There is an up and a down when looking towards a fixed loan in Whittier, California. The downfall about a fixed loan in Whittier is if you get the loan during a high interest rate season than this means you will have to settle for a loan with high interest rates and mortgage payments set for the time agreed upon. The upside to a fixed loan is that if you do so during a low interest period then you will be able to benefit for the fixed time you agreed upon. Your mortgage and interest rates will be low for the fixed time. In Whittier, California when you get a fixed rate you will not be able to be affected by high interest rates throughout your mortgage time because you are secured by your fixed loan.
Now considering an Arm loan or and adjustable rate mortgage in Whittier is a little different than a fixed loan. This type of loan can fluctuate at anytime. So if you are on an arm loan and in one year it is one rate and the next it is another than you are paying what the change will be. This is a risky loan to go along with in California but many accept this for quick solutions for immediate problems. Before deciding to go with an arm loan in Whittier, California make sure you will be able to go with the flow of the loan. Also be prepared to have a higher loan in the beginning, it may soar without notice depending on the market.
Monday, February 26, 2007
Refinancing For Cash In Whittier, California
Refinancing a home loan in Whittier, California isn't always for people who are facing financial difficulties. It would be very beneficial for someone to refinance if you bought your home during a time where interest rates where high. So by refinancing a home in Whittier, California with a high interest rate, when the rates get better than it would be logical to refinance. In doing so you will save money in the long run, cut your terms and also your monthly payments. If you are thinking of refinancing a loan for cash in Whittier then there are some things you need to know. You will most likely pay a higher mortgage than your original mortgage and also lose the interest rate you had. The good thing about refinancing due to catching up on debt related situations is that you will be able to have one mortgage payment. Also the benefit about doing this is that by combining all of your debt payments may be more than the mortgage payment you will eventually pay by refinancing your home loan. So whatever your decision make sure you do the math so you can get the best deal that fits your budget and your lifestyle.
Sunday, February 25, 2007
Whittier First Time Buyers
Are you a first time buyer in Whittier, California? If so there are a few things to consider before looking for your perfect home. Believe it or not but shopping for a home loan in California is as important as shopping for your new home. A loan will stay with you for decades if you are on a 15/30 year program. So make sure you are prepared to spend a good amount of time to find the right loan for you. You can save thousands of dollars in Whittier, California by taking the time to search for the very best loan especially for first time buyers. Loans are so competitive that you will be able to get a good loan if you find the right Realtor that can help you with all your loan needs and wants. So don't believe that you are only able to get what you are told in Whittier. Do the research and take some time so that you can get a good loan you rightfully deserve.
Sunday, February 11, 2007
Whittier Mortgage Statistics
Category Value
homes with no mortgage 24%
with a mortgage 76%
first mortgage only 57%
second mortgage or home equity loan 19%
second mortgage only 12%
home equity loan only 7%
Whittier Housing Expenses
Category Value
owner costs as % of income 21.9%
median real estate taxes (2000) $1,590
Whittier Household Size
Category Value
Total Occupied 28,333
1-person households 22%
2-person households 29%
3-person households 17%
4-person households 16%
5-person households 9%
6-person households 4%
7-person households 3%
Whittier Housing Size
Category Value
no bedrooms 1%
1 bedroom 6%
2 bedrooms 20%
3 bedrooms 52%
4 bedrooms 17%
5+ bedrooms 4%
info provided by: citytowninfo
Category Value
homes with no mortgage 24%
with a mortgage 76%
first mortgage only 57%
second mortgage or home equity loan 19%
second mortgage only 12%
home equity loan only 7%
Whittier Housing Expenses
Category Value
owner costs as % of income 21.9%
median real estate taxes (2000) $1,590
Whittier Household Size
Category Value
Total Occupied 28,333
1-person households 22%
2-person households 29%
3-person households 17%
4-person households 16%
5-person households 9%
6-person households 4%
7-person households 3%
Whittier Housing Size
Category Value
no bedrooms 1%
1 bedroom 6%
2 bedrooms 20%
3 bedrooms 52%
4 bedrooms 17%
5+ bedrooms 4%
info provided by: citytowninfo
Whittier Mortgage and Real estate Facts
In Whittier there are 28,333 places to live of various types. In the city 58% of the houses and apartments are occupied by the owners, not rented out.
