Tag Archives: bank

FICO Scores and Mortgage Interest Rates

by

If you want to take advantage of today’s low interest rates, you must qualify for your rates with attractive credit scores. High credit scores are earned through on-time credit payments, carefully managing debt, and keeping accounts in good standing, among other means.

Back in the 1980s, The Fair Isaac Company developed software that issues credit scores, a number that indicates your level of creditworthiness based on data gathered from creditors, landlords, tax bases, student loan lenders, and child support agencies, savings institutions, lack of credit and much more.

All three credit-reporting bureaus, Experian, TransUnion and Equifax use the software to determine your credit “FICO” score. It’s possible to have three different credit scores because the credit bureaus either have inconsistent data about you or they weigh your data a little differently.

Credit scores are a major short-hand tool bankers use to manage risk. They want to learn how much credit you use and how wisely, your debt-to-income, and if you have any defaults, liens, bankruptcies, judgments, etc. They look at your monthly obligations such as child support or alimony.

According to MyFICO.com, FICO scores range from 300 to 850, the higher the better.

  • Payment History — 35%
  • Total Amounts Owed — 30%
  • Length of Credit History — 15%
  • New Credit — 10%
  • Type of Credit in Use — 10%

When you apply for a mortgage, the bank uses your social security number to look up your credit reports and scores. They base their decision to lend to you, plus how much interest they charge you, on your scores.

The best loan rates go to the borrowers with the best credit histories. As you can see from the FICO break-down, that most banks will be most interested in how much you owe and whether you pay on time.

You can get a loan with lower scores, but expect banks to require more money down, and to lower the amount they’ll loan you on a home so you can keep your debt-to-income ratio lower. And, they’ll charge you higher interest rates.

Rates that are advertised are typically for a benchmark 30-year, fixed-rate mortgage. These low-appearing rates are given to only the most credit-worthy homebuyers. What that means is that the rate is only available to those whose credit scores are high. High scores indicate high levels of responsibility, making the borrower a better candidate for a loan.

So if you want the best interest rate, take good care of your credit.

courtesy of:  http://realtytimes.com/consumeradvice/mortgageadvice1

 

Watch Your Wi-Fi

by
Have you ever used free Wi-Fi at an airport, hotel, or local coffee shop? In some cases, it may be better to stay away from free Wi-Fi and use your wireless network instead, because scammers can access your personal information and steal your identity with these three hacks:

MAN-IN-THE-MIDDLE
The hacker positions himself between you and your Wi-Fi connection point. So instead of talking directly with the hotspot, you’re sending your information to the hacker, who then sends and receives data impersonating you. Every piece of information you’re sending out on the Internet are all under the control of the hacker.

EVIL TWIN
A hacker sets up a Wi-Fi access point with the same name as a legitimate network you have connected to previously and compels your computer or phone to connect to it automatically without your consent.

WAR DRIVING
Using a laptop, smartphone or tablet, “war drivers” use commonly available software to troll neighborhoods to find open or poorly protected Wi-Fi networks. Using these tactics, scammers can access your personal and financial information and use it to steal your assets and your identity.

Ways to Protect Yourself
To protect yourself, here are four things to NEVER do when using public Wi-Fi:

  1. Don’t fall for a fake: Con artists often set up unsecure networks with names similar to a legitimate coffee shop, hotel or other free Wi-Fi network.
  2. Mind your business: Don’t access your email, online bank or credit card accounts using public Wi-Fi.
  3. Watch your settings: Don’t let your mobile device automatically connect to nearby Wi-Fi.
  4. Stick to your cell: Don’t surf using an unknown public network if the website requires sensitive information – like online shopping. Your cell phone network is safer.

courtesy of:  aarp.org/watchyourwifi.

8 Steps To Take Before Buying Your First Home

by

A home will likely be the biggest purchase a person ever makes — along with being the most daunting purchase.

But the good news is most of the problems homebuyers face have a quick solution, if completed before trying to get a mortgage.

In a recent interview, Katie Miller, vice president of mortgage lending with Navy Federal Credit Union, encouraged potential homebuyers to have the conversation with a loan officer about what they can work out.

To help overcome the imitating homebuying process, the Independent Community Bankers of America offered the following eight suggestions for perspective first-time homebuyers.

