Silvia’s Real Estate Blog Update ~ You better check yourself before you wreck your chances to buy!

4 Loans That Affect Your Mortgage-Worthiness

The ship has sailed on some of these, but watch out for the ones that you can control in the future!

Different types of debt can boost your credit score — but over-borrowing can hurt you.

Want to get a new mortgage? Then your credit score is a really big deal — it can make or break your mortgage approval, and ultimately determine whether you get the house you want. But before we talk about credit scores, let’s talk about the debt that affects them.

There are two types of debt: secured and unsecured. When you borrow money to buy a house, the bank can take back the house to recoup its money if you don’t pay the debt. That means the debt is secured — it’s balanced against something you want to keep and gives the bank some measure of security that it’ll be able to recover the money it loaned you. Unsecured debt, on the other hand, means the bank can’t reclaim the thing you’re buying with the borrowed money. (Credit card debt is unsecured and so are student loans.)

Let’s look at the impact of four key consumer loans, a mix of secure and unsecured debt, on your credit score — and ultimately your mortgage-worthiness.

  1. Student loans
  2. Auto loans
  3. Payday loans
  4. Existing mortgage loans

Read the full article here….

SoCal Real Estate Home Sales, Prices Show Gains! Sell, Sell, Sell!!!

Two years ago, many homeowners couldn’t list their homes for sale because they still owed more on their mortgage than the house was worth.

That’s less of a problem now. CoreLogic estimated just 6.7% of mortgages were underwater in the fourth quarter of 2014.

Rising median home prices for Southern California

http://www.latimes.com/business/la-fi-southern-california-housing-market-20150519-story.html

The Walk-In Closet Is the Cat’s Meow in Real Estate!

The Most (and Least) Likely Features in New Homes Today…

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photo: iStock

Features least likely to be found in new homes and communities

1. Outdoor kitchen
2. Laminate countertop
3. Outdoor fireplace
4. Sunroom
5. Two-story family room
6. Media room
7. Two-story foyer
8. Walking/jogging trails
9. Whirlpool tub in master bath
10. Carpeting on main level

irina88w/iStock

Features most likely to be found in new homes

1. Walk-in closet
2. Laundry room
3. Low-emission windows
4. Great room
5. Energy Star appliances
6. Energy Star windows
7. Ceiling 1st floor 9’
8. 2-car garage
9. Programmable thermostat
10. Granite countertop

Features most likely to last

  • Solar panels: “With their increasing availability and affordability, solar panels are going to be the next big thing,” Melman says.
  • Garages: “People love their garages for storage space even if they don’t put cars in them,” he says. “I think at least the two-bay garage is here to stay.”
  • Additional bedrooms: “We have boomerang children, we have aging parents, we have caregivers who live with us, so we need the extra space.”
  • Decorative aging-in-place features: They include decorative handrails in bathrooms, higher toilets, and step-free showers.

Read full article here.

Moving to L.A. in a New York Minute! L.A. Real Estate is where it’s at!

wpid-3lany-articlelarge.jpegLos Angeles has seemingly become the flight fantasy of choice for the likes of Ms. Turner, who insists that anything good she was giving up in overpriced, overstressed Brooklyn is already in place on the booming east side of Los Angeles: the in-season Zambian coffee outposts, the galleries, the vintage clothing boutiques.

As a result, the old New York-Los Angeles rivalry is changing, at least on the East Coast side of the equation. No longer do in-the-know New Yorkers reflexively parrot sneers like the old Woody Allen line, that the only cultural advantage of Los Angeles is the right turn on red.

Keep Reading…