Whittier Mortgage
About 76% of owner-occupied housing units in Whittier have a mortgage of one type or another. Approximately 19% of housing units in the city carry a second mortgage of home equity loan.
Mortgage and interest rate quotes for the Whittier area ( or anywhere else you choose in the US are available, without obligation or credit checks.
In Whittier there are 28,333 places to live of various types. In the city 58% of the houses and apartments are occupied by the owners, not rented out.
Whittier Mortgage
About 76% of owner-occupied housing units in Whittier have a mortgage of one type or another. Approximately 19% of housing units in the city carry a second mortgage of home equity loan.
Mortgage and interest rate quotes for the Whittier area ( or anywhere else you choose in the US are available, without obligation or credit checks.
Long Term Real Estate Investment
For those who are not just looking for a quick return, long term investing provides a viable option with a potential for high profit. Long term investment requires much more effort and commitment to maintenance than a short term real estate investment, where one just does enough rehabilitation work to turn a profit quickly. Long term investors purchase a property in an area where the long term appreciation rate appears favorable and rent the property to tenants, acting as landlord and taking care of all the maintenance that the property requires, while profiting from the monthly rent checks while waiting for the property value to rise enough to sell it for profit. As with short term real estate investment, there are several factors that must be considered in order to secure a successful investment.
Short Term Real Estate Investment
With the rapidly appreciating market, short term investors see great profits from merely buying a home and reselling it after only a short ownership term. The wait for profit potential is definitely shorter than any other investment market today, and the probability for high return is almost a guarantee. In only six months, many investors today are seeing $10,000 profit on initial investments of less than $50,000.
For those who are not just looking for a quick return, long term investing provides a viable option with a potential for high profit. Long term investment requires much more effort and commitment to maintenance than a short term real estate investment, where one just does enough rehabilitation work to turn a profit quickly. Long term investors purchase a property in an area where the long term appreciation rate appears favorable and rent the property to tenants, acting as landlord and taking care of all the maintenance that the property requires, while profiting from the monthly rent checks while waiting for the property value to rise enough to sell it for profit. As with short term real estate investment, there are several factors that must be considered in order to secure a successful investment.
Short Term Real Estate Investment
With the rapidly appreciating market, short term investors see great profits from merely buying a home and reselling it after only a short ownership term. The wait for profit potential is definitely shorter than any other investment market today, and the probability for high return is almost a guarantee. In only six months, many investors today are seeing $10,000 profit on initial investments of less than $50,000.
What to know about Financing & Pay-Option
Having one of the most diverse populations in California, rather the entire country for that matter, Los Angeles County has had the luxury of steadily increasing housing values over the last five years. That being said it has also made it more and more difficult to purchase a home that a family can afford. With recent aggressive breakthroughs by the nations leading banks, it has become much easier for the “Average Joe” to purchase a home with little to no money down. And now with banks offering flexible monthly payments with “Pay-Option” loan programs, affording a house in this unique area of Southern California has never been easierThese “100% financing” loans and “Pay-Option” loans are good for awhile, but often after a certain period of time, these loans can adjust. And as of late these rates and more importantly, the payments, have been increasing. What to do? You want to put yourself and your family in a position where you can ride out a decline in the real estate market as well as having a comfortable monthly mortgage payment that you can count on. Here in Whittier California we set ourself apart by providing a valuable service which allows us to earn your business not just for your first loan with us, but also for your mortgage financing needs in the future. We look at your situation and work with you to help improve your overall financial outlook. We have learned that sugar coating and making outlandish promises in the beginning to get your business does nothing positive for anyone, except cause a lot of heart ache and resentment, as well as losing your business, forever!
