us to write out the loan contingency and close a loan in 21 days. In today’s tough market, this helps our buyer offers rise to the top of the pile!
Loan Advisor with RPM Mortgage
Derek Beisner has over 20 years of experience in the loan business. We have known each other through Orange County LeTip for almost fifteen years and he is the trusted mortgage lender in our group. He specializes in residential home purchases and refinance loans. His creative problem solving and forward thinking sets him apart from the rest. A key part of what he does for our clients and his own is a Custom Mortgage Analysis to determine the best loan option available that will suit their specific financial needs. This helps make sure each client has a loan that is going to work best with their lifestyle and financial situation. His expertise in the loan profession and his passion for serving clients, as well as, his determination to close on time will win you over (it sure did us)! Derek is one of our preferred Vow2Save lenders and he can loan in all states! Vow2Save is a very important program to us, allowing engaged couples to register for a down payment on their first home, so we only refer the best of the best to these couples.
Mortgage Done Right
Derek’s Mission Statement shows just how reliable and easy he is to work with. It also shows you how seriously he takes his profession and the passion that allows him to do it so efficiently.
Mission Statement
My goal is to provide my clients with an unbelievable experience from start to finish with the loan process. By developing a vehicle for them to achieve the goal for their loan or refinance in a friendly and stress free environment.
It is my desire to conduct my business with the highest level of integrity and respect for my clients and co-workers.
And it is important to me to honor God in all that I do.
If you’re looking for help on a new or existing loan and you’re not sure who to contact the AskAngie team highly recommends Derek. Contact him at dbeisner@rpm-mtg.com or 949-637-9939 and if you’re looking for the perfect home to use that loan on contact Angie at 949-338-7408.
Read Full Post | Make a Comment ( None so far )How to sell your home fast and for top dollar
Thinking of selling your home?
Are you thinking of selling your home but the process seems too overwhelming and hard? Maybe you have already decided to sell your home but aren’t sure about the process and how to get started. The AskAngie team has all of the answers for you in either situation. We know deciding to sell your home is not an easy decision and can be a very stressful time in your life. Most people want to sell it quickly in order to purchase the next place and everyone wants to get the most money they possibly can out of their home. We have all the tips to help you do just that.
Declutter and bring in the light
One tip we always recommend to our clients is to declutter before listing your home for sale. Having a lot of clutter around your home or on counter tops can really take away from the big picture of what you’re selling. Most buyers want to be able to come into your home and picture it as their own in order to decide whether or not they want to make an offer, seeing your items everywhere might make it hard for them to picture themselves and their family living there. We also suggest removing any dark drapes or window coverings to really brighten up the space and make it more approachable to a buyer. Bright areas and natural light catch buyers attention every time.

An example of a light and bright living room
Changing perspective
In order to get top dollar for your home you have to mix it up and change buyers perspective of what they are looking at. One way to do this is using drone photos for your online postings and MLS site. This allows possible buyers to see the area around your home including the neighborhood, parks, or schools nearby. It also provides a different look at the home itself. We also always suggest that our sellers invest in a stager for their home. Making it look its absolute best is a stagers job – and we have some really good ones! This will help you get top dollar because buyers are seeing it at its best.

Without this drone image you wouldn’t be able to see the AMAZING surroundings this home has. What a change in perspective 🙂
Knowing the market
We believe educating yourself via your Realtor about the current market before listing your home is a good way to prepare yourself for what is to come. Being prepared and knowing what you’re up against is a good idea for selling your home quickly. It is currently a sellers market here in the OC, and we are always looking for people wanting to sell their homes. There’s a lot of buyers looking but never enough houses for them to buy. Knowing this information before posting your home for sale can be very motivating and encouraging as you begin your journey with your house on the market.
Bring the whole package from day one!
We always bring our sellers perfect package to the MLS day one of its listing. In order to do this you need a good Realtor, good photos, and be completely ready to sell. If people have online searches saved they are only sent properties via email the day it’s added and if the price drops, because of this you want to have your pictures and postings perfected before it is listed on the MLS. We also provide a property website for each listings that you are able to share on social media and with any buyer who is interested in your property.
29 more home selling tips waiting for you!
