Fullerton Home Market Report For October

These are the real estate market statistics for Fullerton for the month of October 2010. The number of  Single Family Home (SFR) listings in October compared to September declined. In September there were 111 new properties that were placed on the market.

 

Below is the market statistics for single family home closings and the type of listing they were for the month of October 2010. There were a total of 70 closings in September. While standard or regular sales make up the majority of closings in September the amount foreclosures and short sales still account for 25% of all closed transactions during the month which is down from the 39% in September.  

Fullerton Condominium Statistics For October 2010

The number of new condominium listings in October as compared with September was down. In September there were 40 new condo/townhome listings.

 

Below is the number of condominium closings and the type of listing each was for the month of October 2010.  Closings were slightly down from the previous month. There were a total of 24 closings in September. Foreclosed or short sale properties account for 55% of the October condo closings.

 

  Total Current Active, Backup and Pending Status Listings In The MLS For Fullerton.

These real estate stats are for the entire city of Fullerton for October 2010. Each individual neighborhood’s statistics are different from the others depending on varying and numerous factors. To obtain a much more precise free email report on your home contact me at the numbers below.

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source : Active Rain

Home Sales Could Enter ‘Virtuous Cycle’

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Consumer confidence and business spending are key to whether the U.S. housing market will move into a virtuous or a vicious cycle in 2011, NAR Chief Economist Lawrence Yun told a packed audience at the Residential Economic Outlook Forum Friday in New Orleans.

After the downturn, the housing market has clawed its way back to a point of near stability, Yun said, with the pace of new foreclosures easing, sales moving toward historically normal levels and prices on a national basis gaining modestly.

At the same time, affordability remains strong. He said all of the price excesses from the housing bubble have been squeezed out. In San Diego, for example, buyers today would pay $1,564 a month in mortgage payments for a house that at the height of the boom would have cost them $2,833 a month.

The broader economy is also showing positive signs, with businesses enjoying strong profits, sitting on huge cash reserves, and even adding jobs. Yun predicts this positive trend to continue into 2011, with existing home sales reaching 5.5 million units, prices rising a modest 1 percent, and the U.S. gross domestic product increasing to about 2.5 percent.

“We are entering a virtuous cycle,” he said. But for the positive trend to continue, he added, businesses will have to start spending some of their cash to fuel job growth at a far greater pace than they’re doing now. Currently, businesses are adding jobs at a pace of about 100,000 a month. That needs to grow to about 400,000 a month for unemployment to start shrinking.

The scenario will be far more negative if businesses continue to sit on their cash. In that case, sales will fall, inventories will rise, the high rate of foreclosures will resume, and the cost to the federal government of bailing out Fannie Mae and Freddie Mac will surge.

Federal Reserve Governor Thomas Koenig, who shared the dais with Yun, said the Fed’s continued effort to spur the economy, most recently through a $600 billion bond buying program, is understandable given concerns over the slow pace of growth. But the continued subsidization of the market could unleash inflationary forces.

Yun said he sees possible evidence of inflation building, but it’s not visible now because the housing-cost portion of inflation measurements is holding down prices.

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source: Realtor Magazine

Quantitative Easing 2 to Improve Business Optimism and Interest Rates

Quantitative Easing 2, or QE2 for short, is in Federal Reserve plans to help the struggling economy. Economist Nariman Behravesh of Lexington-based IHS Global Insight said that thanks to Quantitative Easing 2, business optimism rose in recent weeks.

Under QE2 – which the Fed officially announced Wednesday – the central bank will buy $600 billion of Treasury and mortgage bonds to drive down long-term interest rates and spark growth.

A “QE1” plan in 2009 helped lower mortgage rates, giving the ailing U.S. housing market a boost.

The U.S. economy saw robust job creation for the first time in five months during October – and experts believe the long-depressed labor market might have finally turned the corner.

“We’re starting to see the light at the end of tunnel in terms of job growth,” Behravesh of Lexington-based IHS Global Insight said after the U.S. Labor Department reported the economy added 151,000 non-farm jobs last month.