www.martinezhenry.com
www.martinezhenry.com
Reasons to Refinance
Reduce Your Monthly Mortgage Payment. The slightest percentage drop can have a large effect when calculated over 15 or 30 years, and so you definitely should consider refinancing when you’re able to lock in a lower interest rate. Switching from a 15 to 30-year term will immediately reduce your mortgage payment. Conversely, if you are looking to save money in the long run, you can save thousands of dollars by refinancing from a 30-year to a 15-year mortgage. As most traditional mortgages include principal and interest payments, still yet another way to reduce your monthly mortgage payment is to switch to a program with interest only payments. Refinancing your existing mortgage is a surefire way to lower monthly payments immediately. Refinancing is Ideal for Putting Money in Your Pocket.Refinancing is perfect for cashing in on your home's equity. For the most part, homeowners would have to sell their homes in order to access the equity they have built. However, a cash-out refinancing makes it possible to tap into your home's equity, while remaining in your home.Get Cash Quickly and Safely. If you have equity, you can use the cash to finance. You might pay for new home improvements, take a vacation, pay off credit card debts (since credit card debt interest is compounded whereas mortgage interest is relatively simple and tax deductible, this is an especially attractive option), or pay for your child’s education.Switch your mortgage program to fit your financial situation better. An adjustable rate mortgage (ARM) is a particularly attractive option for homeowners who do not plan to stay in their home for an extended time period. An ARM could lower your monthly payment dramatically when compared to a 30-year fixed-rate mortgage. On the other hand, if you do plan on staying longer than a 3-5 year period in your home, you might want to switch to a 15, 20, or 30-year fixed-rate home loan. Doing so will provide stability over time, and protect you against market fluctuations. Fix program can help you save the most in cost in the life of the loan.
Reduce Your Monthly Mortgage Payment. The slightest percentage drop can have a large effect when calculated over 15 or 30 years, and so you definitely should consider refinancing when you’re able to lock in a lower interest rate. Switching from a 15 to 30-year term will immediately reduce your mortgage payment. Conversely, if you are looking to save money in the long run, you can save thousands of dollars by refinancing from a 30-year to a 15-year mortgage. As most traditional mortgages include principal and interest payments, still yet another way to reduce your monthly mortgage payment is to switch to a program with interest only payments. Refinancing your existing mortgage is a surefire way to lower monthly payments immediately. Refinancing is Ideal for Putting Money in Your Pocket.Refinancing is perfect for cashing in on your home's equity. For the most part, homeowners would have to sell their homes in order to access the equity they have built. However, a cash-out refinancing makes it possible to tap into your home's equity, while remaining in your home.Get Cash Quickly and Safely. If you have equity, you can use the cash to finance. You might pay for new home improvements, take a vacation, pay off credit card debts (since credit card debt interest is compounded whereas mortgage interest is relatively simple and tax deductible, this is an especially attractive option), or pay for your child’s education.Switch your mortgage program to fit your financial situation better. An adjustable rate mortgage (ARM) is a particularly attractive option for homeowners who do not plan to stay in their home for an extended time period. An ARM could lower your monthly payment dramatically when compared to a 30-year fixed-rate mortgage. On the other hand, if you do plan on staying longer than a 3-5 year period in your home, you might want to switch to a 15, 20, or 30-year fixed-rate home loan. Doing so will provide stability over time, and protect you against market fluctuations. Fix program can help you save the most in cost in the life of the loan.
Make an offer
Your real estate agent will assist you in making an offer, which will include the following information:
Complete legal description of the property
Amount of earnest money (Earnest money is money put down to demonstrate your seriousness about buying a home.)
Down payment and financing details
Proposed move-in date
Price you are offering
Proposed closing date
Length of time the offer is valid
Details of the deal
Secure your rate by lock it in
After signing a home purchase agreement, you're ready to lock-in an interest rate. This freezes your interest rate and protects you against market fluctuations for a specific time period.
