Which type of lender is right for you?

As a Realtor and residential developer,  I am often asked what the best method is to select a mortgage lender. Your choice begins with whether you want to work with a direct lender or with a loan broker. My preference is with a direct lender, however, there are distinct advantages to both, and ultimately it will come down to your personal preference. 

Regardless of which direction you go in, make sure your lender pre-approves you for your loan rather than just prequalifying you. The pre-approval comes after the lender has sent your file to an underwriter or processor who physically checks your income, credit and employment history. Your approval will only be subject to an accepted offer, clear title and a favorable appraisal. Prequalification, or often referred to as a DU (desktop underwriter) qualification, is not a loan approval, but a calculated pre-qualification solely based upon what a borrower tells the interviewer. 

Many mortgage companies refuse to do this work upfront, but the good ones do, and I only send my clients to these kind of lenders. The last thing I or anyone involved in the transaction wants is to have our client's heart broken in escrow when the loan you supposedly were approved for gets rejected for a reason that could have been addressed before making any offers. 

Here is a great article originally published by Bankrate.com and subsequently republished by The Orange County Register​ that offers the pros and cons to each choice. 

Looking for real estate services? If you, or a friend or relative is looking for a new home, commercial building or lease, have them give me a call at (714) 584-5509, or send me an email at frank@resusa.org. There are a variety of listed and unlisted opportunities for investors and first time home buyers alike. Let me know how I can help. 

Are You Still Renting??

Looking for real estate services? If you, or a friend or relative is looking for a new home, commercial building or lease, have them give me a call at (714) 584-5509, or send me an email at frank@resusa.org. There are a variety of listed and unlisted opportunities for investors and first time home buyers alike. Let me know how I can help. 

9 Things to Ignore at an Open House

Don’t let signs of a home’s previous life deter you from making it your dream home. The sellers may not have had the time, money, or willpower to professionally stage or remodel their homes before their open house, but that isn’t always a bad thing.

While a turnkey home is ideal for people who want to move right in and make no changes, don’t ignore those “time warp” homes. They can be incredible gems that just need a little polishing. As you step into each home while you’re house hunting, try your best to ignore these nine buyer turnoffs that are actually pretty easy to adjust.

1. An Older Home

“Old” isn’t synonymous with bad. In fact, sometimes newer homes are more affordable simply because they were built with cheap materials — and that may cost you more money in upkeep than a home built decades ago with quality materials that have proven to stand the test of time.

Remember that there are many simple fixes to modernize a dated home, and many older homes are full of charm and character that you can’t find in a brand-new build.

2. Paint Colors

Ignore the existing paint choices and focus on the structure of the room, the placement of the windows, etc. Paint is an incredibly easy, cheap fix and something you can change in just a few hours.

3. Wallpaper with roosters and chickens

It may feel as if you are walking into a barnyard, but remember that wallpaper (even when it’s covered with roosters and chickens) is easily replaced or covered over. So no matter how design-challenged the walls look, it’s an easy fix.

4. Kitchen appliances and accessories

The kitchen is the heart of the home, but sometimes the appliances just don’t live up to your dreams. As long as you have room in your budget or a timeline to replace the existing appliances, a seller’s ancient yellow fridge shouldn’t be a deal breaker.

5. Ugly carpet

Flooring options are getting more and more diverse, and there are now many low-cost options that look just like their higher-priced counterparts. Don’t walk away from a great house just because you’re not a fan of what you’re walking on.

6. Funky smells

Serious mold problems aside, there are few things a deep cleaning can’t fix. Plug your nose and focus on the home’s bones and the potential it has once you give it your own touch.

7. Curb appeal

If you’re not saying “wow” when you first drive up, that’s OK. Close your eyes and envision a different-colored front door and some new landscaping, and, presto — it might just transform into your dream home!

8. Popcorn ceilings

It’s great at the movies, but not at home. No worries! A ceiling specialist can come in and have all that popcorn texturing scraped off. Just make sure you have it done before you move in — it’s a messy job.

9. No privacy

The house feels too exposed and lacks privacy from next door? Easy fix. Remember, “Hedges make great neighbors.”

Let me know how I can help you or someone you know purchase or sell real estate. I always have time for your questions and referrals.

Looking for a new home? If you or a friend or relative is looking for a new home, have them contact me. I can help you sell your current home and find the perfect new home. Complete the Client Registration form to receive daily listings by email that match your specific search criteria.