Follow this and the entire homebuying process will go much smoother:

  1. Discuss your finances with your bank before you begin looking for a home. It is important to stay within your means when purchasing a house.
  2. Gather and organize paperwork and documents. Items you should have readily available include paycheck stubs, W2 forms, tax returns and bank and investment statements for the last two years.
  3. Know your monthly income and budget, including how much you spend on rent, utilities, entertainment, clothing, food and transportation.
  4. Check your credit report so you are aware of what your current credit score is before applying for a loan. Credit reporting agencies must give you one free report annually.
  5. Maxing out credit cards or falling behind on other loan payments could create issues when applying for a mortgage. Keep tabs on your spending habits before applying for a mortgage. Once you apply for a mortgage, don’t take on more big debt until it closes.
  6. Work with your banker to figure out how much you can borrow and which mortgage product is right for you. “Your local community banker can explain available mortgage options- including rate adjustments, fees and other loan features – so you are prepared for the loan closing and not surprised down the road,” the ICBA states.
  7. Learn what current mortgage rates are. Bankers are there to help you understand how that translates into monthly mortgage payments.
  8. Check with your state, city and county government agencies for special first-time-homebuyer loan or grant programs available to assist with down payment and closing costs.

READ MORE —>  http://www.housingwire.com/articles/

Relaxed Mortgage Regs Could Free Up Credit

by

Banking regulators voted Tuesday to relax mortgage rules meant to prevent risky lending practices like those that helped spur the economic crisis while also expanding access to credit for homebuyers.

The Federal Deposit Insurance Corp. (FDIC) became the first of a half-dozen agencies to approve a final qualified residential mortgage (QRM) rule required by the 2010 Wall Street reform law.

The long-awaited regulations generally require lenders to keep at least 5 percent of the risk associated with loans on their books, thereby keeping their “skin in the game” in the event of default.

“The finalization of the rule should go a long way toward providing clarity to the markets and facilitating access to credit on sustainable terms,” FDIC Chairman Martin Gruenberg said.

The Federal Reserve and other regulators are expected to wrap up their work Wednesday on the rule, which stands as a victory for industry groups that balked at more stringent requirements floated in the wake of the economic crisis.

The final regulation, for instance, does not include steep down payment standards that were a part the initial draft and would have required borrowers to put up as much as 20 percent of the price of their home to qualify.

That provision, along with restrictive debt-to-income ratio and credit history requirements, sparked a torrent of comments from industry groups.

Ultimately, the final rule was drafted to hew closely to the related Consumer Financial Protection Bureau’s (CFPB) qualified mortgage (QM) regulations enacted in January to ensure borrowers have the ability repay their home loans.

Business groups heralded the regulations as providing a uniform set of standards that would help reduce regulatory burden by lowering compliance costs and, consequently, the cost of credit to consumers.

read more —> http://thehill.com/regulation/221383-relaxed-mortgage-regs-could-free-up-credit-for-homebuyers

Bernanke Gets Turned Down For A Refinance Loan?

by

Why was the former head of the Federal Reserve turned down? He now has irregular income with no pay stubs and does not have a job. This does not meet Qualified Mortgage Standards, and FICO Scores do not consider the amount of your assets. Sorry Ben, join the rest of us 1099’s or Schedule C’s.

Did he want a No-Docs Interest Only, etc. loan? No, he wanted to refinance his $672,000 home loan with a 4.25% loan on his house currently valued at $968,486.

Will he be able to refinance? Sure, he has to check with other lenders. The key word is “Portfolio.” He wants to find a lender who will make the loan and hold it and not sell it in the secondary market. On these loans held at the bank, the bank can make their own rules as long as the party has the ability to repay.

He might also tell the lender that he now commands $250,000 per lecture, and his schedule is growing.  Ben, schedule a few more seminars and pay off the loan! In the future you can always get a Reverse Mortgage. Need one, call me @ 949-457-8930.

In a recent article Jeff Lazerson, student of Duane Gomer Seminars and columnist for the Orange County Register, was quoted. “I don’t know the dollar amount in his accounts but using that as income has turned into a lot of funding for us.”  Many banks will make these asset-based loans including Bank of California, City National, First Republic, Union, JPMorgan, HSBC, and many others.  So, takeaway:  Self-employed, rich people and others must remember the magic word, “Portfolio.”

courtesy of:  Duane Gomer Seminars Newsletter

Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers

by

The Bank of Mom and Dad is playing a growing role as lender of last resort for a housing recovery struggling to provide more traction for the U.S. economy.

Last year, 27 percent of those purchasing a home for the first time received a cash gift from relatives or friends to come up with a down payment, according to data from the National Association of Realtors. That’s up from 24 percent in 2012 and matches the highest share since the group began keeping records in 2009.

