San Francisco Womens Journal » Real Estate

Furniture for Small Spaces: Storage Magic!

SFWJ — Mon, 26 Jul 2010 18:29:47 +0000

Beryn Hammil

In my last article Secret’s to Decorating Small Spaces, I shared some tips on how to look at the floor plan of the smaller space you’re considering. It’s important to give some thought to how the space will support your lifestyle. Another significant aspect for you to consider is…storage.

by Beryn Hammil
SF Bay Area Interior Designer

As you can imagine, condo or apartment living presents a storage challenge. Fortunately, furniture manufacturers have considered this lifestyle change as they design new lines. People, who are downsizing, as well as young apartment dwellers, are the beneficiary of this change in design direction

Furniture that Works Magic as Storage

Almost every piece of furniture has the potential to give you a place in which to store stuff. Ottomans have tops that lift off to provide storage inside the cube. Some even have tops that become serving trays! Beds have drawers built into the framing underneath the mattress as a place to store either clothing or seldom used items. Media cabinets have lifts built into them so the flat screen TV doesn’t have to be visible if you don’t want it to be seen 24/7.

Remember the piano bench whose seat lifts up to store sheet music? Well, now there’s even a chaise whose seat lifts up to provide storage underneath it too!

Small dwelling denizens have much to choose from when it comes to practical furniture.

Sleep options are endless: we’re all familiar with sofas that convert to beds and wall units that tilt down to become beds (the Murphy bed). Both have been around for decades. Now there are club chairs that convert to single beds, sofas that convert to bunk beds, and narrow window seats that pull out to become full size beds.

Furniture too can be as flexible as kids’ Transformer toys: console tables expand into dining tables, coffee tables lift to become dining tables, small cabinets open to reveal beds, and mirrors magically become wall-mounted flat screen TVs.

If it can be imagined, it probably exists. And if it doesn’t already exist, there’s someone out there who can make it for you.

This variety of options makes a smaller home seem as if it has more space in which to live, and without all the hassle of a larger house.

To downsize one’s living space is now the “cool” thing to do, no matter what your age. And with all these clever ways to make a smaller space more practical, even people who don’t need to downsize are choosing to live smaller. Perhaps it’s a sign of the times, but whatever your motivation, it’s something you can embrace with both arms.

Beryn Hammil is the owner of Beryn Hammil Designs, a San Francisco Bay Area Interior Design and Decorating Firm. She is known for “creating spaces people love coming home to every day.” As a designer, Beryn listens carefully to her clients’ needs, and then expands on them to create the homes that people enjoy living in for years after the work is complete.

Beryn is a member of ASID and is known throughout the Bay Area for the “Design Dilemma” columns she writes for the San Francisco Chronicle’s Home & Garden section. Her interior design and remodel projects are as compelling as her written ideas. To learn more please visit her website BerynHammil.com, connect with her on Facebook or follow her on Twitter.

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Living in Earthquake Country – Are You Ready?

SFWJ — Thu, 13 May 2010 01:57:44 +0000

Deborah Lopez

Having lived through the 1989 Loma Prieta earthquake as a homeowner in San Francisco, I often find it helpful to review with my family not only the steps to take to make sure our homes are safe, but what to do in case there is a quake.

by Deborah Lopez, SF Realtor

Resources for complete and detailed information about how to prepare your home for an earthquake and what to do in an earthquake can be found at various web sites. The best ones I’ve found are EarthQuakeCountry.info, EarthQuake.ugs.gov, and RedCross.org.

7 Tips to Help Prepare You and Your Home for Earthquakes

The seven key recommendations below are from EarthQuakeCountry.info and are easy to remember. If you want more information, you’ll find a detailed fact sheet on each recommendation on the website.

1. Secure it Now – Eliminate hazards by securing heavy objects such as bookshelves, televisions, computers and especially water heaters. California law requires the seller of any home to strap and brace the water heaters before they transfer the home to the next buyer – be sure this is done properly. But if you’ve been in your home a long time, do it now yourself.

2. Make a Plan – Have evacuation and reunion plans, an out-of-state contact person and a location for your emergency supplies. Make sure everyone in your household knows what they are. Make sure you know the plan at your child or children’s schools so you can find them fast!

3. Make Disaster Kits – for home, car and work. These should include water, food, flashlights, portable radios, batteries, first aid kits, cash, extra medications, a whistle and fire extinguishers.

