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What to Expect at Your Signing When Purchasing a Home

by Lakeshore Realty
  • What to Expect at Your Signing

As you near the end of your transaction, and when Escrow has received and prepared the required documents, you will be contacted to set an appointment for you to review, approve and sign your documents. This portion of your transaction is referred to as “the signing” and will usually occur a few days prior to your actual close date.

This Instructional Video will prepare you for what to bring and what you can expect at your signing.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by emailor call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

What you need to have in order to get a mortgage approval.

by Lakeshore Realty

Interest rates fell to new lows in September. Low interest rates increase affordability and should make it easier for buyers to qualify. Yet stories of buyers waiting months to gain loan approval and home purchase transactions not closing on time due to lender's strict underwriting are all too common. Generally, it's more difficult to qualify now than it was a year ago- but don't be discouraged! Most conventional lenders require a 20-25 percent down payment. For the lowest interest rates, your credit scores need to be in the 700 range. You need to have verifiable income and cash reserves in addition to your down payment and closing costs.

Sometimes even more illogical reasons are used to turn down possible buyers. For instance, if you have investments -- even if they're performing well -- an underwriter might deny the mortgage because your portfolio doesn't fall into the underwriter's risk assessment model.

One couple was turned down because the husband had worked at his current job for less than a year -- even though he was making more money at the new job than he was before.

Generally, it's more difficult to qualify now than it was a year ago. Most conventional lenders require a 20-25 percent down payment. For the lowest interest rates, your credit scores need to be in the 700 range. You need to have verifiable income and cash reserves in addition to your down payment and closing costs.

You could run into underwriting problems if you're self-employed, as W-2 income is much easier to verify. Other hurdles are lapses in employment and owning a lot of property. Some lenders won't lend to buyers who have more than three or four residential properties.

Lenders will review all consumer debt. To receive a fast approval, all loans in the borrower's name must be up to date and paid on time for a period of at least two years. The total amount of debt will be factored against a consumer's income to calculate a debt-to-in come ratio. If your debt exceeds 40 percent your monthly gross income, your chances for a loan approval will decrease.

If you're buying a new home before selling your current home, you'll need to have 30 percent equity in your current home. This needs to be verified by the lender's appraiser. Also, the lender will want to see a copy of the cashed check from the tenant for the first month's rent to verify rental income if needed to qualify.

HOUSE HUNTING TIP: As soon as you're serious about buying a home, find the best mortgage broker or loan agent you can to assist you. Don't make your selection based on interest rates alone. A good track record counts for a lot.

Closing the deal should be your primary goal. If you have to pay 0.25 percent more to assure your transaction closes on time and that you're not turned down at the last minute, it's worth it.

Be candid with your loan professional about anything in your financial picture that might impact loan qualification. A good loan agent or broker will be able to assess your financial situation and anticipate what you'll need to do to satisfy the underwriter.

Be aware that appraisal issues can impact your loan approval. For example, if a previous owner added square footage without a building permit, the additional square footage probably won't be included as livable square feet.

APPRAISAL: Lenders want to make sure that a home is worth what they are lending to a consumer so that they are not making a loan that is "upside down." Most lenders will require an independent appraisal as part of the mortgage approval process. If the appraisal doesn't equal at least the loan amount, the consumer will either have to pay the difference in cash, have the seller agree to sell the home for the appraised value or walk away from the transaction.

As of Oct. 1, the conforming jumbo mortgage limit for expensive housing markets like New York City and San Francisco dropped from $729,750 to $625,500. In some cases, conforming jumbo lenders have moved into the market to pick up some slack. You can expect to pay about 0.25 percent more for a 30-year fixed-rate conventional jumbo loan, in some cases. However, today's lower interest rates will help boost affordability.

There are more jumbo financing options available now. Adjustable-rate mortgages that are fixed for 10 years and then revert to an adjustable have a starting rate about 0.25 percent less than a 30-year fixed jumbo. A five-year fixed starts about 0.5 percent to 0.75 percent lower, but is riskier.

When applying for a home loan, it is important that you inform your loan officer of any changes to your situation, as it can affect a home loan approval. Not communicating things to your loan officer can mean a cancellation of your loan up to the day and time of closing.

THE CLOSING: Because of the risk factor, the lender may want you to have a large cash reserve. Your retirement account counts toward this.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

  • New Lakeshore Realty Homes for Sale in Lake Tahoe, Incline Village Nevada

These are some of the newest listings at Lakeshore Realty on the North Lake Tahoe Real Estate Market.