These are just a few additional tips that we added on to share with you. but our team has created a report, 29 Essential Tips That Get Homes Sold Fast (And For Top Dollar). If this report is something you are interested in reading or you know someone who is thinking of selling their home and could use some tips just fill out the form below to have it emailed to you! If you need any additional advice or are looking for someone to help you sell your home quickly contact Angie at 949-338-7408!
Superior Home Safety Rankings in Orange County, CA
Local Orange County Cities are Among the Safest in the Nation
As real estate professionals, we’re always keeping an eye out for stories on home safety, since it’s consistently one of the biggest priorities for people who are shopping for a new home.
That’s why we were delighted to learn that many nearby Orange County cities are actually ranked among the safest across the United States, according to the latest Home Safety Rankings (HSR) released by local home services app SERVIZ.
SERVIZ created its Home Safety Rankings when the company’s founders realized that they were failing as many as 1 in 3 home contractors for criminal background checks (definitely statistics the company felt they needed to explore further). Concerned by these numbers, SERVIZ then researched and assembled its groundbreaking new Home Safety Rankings (HSR) Index for over 100 metropolitan areas across the U.S., which not only offer statistics on home safety and crime, but which also provide a detailed look at the safety habits and concerns of
residents city by city. SERVIZ’s HSR findings include useful safety tips and suggestions, and received the approval of the National Crime Prevention Council (NCPC) as well.
High Marks for Safety
Let’s look at how we did on a local level.
Out of 108 metro areas analyzed and ranked for home safety, several cities in the Orange County metro area ranked among the very top of the list, with high-ranking cities including Aliso Viejo, Laguna Niguel, and Mission Viejo, California!
Aliso Viejo residents can certainly celebrate, as the city was ranked the third safest overall, with a superb safety score of 79 out of 100 (with 100 being safest). Laguna Niguel also made the top 10, coming in at number 5, meanwhile, with a high 65 safety ranking—and both received A+ letter grade scores, too. Mission Viejo was number 9 in the top 10, meanwhile, with a safety
ranking of 61 and an A- rating. To give you an idea of just how good these numbers are, Los Angeles itself scored a C+ rating and a safety ranking of just 19, by comparison.
These statistics show that your chance of becoming a crime victim is just 1 in 126 in Aliso Viejo, 1 in 89 in Laguna Niguel, and 1 in 82 in Mission Viejo. These are impressive numbers when compared with L.A.’s 1 in 33 chance of becoming a crime victim!
The SERVIZ Home Safety Rankings (HSR) Index was achieved as a result of proprietary data collected over the last 5 years serving over 200 thousand customers, and 300 thousand home improvement jobs, and other publicly available sources. To view how California stacks up against other states, visit https://www.serviz.com/national-hsr-index.
Helping Homeowners Nationwide
Ultimately, SERVIZ isn’t just analyzing crime stats or helping homeowners nationwide focus on the big picture when it comes to home safety – the SERVIZ app is actually helping homeowners stay safer when booking home services right from their PCs or phones (booking a safe, highly rated, and fully vetted handyman in just a few mouse clicks). The company offers a safer, faster,
easier, and more transparent way to book and buy home services online. From handyman work to plumbing, carpet cleaning and appliance repair, SERVIZ provides highly rated, background-checked and licensed professionals at the click of a button, all backed by the SERVIZ Consumer Protection Plan.
To learn more about SERVIZ, visit http://www.serviz.com. You can also download the free
SERVIZ App on Google Play or iTunes for immediate use as well.
We also know many trustworthy local contractors if you still prefer a good old fashioned referral. Just text Angie at 949-338-7408.
Read Full Post | Make a Comment ( None so far )Hot Topic: FHA or Conventional Loan?
Wondering which home loan will be best for you? Here’s some helpful tips
Lots of buyers have been questioning which loan is best for them and their situation. Honestly, it does depend on just that – your situation. We have put together some information on both of these loan options to make it easier for you to decide what you think is best for yourself! Some of the biggest, but most simple differences between FHA and conventional loans are based on their guidelines and who can apply for them. FHA loans are government backed programs that require a minimum 3.5% down payment. These loans tend to be best for borrowers with lower credit than necessary to apply for a conventional loan.