Your real estate agent will assist you in making an offer, which will include the following information:
Complete legal description of the property
Amount of earnest money (Earnest money is money put down to demonstrate your seriousness about buying a home.)
Down payment and financing details
Proposed move-in date
Price you are offering
Proposed closing date
Length of time the offer is valid
Details of the deal
Secure your rate by lock it in
After signing a home purchase agreement, you're ready to lock-in an interest rate. This freezes your interest rate and protects you against market fluctuations for a specific time period.
Search for a your home
The first thing to do before even calling a realtor is make a list of everything you are looking for in a new home from the area you want to live, the type of property, if there is public transportation within walking distance, to the price. Establish a set of minimum requirements and a 'wish list" for your new home.
Find a Real Estate Agent
One way to find candidates to interview is to talk to professionals from real estate related professions and ask their opinion. If you know someone who is employed as an escrow officer, title representative, homeowners insurance salesman, or loan officer, they will be able to recommend Realtors from the area they work in.
The first thing to do before even calling a realtor is make a list of everything you are looking for in a new home from the area you want to live, the type of property, if there is public transportation within walking distance, to the price. Establish a set of minimum requirements and a 'wish list" for your new home.
Find a Real Estate Agent
One way to find candidates to interview is to talk to professionals from real estate related professions and ask their opinion. If you know someone who is employed as an escrow officer, title representative, homeowners insurance salesman, or loan officer, they will be able to recommend Realtors from the area they work in.
Choose a loan program
Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best.
Do you expect your finances to changeover the next few years?
Are you planning to live in this home for a long period of time?
Are you comfortable with the idea of a changing mortgage payment amount?
Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?
Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best.
Do you expect your finances to changeover the next few years?
Are you planning to live in this home for a long period of time?
Are you comfortable with the idea of a changing mortgage payment amount?
Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?
Home Purchasing Tips
Get pre-approve for the purchase and know your budgets ahead of time. This takes very little time and it will give you great value. Identify your price range so you can be comfortable with your financial lifestyle here in Whittier. We recommend that your monthly mortgage payment should be less than or equal to a quarter of your monthly gross income. This percentage can change based on the type of mortgage you choose and sometimes the area in which you're looking to buy. You need to factor your other debts into determining an affordable monthly mortgage payment. Debt is not just credit cards and student loans. It can also include alimony, child support, car loans, and housing expenses.
Get pre-approve for the purchase and know your budgets ahead of time. This takes very little time and it will give you great value. Identify your price range so you can be comfortable with your financial lifestyle here in Whittier. We recommend that your monthly mortgage payment should be less than or equal to a quarter of your monthly gross income. This percentage can change based on the type of mortgage you choose and sometimes the area in which you're looking to buy. You need to factor your other debts into determining an affordable monthly mortgage payment. Debt is not just credit cards and student loans. It can also include alimony, child support, car loans, and housing expenses.
Whittier California is a great place to live, so whether your selling or buying a home here is some helpful information for your home.
Fixing Up the House Interior
Plumbing and Fixtures
All your sink fixtures should look shiny and new. If this cannot be accomplished by cleaning, buy new ones where needed. If you don’t buy something fancy, this can be accomplished inexpensively and they are fairly easy to install. Make sure all the hot and cold water knobs are easy to turn and that the faucets do not leak. If they do, replace the washers. It is not difficult at all.
Check to make sure you have good water pressure and that there are no stains on any of the porcelain. If you have a difficult stain to remove, one trick is to hire a cleaning crew to go through and clean your home on a one-time basis. They seem to be wonderful at making stains go away.
Ceilings, Walls and Painting
Check all the ceilings for water stains. Sometimes old leaks leave stains, even after you have repaired the leak. Of course, if you do have a leak, you will have to get it repaired, whether it is a plumbing problem or the roof leaks.
You should do the same for walls, looking for not only stains, but also areas where dirt has accumulated and you just may not have noticed. Plus, you may have an outdated color scheme.
