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Here Are Some Tips For Getting A Mortgage In 2014

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Here are a few tips for you potential buyers of Santa Barbara real estate in 2014. They’re all practical and take into consideration the new lending rules that hit in January. The tip I would highlight is the one about credit. Please keep an eye on your credit. And if you’re wondering how to get your credit score and credit report for free, please read my earlier post highlighted here: http://sbrealtorgeorge.com/?p=160

And here’s the article on mortgage tips.

http://www.bankrate.com/finance/mortgages/mortgage-tips/2014.aspx#slide=1

I hope you have a wonderful day.

If You’re Getting Chocolate For Your Valentine-Make It Dark

As the year steamrolls along, we find ourselves concentrating on the one person who makes the year more bearable and life that much sweeter (no, not your favorite bartender)–I’m talking about your Valentine.

We’re all aware of the myriad of options available to show that special someone we really love them… yes, we really do. As it turns out, one of the more traditional Valentine’s Day gifts, chocolate, not only ranks up there in popularity, dark chocolate actually boasts heart-healthy benefits that can be enjoyed all year.

According to the people who really know this stuff, a November 2013 study in the journal Current Opinion in Clinical Nutrition Metabolic Care (they might want to think about shortening that title), dark chocolate has a protective effect against cardiovascular disease. It lowers blood pressure and cholesterol, and may protect the heart by improving endothelium (cells that line the heart and blood vessels) function and and insulin resistance, a predictor of diabetes. So there!

I hope you all have a fantastic Valentine’s Day, and since I’ve given you all such “sweet” advice, I hope you’ll call me when you want to buy or sell Santa Barbara real estate. (I had to give myself a plug. It’s my blog).

I’m off to eat some dark chocolate and then hit the treadmill.

Here Are The Numbers For The County Of Santa Barbara For January

As I though, the number of sales in Santa Barbara real estate were off 20% from last year, with 81 transactions being closed opposed to 100 last year, for the month. The real shocker is the selling price per square foot. I’ll let you click on the below link and check it out for yourself. If you’re even thinking about listing, that should shed some light on where prices are going. Although, the medial price for pending sales right now is in the mid 900 thousand range, so that number might be coming down a bit.

If you’d like these reports for your individual zip code, please email, text or call me.

Thanks for reading, and enjoy the Market Report.

http://marketquest.nrtwebservices.com/MarketAction.aspx?MLSID=SBSB&UserName=&AppName=AWMS&StartDate=&EndDate=02/03/2014&PriceMin=0&PriceMax=999999000&PropertyTypes=1,2,9&AreaList=166&TypeOfArea=1&REO=&TOA=False&HSF=False&SDG=False&WH=False&PageSize=

30-Year Fixed Drops To 10-Week Low!!

Hello, folks, the 30-year conforming loan is getting back down to possibly the high 3′s. It’s time to buy Santa Barbara real estate!

Here’s a quick article from Zillow

http://www.globenewswire.com/news-release/2014/02/04/607305/10066943/en/30-Year-Fixed-Mortgage-Rates-Drop-to-Lowest-Rate-in-10-Weeks-Current-Rate-is-4-09-According-to-Zillow-Mortgage-Rate-Ticker.html

For Select Customers, The Interest-Only Loan Is Still An Option

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First off, who saw that Super Bowl coming? If you did, I hope you put your money where your mouth is. Wow, Seattle’s Defense is awesome! Being a 49er fan, it just highlights how well the Niners played in the NFC Championship game. Congrats, Seattle. The bad news is that they’re one of the youngest teams in the NFL.

Now, back to real estate. You know, I never really had a problem with interest-only loans. In fact, I always though that they were a pretty practical loan vehicle for people needing a little help to qualify. Interest-only loans are loans that charge “interest only” for a fixed amount of time– five, seven or 10 years. After that, the loans convert to an adjustable rate loan . The initial rate is lower than the prevailing 30-year conforming. The rational behind them is that the borrower would be able to get into the home and have the ability to refinance during the interest only period. Sure, they contributed to the crisis–but what loan didn’t? The interest-only loan isn’t some wacky negative amortization deal, and have you seen an amortization schedule for a 30-year fixed loan? It’s almost interest only for the first five years anyway.

Since the new Dodd-Frank regulations, interest-only loans are not considered qualifying loans–loans that can be sold on the secondary market–so lenders are no longer offering conforming, interest-only. BUT, for high net-worth customer, banks are offering jumbo interest-only loans, and keeping the loans on their books until refinanced or payed off. So, if you are in the Santa Barbara real estate market, there’s a good chance that the interest-only loan could be available to you. It’s something you should check out.

Now, Spring Training is right around the corner. So is The Masters.

 


 

 
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