Conventional loans are open-market and are geared for people with a higher credit score, typically near 700 or higher. Rates tend to be a bit lower, and in most cases no Mortgage Insurance is required.
FHA used to be a much more expensive option, but after FHA MIP reductions in 2015 it is now a real competitor. However, FHA can tend to be more strict in requirements than a conventional loan is.
What does an FHA Loan Require?
FHA loans require homes to have the following in good working order:
- stove
- heat
- functioning roof
- locking doors and windows
- non-lead based paint
If you are looking to buy a condo… it can only be in a FHA approved community. So if you are choosing FHA, you may have less home options available to you. FHA loans also require you to purchase mortgage insurance which protects the lenders from a loss. In January of 2015, the FHA reduced the annual mortgage insurance premium on a 30 year fixed rate from 1.35 % to 0.85% of the loan balance. This is leading to huge savings for many who want a condo but just don’t have the larger down payment.
Okay, so which home loan should you choose?
There isn’t one specific answer that fits everybody. It all depends on you, your needs and wants, and what you can afford to choose. If you plan on owning your home for 6-10 years and you don’t mind refinancing to cancel your mortgage insurance you might choose FHA. If you can put 5% down, you plan on keeping your home for 10-20 years and you don’t like the idea of paying mortgage insurance for thirty years you may choose conventional!
If you are looking into buying a home and need help finding one along with deciding which loan option is best for you – we can help! We work with a lot of amazing lender contacts locally here in Orange County that we would love to set you up with. We like to match-make our clients with lenders that we think will benefit them the most. Depending on your personality, wants/needs, and what kind of loan you are interested in all helps us decide which lender will be best for you! Fill out the form below or contact Angie at 949-338-7408 for more information 🙂
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Is it time to hire a property manager?
Thinking about hiring a property manager? Here’s some reasons why you might want to!
Are you having to move away but want to keep your current home and just don’t have the time to take care of it or deal with renting it out to someone else? Do you own multiple properties and don’t have the time to take care of one or more? Are you frustrated with trying to find a renter for your home but need to get it done? Any of these situations are when hiring a property manager comes in handy and really benefits you! Did you know AskAngie team is willing to be your property manager and take these tasks off your shoulders? Well we are, and we can’t wait to share how with you!
We can think of lots of people who would benefit from this process but here is a few on our list:
- Active military or veterans who are moving to a different location
- Seniors looking for additional income without hassles
- Busy executives who travel
- Active duty military who are deploying
- A landlord who needs some extra help
- Relocating for a job but know you want to move back to your home in sunny California someday
What will we do for you as your property manager?
Helping you take care of your home while someone else lives in it is something we are experienced and know how to do for you. We know dealing with this can be such a hassle, and we are ready to make it easier and smoother for you!
- We will do all the advertising for you that you will need in order to find you the perfect renter for your home! We will initiate, sign, and renew any leasing agreements as well as any terminations that may need to be done, so that you don’t have to worry about the paperwork.
- We always run credit reports and verify previous tenancy when looking at a potential renter. We also have access to run a complete background check if needed!
- We will handle getting any repairs or maintenance work that needs to be done, done for you! Living far away from your property or being busy with work can make it hard to be on top of repairs and maintenance your renter may want or need, but don’t worry – we’ve got it handled for you!
- We take care of issuing any notices like past due rent or notices to vacate.
- Contracts, expense payments, and security deposits is so much to worry about and make sure you get done, but once again we would do it all for you so there would be no worrying necessary!
Honestly, just kick your feet up and relax – we’ve got this!!
We take care of all the heavy lifting as well as being a professional shoulder to lean on while renting our your home. It really does take so much weight off your shoulders!
How much do Orange County Property Management Services cost?
I’m sure you’re wondering what cost all this work comes at, so here it is:
for a single family home, townhouse or condo we charge only $175 a month to take care of all of these things for you.
Multiple units would depend on the number of units that property had, but it usually ends up being about 5% of the total gross rents from that particular property.
What do you have to lose besides for some extra stress? If this feels like something you need to take advantage of, give us a call today at 949-338-7408! We look forward to hearing from you 🙂
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Mission Viejo Single Level Gem for sale
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