Home » Blog » Advice

Advice

You made it through the mortgage crisis!

Posted in Advice

Even if you bought in 2006, it has most likely been a good investment for you now a decade later. At times you might have felt your world turned upside down; not knowing if you owned your house or it owned you. Well, congratulations you made it through and now you have options. Additionally, you have had a tremendous tax break over the last decade. Owning your home means tax write-offs for interest and property taxes paid. This is a significant savings over renting. You have experienced favorable refinance options with home loan modifications and historic low rates that continue to today. If you haven’t taken advantage of this, check in with me to make sure you have secured your best terms. It is best to always review your terms periodically. Let me help you make sure you are still on track for financial success in your future.

Reminder of Key Dates in February

Posted in Advice

As you know, February is a time for two very important occasions:  Valentine’s Day and the Property Taxes deadline.  We want to remind you the second installment of the 2015-2016 Property taxes are due starting, February 1st and will be delinquent if payment is not received by April 10, 2016.  You can pay online by making a payment from your checking account or by using a credit card or Visa Debit card, by clicking here.

Valentine’s Day can be one of the most enjoyable days (or nights) of the year, or it can be an over hyped, overpriced, disappointment. Below are some fun ways to ensure yours falls much more to the enjoyable side.

  • Avoid the crowds. Pick up your favorite meal to go and eat it at home. Try for a different setting, (the dining room instead of the kitchen?) or eat in front of a movie you’ve both been wanting to see.
  • Look at pictures from when you first met. The memories stirred will spur easy conversation that will bring you a little closer.
  • Go to a movie. Comprise on a movie that you will both enjoy together; maybe it is a romantic comedy, drama or action film.

However you spend it, here’s to a Happy Valentine’s Day! We hope it’s your best ever.

If you have any questions about being pre-qualified for a home loan or would like to review your refinancing options, please feel free to reach us directly at Wendy Silva, wendy@silva-villa.com, 818/522-6644 or Leslie Villavicencio, leslie@silva-villa.com, 626/975-4010.  It would be our pleasure to help you.

Website offers a wealth of info for homebuyers

Posted in Advice

From Kevin Smith @ SGVNBiz on Twitter. Most people who are looking to buy a home check the prices of comparable homes in the area and the quality of local schools. But Realtytrac’s new property website www.HomeDisclosure.com goes well beyond that. It identifies registered sex offenders in the area as well as drug labs that have been found, while also giving potential buyers financial details such as the current equity status of each property. And if that wasn’t enough, the website also provides neighborhood data pertaining to the risk of floods, earthquakes, tornados, wildfires and hurricanes. Additional information is provided on superfunds sites in the area, as well as brownfields, storage tanks and spills that have occurred.

It’s Time to Think About Refinancing Your Mortgage

Posted in Advice, News

From the NYTimes.com — The bond market is a complicated thing, and it is understandable if most people don’t spend a lot of time thinking about it. But even for Americans who don’t want to spend any mental energy on yield curves, convexity and term premia, there is one simple thing to know about the current tumult in the multitrillion dollar market: It’s time to think about refinancing your mortgage.

The average rate on a 30-year fixed-rate mortgage was 3.8 percent at the end of last week. That is down from 4.5 percent as recently as last spring, the lowest since May 2013 and far below the 5 percent-plus rates that prevailed as recently as early 2011.

Please feel free  to contact the Silva+Villa Team, Wendy at 818/522-6644 or Leslie at 626/975-4010 to review your refinance options and the potential savings available to you. We look forward to helping you.

Continue reading

The Impact of Rising Interest Rates

Posted in Advice

As you have all heard, interest rates have notably risen in the last few months. Below is a chart to help you understand the impact of rising rates.

On May 1, 2013 a buyer could have purchase a home for $500,000 with a 20% down payment at an interest rate of 3.25% on a 30 year fixed loan and had a monthly housing payment of only $2,361.66.

Today, that same house at the same price with the same down payment could be purchased for an interest rate of 4.5% on a 30 year fixed loan with a monthly housing payment of $2,647.57; an increase of 12% or $285.91 per month .

If that same buyer waits too much longer, they could conceivably be faced with much higher interest rates and payments. Today, market news came out with unemployment data improving more than anticipated. This sent rates on another hike. If we can make a hypothetical projection based on the increase we experienced in the last 3.5 months to continue into the next 3.5 months, a 30 year fixed interest rate could increase to 5.75% which would make the same house cost $2,995.97 a month; an increase of 13% or $348.40 per month.

The outstanding question is, are we going to experience a bubble in home values to offset the rising rates? As far as we can tell, this isn’t happening nor will it. Please take action to get the fullest benefits from the current historically low interest rates. Feel free to contact us with any questions.

Prop 60 & 90 Allows for One-time Transfer of Tax Base for Seniors 55+

Posted in Advice

Proposition 60 and 90 is an affordable way for Senior Property Owners age 55 and older to move since it allows them to transfer their tax base one-time.  The Replacement property has to be equal value or less and must be purchased within two years.  Please note Riverside County began participating again on September 13, 2013. 

Please click here for Qualification Criteria, Eligibility Requirements and answers to Frequently Asked Questions for Los Angeles County.   For more information on Riverside County, please click here.

 

2nd Installment of Property Taxes due by April 10 to Avoid Penalties

Posted in Advice

The second installment payment of property taxes was officially due on February 1.  However, you have until April 10, 2014 (the delinquency date) to pay without penalties.  Property tax payments must be received or postmarked by the delinquency date to avoid penalties.  To understand postmarks and keep from paying late fees, to get copies of your property tax bill and to get more information about payment options click here.

Theodore Payne Native Plant Garden Tour on April 5 & 6

Posted in Advice
If you are interested in saving on your irrigation water, converting your lawn to a natural habitat, or just love to see the spring flowers check out the Theodore Payne Native Plant Garden Tour.  The tour is a unique adventure: a two-day self-guided journey through more than 40 of the Los Angeles region’s most beautiful and inspiring home landscapes. At each location, you’ll meet garden owners, designers, knowledgeable docents and fellow gardeners.  The gardens are divided into two groups—one group open Saturday, April 5, and a second group open Sunday, April 6, 2014. Tour hours are 10:00 a.m. to 5:00 p.m. each day.  The event offers great ideas to implement in your own garden.  Please visit for event details  — http://www.nativeplantgardentour.org/