Real Estate News

Buyer Or Investor Wanted

Ok looking for a buyer or investor who is looking for a single story
Property Type: Single Family Residence
Bedrooms: 4
Bath(F,T,H,Q): 2.5
Sqft (Src): 2,122 (Assessor’s Data)
Ac/LotSqft (Src): 0.13/5,662 (A)

Purchase price $265,000 with tenants till Sept at 1700.00 Monthly
please email me

Value of Pre-approval

For many new homebuyers, the terms pre-qualification and pre-approval seem interchangeable. But they are not — and the distinction is an important one. When a homebuyer is pre-qualified, the lender performs a quick check to determine generally how large a home loan the buyer can afford. Essentially, when a buyer is pre-qualified, the lender is saying it would most likely approve the buyer for “x” amount.

Pre-approval goes much deeper. In order to issue a pre-approval, the lender examines and verifies the borrower’s debt, income, savings, assets and credit report to ensure the borrower can repay the loan amount. Where pre-qualification is a sort of educated guesstimate of the buyer’s purchasing power, pre-approval says the prospective lender would definitely be approved for the loan.

This is particularly useful when home shopping for multiple reasons. To begin with, pre-approval instantly lets you know what your actual budget is. Knowing what you can afford from the outset will help you and your real estate agent better focus your efforts.

Being pre-approved also provides you with an advantageous position over other buyers, because pre-approval assures the seller that you have access to the loan necessary to back your offer. Your lender will provide you with a letter or certificate demonstrating that you are pre-approved for a certain amount of money, which you can provide as part of your offer. 

Your Annual Mortgage Checkup

It’s a smart financial move to take a look at your mortgage each year to determine if it is still the right fit and meeting your current needs. Reviewing your loan with a licensed mortgage professional is critical so you can fully understand your options. I’d be happy to spend some time with you and review your current mortgage and your long- and short-term financial goals. Together we can determine if it’s time for a change. Below are some of the points we will address and events that may have changed in your life during the last twelve months.

Low mortgage rates. We keep hearing that mortgage rates are lower than they have been in decades. Perhaps you were not in a position to take advantage of today’s rates because of a previously low credit rating or annual income. If circumstances have changed and you are now in a place where you can leverage current bargain rates, it may be time to reevaluate your current mortgage and make a change.

Life changes. A new baby, an unexpected medical expense, saving for college tuition, decreased or increased income or having to buy a new vehicle and take on a monthly car payment are all big events that can change your budget in ways that impact your mortgage. Some of these events you can plan for now, so that you are prepared for your budget to change significantly. To address other unexpected expenses that may have occurred in the last year, you may want to look into a cash-out refinance to meet additional financial burdens head-on. We can discuss your options to decide what works best for you and your changing needs.

More favorable loan options. You might want to consider different loan terms, get a completely different type of mortgage or remove a second mortgage. Or, you might be in an adjustable-rate mortgage that will soon adjust upwards, so you might seek a fixed rate.

Eliminating mortgage insurance. Perhaps your current loan includes private mortgage insurance, which is required when you make a down payment of less than 20 percent, and can cost from .25 to .75 percent of the home’s value. We can review whether you are eligible or not for removal of mortgage insurance and discuss if you may want to explore a refinance option.

As you can see, when conducting your mortgage review we’ll need to look at many variables. In addition, you’ll need to keep some other factors in mind:

Closing costs. If you wish to refinance to get a lower rate, you want to see how long it will take you to recoup your closing costs. You’ll need to consider how long you plan to stay in the home along with other factors to make sure a refinance is a fiscally sound move.

Tax deductions. Another key consideration is the possible gain or loss of tax deductions, depending on the type of mortgage you pursue.* We sometimes don’t realize how much of a tax break we’ve been getting from our mortgage interest!

No matter how you slice it, engaging in an annual mortgage review is a big job, and you’ll need some expert advice to ensure your mortgage is still the right one for you — or to select new financing that brings you greater benefits. In the same way you would consult with a doctor to come up with a healthy fitness plan for the coming year, I would love to sit down with you and review all the options and variables in play. Reach out to me via the contact information on this email to schedule your mortgage checkup today!

Please contact me at 951-634-8843 and I will direct you to my preferred lender Ron Thompson with WJB Direct lender

Miguel’s World & Realty World & Associates is not a tax advisory firm. The information contained in this article is for informational purposes only and may not reflect current tax year rules and regulations. Consult your tax advisor or the IRS for current tax year rules, restrictions and regulations.