Painting can be your best investment when selling your home. It is not a very expensive operation and often you can do it yourself. Do not choose colors based on your own preferences, but based on what would appeal to the widest possible number of buyers. You should almost always choose an off-white color because white helps your rooms appear bright and spacious.
Carpet and Flooring
Unless your carpet appears old and worn, or it is definitely an outdated style or color, you probably should do nothing more than hire a good carpet cleaner. If you do choose to replace it, do so with something inexpensive in a fairly neutral color.
Repair or replace broken floor tiles, but do not spend a lot of money on anything. Remember, you are not fixing up the place for yourself. You want to move. Your goal is simply to have as few negative impressions upon those who may want to purchase your property.
Windows and Doors
Check all of your windows to make sure they open and close easily. If not, a spray of WD40 often helps. Make sure there are no cracked or broken windowpanes. If there are, replace them before you begin showing your home.
Do the same things with the doors – make sure they open and close properly, without creaking. If they do, a shot of WD40 on the hinges usually makes the creak go away. Be sure the doorknobs turn easily, and that they are cleaned and polished to look sharp. As buyers go from room to room, someone opens each door and you want to do everything necessary to create a positive impression.
Odor Control
For those who smoke, you might want to minimize smoking indoors while trying to sell your home. You could also purchase an ozone spray that helps to remove odors without creating a masking odor.
Pets of all kinds create odors that you may have become used to, but are immediately noticeable to those with more finely tuned olfactory senses. For those with cats, be sure to empty kitty litter boxes daily. There are also products that you can sprinkle in a layer below the kitty litter that helps to control odor. For those with dogs, keep the dog outdoors as much as possible. You might also try sprinkling carpet freshener on the carpet on a periodic basis.
Costs of Repairs
Do not do anything expensive, such as remodeling. If possible, use savings to pay for any repairs and improvements – do not go charging up credit cards or obtaining new loans. Remember that part of selling a house is also preparing to buy your next home. You do not want to do anything that will affect your credit scores or hurt your ability to qualify for your next mortgage
www.martinezhenry.com
Fixing Up the House Interior
Plumbing and Fixtures
All your sink fixtures should look shiny and new. If this cannot be accomplished by cleaning, buy new ones where needed. If you don’t buy something fancy, this can be accomplished inexpensively and they are fairly easy to install. Make sure all the hot and cold water knobs are easy to turn and that the faucets do not leak. If they do, replace the washers. It is not difficult at all.
Check to make sure you have good water pressure and that there are no stains on any of the porcelain. If you have a difficult stain to remove, one trick is to hire a cleaning crew to go through and clean your home on a one-time basis. They seem to be wonderful at making stains go away.
Ceilings, Walls and Painting
Check all the ceilings for water stains. Sometimes old leaks leave stains, even after you have repaired the leak. Of course, if you do have a leak, you will have to get it repaired, whether it is a plumbing problem or the roof leaks.
You should do the same for walls, looking for not only stains, but also areas where dirt has accumulated and you just may not have noticed. Plus, you may have an outdated color scheme.
Painting can be your best investment when selling your home. It is not a very expensive operation and often you can do it yourself. Do not choose colors based on your own preferences, but based on what would appeal to the widest possible number of buyers. You should almost always choose an off-white color because white helps your rooms appear bright and spacious.
Carpet and Flooring
Unless your carpet appears old and worn, or it is definitely an outdated style or color, you probably should do nothing more than hire a good carpet cleaner. If you do choose to replace it, do so with something inexpensive in a fairly neutral color.
Repair or replace broken floor tiles, but do not spend a lot of money on anything. Remember, you are not fixing up the place for yourself. You want to move. Your goal is simply to have as few negative impressions upon those who may want to purchase your property.
Windows and Doors
Check all of your windows to make sure they open and close easily. If not, a spray of WD40 often helps. Make sure there are no cracked or broken windowpanes. If there are, replace them before you begin showing your home.
Do the same things with the doors – make sure they open and close properly, without creaking. If they do, a shot of WD40 on the hinges usually makes the creak go away. Be sure the doorknobs turn easily, and that they are cleaned and polished to look sharp. As buyers go from room to room, someone opens each door and you want to do everything necessary to create a positive impression.
