I need some refinance advice:
When I bought my home in East San Diego two years ago, I had marginal credit and had to pay a higher rate. Now my credit score is way up and I’m thinking of refinancing for a lower rate. Do you agree with the ‘2% rule’ that says you should refi [...]
Value Range Pricing:
“I don’t agree with this whole value range pricing idea. It just doesn’t make any sense. No one’s ever going to pay any more than the bottom. I’d never sell my San Diego home with it.”
***ANSWER:
I’m with you. And while we’re at it, I don’t agree with this whole electricity thing either. It [...]
What does Mortgage Insurance pay for?
Mortgage insurance is generally required for home loans with a “loan-to-value” ratio of over 80%. The insurance protects the lender (NOT you) should you lose your home to foreclosure.
Now, to avoid paying high mortgage insurance premiums, “80-20″ loans are becoming very common. A lender makes a 80% loan-to-value [...]
California’s Proposition 13 limits your property taxes to 1% of the assessed value + voter approved local bonds, all totaling just under 1.2%.
This makes your monthly property taxes easy to calculate: approximately 1/10 of 1% per month. For example, a home purchased for $600,000 has approximate taxes of $600/month.
Note #1: The assessment can go [...]
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