4. Is Your Place Safe? - Consult a contractor or engineer knowledgeable in seismic safety to make sure you have done all the upgrades you can to strengthen your home in case of a quake. Some of these are minor and inexpensive, others may require more extensive projects, but do whatever you can.

5. DROP, COVER AND HOLD ON! – Doorways are NOT the safest place in a quake – this is old information. You are safer dropping to the floor, taking cover under a sturdy desk or table and holding on to it firmly. Be prepared to move with the furniture until the shaking stops. If outside, drop to the ground; if in your car, pull over and stay in your car.

6. Check It Out – After the shaking stops, check for injuries, administer first aid, and identify safety hazards such as damaged gas, water, sewage and electrical lines. Know how to report damage to the proper agencies and have those numbers in your disaster kit.

7. Communicate and Recover – Listen to the most accessible radio, contact your insurance agent if your home is damaged and check for resources that will be made available from government agencies. To locate separated family members, register on the Red Cross Safe and Well Web Site or call 1-866-GET-INFO. Make sure everyone in your family has that phone number.

We’ve only had small earthquakes since 1989 but being prepared will give you and your family the peace of mind to enjoy your home and know that you are ready if necessary. If you would like laminated copies of the Red Cross Earthquake Safety Checklist or a printed copy of the Seven Steps to Earthquake Safety for your home, please e-mail me and I will send you either or both immediately.

Be Safe!

Deborah Lopez (DLo) is a licensed broker and Certified International Property Specialist with Paragon Real Estate Group. She is an expert on the pockets within and between San Francisco neighborhoods and she knows how to negotiate to protect your interest and get you your desired outcome!

Whether you’re selling, buying or building your real estate investment portfolio, DLo will give you a head start. To lean more visit DeborahLopezSF.com.

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5 BIG Changes Coming Up in the Mortgage Industry!

SFWJ — Mon, 08 Mar 2010 12:13:52 +0000

2010 is bringing some big changes in the mortgage industry that will affect interest rates, taxes, and qualification. If you are thinking about buying a home or refinancing, you need to be aware of these changes! Following are some of the highlights:

by Allison Gervais-Sofnas
Sr. Mortgage Loan Consultant

Allison Gervais-Sofnas

1. The Federal Reserve is ending it $1.25 Trillion dollar purchase of mortgage loans.

For the past year, the Federal Reserve has been purchasing an enormous amount of mortgage loans which has resulted in extremely low interest rates. This program is set to expire at the end of March and many analysts expect mortgage interest rates to increase approximately .50% to 1.0%. Rates are still very low now but buyers and people refinancing should consider locking in before the market loses its biggest buyer.

2. FHA mortgage insurance is getting more expensive.

The current FHA upfront mortgage insurance premium is 1.75% of the loan amount. This will increase to 2.25% as of April 5^th. This government loan program has become very popular as it allows people to purchase homes with as little as a 3.5% down payment. Unfortunately, utilizing this program on condos has become extremely restrictive. Not all mortgage brokers are authorized to offer FHA so ask up front if you are interested in this program.

3. Tax credit is ending!

The first time home buyers tax credit of $8000 and the existing home owner (5+ years) tax credit of $6,500 are set to expire on April 30^th. Buyers must be in contract by this date and close no later than July 1^st. Other restrictions apply.

4. HARP is ending as of June 10^th.

Over the past year we have been able to lower the interest rate for clients who did not meet the current requirement of having 20% equity in the property. Under the HARP (Home Affordable Refinance Program) people have been able to refinance their existing loans up to 125% of appraised value IF the current loan is owned by Fannie Mae of Freddie Mac. If you want to know if your loan is owned by Fannie or Freddie contact your local mortgage broker to find out how to look it up.

5. Conforming loan limit is set to change again!

Unless the government changes it again, the temporary conforming limit in the SF Bay Area of $729,750 will revert back to the permanent limit of $625,500 at the end of the year.

If you are contemplating refinancing or buying property, you may want to inquire now before you are negatively affected by any of the above changes.

Allison Gervais Sofnas is a Senior Mortgage Loan Consultant with First Capital Group – a mortgage company in San Francisco, CA. She offers residential and commercial financing. Allison is also a Certified Divorce Financial Analyst and uses her expertise to assist clients with the equitable division of assets. Please e-mail Allison for more information.

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Six Ways to Help your Realtor Sell Your Home!

