imhomeless

Model Homes in Moorpark almost done..

2005-08-26T22:26:00.000-07:00

What's kind of funny is that the sign that was up a month ago said "Homes from low 400's". Just a week ago that sign was replaced by "Homes from high 500's". They are tiny duplexes, roughly 1300-1700 square feet. I'm unsure if it's the right time to buy.

ARMs not so hot, refinance now a viable option.

2005-08-06T22:03:00.000-07:00

Well this subject has become of interest to me because I was researching the different options that homebuyers have for loans. You're probably thinking, then why is he talking about refinance. From the previous article I mentioned that my uncle has a 5/1 ARM and he has a family with 2 kids and doesn't seem to be moving anywhere any time soon. He is a perfect candidate for refinancing, but I guess he's getting to comfortable with a lower monthly payment, well atleast for now until those 5 years are up. I came across this article discussing refinancing if you plan on staying in that home for a while. Yes I know when you refinance you basically start over with the term, but thats why you do the math yourself and calculate if you want to shorten the term to say 15 years or stay with the 30 years. That article I referenced above stated that the interest rate is up to 5.91%, so what do you do when the interest rate is say up at 7%. Should have refinanced, right?

The yuan and California refinance.

2005-07-26T22:40:00.000-07:00

If you've been following the news you've probably heard that China revaluated their currency, the yuan. There has been much speculation about the direct effects of this move, such as rising interest rates here in America. How does this effect the California housing market?

I personally think people here in California will start refinancing if they haven't already. My parents have refinanced to 4.25 for 15 years on two of their properties here in California. Lately in our junk fax bin at work, I've seen faxes stating California refinance quotes as low as 1%. Wonder why all of a sudden tons of these refinancing faxes have been coming through on 3 of our fax lines. A good example of someone that probably should refinance is someone with a adjustable rate mortgage. Why you say? What if the fed decides to bump the interest rate to 7% or 8% next year. That's right the people with a adjustable rate. One of my uncles happens to have one of these deals and my mom being a banker for 28+ years had suggested that he refinance his home here in California and get that lower rate before things get nasty. This was two years ago and he still has not refinanced his home. Just whip out a mortgage calculator and do the math, a 2-3% jump can really make a drastic difference. Uncle, if you're reading this I think you should refinance too, especially because it seems like you do plan on living in that house for good.

The bears and bull-crap.

2005-07-25T19:58:00.000-07:00

You've probably hears of the term "bears and bulls", refering to the stock market and a individuals style of investing. Well I found this article on these real estate experts debating whether first time homebuyers or investors should buy now. Both of them have a point and to tell you the truth I'm still confused whether it's the right time to buy because prices can go down any moment now. Knowing my luck, if I were to buy a house now prices would probably start going down the moment I sign my life away.

Even in Bakersfield..

2005-07-16T23:07:00.000-07:00

Not only are homes in really ghetto parts of Oxnard getting big price tags, but even in Bakersfield the average price of homes are on a rise. I was reading this article from a Bakersfield website and they even say prices of homes are not balanced with peoples incomes. This is very true because I fall into that percentile and there are many people I know including couples that are struggling. There is so much talk about if the fed were to raise the interest rates to 8% or 9% there would be a reduction in the prices of homes to make them affordable. I'm all for this, even though your mortage will be just about the same if the interest were lower with a higher price tag, just so you can qualify for a smaller loan. I'm not even going to consider these different plans like a blanket mortgage or a 40 year, because you're from what I take from these newer plans you just end up paying more but it just doesn't seem like it. I just need to pick the right 6 numbers for that mega lotto jackpot and all my housing problems will be solved. Back to picking cans and bottles out of my neighbors trash can.

The bubble is apparently going to burst..

2005-07-09T15:40:00.000-07:00

I stumbled across this article when researching new home developments here in Ventura County and San Fernando County. According to this article the price of homes in San Antonio, Texas start at roughly $250,000, whereas that very same home here in California would run you up past $500,000. And in this article they even say the same thing about the "housing bubble bursting" and how UCLA experts predict it. I don't mean to knock on UCLA grads and attendees but lets get real, and feel free to comment but do you really think the prices are going to head south fast in the next 3 years. And even if the interest rates go up, these greedy people will only bring the price down enough to coincide with that rate so both seller and bank are raping us. San Antonio sounds like a good alternative but I'm sure there are already greedy people flocking there to buy up everything so they can sell back high to the locals who actually work hard for their money. So if you see some bourgeois family straight out of some tv show, some snobby valley girls or some little high school kids wearing ugly LV gear with tight jeans and leather jacket, don't be afraid to give them the working class F*** Y**. It's because of people like this that the cost of living is so high here in California and they're not about to leave so the prices coincide with these bourgeois scumbags taking up space in our great state.

I hope an Economist reads this...

