Hope Leitner, Realtor®, CRS

Credit utilization reflects how much of your available credit is being used at a given time.   Lower credit utilization indicates that a borrower is not heavily relying on their credit and that they are using their credit responsibly. Is calculated by dividing your total credit card balances by your total limits.   The higher the percentage, the higher the risk which adversely affects the credit score according to most of the companies.   It is recommended that your credit utilization be under 30% to positively impact your credit score. If the available limit on a credit card is $12,000 and their normal monthly balance is around $3,000, they have a credit utilization of 25%.   If for whatever reason, the borrower's available limit was reduced to $6,000, and their long history of having a monthly balance of $3,000, the ratio, then, increases to 50% which will likely lower their credit score. For borrowers who use more than 30% of their available credit and regul...

  November 2021 This newsletter is focused on financing. Whether you're trying to buy or if you are looking to save money, there are things to consider when it comes to real estate financing. Read more below.  If you have questions, or if you need me to refer you to an excellent loan officer, you can always give me a call. Click here to find out how to select a loan officer and key items to consider.  Learn more click here.  I am here to support my clients, whatever their real estate needs might be.  When you’re ready to make your move to buy or sell, give me a call. As always, I am here for you, and I welcome any communication from you. HOMEBUYERS, FINANCE Compare Interest Rates and APRs When you apply for a mortgage, you may not pay the advertised rate. The best rates are for those homebuyers with the best credit scores. However, lenders are competitive, so you’d be wise to apply to several lenders at once. You’ll receive a loan estimate that you can compa...

  San Diego has hit a milestone this month, with the average price of a home breaking $1 million.  With that fact, however, there are signs that the market is slowing.  I am always here for my clients and their friends and family. If you have any questions about our ever changing real estate market give me call! Your Trusted Real Estate Advisor,  Hope Leitner Hope@CDHorn.com 858-382-3763  

Some people consider a house payment as basic as monthly utilities but with a plan and some discipline, you can be mortgage free. Consider a person borrowed $300,000 at 3% for 30 years, the principal and interest payment would be $1,264.81 and at the end of 12 years, the unpaid balance on the mortgage would be $210,900. If that same person had financed the home on a 15-year term at 2.5%, the payments would have been $2,000 but the unpaid balance at the end of 12 years would be $69,310.   The homeowner will have a larger equity but they have also had to make higher payments. 15-year mortgages usually have a lower interest rate than the 30-year loans and at the time this article was written, the difference in a 30-year loan was about 0.5%.   A 15-year loan gives the lender their money back in half the time.   If rates go up during the interim, they will be able to loan it at the higher rate sooner.   For that reason, they are usually willing to offer a slightly l...

  Information is brought to you by Hope Leitner Berkshire Hathaway HomeServices California Properties 4 Tips for Designing Your Home Bar Nothing says fun like a home bar. From intimate dinner parties to full-blown banquettes, it provides a space to gather and enjoy conversation. For luxury buyers who plan to frequently entertain friends and family, this is a lifestyle amenity that is worth getting excited over. If you’re considering adding a watering hole to your home, here are a few tips to help design the perfect bar. Identify the Details First, you’ll have to determine where the home bar will work best. Pick a space that doesn’t interrupt the flow when you’re playing host and is large enough to meet your needs. Consider seating, storage, as well as equipment that will be needed, and try to incorporate it into or nearby your entertaining areas. Get Inspired Think about the atmosphere and décor of your favorite bars or restaurants. Try to pinpoint what it is that you love about th...

Homeowners know the need to periodically check certain things around the home to ensure that things operate properly and efficiently.   If maintenance is required, it may be less expensive to take care of it early rather than waiting until it is not working at all. Checklists are helpful because it requires little effort to know what must be done.   They are usually concise and provide enough information to complete the task.   These items apply to most homeowners but in no way offer a comprehensive list. Vacuum dryer exhaust ... not only does it affect the efficiency of your dryer itself, the accumulation of lint along with the hot air can ignite and create a fire hazard. Replace HVAC filters 4 to 6 times a year ... This is one DIY project that almost everyone should feel confident in handling.   Locate the filter, make a note of the size, and keep replacements available.   Turn off the unit, open the door or housing, remove the dirty filter, ...

You don't have to have an Uncle IRRRL but you must be a veteran with a current VA-backed home loan. IRRRL is an acronym for Interest Rate Reduction Refinance Loan. To refinance with this program, also called the VA Streamline, the loan must provide a net tangible benefit (NTB) which would be in the financial interest of the Veteran.   Obtaining a lower interest rate is usually the reason behind refinancing but there needs to be enough difference in the current and the new mortgage to justify the expenses incurred.   Significantly lower payments or a shorter term are examples of acceptable benefit. The Veteran must currently have a VA-backed home loan to refinance using this program.   The Veteran does not have to currently live in the home as long as it can be certified that he or she did at one time. In most cases, an appraisal is not necessary and less verifications are required.   A minimum 640 credit score is needed, and borrower must be current on their pa...

 

  Information is brought to you by Hope Leitner Berkshire Hathaway HomeServices California Properties What to Do If You Think You're a Victim of Identity Theft Identity theft is continuing to skyrocket thanks to the proliferation of online shopping and the sharing of personal information with companies and financial institutions alike. In fact, hundreds of millions of people have had their data stolen. This can occur through massive breaches of banks, stores and other businesses, or a dishonest person can misuse data that was disclosed on medical forms, employment records or other documents. Identity theft can be devastating. Thieves can open fraudulent accounts, make purchases with existing accounts, or empty bank accounts altogether. Victims often don’t realize there’s a problem until criminals have been misusing their accounts for weeks or longer. Call Your Creditors If you notice an unauthorized charge on a credit card, contact the bank immediately to dispute it. It’s possible ...

The decision to buy first or sell first, has always been a little of the "Which came first: the chicken or the egg?" type of question.   Is it better to buy another home before you sell your current one or sell the current one before you buy the replacement? Some buyers don't have a choice because they need the equity out of the current home to purchase the new one and possibly, their income limits their ability to qualify for having both mortgages at the same time.   However, some buyers, with sufficient financial resources, may have other options available to facilitate the move. A home equity line of credit, HELOC, is a type of loan that a traditional lender like a bank will loan up to the difference in what is currently owed on the home and 75-80% of the value.   A borrower is approved for the line of credit and then, can borrow against it as needed.   A homeowner with sufficient equity, would want to secure a HELOC prior to contacting for the new home. ...