That’s the best showing since May, as well as double what economists had expected.

Even better, all of the job gains came in the private sector, which created 159,000 positions last month. That more than offset the 8,000 government jobs eliminated during October.

Behravesh said private employers have added at least 100,000 jobs for four straight months – a sharp contrast from early 2010, when most employment gains involved government agencies.

Now, he and other economists see private-sector hiring taking center stage, with companies adding workers as business confidence improves.

“The report confirms the economy is regaining momentum and provides an encouraging signal of business confidence,” economist Aaron Smith of Moody’s Analytics told Reuters.

Despite the positive news about job creation, the Labor Department also reported yesterday that the U.S. unemployment rate remained unchanged at 9.6 percent in October.

Behravesh expects the jobless rate to stay above 6 percent until mid-2015, given that the nation lost some 8 million jobs during the Great Recession.

Economists also say that people who gave up seeking employment during the recession might soon resume their searches, diluting the impact of any job creation.

“There’s no question that the jobless rate will be coming down very slowly,” Behravesh said.

Yesterday’s report sharply contrasted with figures released two weeks ago that showed Massachusetts lost 20,900 jobs during September.

However, Behravesh called those numbers “a bit of a fluke,” noting that Bay State joblessness generally runs about 1 percentage point below the national average.

“I wouldn’t extrapolate the drop we saw in Massachusetts as saying, `Uh, oh – the nation is going one way and we’re going the other,’ ” he said.

Buying your first home? Selling your house? Looking to relocate? Give me a call,        Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source:thirdage.com

ZipRealty Report Shows Homes Selling for Above Asking Price

Third quarter home sales weren’t exactly vigorous, but, according to ZipRealty’s Quarterly Home Hunter Report, Q3 home sales in upscale and starter communities were more robust than they have been in many months.

According to ZipRealty, California has five of the nation’s “hottest” ZIP codes. ZIP codes are ranked by determining which average home sale price is most above the average list price by percentage.

“The gap between homes selling most above and below asking price appears to be decreasing,” said John Oldham,

director of marketing for Emeryville, California-based ZipRealty.

He continued, “[This is] an encouraging sign that prices may be stabilizing and both buyers and sellers could be adjusting to the new market reality.”

The report said that some homes in various price ranges were selling at around 5 percent above asking price, though this time last year homes in the country’s hottest ZIP codes were selling at an average of 13 percent above asking price.

The Greater Grand Crossing neighborhood in Chicago, Illinois was the country’s “hottest” ZIP code last quarter. Homes in this area sold for an average of nine percent higher than the asking price.

Also on the “hot” list are ZIPs in Fort Lauderdale, Florida; Covington, Washington; and North Las Vegas.

In contrast, in the “coldest” ZIP code, located in Durham, North Carolina, homes sold for an average of only 81 percent of the asking price. Even so, these numbers are still an improvement. The “coldest” ZIP code in Q2 was located in Winchester, Connecticut, where homes sold for an average of 72 percent of the asking price.

Buying your first home? Selling your house? Looking to relocate? Give me a call, Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

Source:DSnews.com

Sales of Existing Homes Post 10% Gain in September

  

Sales of previously owned homes rose in September for the second straight month. Data released by the National Association of Realtors (NAR) Monday revealed a 10 percent jump in existing-home sales last month.

The month-to-month gain was more than analysts were expecting, and NAR declared in a statement to the press that the latest numbers “affirm a sales recovery has begun.” Some market observers, though, suggest such an assertion is premature.

Paul Dales, U.S. economist for the research firm Capital Economics attributes the 10 percent monthly gain to the fading of the downward distortion seen in the aftermath of the homebuyer tax credit.

“We doubt that it is the start of a real recovery, which may now be further delayed by the foreclosure crisis,” Dales said, referring to the paperwork deficiencies uncovered in some of the nation’s largest servicing shops. “Existing sales have risen by a spectacular-sounding 18 percent in just two months. But such gains are only possible because sales had fallen so far.”