1052 Lucerne

Bed: 3
Bath: 2.5
Year: 1983
Sq. Ft.: 1920

Price: $635,000

 

Listing Agent:
Sharon Peplau

Top of the line remodel with bamboo and slate flooring, granite countertops, exceptional tile finishes in bathrooms. Inviting great room offers the much sought after Tahoe ambience. Upscale Incline Complex W/Pool/Tennis. Ample Storage.

777 Freels Peak Dr.

Bed: 4
Bath: 2.5
Year: 1992
Sq. Ft.: 2786

Price: $855,000

 

Listing Agent:
Peg Augustus

Desireable location 2 blocks from lake & walk to shopping.Very charming w/large great room, stone fireplace, vaulted ceilings. Huge kitchen w/granite counters,wood floor. Master w/fireplace and deck. Beautiful landscaped grounds.4th BR can be fam rm.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Homeownership Rate Rises After Two Years of Decline

by Lakeshore Realty
  • Homeownership Rate Rises After Two Years of Decline

After falling to a 13-year low during the second quarter, the homeownership rate posted a highly unexpected rise in the third quarter, according to a Census Bureau report released Wednesday.

 

With foreclosures forcing homeowners out of their homes and buyers waiting on the sidelines as home values declined, the homeownership rate has been on the decline for quite some time. In fact, according to Bloomberg, the third quarter rise is the first in two years.

However, the 0.4 percent increase, which brought the homeownership rate to 66.3 percent for the third quarter, was not enough to post an annual increase.

The current homeownership rate remains 0.6 percent below the rate recorded in the third quarter of 2010.

Furthermore, according to the Census report, when the current rate is seasonally adjusted – which brings it to 66.1 percent – it is “not statistically different from the rate last quarter” – an even 66 percent.

Homeowner vacancy rates fell 0.1 percent in the third quarter arriving at 2.4 percent.

At the same time, rental vacancies rose 0.6 percent arriving at 9.8 percent.

Despite this shift, Capital Economics says in response to the Census findings, “The modest increase in the rental vacancy rate in the third quarter does little to alter our view that rental yields will soon rise above 5.5%, comfortably beating the yields available on Treasuries and equities.”

“Meanwhile, the homeownership rate remains at a level that suggests America’s love-affair with housing is still on the rocks,” Capital Economics adds.

About 85.8 percent of housing units were occupied in the third quarter.

The region with the highest homeownership rate was the Midwest with a rate of 70.3 percent, while the lowest homeownership rate was seen in the West at 60.7 percent.

The Northeast and South feel in between at 63.7 percent and 68.4 percent respectively.

At 76.1 percent, West Virginia had the highest homeownership rate. The state was followed closely by Mississippi with a 70 percent homeownership rate.

The lowest homeownership rate was seen in the District of Columbia, where the rate for the quarter was 44.3 percent. New York followed with 54.4 percent.

Nevada and California – states hard-hit by the housing crisis – were also in the bottom five with homeownership rates of 55.3 percent and 55.9 percent respectively.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by emailor call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

What is Escrow? A full explanation of the term "Escrow".

by Lakeshore Realty
  • What is Escrow?

An escrow is created when money and/or documents are deposited by two or more persons with a third party which are to be delivered upon the happening of certain conditions. The third party is known as the escrow agent or escrow holder.

The authority given to an escrow holder is strictly limited by instructions provided by the parties involved. Consequently, an escrow holder acts on mutual instructions deposited into escrow and DOES NOT represent any party. The escrow officer is authorized by instructions to allocate funds for items during the escrow period, such as real estate commissions, title insurance, liens, recording fees, and other costs. Instructions also specify the method of collecting funds, proration issues, time limitations, and all the terms of the transaction. The escrow process protects all parties involved by retaining money and documents until the mutual instructions are met.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by emailor call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

North Lake Tahoe Real Estate Sales October 2011 Comparison

by Lakeshore Realty
  • North Lake Tahoe Real Estate Sales October 2011 Comparison

On average in the last 3 years the North Lake Tahoe real estate market has a constant growth in the "Price Differential" index in October, which means that the sellers sell their homes at a price that is very close to the asking price, on the other hand homes tend to stay for longer periods of time on the  market.

- Please note that the report above was created using data extracted from the MLXChange System and reflects Residential Property sales.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by emailor call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Displaying blog entries 1-7 of 7

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LakeshoreRealty.com
Lakeshore Realty
954 Lakeshore Blvd.
Incline Village NV 89451
775-831-7000
800-954-9554
Fax: 775-831-6777

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