Why Buy Real Estate Now?

Whether you are a first-time buyer or you’re looking to move up or downsize, buying a home is still a huge decision that can be rife with uncertainty. But if you’re ready to take the plunge, you should move quickly, before circumstances change and the market takes a turn that is less favorable to buyers.

Why is NOW a good time to buy a home? Here are two reasons you should be considering taking the plunge into homeownership:

Interest rates are still very low. Experts predict they won’t stay this way, though. We’ve already seen them start to trend up. If you can get in now before they bounce back any higher, you can keep your monthly payments low and could even hold down the overall cost of your loan over the long haul.

There is a housing surplus so home prices are also low. With all the foreclosures across the country, plus all the people who would need to move anyway, we’ve got a glut of available housing in most neighborhoods throughout America. This has driven prices down — although, just like with the interest rates, prices could start to rise at any time.

While those are the two biggest factors that should influence your decision, there are other considerations. Owning a home can confer some great tax benefits. The write-off for mortgage insurance means a lot to most households, so consider the available deductions for your mortgage interest and your points.*

If you’ve decided it’s time to move into a bigger or smaller home, those reasons probably won’t change much over time. You’ll still want to make a change in six months, but the market may not be as buyer-centric by then.


Contact me with any questions at 951-634-8843

Improving Your Credit Score in 60-90 Days

Improving Your Credit Score in 60-90 Days
Follow these simple steps:

Tiffany Hazelaar Dedicated Credit Repair
Office: 888-651-6527 email:

1. Your payment history contributes to roughly 35% of your credit score. By simply removing derogatory items off your credit report, you can and will see an immediate improvement.
2. 30% of your FICO score is determined by the amounts that you owe. Therefore, you want to have 3-5 diverse and open tradelines kept at 35% (or below) of the available credit limit. By simply paying your card balances down, you can see an immediate increase in FICO scores.
3. Opt out. You can opt out of receiving credit offers in the mail. This makes you look less risky with the appearance that you are not “shopping” for credit. We have seen this increase a FICO score as much as 5-10 points immediately. We can help provide this service.
4. Settling open collections the RIGHT way can immediately increase a FICO score in a big way. However, paying off a collection and not having the derogatory payment history also deleted will not achieve the desired results. We can help negotiate open collections for .25-.50 on the dollar as well as negotiate with your creditors to have the items deleted upon payment.
5. 10% of your FICO score is calculated by credit inquiries. Simply put, every time you have someone run your credit, you lose FICO score points. We can dispute and remove inquiries which will result in a a FAST FICO score increase as well.

OFFICES LOCATED AT: 41765 Rider Way, Suite B, Temecula, CA 92590

Chase Extends Cash Incentives to Struggling Homeowners

Earlier this year, Chase announced an aggressive new approach to their Short Sale Outreach Program. In an effort to incentivize struggling homeowners to attempt to short sale their home instead of going through the foreclosure process, Chase stated they would give delinquent borrowers a sizeable amount of cash after the sale of the property in default was complete.

So who does this affect and how much money are they really offering? Homeowners who have their current mortgage owned by JP Morgan Chase (not just serviced by the company, although exceptions have been reported) are eligible to apply for enrollment in the program. The cash incentives of $10,000, $20,000 or sometimes even $30,000 are offered to participants in the program in exchange for agreeing to facilitate a speedy sale of the home. The amount of the incentive is dependent upon the size of the outstanding loan balance.

This past summer it was reported that JP Morgan Chase had completed the most short sales and deeds-in-lieu of foreclosure since the official launch of the Home Affordable Foreclosure Alternatives (HAFA) program back in April 2010. The short sale processing time frames for parties enrolled in the Outreach Program are also something for Chase to brag about; the mortgage giant indicates they will provide an answer within 35-45 days after receiving the offer on the home. These expedited time frames far surpass what most homeowners and Realtors have experienced, sometimes waiting up to two years to receive a response on a submitted offer.

Chase has indicated that letters have been mailed to those borrowers they would like to invite to join the program, however that doesn’t mean it isn’t worth a call confirming one way or the other. Though the program has been promoted as “invitation only”, homeowners looking to find out if they qualify for the Short Sale Outreach Program should still contact Chase directly to determine if their loan qualifies for the the offer. The next step in the process should be to contact a licensed, experienced Realtor® in order to discuss a game plan for listing the property and submitting a short sale package. It is also strongly recommended that the homeowner receives consulting on possible tax consequences that could result from the short sale, which should be provided by a real estate tax specialist.