Dales added, “The poor economic climate, widespread negative equity, and a decline in the desire to own a home will weigh on home sales for at least three years. Supply remains high too. At 4.0m in September, there were roughly 1.5m too many homes up for sale relative to demand. The upshot is that prices will remain under

downward pressure until demand moves back in line with supply. That’s going to take years, rather than months.”

The September gain boosted the annual sales pace to 4.53 million units. August’s annual rate was revised downward to 4.12 million. Sales of pre-owned homes remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.

The increases in September’s sales were widespread across the country compared to the previous month, with all regions reporting gains. Nationally, total housing inventory fell 1.9 percent to 4.04 million existing-homes available for sale, which represents a 10.7-months supply at the current sales pace. That’s down from a 12-months supply in August.

Lawrence Yun, NAR’s chief economist, said, “Vacant homes and homes where mortgages have not been paid for an extended number of months need to be cleared from the market as quickly as possible. Inventory remains elevated and continues to favor buyers over sellers. A normal seasonal decline in inventory is expected through the upcoming months.”

The median and average sales price of existing homes declined 2.4 percent and 1.7 percent, respectively, from a year ago. According to NAR’s data, the national median existing-home price for all housing types was $171,700 in September.

Distressed homes accounted for 35 percent of sales in September compared with 34 percent in August. They were 29 percent in September 2009.

Chris G. Christopher, Jr., senior principal economist for IHS Global Insight, commented, “The housing market is at very depressed levels. This report is relatively good news but the housing market situation has a long way to go before it fully recovers. The question remains of the impact of the foreclosure debacle that reared its ugly head in the latter part of September. The impact will be felt in the October numbers.”

st home? Selling your house? Looking to relocate? Give me a call, Carlos J. Amador at (714) 626-8880 ext 117 or visit my website http://www.carlosjamador.com. For a no obligation free consultation. Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. Home Sellers in Fullerton, Orange County, and Los Angeles.

source: dsnews.com

100 Questions and Answers About Buying A Home (Part 6)

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51. WHAT IF I FIND A MISTAKE IN MY CREDIT HISTORY?

Simple mistakes are easily corrected by writing to the reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness, explain that for the record. Lenders are usually understanding about legitimate problems.

52. WHAT IS A CREDIT BUREAU SCORE AND HOW DO LENDERS USE THEM?

A credit bureau score is a number, based upon your credit history, that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances are of getting a loan. Ask your lender for details.

53. HOW CAN I IMPROVE MY SCORE?

There are no easy ways to improve your credit score, but you can work to keep it acceptable by maintaining a good credit history. This means paying your bills on time and not overextending yourself by buying more than you can afford.

FINDING the RIGHT LOAN for YOU

54. HOW DO I CHOOSE THE BEST LOAN – PROGRAM FOR ME?

Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best.

	Do you expect your finances to changeover the next few years?
	Are you planning to live in this home for a long period of time?
	Are you comfortable with the idea of a changing mortgage payment amount?
	Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?

Your lender can help you use your answers to questions such as these to decide which loan best fits your needs.

55. WHAT IS THE BEST WAY TO COMPARE LOAN TERMS BETWEEN LENDERS?

First, devise a checklist for the information from each lending institution. You should include the company’s name and basic information, the type of mortgage, minimum down payment required, interest rate and points, closing costs, loan processing time, and whether prepayment is allowed.

Speak with companies by phone or in person. Be sure to call every lender on the list the same day, as interest rates can fluctuate daily. In addition to doing your own research, your real estate agent may have access to a database of lender and mortgage options. Though your agent may primarily be affiliated with a particular lending institution, he or she may also be able to suggest a variety of different lender options to you.

56. ARE THERE ANY COSTS OR FEES ASSOCIATED WITH THE LOAN ORIGINATION PROCESS?

Yes. When you turn in your application, you’ll be required to pay a loan application fee to cover the costs of underwriting the loan. This fee pays for the home appraisal, a copy of your credit report, and any additional charges that may be necessary. The application fee is generally non-refundable.

57. WHAT IS RESPA?

RESPA stands for Real Estate Settlement Procedures Act. It requires lenders to disclose information to potential customers throughout the mortgage process, By doing so, it protects borrowers from abuses by lending institutions. RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices, and business relationships between closing service providers and other parties to the transaction.