Those numbers will probably keep growing this year as younger Americans remain constrained by student debt, tough entry into the job market and stricter mortgage-lending rules that require more cash up front. At the same time, rising stock and property values give their baby boomer parents the ability to assist those wanting to lock in near record-low borrowing costs …. read more —> 

courtesy of:  http://www.bloomberg.com/news/

6 Things Homebuyers Should Avoid Doing Once They Are Preapproved for a Mortgage

by

You have done the hard part in the homebuying process and chosen a lender and a real estate agent to work with. You have also gone out and found the home of your dreams! Best of all, your team has done a great job of negotiating the best deal for you.

Now, as a buyer, all you have to do is sit back and wait for your loan to close … right? Wrong!!

Getting a home loan these days is a very interactive process. I am always amazed by how many clients I work with who come to me unaware of all the pitfalls they face during the loan process. To help avoid any surprises while waiting for final approval, I provide my clients with a short list of “do’s and don’ts” to follow.

Let’s start with the “do’s” …

  1. Do keep the process moving by responding to your loan officers’ requests for documentation as soon as possible.
  2. Do make decisions as soon as is reasonably possible.
  3. Do convey questions or concerns you have as they develop.
  4. Do continue to make all of your rent or mortgage payments on time.
  5. Do stay current on all other existing accounts.
  6. Do continue to work your normal work schedule with no unplanned time off.
  7. Do continue to use your credit as normal.
  8. Do be prepared to explain any large deposits in your bank accounts.
  9. Do enjoy purchasing your home but remain objective throughout the process to help make decisions that are best for you.

After you have been preapproved for your mortgage you will want to refrain from the following …

  1. Do not make any major purchases (car, boat, jewelry, furniture, appliances, etc.).
  2. Do not apply for any new credit (even if it says you are preapproved or “xxx days same as cash”).
  3. Do not pay off charges or collections (unless directed by your loan officer to do so).
  4. Do not make any changes to your credit profile.
  5. Do not change bank accounts.
  6. Do not make unusual deposits into your bank accounts or move money around from one account to another.

Follow these simple rules and you will help to make your loan closing as smooth and hassle-free as possible! Good luck!

courtesy of:  http://www.inman.com/next/the-dos-and-donts-of-the-home-loan-closing-process/

Mortgage Lenders Begin Easing Rules for Home Buyers

by

As a sign of mortgage lenders’ rising confidence in the housing market, restrictive lending standards are beginning to ease, and the credit freeze is starting to thaw. Lenders have started to accept lower credit scores and to reduce down-payment requirements.

Making sense of the story

  • Lenders recognize that refinancing old mortgages will no longer be a huge profit center for banks, so competing for borrowers will be needed for business and future profits. As a result, lenders will have to open up to borrowers who may not have perfect credit or large down payments.
  • For example, the lender TD Bank began accepting down payments as low as 3 percent through an initiative called “Right Step” for first-time buyers. A year ago, the program required at least a 5 percent down payment.
  • Mortgage originations are expected to reach $1.1 trillion this year, which is down from $1.8 trillion last year and $2 trillion in 2012 due to less refinancing.
  • While private lenders have shied away from low-down-payment mortgages in the past few years, in the past year, more than one in six loans made outside of the FHA included down payments of less than 10 percent.
  • Credit scores for borrowers seeking conventional mortgages also are easing, as scores on purchase mortgages stood at 755 in March, down from 761 a year earlier.
  • Smaller lenders are trying to appeal to first-time buyers while many larger lenders are gradually reducing down payments for jumbo loans in order to attract wealthy customers.

courtesy of:  http://online.wsj.com/

The Steps In A CA Foreclosure

by

[Foreclosure law is very complicated and does not fit a simple explanation, in part because the rules vary based on different situations. Nonprofit organizations in most counties, and even nationally, can help answer specific questions you may have about a foreclosure proceeding. We encourage you to
contact NeighborWorks or a local housing legal aid agency or community-based nonprofit to find
reliable information.]

Most people buy a home by borrowing part of the purchase price usually from a bank or a mortgage company.   Other times, a homeowner borrows money against the equity in the property after the home is purchased, and this is called a “home equity loan.” Sometimes people refinance their mortgage loan and combine it with a home equity loan. In all these situations, the lender usually has a lien against the home to secure repayment of the loan. When a buyer fails to make the payments due on the loan (defaults on the loan) the lender can foreclose, which means that the lender can force a sale of the home to pay for the outstanding loan.