Odor Control
For those who smoke, you might want to minimize smoking indoors while trying to sell your home. You could also purchase an ozone spray that helps to remove odors without creating a masking odor.
Pets of all kinds create odors that you may have become used to, but are immediately noticeable to those with more finely tuned olfactory senses. For those with cats, be sure to empty kitty litter boxes daily. There are also products that you can sprinkle in a layer below the kitty litter that helps to control odor. For those with dogs, keep the dog outdoors as much as possible. You might also try sprinkling carpet freshener on the carpet on a periodic basis.
Costs of Repairs
Do not do anything expensive, such as remodeling. If possible, use savings to pay for any repairs and improvements – do not go charging up credit cards or obtaining new loans. Remember that part of selling a house is also preparing to buy your next home. You do not want to do anything that will affect your credit scores or hurt your ability to qualify for your next mortgage
www.martinezhenry.com
Saturday, February 10, 2007
Home Selling Articles & Advice
Home Selling Articles and advice for property in Whittier California
Getting your house ready to sell
If you are thinking of selling your home in whittier then chances are you're caught up in a mass of emotions. You may be looking forward to moving up to a new home in california or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new and exciting adventures whether in whittier california or another location.
Introduction - Emotion vs. Reason
When conversing with real estate agents, you will often find that when they talk to you about buying real estate in Whittier, they will refer to your purchase as a "home." Yet if you are selling property, they will often refer to it as a "house." There is a reason for this. Buying real estate is often an emotional decision, but when selling real estate you need to remove emotion from the equation.
You need to think of your house as a marketable commodity. Property. Real estate. Your goal is to get others to see it as their potential home, not yours. If you do not consciously make this decision, you can inadvertently create a situation where it takes longer to sell your property.
The first step in getting your home ready to sell is to "de-personalize" it.
De-personalize the House
The reason you want to "de-personalize" your home is because you want buyers to view it as their potential home. When a potential homebuyer sees your family photos hanging on the wall, it puts your own brand on the home and momentarily shatters their illusions about owning the house. Therefore, put away family photos, sports trophies, collectible items, knick-knacks, and souvenirs. Put them in a box. Rent a storage area for a few months and put the box in the storage unit.
Do not just put the box in the attic, basement, garage or a closet. Part of preparing a house for sale is to remove "clutter," and that is the next step in preparing your house for sale.
Hope this helps to sell you home in Whittier California!
www.martinezhenry.com
Getting your house ready to sell
If you are thinking of selling your home in whittier then chances are you're caught up in a mass of emotions. You may be looking forward to moving up to a new home in california or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new and exciting adventures whether in whittier california or another location.
Introduction - Emotion vs. Reason
When conversing with real estate agents, you will often find that when they talk to you about buying real estate in Whittier, they will refer to your purchase as a "home." Yet if you are selling property, they will often refer to it as a "house." There is a reason for this. Buying real estate is often an emotional decision, but when selling real estate you need to remove emotion from the equation.
You need to think of your house as a marketable commodity. Property. Real estate. Your goal is to get others to see it as their potential home, not yours. If you do not consciously make this decision, you can inadvertently create a situation where it takes longer to sell your property.
The first step in getting your home ready to sell is to "de-personalize" it.
De-personalize the House
The reason you want to "de-personalize" your home is because you want buyers to view it as their potential home. When a potential homebuyer sees your family photos hanging on the wall, it puts your own brand on the home and momentarily shatters their illusions about owning the house. Therefore, put away family photos, sports trophies, collectible items, knick-knacks, and souvenirs. Put them in a box. Rent a storage area for a few months and put the box in the storage unit.
Do not just put the box in the attic, basement, garage or a closet. Part of preparing a house for sale is to remove "clutter," and that is the next step in preparing your house for sale.
Hope this helps to sell you home in Whittier California!
www.martinezhenry.com
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