For more information on RESPA, or call 1-800-569-4287 for a local counseling referral.

58. WHAT IS A GOOD FAITH ESTIMATE, AND HOW DOES IT HELP ME?

It’s an estimate that lists all fees paid before closing, all closing costs, and any escrow costs you will encounter when purchasing a home. The lender must supply it within three days of your application so that you can make accurate judgments when shopping for a loan.

59. BESIDES RESPA, DOES THE LENDER HAVE ANY ADDITIONAL RESPONSIBILITIES?

Lenders are not allowed to discriminate in any way against potential borrowers. If you believe a lender is refusing to provide his or her services to you on the basis of race, color, nationality, religion, sex, familial status, or disability, contact HUD’s Office of Fair Housing at 1-800-669-9777

60. WHAT RESPONSIBILITIES DO I HAVE DURING THE LENDING PROCESS?

To ensure you won’t fall victim to loan fraud, be sure to follow all of these steps as you apply for a loan:

	Be sure to read and understand everything before you sign.
	Refuse to sign any blank documents.
	Do not buy property for someone else.
	Do not inflate your income.
	Do not lie about how long you have been employed.
	Do not overinflate your assets.
	report your debts.
	Do not change your income tax returns for any reason.  Do not list fake co-borrowers on your loan application.
	Be honest about your credit problems, past and present.
	Be truthful about your intention to occupy the house
	Don’T provide false supporting documents.

Buying your first home? Give me a call, Carlos J. Amador at (714) 626-8880 ext 117 or visit my website at www.carlosjamador.com . For a no obligation free consultation. 

Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents.  Home Sellers in Fullerton, Orange County, and Los Angeles.

Source:Hud.gov

Related Articles

• FHA Loans and Credit Scores: What Is Required? (azmortgageguru.com)
• Get a good mortgage (money.cnn.com)

Fullerton Arts and Entertainment Calender 10-4 to 10-12

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Tuesday10/5

7:30 PM Cinema – Ashes and Diamonds Theater Max Bloom’s Cafe Noir

8:00 PM Ron Kobayashi Trio W/Debi Ebert Music The Pint House

9:00 PM 80’s Night! I love the 80’s Music Slidebar

10:00 PM 80’s Night Music Bourbon Street

Wednesday 10/6

5:00 PM UNCOMMON BURLESQUE – MONTHLY Clubs Commonwealth Lounge

 7:00 PM Open Mic-Originals/Covers Music Max Bloom’s Cafe Noir

 8:00 PM Elaine Miles Music Steamers

 Thursday10/7

 5:00 PM The Darrell Mansfield Band (Blues) Music Farmers Market

7:00 PM Open Mic, Music/Jam Session Comedy Max Bloom’s Cafe Noir

 8:00 PM Rev Peytons Big Damn Band, The Mighty Regis, Seth Pettersen and DAno Forte’s Juke Joint Freak Show Music Slidebar

9:00 PM Ladies Night Happy Hour Commonwealth Lounge

10:00 PM 80’s Enough Music Back Alley Bar

10:00 PM Ladies Night Bourbon Street

Friday10/8

9:00 PM Dj Elroy (Old School 80’s, 90’s, & Top 40) Music Commonwealth Lounge 1

0:00 PM Club Encore Music Cantina Lounge

11:00 PM Improv Smimprov Theater Maverick Theater

 Saturday10/9

10:00 PM The Groove Line Music The Continental Room

10:00 PM TRIIO w/ CSG, DJ ADJUST of Mix Armada Music Cantina Lounge

10:00 PM DJ Ruffnek Music Bourbon Street

11:00 PM Improv Shmimprov Theater Maverick Theater

Sunday10/10

 1:00 PM Dixieland Jazz (Afternoon Shows) Music Steamers

 8:00 PM OC Comedy Stop Comedy Cantina Lounge

 8:00 PM Kevin Kanner’s Jazz Jam Music Steamers

9:00 PM Service Industry Night Music Bourbon Street

Monday10/11

5:00 PM Locals Night Music Commonwealth Lounge

8:00 PM Big Band Mondays Music Steamers

9:00 PM Rockstar Karaoke Music Slidebar

 9:00 PM Karaoke Night Music Bourbon Street

10:00 PM Karaoke Mondays Comedy Cantina Lounge

Tuesday10/12

9:00 PM 80’s Night! I love the 80’s Music Slidebar

10:00 PM 80’s Night Music Bourbon Street

Source: The Fullertonian

Common Questions from First-time Homebuyers

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Why should I buy, instead of rent?

• Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are.
  

What are “HUD homes,” and are they a good deal?

• Answer: HUD homes can be a very good deal. When someone with a HUD insured mortgage can’t meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then we sell it at market value as quickly as possible. Read all about buying a HUD home. Check our listings of HUD homes and homes being sold by other federal agencies.
  

Can I become a homebuyer even if I have I’ve had bad credit, and don’t have much for a down-payment?

• Answer: You may be a good candidate for one of the federal mortgage programs. Start by contacting one of the HUD-funded housing counseling agencies that can help you sort through your options. Also, contact your local government to see if there are any local homebuying programs that might work for you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office.
  

Are there special homeownership grants or programs for single parents?

• Answer: There is help available. Start by becoming familiar with the homebuying process and pick a good real estate broker. Although as a single parent, you won’t have the benefit of two incomes on which to qualify for a loan, consider getting pre-qualified, so that when you find a house you like in your price range you won’t have the delay of trying to get qualified. Contact one of the HUD-funded housing counseling agencies in your area to talk through other options for help that might be available to you. Research buying a HUD home, as they can be very good deals. Also, contact your local government to see if there are any local homebuying programs that could help you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office.
  

Should I use a real estate broker? How do I find one?

• Answer: Using a real estate broker is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker will be well-acquainted with all the important things you’ll want to know about a neighborhood you may be considering…the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He or she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes you’ll want to see. With immediate access to homes as soon as they’re put on the market, the broker can save you hours of wasted driving-around time. When it’s time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don’t have to pay the broker anything! The payment comes from the home seller – not from the buyer. By the way, if you want to buy a HUD home, you will be required to use a real estate broker to submit your bid. To find a broker who sells HUD homes, check your local yellow pages or the classified section of your local newspaper.   

How much money will I have to come up with to buy a home?

• Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money – the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house. When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 – $2,000. The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That’s why many first-time homebuyers turn to HUD’s FHA for help. FHA loans require only 3% down – and sometimes less. Closing costs – which you will pay at settlement – average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won’t be caught by surprise. If you buy a HUD home, HUD may pay many of your closing costs.
   

How do I know if I can get a loan?

• Answer: Use our simple mortgage calculators to see how much mortgage you could pay – that’s a good start. If the amount you can afford is significantly less than the cost of homes that interest you, then you might want to wait awhile longer. But before you give up, why don’t you contact a real estate broker or a HUD-funded housing counseling agency? They will help you evaluate your loan potential. A broker will know what kinds of mortgages the lenders are offering and can help you choose a lender with a program that might be right for you. Another good idea is to get pre-qualified for a loan. That means you go to a lender and apply for a mortgage before you actually start looking for a home. Then you’ll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.
  

How do I find a lender?

• Answer: You can finance a home with a loan from a bank, a savings and loan, a credit union, a private mortgage company, or various state government lenders. Shopping for a loan is like shopping for any other large purchase: you can save money if you take some time to look around for the best prices. Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest rate can make a big difference in how much home you can afford. Talk with several lenders before you decide. Most lenders need 3-6 weeks for the whole loan approval process. Your real estate broker will be familiar with lenders in the area and what they’re offering. Or you can look in your local newspaper’s real estate section – most papers list interest rates being offered by local lenders. You can find FHA-approved lenders in the Yellow Pages of your phone book. HUD does not make loans directly – you must use a HUD-approved lender if you’re interested in an FHA loan.
  

In addition to the mortgage payment, what other costs do I need to consider?