SFWJ — Tue, 02 Mar 2010 13:38:59 +0000

Yes, Virginia, there are buyers ready to purchase your home this spring! The 2010 San Francisco market is brisk and homes are selling before they even hit the market!

by Deborah Lopez

Well-priced, quality homes are getting multiple offers and going over asking – the competition is out there. The median home price in San Francisco has gone up since December, 2008, but prices are still about 15% below the peak and predictions are that we won’t see those prices for 7-10 years.

So how do you make sure that your house gets sold for the best price? Here’s what YOUR Realtor would want me to tell you:

1. Be realistic and set a compelling price. Don’t just be competitive with other homes in your market – set your price to be the absolutely most attractive price in your market based on today’s values.

2. Make your house as entrancing as possible. If possible, move out and get your home in move-in condition. If your kitchen or baths need updating and you can do that, it is worth it. According to the National Association of Realtors, minor kitchen and bath upgrades in San Francisco return over 100% of their cost. Refinish hardwood floors and put on a fresh coat of paint in neutral colors. To learn more about the positive impact of low cost remodeling, send me an e-mail to receive a free report on 10 Big Impact, Low Cost Remodeling Projects.

If you can’t move before selling, work with your Realtor and a staging consultant to clear out all your clutter, rearrange your furniture and make your house sparkle as much as possible.

3. Make sure you pay attention to your curb appeal. If your exterior looks dingy, people will not be tempted to enter. Power washing and repainting trim can refresh an exterior quickly. Planters and flower boxes can add color and charm. Replace or refinish your front door and make sure all your windows are cleaned – inside and out.

4. Avoid surprises! Get all inspections done early. An inspection by a licensed pest control company up front will allow you to either fix the issues or address them in your pricing. If you are in a time-sensitive situation, get a general property inspection as well – you might get offers without an inspection contingency if the reports are relatively clean. Again, if there are issues that can be fixed quickly and with reasonable cost, do them.

5. If you are underwater or behind on your mortgage, try to negotiate a loan modification, refinance or, as a last resort, a short sale with your lender before putting your home on the market. Lenders will not refinance once your home is for sale. Try to get an approved price for a short sale – it will shorten the time your home is on the market and allow for a quicker closing.

6. Listen to your Realtor! If you cannot trust the advice your Realtor is giving you, hire someone else. You need someone today who will give you a true picture of how buyers and the market are responding to your home and your pricing.

Today’s market is completely value driven – even the best marketing strategy cannot sell an over-priced home. Pricing right and/or correcting the price when it’s too high is the most important role a Realtor plays today – find someone who is not afraid to deliver hard news and pay attention!

Whether you’re selling, buying or building your real estate investment portfolio, DLo will give you a head start. To lean more visit DeborahLopezSF.com.

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Missed Deadlines and Your Mortgage…

SFWJ — Mon, 25 Jan 2010 16:33:33 +0000

The unbelievable story of what happens to your mortage closing when the bank misses its own deadlines! A loan is expected to fund and I’m supposed to get fully compensated for my work. Neither happened on this day. When I tell you why, I hope you are as shocked as I am.

by Allison Gervais Sofnas

Allison Sofnas-Mortgage Broker

First let me share something. Being a mortgage broker is like being a middle person between two stressed out teams, the borrower and the bank. You have to give all the good and (lately a lot of bad) news to the clients. You also work hard to satisfy bank underwriters who are underpaid, and sometimes nervous to sign their name on approvals.

What Happens When the Bank Doesn’t Make Its Own Deadline?

Banks send lists of items needed to get a loan closed. These days, lists are 2-3 times as long as in the past.

We were on schedule to close my borrower’s loan at an outstanding interest rate. The very last task was for the bank to make a simple 5 minute phone call to ask if the borrower was still employed, yes or no answer. Easy, right?

In order for this loan to close with the stated interest rate, the bank had to finish their tasks by an 11:00 a.m. deadline. But guess what, they finished this task at 11:49am.

And because it was 49 minutes late…
they took away the lower interest rate!

My office made the same phone call for our records in less than 10 minutes. The borrower had signed the loan papers 2 business days after receiving them. The bank had the loan documents back on December 23 but couldn’t complete a 10 minute phone call by 11:00am on December 28.

Ugly Options: Cancel, Pass or Cover

As the Mortgage Broker, I was given the option to cancel the loan all together, pass the increased fee onto my borrower, or cover the increased cost of $1565 from the original agreement to honor the loan and interest rate for my client. Needless to say, I kept my borrower out of as much of the drama as possible and his original rate has been honored by my company.