2005-07-07T11:57:00.000-07:00

I remember watching the news a couple of weeks ago and listening to some economist saying the prices homes will go down. According to this article I found, the prices of homes are still on a steady incline. The only I see the prices of homes going down is when the population of California starts declining, but that will never happen because everyone wants to be cool or be hip. Everyone wants to wear hot pink polo shirts and tight jeans and get a chicken mohawk hair style. It makes me sick to see these real bums walking around with the fake diamond gucci skeet shooter sunglasses, wearing an outfit worth nearly $1000, while us hard working individuals that actually contribute to our society are scraping up every penny trying to save for a house. Oh I forgot mommy and daddy bought them the house.

I came up on cans this month!! Thanks All!!

2005-06-29T22:03:00.000-07:00

Thank you everyone for supporting me in my noble effort in trying to purchase a home here in California. All those sodas, energy drinks and brew you guys put down everyday are actually helping some desperate soul out. I figure if I do this everyday for the next year, with each bag roughly being work $20 and rounding up 10-12 bags a day, that is around $70,000. And it's tax free!! One year of some hard work can render nearly a 20% down payment on a home.

*high fives all around*

Keep them drinks coming America!!!

Interesting if you are or know a veteran...

2005-06-29T20:23:00.000-07:00

A co-worker of mine was nice enough to bring something very interesting to my attention concerning veteran affairs. A matter of fact, veteran affairs is the reason why my fees at SDSU were waived. I visited the CalVet Website and found that their interest rate on a home loan is as low as 5.15%. I assume this is a 30 year fixed rate and their maximum loan amount is $359,650. This seems to be a viable option for those that served in the U.S. military.

I just though this might be of interest, maybe some of you are veterans and didn't already know this. I on the other hand will probably have to consult with a friend of mine Paul who happens to be a mortgage loan consultant and see what my options are. In the meantime looks like I'll stay in my trusty mobile home.

20% down payment

2005-06-28T23:02:00.000-07:00

20% is a sizeable amount these days since the price of homes are so high. But in order to steer clear of paying a PMI (private mortgage insurance) you must put down 20% or more. This is exactly one of the reasons why people refinance, other than looking to lower their monthly payments, switch from a adjustable rate mortgage to a fixed rate mortgage, remove private mortgage insurance or simply to cash out on their home equity. Man even homes in the ghetto are running from high 400's and up, that means you must have roughly 70k - 90k for a down payment. PFFFTT I GOT PAPERS!!!

This guy did his research!!

2005-06-27T23:08:00.000-07:00

All those hours, burning the midnight oil researching mortgage brokers, searching for MLS listings, crunching your budget to figure out what exactly you can afford. It has finally paid off!! This guy got himself a prime piece of real estate. I wonder if he went with a fixed or variable interest rate. In California who knows what his property will be worth 3 years down the line.

Doing my research on loans...

2005-06-27T17:54:00.000-07:00

If you do enough research on mortgage brokers you may find out that certain brokers might be paid by the lenders themselves and thus might not necessarily make you aware of all the deals. Not necessarily a bad thing, but you'll know when the broker always pitches a certain product to you. I never knew what points were until now, and apparently a point is equal to 1% of the loan amount and is a fee that you the borrower would pay to the broker or lender or maybe both. All the fees (interest rate, points ..) that go along with a loan is better known as APR or Annual Percentage Rate. That percentage can be used to shop for a loan, but just because it's lower than another plan you've been shopping for doesn't necessarily mean it's better because the lender required costs can differ between the loans. I'm starting to see why these mortgage brokers make good money, especially in a hot market like California. Really, who wants to live in Wyoming??

Trying to find a good lender for input on mortgage programs.

2005-06-26T12:21:00.000-07:00

There is so much to take into consideration when looking for a lender for mortgage programs. You have to be realistic and ask yourself how long are you planning to stay on the property. For instance if you are only planning on staying on the property for 7 years or so why take the 30 year rate which is always higher. It's all about timing because other plans like ARMs (Adjustable Rate Mortgages) can land you something great in several years. Only thing is with these plans is that after the fixed rate period (i.e. 7 years), in the 8th year the loan becomes an adjustable rate which is influenced by the treasury index and doesn't necessarily mean it will be lower than your existing rate, but can be. I'm still learning about all these realtor terms and there are allot of things to take into consideration when looking for lenders, finding the right mortgage, refinancing and many other things. I just want to get into a property before everything gets grabbed up as this market doesn't look promising for first time buyers.

New Duplexes in Moorpark

2005-06-25T14:53:00.000-07:00

While driving down Los Angeles Ave. in downtown Moorpark, I passed a open lot with an advertisement for new duplexes going from the "low 400's". I visited the website of the company that is building these new homes, sheahomes.com. The floor plans look great and for roughly 1300-1700 square feet I think I might be camped out in front of the information center before they go on display. There is really nothing around the Moorpark area except for businesses and industrial area but as for a place to live I honestly can say it's a peaceful place to be.

Homes in Ventura County

2005-06-25T11:22:00.000-07:00

The prices of homes are constantly on a steady incline. Little by little the prices keep going up and I don't trust these economists predicting this bubble to burst soon. I saw a old friend of mine who I didn't even know was a mortgage loan consultant. Hopefully I can get a good interest rate on a loan, but it doesn't help that I just bought a new car, which apparently effects your credit standing. I just want to purchase something that I can afford and get a piece of property while I can in this crowded state.