• Answer: Well, of course you’ll have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. Your real estate broker will be able to help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association or condo association dues. You’ll definitely have property taxes, and you also may have city or county taxes. Taxes normally are rolled into your mortgage payment. Again, your broker will be able to help you anticipate these costs.
  

So what will my mortgage cover?

• Answer: Most loans have 4 parts: principal: the repayment of the amount you actually borrowed; interest: payment to the lender for the money you’ve borrowed; homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders; and property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year. Most loans are for 30 years, although 15 year loans are available, too. During the life of the loan, you’ll pay far more in interest than you will in principal – sometimes two or three times more! Because of the way loans are structured, in the first years you’ll be paying mostly interest in your monthly payments. In the final years, you’ll be paying mostly principal.
  

What do I need to take with me when I apply for a mortgage?

• Answer: Good question! If you have everything with you when you visit your lender, you’ll save a good deal of time. You should have: 1) social security numbers for both your and your spouse, if both of you are applying for the loan; 2) copies of your checking and savings account statements for the past 6 months; 3) evidence of any other assets like bonds or stocks; 4) a recent paycheck stub detailing your earnings; 5) a list of all credit card accounts and the approximate monthly amounts owed on each; 6) a list of account numbers and balances due on outstanding loans, such as car loans; 7) copies of your last 2 years’ income tax statements; and 8) the name and address of someone who can verify your employment. Depending on your lender, you may be asked for other information.
  

I know there are lots of types of mortgages – how do I know which one is best for me?

• Answer: You’re right – there are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan for it. Another kind of mortgage is an Adjustable Rate Mortgage (ARM). With this kind of mortgage, your interest rate and monthly payments usually start lower than a fixed rate mortgage. But your rate and payment can change either up or down, as often as once or twice a year. The adjustment is tied to a financial index, such as the U.S. Treasury Securities index. The advantage of an ARM is that you may be able to afford a more expensive home because your initial interest rate will be lower. There are several government mortgage programs,including the Veteran’s Administration’s programs and the Department of Agriculture’s programs. Most people have heard of FHA mortgages. FHA doesn’t actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. Talk to your real estate broker about the various kinds of loans, before you begin shopping for a mortgage.
  

When I find the home I want, how much should I offer?

• Answer: Again, your real estate broker can help you here. But there are several things you should consider: 1) is the asking price in line with prices of similar homes in the area? 2) Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? You probably want to get a professional home inspection before you make your offer. Your real estate broker can help you arrange one. 3) How long has the home been on the market? If it’s been for sale for awhile, the seller may be more eager to accept a lower offer. 4) How much mortgage will be required? Make sure you really can afford whatever offer you make. 5) How much do you really want the home? The closer you are to the asking price, the more likely your offer will be accepted. In some cases, you may even want to offer more than the asking price, if you know you are competing with others for the house.
  

What if my offer is rejected?

• Answer: They often are! But don’t let that stop you. Now you begin negotiating. Your broker will help you. You may have to offer more money, but you may ask the seller to cover some or all of your closing costs or to make repairs that wouldn’t normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember – don’t get so caught up in negotiations that you lose sight of what you really want and can afford!
  

So what will happen at closing?

• Answer: Basically, you’ll sit at a table with your broker, the broker for the seller, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what you’re signing. After all, this is a large amount of money you’re committing to pay for a lot of years! Before you go to closing, your lender is required to give you a booklet explaining the closing costs, a “good faith estimate” of how much cash you’ll have to supply at closing, and a list of documents you’ll need at closing. If you don’t get those items, be sure to call your lender BEFORE you go to closing. Be sure to read our booklet on settlement costs. It will help you understand your rights in the process. Don’t hesitate to ask questions.

Interested in receiving more information on this article? Thinking about selling your house? Buying your first home? Give me a call, Carlos J. Amador at (714) 626-8880 ext 117 or visit my website at http://www.yourfullertonhome.com . For a no obligation free consultation. 

Free first time home buyer information for Fullerton, Orange County, and Los Angeles residents. Real Estate information for Fullerton, Orange County and Los Angeles residents. 