A generous number of mortgage brokers have left the business because the earnings decreased, we are buried in additional paperwork, and stress has increased with situations like the aforementioned, plus tighter loan guidelines and new federal laws (which I’ll be addressing in a future article).

So the next time your loan officer calls you to rush signing or faxing documents, don’t think it’s because we’re nuts, dropped the ball or enjoy annoying our clients. The mortgage brokers still standing are dedicated to the business and on your side.

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Real Estate: Buy or Sell in 2010?

SFWJ — Wed, 13 Jan 2010 15:51:01 +0000

I think we’re all thrilled to be starting a new year and here’s hoping that it’s a good one! While we expect the San Francisco real estate market to continue to be challenging, there is no question that this is the season to be buying. And if it is the season to be buying, it is also the season to be selling.

by Deborah Lopez, San Francisco Realtor

Deborah Lopez

So when people ask me “Is this a good time to sell or buy”, my answer is absolutely!

Low Interest Rates, Low Prices, Tax Credits

Buyers are currently blessed with a perfect combination of historically low interest rates, lower prices and a first-time and a move-up buyer tax credit.

Government programs are keeping interest rates low but they will most certainly go up in the future. Every 1% increase in interest rate reduces the amount of home you can afford by about 10% due to the increase in monthly cost. Before rates go up and the tax credit expires (April 30, 2010), anyone who has been thinking of buying a home should be working with a Realtor®.

Even if you cannot buy your “dream” home, owning something as the market recovers will allow you to build equity and not lose ground.

What About Selling Your Home?

As for selling, my advice is always the same: if your life will be better, then do not wait. If your house is too small or too big and you can buy something more suitable, you will never lose money in the long run. Why not be comfortable in a house that fits your needs while you wait for the market to recover?

If you stay where you are and the value of your property increases, so will the value of the properties you want to buy – there is no gain in waiting. Go ahead – move your loved ones while the buying opportunities are good and you will recover any losses as your new home appreciates AND, most importantly, your life will be happier in the meantime.

All of the families that I helped make a real estate move in 2009 are thankful that they are in their new homes.

What if You’ve Fallen Behind on Mortgage Payments?

And please, if you are facing hardship and falling behind in your mortgage payments, call a Realtor® today so that you know your options. The short sale process is getting easier and you will do less damage to your credit negotiating a short sale than allowing your home to go into foreclosure. You may be eligible for a loan modification. Or, you may be able to hold on to your property by moving out and renting it.

But be sure to talk to a Realtor® and your tax advisor before you make that decision – there are many legal and tax ramifications.

You need to know the facts to make the best decision and we are here to help. Consulting with a real estate professional will help you plan for the future, know your options and I hope make 2010 a Happy New Year.

Whether you are selling, buying or building your real estate investment portfolio, DLo will give you a head start. To lean more visit DeborahLopezSF.com.

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Seven Tips for a Warm and Green Holiday Season!

SFWJ — Fri, 11 Dec 2009 15:12:14 +0000

by Deborah Lopez

Deborah LopezSan Francisco Realtor

This has been a challenging year for all of us and I’m glad the holidays have rolled around to bring some good cheer. The best part of my business is seeing my clients happily settled in their new homes, so the holidays always have a special meaning to me…because as the saying goes…there’s no place like home!

As I’ve helped clients through this bad real estate market, it’s been really wonderful to get people moved to homes that will make their lives better.

I feel blessed to have had so many successes as new clients have found their special places, old friends have sold and moved away to warmer climates and families have downsized or upsized to make their lives easier. Truly, this holiday season is even more special because we’ve come through such a challenging time.

As my family and I prepare for the holiday season, we’ve thought more about what we can do to help others and the environment this year. Here are some ideas we’ve collected (with thanks and credit to Cole Hardware and Avi Green Now ) and we’re always looking for more. If you have a great idea, please share them here for all to enjoy!

7 Tips to Make Your Holiday Season Warm and Green!

1. Instead of giving gifts at our annual family Chanukah gift exchange game, we’re going to gather books to donate to the annual toy drives. We’re each bringing our favorite children’s book (could be a toy, too) and then putting them all in a big plastic bag. The game will be to guess whose favorite the item is before we deliver them. I know we’ll have fun while at the same time doing some good for others! I’m adding a few dozen cookies for the volunteers – they sure deserve a treat.