For more information about foreclosure laws:

The law on foreclosure is changing often. Make sure you read the most updated laws.

Types of foreclosures

In California, lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts). The nonjudicial foreclosure process is used most commonly in our state.

  • Nonjudicial foreclosure is the most common type of foreclosure in California. It is used when there is a power-of-sale clause in the deed of trust that secures the mortgage loan by giving the trustee the authority to sell the home to pay off the loan balance at the request of the lender if the borrower defaults (fails to make payments).

When a lender uses the nonjudicial foreclosure process against a borrower who fails to pay on a mortgage for his or her primary residence, the lender gives up the right to collect a deficiency judgment against the borrower. But most lenders prefer this process anyway because it is much faster and less costly.

  • Judicial foreclosure involves filing a lawsuit to get a court order to sell the home (foreclose). It is used when there is no power-of-sale clause in the mortgage or deed of trust. Generally, after the court orders the sale of your home, it will be auctioned off to the highest bidder.

Judicial foreclosures are rare in California. A judicial foreclosure allows the lender to get a deficiency judgment against the borrower. BUT the homeowner has the “right of redemption,” which allows him or her to buy the home back from the successful bidder at the auction for 1 year after the sale. The process is longer and more costly than a nonjudicial foreclosure.

Foreclosure Process

These are the main steps in a nonjudicial foreclosure, which apply to the majority of foreclosures in California.

  1. The lender MUST contact you and anyone else on the mortgage loan to assess your financial situation and explore your options to avoid foreclosure (called a “foreclosure avoidance assessment”). The lender:
    • Cannot start the foreclosure process until at least 30 days after contacting you to make this assessment; and
    • Must advise you during that first contact that you have the right to request another meeting about how to avoid foreclosure. That meeting must be scheduled to take place within 14 days.
    • You can authorize a lawyer, HUD-certified housing counseling agency, or other advisor to talk on your behalf with the lender about ways to avoid foreclosure. You cannot be forced to accept any plan that your representative and the lender come up with during that discussion.
  2. If you and the lender have not worked out a plan to avoid foreclosure, the lender can record a Notice of Default in the county where your home is located, at least 30 days after contacting you for the foreclosure avoidance assessment. This marks the beginning of the formal and public foreclosure process. The lender sends you a copy of this notice by certified mail within 10 business days of recording it. You then have 90 days from the date that the Notice of Default is recorded to “cure” (fix, usually by paying what is owed) the default.
    • WARNING: Since the Notice of Default is recorded as a public document, many fraudulent companies and scam artists search the public records to send defaulted borrowers offers to “help” them avoid losing their homes to foreclosure. These fraudulent companies could take your money and then do nothing to help. There are free services available from government and nonprofit organizations to help borrowers.
  3. If you do not pay what you owe, a Notice of Sale is recorded (at least 90 days after the Notice of Default is recorded). The Notice of Sale states that the trustee will sell your home at auction in 21 days. The Notice of Sale must:
    • Be sent to you by certified mail.
    • Be published weekly in a newspaper of general circulation in the county where your home is located for 3 consecutive weeks before the sale date.
    • Be posted on your property, as well as in a public place, usually at your local courthouse.
    • Have the date, time, and location of the foreclosure sale; the property address; the trustee’s name, address, and phone number; and a statement that the property will be sold at a public auction.
  4. At least 21 days after the date when the Notice of Sale is recorded the property can be sold at a public auction. The successful bidder must pay the full amount of the bid immediately with cash or a cashier’s check. The successful bidder gets a trustee’s deed once the sale is complete. The lender usually bids at the auction, in the amount of the balance due plus the foreclosure costs. If no one else bids, your home goes to the lender.

Note:  Before the foreclosure process begins, the lender or loan servicer may send you letters (over the course of several months) demanding payment. Those letters are NOT notices of default.

Stopping the foreclosure sale

You have up until 5 days before the foreclosure sale to cure the default and stop the process. This is called “reinstatement” of the loan. During the 21-day period after the Notice of Sale is recorded, any person or institution (like a bank) with an interest in your home has the right to redeem the home up until the nonjudicial foreclosure sale/auction. This means that they must pay the entire loan in full.