    

 

 

 

 

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Hibbleton Gallery presents: Death and Remembrance in Latin America

Hibbleton will be celebrating their grand opening during the Art Walk on October 1st. The exhibit is inspired by Latin American ceremonies and memorials for the departed. Artwork and photography will be featured from: Ian Bragg, Jenifer  Miller-Hernandez, Oscar Garcia, Robert Shawn, Tod Imperato, Mike Myers, Scott Lopez, and Albert garcia.

Source: The Fullertonian- Alex Stouffer

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• Thursday Is A Big Art Walk: Do It UP (slog.thestranger.com)
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Things to do in Fullerton!

Monday
8:00 PM	Big Band Mondays	Music	Steamers
8:00 PM	Arlene and the Guys Big Band	Music	Steamers
9:00 PM	-MAX ON THE MOON -FIRE IN CAIRO -PAULIE PESH	Music	Commonwealth Lounge
9:00 PM	Brawdcast	Music	Back Alley Bar
9:00 PM	Rockstar Karaoke	Music	Slidebar
9:00 PM	Karaoke Night	Music	Bourbon Street
10:00 PM	Karaoke Mondays	Comedy	Cantina Lounge
Tuesday
8:00 PM	Chris Williams Sextet	Music	Steamers
9:00 PM	80’s Night! I love the 80’s	Music	Slidebar
10:00 PM	80’s Night	Music	Bourbon Street
10:00 PM	Dirty Dix Rock ‘n’ Roll Circus	Music	Back Alley Bar
Wednesday
8:00 PM	Nancy Sanchez	Music	Steamers
10:00 PM	Mendozza and Crowned by Fire	Music	Slidebar
Thursday
7:00 PM	Sugar Daddy – Live Music	Music	The Pint House
7:00 PM	Open Mic, Music/Jam Session	Comedy	Max Bloom’s Cafe Noir
8:00 PM	Peter Buck “Buck’s Vibe”	Music	Steamers
9:00 PM	Ladies Night Happy Hour		Commonwealth Lounge
10:00 PM	80’s Enough	Music	Back Alley Bar
10:00 PM	Run Lola Run, Harris Grade	Music	Slidebar
10:00 PM	Ladies Night		Bourbon Street
Friday
8:00 PM	The Dixiedellics	Music	Bourbon Street
8:00 PM	Suzie Hansen Latin Jazz Band	Music	Steamers
8:00 PM	Frank Cano, Latin Jazz Band	Music	Steamers
9:00 PM	The Greenery	Music	Slidebar
9:00 PM	Dj Elroy (Old School 80’s, 90’s, & Top 40)	Music	Commonwealth Lounge
10:00 PM	Club Encore	Music	Cantina Lounge
10:00 PM	Dj Ruffnek	Music	Bourbon Street
10:00 PM	The Greenery, Create Avoid and Division Divide	Music	Slidebar
11:00 PM	Improv Smimprov	Theater	Maverick Theater
Saturday
10:00 PM	The Groove Line	Music	The Continental Room
10:00 PM	TRIIO w/ CSG, DJ ADJUST of Mix Armada	Music	Cantina Lounge
10:00 PM	DJ Ruffnek	Music	Bourbon Street
11:00 PM	Improv Shmimprov	Theater	Maverick Theater
Sunday
1:00 PM	Dixieland Jazz (Afternoon Shows)	Music	Steamers
8:00 PM	OC Comedy Stop	Comedy	Cantina Lounge
8:00 PM	Kevin Kanner’s Jazz Jam	Music	Steamers
9:00 PM	Service Industry Night	Music	Bourbon Street
Monday
8:00 PM	Big Band Mondays	Music	Steamers
9:00 PM	Rockstar Karaoke	Music	Slidebar
9:00 PM	Karaoke Night	Music	Bourbon Street
10:00 PM	Karaoke Mondays	Comedy	Cantina Lounge
Tuesday
9:00 PM	80’s Night! I love the 80’s	Music	Slidebar
10:00 PM	80’s Night	Music	Bourbon Street