Do you or someone you know have questions about this program and if it applies to you? If so, please post a comment with your inquiry or contact Miguel Aguilar of Realty World & Associates directly at (951) 634-8843 or

Extension of conforming loan limits fails in House


Extension of conforming loan limits fails in House


The elevated conforming loan limit for mortgages guaranteed or insured by the government will expire on Oct. 1, according to three congressional staffers, but another chance to extend them will come later this year.

Congress raised the limit to as high as $729,750 in 2008 as the private market froze and financing for larger mortgages became unavailable. On Oct. 1, the limits will expire and drop to $625,500 in the most expensive areas, mostly affecting the West and East Coasts. According to Standard & Poor’s, there are around 110,000 nonconforming mortgages in the nation between $625,000 and $729,000 — about 2% of total jumbos.

Two bills to extend the limits, one introduced in the House and another in the Senate, were never voted on. A spokesman for Rep. John Campbell (R-Calif.), who co-sponsored the House bill, said an extension did not make it into a short-term spending bill the House will vote on next week.

“We are focusing all of our effort and attention on making sure that a temporary extension of the current conforming loan limits is included in an omnibus spending bill that it appears the House and Senate will consider late this year,” Campbell’s spokesman said.

Another staffer confirmed top leadership in the House had been trying to work the conforming loan limits into the spending bill ahead of the Oct. 1 deadline. Such a route had to come from the House, the staffer said. Yet another told HousingWire the odds of getting an extension after the limits expire were very long.

Industry trade groups pushed hard this past week, urging lawmakers to extend the limits at a time when the housing market is still fragile.

The Obama administration said in its white paper released in February that the first step toward winding down Fannie Mae and Freddie Mac would be to allow the loan limits to expire in October, allowing private capital to move back in.

Jaret Seiberg, a research analyst at the Washington think tank MF Global, said in a note that the expiration allows the largest banks to restart their securitization businesses.

“The real issue is whether investor demand has returned for private-label RMBS. We believe regulators have some doubts, but would like banks to test the waters,” Seiberg said.

Seiberg did say many borrowers could be forced to come up with higher down payments, and smaller banks will shy away from originating jumbo loans. Some analysts expect house prices to fall even further without the government support at the highest end of the market.

“We expect to see significant negative consequences for the struggling housing market as a result of the limit drop after Oct. 1,” Campbell’s office said. “Therefore, it will be even more pressing and pertinent that Congress acts quickly to reverse the limit reduction at the next opportunity.”

FHA loan limits may change 10/1. Are you ready?

FHA loan limits may change 10/1. Are you ready?



As you may know, unless Congress extends the expiration deadline, Federal Housing Administration (FHA) loan limits set in 2008 will drop significantly beginning October 1. Congress raised the loan limit amount in response to the housing crisis to help spur the homebuying market. FHA loans offer borrowers very competitive rates and terms, and they only require a 3.5% down payment. Allowable debt ratios are higher than the typical debt-ratio limits imposed for conventional loans, and there are no income limit qualifications, so more people can qualify for them.

If the loan limit drops on October 1, many California homebuyers will face higher down payments, higher mortgage rates and stricter loan qualification requirements. Borrowers seeking larger mortgages will have to apply for conventional loans or jumbo loans, which may be subject to higher interest rates and down payments. Here are four things you should know to help your clients now.

1. LOWER LOAN LIMITS. The conforming loan limit determines the maximum mortgage amount that FHA, Fannie Mae and Freddie Mac can buy or guarantee. If your client wants to stay under the current loan limits, then encourage them to purchase now and close by September 30th.

2. DROPS BY COUNTY. Under the new FHA loan limits, some counties will see significant drops in their loan limits. San Diego County will experience a $151,250 drop, Sonoma County a $141,550 reduction, while Orange and Los Angeles Counties will drop by $104,250. To see a full, county-by-county list of changes, click here.

3. JUMBO LOANS. The current FHA loan limit is $729,750. After October 1, that limit may drop to $625,500. Mortgage loans higher than that amount will be considered non-conforming jumbo loans, which typically have rates that are 0.875% to 1.5% higher than conforming rates, depending on the loan product, and require higher down payments.

4. MORE STRINGENT REQUIREMENTS. FHA loan requirements may allow for lower credit scores. So an applicant with a lower FICO score can still qualify for an FHA loan, even if they can’t for a conventional loan. Your clients may be able to obtain an FHA loan three years after defaulting or having a loan foreclosed.