After the foreclosure

Whoever buys your home at the foreclosure sale/auction cannot just change the locks to the home. The new owner must serve you with a 3-day written notice to “quit” (move out) and, if you do NOT move out in the 3 days, go through the formal eviction process in court in order to get possession of the home. That process typically takes several weeks.  Learn more about the eviction process.

courtesy of:  http://www.courts.ca.gov

How Your Credit Score Can Affect Your Mortgage Payment

by

When my wife and I bought our first home (circa 1993), we had no idea what our FICO score was. Back in the day, you couldn’t simply fire up the computer and check your score. In fact, we applied for our mortgage over the phone, not over the Internet. My, how things have changed!

But one thing hasn’t changed—the importance of a good FICO score when it comes to getting a mortgage. Not only will a good score help you qualify for a home loan, but it will also help you get the lowest rate possible. If you plan on taking out a mortgage—which almost all homebuyers do—understanding how your credit score affects your mortgage rate can mean saving thousands of dollars over the life of the loan.

[In Pictures: 10 Smart Ways to Improve Your Budget.]

When you take out a home loan, you of course have to pay interest on the money that you are borrowing. The amount of interest you pay on a fixed rate fully amortizing loan is a function of three things: 1) the amount you borrow; 2) the term of the loan; and 3) the interest rate, which is expressed as a percentage. The mortgage rate you receive depends heavily on your credit score. For this reason, let’s get a basic understanding of your credit score.

Each of the three major credit bureaus (Equifax, Experian, and TransUnion) collect information on you about your practices of borrowing and paying back credit. This is compiled into a credit report, from which a credit score is calculated. While there are multiple formulas for calculating credit scores, the formulas introduced by the Fair Isaac Corporation are the most widely used. When you hear the term FICO score, know that FICO is short for Fair Isaac Corporation. All these scores can be a bit confusing, so it might be useful just to think of “credit score” as a numeric grade of your credit history.

Lenders consider many factors like employment, salary, savings, and debt-to-income ratio when they determine your mortgage rate. However, your credit score is a key indicator of the rate you will likely receive. Fair Isaac Corporation looked at thousands of financial lenders to come up with the mortgage rates provided to borrowers given their credit score. Let’s look at the credit rates for people with three different credit scores:

• Credit score of 620:  6.2 percent

• Credit score of 700:  4.8 percent

• Credit score of 780:  4.6 percent

Clearly, your credit score significantly impacts your mortgage rate. But let’s apply these scores to a real scenario to see how much a good credit score can save you and how much a bad credit score can cost you. Let’s say you are looking at a $250,000, 30-year fixed mortgage. If you have a credit score of 620, you are considered a riskier, subprime borrower. You will be making a monthly payment of principal and interest of $1,527, which amounts to $299,821 of total interest paid over thirty years.

If you have a better credit score of 700, you are considered a less risky, good borrower. You can expect to pay $1,313 monthly for a total of $222,689. If you have an extremely favorable credit score of 780, you fall into the top-tier range of borrowers, and lenders will very likely offer you a lower mortgage rate along with more loan choices. Your monthly payment will be $1,280 for a total of $210,681.

[In Pictures: 12 Money Mistakes Almost Everyone Makes]

As you can see, having a score of 780 instead of 700 does not make much of a difference in your mortgage payment. Over thirty years, the difference is about $12,000. However, having a credit score as low as 620 can cost you dearly. You will pay hundreds of dollars more each month and tens of thousands of dollars more over the lifetime of the loan. If you can improve your score, you can save tons of money. Specifically, if you raised your score from 620 to 700, you could save an extra $77,133. If you raised it even higher to 780, you could save $89,140.

Building a great credit score is extremely important to obtaining a good mortgage rate and saving boatloads of cash. Also, remember that although credit scores can reach as high as 850, you don’t need to worry too much about obtaining a perfect credit score.  Fair Isaac Corporation suggests that lenders don’t differentiate much between someone having a score of 720 and someone having a score of 820. Once you reach that score of 720, you will likely receive the lowest mortgage rates available. Start small, improve your FICO score, and bask in the mortgage savings that you earned.

Courtesy of:   money.usnews.com

CA Home Default Cases Plunge

by

CA Home Default Cases Plunge.pdf

Mary “Peg” Heying
REALTOR® – CA DRE License # 01726709

Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell:  (619) 301-8589

Citibank Taken to the Cleaners By…Nigerians!

by

Citibank Taken to the Cleaners By…Nigerians!

