Thursday, March 22, 2018

MARCH 2018 ORANGE COUNTY REAL ESTATE NEWS

AMANDA HORTON & PAMELA HORTON
REAL ESTATE NEWSLETTER

March 2018

How self-employed borrowers can get the best rates
Source, OC Register, Jeff Lazerson, March 8, 2018
Rate news summary


From Freddie Mac’s weekly survey: Average rates are on the verge of breaking the 4.5 percent barrier. The 30-year fixed averaged 4.46 percent, up 3 basis points from last week and just 4 basis points shy of 4.5 percent. It’s the ninth week in a row of rising rates.
The 15-year fixed averaged 3.94 percent, up 4 basis points in a week to the highest rate in almost seven years. The 15-year also has gone up for nine straight weeks, with increases in 18 of the past 23 weeks.
The Mortgage Bankers Association reported loan application volume was unchanged from the previous week.
Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $453,100 loan, last year’s rate of 4.21 percent and payment of $2,218 was $67 less than this week’s payment of $2,285.

Locally, well-qualified borrowers can get the following fixed-rate mortgages at zero point cost: A 15-year at 3.875 percent, a 30-year at 4.375 percent, a 15-year agency high-balance ($453,101 to $679,650) at 4.125 percent, a 30-year agency high-balance at 4.625 percent, and a 30-year jumbo (over $679,650) is at 4.75 percent.

Tax season is now. So, it’s income optimization time for self-employed borrowers (anyone that owns 25 percent or more of any business). Well, at least for those applying for mortgage credit in the near future.
You don’t necessarily need to be self-employed for two years. Fannie Mae and Freddie Mac have specific parameters that may allow one-year self-employed borrowers to qualify.
Doctors are a separate category for a few jumbo investors (above Fan and Fred’s loan limits), offering financing for one year of self-employment.
Rule number one is you can’t have your cake and eat it too. That is, don’t whittle away your taxable income by under-reporting to Uncle Sam and then get mad the mortgage contact can’t qualify you for the home you are eyeing. Explain your general down payment, loan amount and monthly maximum payment parameters to your lender. Send along copies of any documentation your lender requires.
Planning ahead is the key to understanding your maximum mortgage qualifications.

JUST SOLD
978 MEADOWLARK DR, LAGUNA BEACH

Represented Both Seller and Buyers
"Amanda is a total rock star who I would definitely use again and recommend to anyone looking for a knowledgeable agent! She went over and above our expectations."





31423 S. COAST HWY #55, LAGUNA BEACH
Represented Seller
"Thank you so much for everything. You all do so much for me and I'm very grateful."




CURRENTLY LISTED

1594 Skyline Drive, Laguna Beach $3,395,000
www.1594Skyline.com


2561 Park Ave, Laguna Beach  $3,099,000
www.2561Park.com


22190 Paseo Del Sur, Laguna Beach $2,799,000
www.22190PaseoDelSur.com


In Escrow - 3322 Via Carrizo #B Rep. Seller

In Escrow - 30902 Clubhouse #8D, Rep. Seller

MARCH 2018 LAGUNA BEACH STATISTICS

Active - 227
Pending - 47
Sold -  16 closed in February

0 - Less than $1,000,000
7 - $1,000,000 - $2,000,000
5 - $2,000,000 - $3,000,000
2 - $3,000,000 - $4,000,000
1 - $4,000,000 - $5,000,000
1 - $12,000,000

LEARN MORE
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AMANDA, PAMELA & JACE


Amanda, Pamela & Jace Horton provide a comprehensive source of information and services for anyone buying or selling property. Their services are of the highest quality, guaranteed with proven results.

C 949.422.6122
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