Miguel Aguilar
DRE 01506887
Realty World & Associates
38975 Sky Canyon Dr Ste 109
Murrieta Ca 92563
Cell: 951-634-8843
Fax: 951-602-6031


FHA Loans – Opening Your Doorway to Homeownership

In 1934, the federal government established the Federal Housing Authority (FHA). The FHA was not created to actually lend money; rather, it was created to insure the loans made by approved lenders, such as W.J. Bradley, and to protect the lenders against defaults on the loans.

If a borrower obtains an FHA loan and then defaults on it, the lender is compensated by FHA, and thus the lender will not lose as much money and is therefore more willing to lend according to FHA guidelines.

Inviting Terms
Originally considered a program mainly for first-time buyers, FHA loans are now one of the most popular types of loans for all types of borrowers due to a variety of attractive features:

  • Low down payment. FHA loans let new buyers put down as little as 3.5 percent of the home’s purchase price. Gift funds may be used for the down payment, which means you may not need to come up with any cash at all.
  • Market-appropriate loan limits. For many years, FHA loans had very low maximum loan limits. But in 2007 the FHA raised its loan limits to equal the median home price in your market.
  • Lower credit requirements. While there are no set credit requirements, it’s best to contact me to determine if your credit history along with other factors will qualify you for an FHA loan.
  • Low up-front mortgage insurance rate. The FHA requires mortgage insurance to protect itself from loan defaults, but premiums are only 1 percent of the loan amount. The premium can be paid directly by the borrower or rolled into the loan amount.

In the past FHA loans were considered “risky” or too much trouble for lenders, with strict regulations and requirements that had to be met before an FHA loan would be approved. Borrowers who applied for an FHA loan were also sometimes considered high-risk, because usually they would not qualify for conventional funding. Relaxed guidelines combined with the state of the market have taken the stigma off of these loans and made them a great choice for nearly any borrower.

Other Considerations
While FHA loans offer less stringent terms than you would find with conventional loan requirements, they are also designed to ensure responsible homeownership. FHA loans impose ratios on borrowers’ debts in relation to their income. The FHA also requires you to pay 1% of the loan amount as an upfront mortgage insurance premium. In addition, annual mortgage insurance payments are also required, divided into monthly payments of 1.10% to 1.15% for 30-year loans, according to the loan-to-value ratio.

If you’re looking to purchase a new home or refinance a current mortgage, but are worried you don’t have enough for a down payment or that your credit is too low, remember that FHA loans may present a perfect option

Please contact my preferred lender at WJ-Bradley

  1. Ron Thompson
    Loan Officer
    43620 Ridge Park Drive
    Suite 210
    Temecula, CA 92590
    Work: 951-795-4768
    Cell: 951 225-2113
    Fax: 951 694-9225
    NMLS# 247688


The Basic Steps of Foreclosure

By Jennifer Dixon

(MCT)—Fannie Mae has publicly assured homeowners going through foreclosure that they will be protected from losing their homes while applying for a federally funded loan modification. They can apply for a modification at any point before or during the foreclosure process. If a modification is approved, homeowners can keep their homes if they make their adjusted payments. Absent that, here are the stages of a typical foreclosure:

1) In default: A loan is in default when a mortgage payment is 30 days late.

2) Warning: When a loan is 60 days past due, the bank, credit union or mortgage company warns that foreclosure is the next step.

3) Proceedings begin: After 90 days, the lender refers the loan to its foreclosure department, and hires a local lawyer to begin foreclosure proceedings.

4) Sale advertised: The lender’s lawyer advertises the property for sale for four consecutive weeks in a local newspaper. The sheriff’s sale date is listed in the advertisement.

5) Sale held: The sale is held on the published date. A sheriff’s employee conducts a courthouse auction and the highest bidder wins, usually the bank that owned or serviced the mortgage.

6) Sheriff’s deed: The winning bidder gets a sheriff’s deed that lists the last date the homeowner can redeem, or take back, the property, usually six months from the date of the sheriff’s sale. During this redemption period, the homeowner can live in the property or try to sell it.

7) Redemption period: To redeem a property, the homeowner must pay off the mortgage and all interest and late fees, court and attorney fees, title and appraisal fees, taxes and insurance. Otherwise, they will be evicted from the home.

(c) 2011, Detroit Free Press.

Miguel Aguilar
DRE 01506887
Realty World & Associates
38975 Sky Canyon Dr Ste 109
Murrieta Ca 92563
Cell: 951-634-8843
Fax: 951-602-6031

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