Posted by Scott Michaels in Business, Society on 02 24th, 2009 |

 

Citibank fraud by Nigerians 

 

There’s an interesting story in the New York Times showing that when it comes to bilking people and institutions out of money, Nigerians have cornered the market on creativity and ingenuity. It’s also proven something about one of our largest financial institutions, Citibank. Like maybe how dull-witted foolishness has been getting it into trouble since people over there decided to throw out normal rules of banking along with the requirement that you need at least a room-temperature credit score if you want to buy a million-dollar lakeside home out in the countryside. Plenty of people walked into that little mortgage trap, by the way, and Citi almost went down because of it. No wonder credit’s so tight, these days. And also why the hole in a basement wall is at least as trusted as a big-city bank, when you come right down to it.

Just how the U.S. bank was fooled into doling out over 25 MILLION dollars of the National Bank of Ethiopia’s money is a simple story of sharp thinking by a group of Nigerian nationals, combined with an utter lack of curiosity and a vapidity on the part of more than several Citibank bureaucrats. It seems these Nigerians, who’d spread out to several countries around the world (including the U.S.) set up a deceptively simple scam. For starters they courier-mailed a packet of what Citibank said was “official looking” documents from the Ethiopian institution to whichever office it is at Citi designated to handle these large foreign depositors. The phony letters gave a set of instructions to bank officials for future wire transfers and withdrawals by the Ethiopian bank. They came complete with stamps, signatures, important sounding titles…the works.

 

Of course, the contact persons in these fake documents were all Nigerian crooks and scam artists, and all the phone numbers to call for authorization for requested money transfers went to cellphones controlled by the gang. Within weeks, directives from the Ethiopian national bank began coming in, telling Citibank to transfer millions of dollars to this or that bank or institution. Several verification calls — to those cellphones, naturally — were made, you know…just in case something wasn’t quite right. But that was about the extent of it, for a while. In all, nearly twenty-seven million dollars of Ethiopian money made its way from Citi’s New York branch to who-knows-where. It was weeks before somebody at the New York office finally called in the FBI and the transfers finally exposed as a scam. Subsequently, a couple of the conspirators were arrested, one of whom was nabbed coming into the U.S. through Los Angeles.

Leaving aside the fact nobody would ever believe Ethiopia had that kind of money in the first place, the story should serve as a cautionary tale. Nigerian crooks seem to have come to the realization little old ladies in Peoria no longer seem so willing to hand over their life savings in an attempt to get back ten or fifteen times the amount if only they’d let “The Honorable Leicester C. Indikwe,” or some other highly-placed Nigerian government official use their bank as a depository for the Indikwe family fortune. Rather, they’ve come to the realization that some of the most foolish people in the world seem to work for U.S. banks.

 

Citibank later made good on the theft of Ethiopian money, which is the right thing to do, under the circumstances. But, ALL of us probably chipped in a few bucks, when you consider how much federal bailout money the bank’s received these last few months.

 

 Mary “Peg” Heying

REALTOR® – CA DRE License # 01726709

Prudential CA Realty
2830 Shelter Island Dr.
San Diego, CA 92106
Cell:  (619) 301-8589

Buyers Should Consider Prepaying Mortgage

by

Daily Real Estate News  |  March 1, 2010  |   Share

‘); Share

Buyers Should Consider Prepaying Mortgage
Should home buyers with sufficient cash pay down their mortgages or put the extra money in investments or savings?

Financial experts say the choice depends on the home buyer’s employment prospects, current savings, and investable assets.

If life looks a little uncertain, they advise putting the money in a safe place, like a savings account. But for people with more stable financial situations, paying down the mortgage can be a great investment, often providing a better return than a savings account.

Source: Washington Post, Ilyce R. Glink and Samuel J. Tamkin (02/27/2010)
 

Mary “Peg” Heying
REALTOR® – CA DRE License # 01726709

Prudential CA Realty
2830 Shelter Island Dr.
San Diego, CA 92106
Cell:  (619) 301-8589

 

 

Get Help Before You Fall Behind

by

Get Help Before You Fall Behind.pdf

Mary “Peg” Heying
REALTOR® – CA DRE License # 01726709

Prudential CA Realty
2830 Shelter Island Dr.
San Diego, CA 92106
Cell:  (619) 301-8589

SD County Foreclosures 2010-01 Stats

by

SD County Foreclosures 2010-01.pdf

Mary “Peg” Heying
REALTOR® – CA DRE License # 01726709

Prudential CA Realty
2830 Shelter Island Dr.
San Diego, CA 92106
Cell:  (619) 301-8589