2. Go through your closets for old coats and warm clothes and recycle them to shelters where people need them.

3. Find a non-profit that’s doing an electronic-recycling drive. Empty your shelves of cell phones, monitors, old hard drives and other electronics that no longer work for you, but could help others.

4. Help deliver holiday baskets to the elderly with Little Brothers Friends of the Elderly. But get there early because SO many people show up to help. Christmas is a big day for them. Or volunteer at Glide or any number of places that serve shut-ins and the homeless. It will brighten your day as well as theirs.

5. Wrap your gifts in recycled items – old maps, the comics, brown paper bags or scraps of fabric sewn together can replace holiday wrapping paper ( rarely 100% recycled).

6. Put your holiday lights on timers and get LED lights if you’re buying new ones to conserve energy. And don’t forget to use CFL bulbs all year round – it really does help.

7. Pack boxes with unshelled peanuts or uncooked pasta noodles or buy compostable packaging (it exists)! But the peanuts can be eaten, too!

Take good care and from my house to yours, we wish you all the best for a safe, healthy and very happy holiday season and may 2010 bring all good things!

What other ideas do you have to help others or make this holiday green?

Whether you are selling, buying or building your real estate investment portfolio, DLo will give you a head start. To lean more visit DeborahLopezSF.com.

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Homebuyer Tax Credits:Not Just For First Timers!

SFWJ — Wed, 09 Dec 2009 19:54:47 +0000

Make way for the new and improved Homebuyer Tax Credit. It’s not just for first-time home buyers anymore. You may qualify.

by Allison Gervais Sofnas

Allison Sofnas Mortgage Specialist

The law, which was extended and amended through April of 2010, also includes provisions that expands the number of people eligible for home-buyer credits by increasing the income eligibility limits, extending the time limit for buyers to find homes and adding a $6,500 credit for longtime homeowners .

Who is Eligible for the $8000 Home Buyer Tax Credit?

The rules in 2009 had income limits regarding who was eligible for the $8000 credit. These were $75,000 for a single person and $150,000 for a married couple.

Now you can qualify for the full $8,000 first-time home-buyer credit with a single income of up to $125,000 and married income of up to $225,000. Those who earn more will be phased out up to a single income of $145,000 and married income of $245,000.

More Rules…

1. You must not have had an interest in a principal residence for 3 years prior to purchase. This means you don’t have to be a first time homebuyer, you just have to have not owned a home in the past 3 years.

2. You must buy, or have a binding contract to buy a home by April 30, 2010. Escrow must close by June 30, 2010 and the purchase price may not exceed $800,000.

3. You cannot purchase a home from a relative.

4. You must attach a copy of your settlement statement with your tax return to claim the credit.

5. Buyers also must continue to own this new home for at least three years. If they sell in less time, the credit must be paid back to the government.

Can I Still Get a Credit If I’m Not a First Time Homebuyer?

Yes. Current homeowners can get a piece of the pie as well with the new $6500 repeat buyer credit. If you have owned and lived in a home for at least five consecutive years of the last eight years, you could qualify for a $6,500 tax credit, if you buy a new home between now and April 30, 2010. The same income limits apply and this credit can be useful for those who have already sold in the past few years but have not purchased property yet.

With the tax credits, extremely low interest rates and low housing prices, it’s an excellent time to buy property. The first step is to get in touch with your mortgage broker to find out how much you qualify for and take advantage of this program before it ends!

What other questions do you have about the Homebuyer Tax Credit?

Allison Gervais Sofnas is a Senior Mortgage Loan Consultant with First Capital Group - a mortgage company in San Francisco, CA. She offers residential and commercial financing. Allison is also a Certified Divorce Financial Analyst and uses her expertise to assist clients with the equitable division of assets. Please e-mail Allison for more information.

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You Don’t Need a Prince to Have a Castle!

SFWJ — Wed, 11 Nov 2009 15:32:47 +0000

Buy Versus Rent – A Woman’s Point of View! I was 20 years old when I arrived in California as a transfer from the Univ. of MI to U.C. Berkeley. Married right out of college, we had our first child while renting an apartment in the Valencia corridor between the Mission and Noe Valley. Right away I realized that paying rent instead of buying a home was not the wisest thing we could do.

by Deborah Lopez

Deborah Lopez San Francisco Realtor

After months of going over every argument I could think of with my husband, I finally managed to persuade him that I was right…we should buy a house!

That was in 1973…long before the prices of houses started skyrocketing. Regardless of what’s going on with the appreciation of homes, the arguments that I used then still ring TRUE today!

6 Reasons Why Owning is Better than Renting

Whether you have a partner to convince or you’re on your own and just have to convince yourself, here are the reasons I used back in 1973:

1. If you own a house, no one can ever evict you so your family will have stability. (This was before there was rent control in San Francisco, but it’s still the only true security.)

2. If there is inflation, your house will be the best hedge – its value will keep even with the level of inflation and the money you invest won’t lose its value.

3. Instead of paying down your landlord’s mortgage, you’ll be paying down your own and building up savings in the equity of your home…even if prices stay the same.

4. You have a leveraged investment. In 1973 we put down $7,000 to buy a home for $35,000 and that was a stretch for us! But we knew that even the modest amount of appreciation we were getting was based on the full value of the house, not just our down payment. And it compounded every year!

5. Your monthly interest and property tax payments are tax deductible. You will get 30% or more buying power because of tax savings.

6. If you live in the house for 30 years, you’ll own it free and clear! The only expense is property taxes. Want to move, you’ll have equity to take with you!

Of course, I could not foresee that I would be single again, but since the house was MY idea, I held onto it. It appreciated over the 23 years I owned it, allowing me to refinance. And guess what… that appreciation let me send my children to college and do an extensive remodel that added even more value to the home!

When I sold the house in 1996, I had money to travel and to create a new home with my NEW husband. It was worth all the arguments!

If you need help deciding to buy and determining how much and what you can buy, I’m happy to help. I’ve been there!

Whether you are selling, buying or building your real estate investment portfolio, DLo will give you a head start. To lean more visit DeborahLopezSF.com.

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Get Mortgage Smart! What you must KNOW…

SFWJ — Mon, 09 Nov 2009 18:51:21 +0000

To qualify for a mortgage TODAY! A few years ago, lenders were giving out loans like candy. Not so fast today. Since the mortgage meltdown, lending guidelines have become very strict and banks are asking for detailed documentation and pristine credit ratings from potential borrowers.

by Allison Gervais Sofnas

Allison Sofnas Mortgage Specialist

Today…Mortgage Bonbons have Turned into JawBreakers!

Rates remain at historic lows (as of November, 2009, the 30 year fixed is in the 4% range) and with the first time homebuyer $8000 tax credit…this a great time to buy or refinance your home. But what about those jawbreaker requirements to qualify for a loan?

Yes, the guidelines are stricter, but the main thing is to educate yourself so that you can prepare for the approval process.

What are the New Mortgage Qualification Requirements?

Here are the preliminary questions a mortgage broker or bank would ask you and the answers they are looking for:

1. How much do you plan to use for a down payment on a purchase transaction? OR…

How much do you owe on your loan(s) and what is the value of your property?

Lenders have cut back on the percentages they will lend. Generally they want to see 20% equity in your owner-occupied property once the loan is in place. For non-owner occupied investments, lenders are requiring 25% or more in equity.

The exception to refinance transactions is the Making Home Affordable program rolled out by the government. This program enables homeowners with a conforming loan owned by Fannie Mae or Freddie Mac to obtain higher loan amounts with regards to the appraised value. For purchases, FHA loans allow a small down payment of 3.5% with loan amounts up to $729,750.

2. What is your credit score?

A score of 740 will qualify you for the best rates on the market. 680 is the standard and there are a few programs allowing as low as 620.

Good credit is imperative. Lenders want to see 4-5 active accounts reporting on your credit report for at least 2 years.

3. What documentation is required?

Lenders no longer offer No-Verification (stated income) loans. Here’s a basic list of what is now required:

Proof of Income: If you are a salaried employee with less than 25% of your income in commission or bonuses, you can simply provide your past 2 years W-2 slip and the most recent pay stubs covering the past month.
If you are self-employed, or your compensation package is primarily commission/bonus income, or you have rental property income; you will need to provide all pages of your past 2 years tax returns.
Savings/Retirement: 2 months statements, all pages. Lenders want to see the down payment money and “reserves” (savings after the loan is closed) in your account for the past 2 months.
Appraisal Report: Appraisals are required to be ordered through an outside management company and typically paid up front with a credit card.

Home Sweet Home

Real estate is a good investment and NOW is considered an excellent time to purchase property or refinance existing loans. Before you head out the door to go house hunting…be sure and find out the loan amount you qualify for.

The best way to do this is to talk with a professional mortgage broker. And note…Pre-approvals should be offered at no cost or obligation and typically take 1-2 days.

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