San Clemente Real Estate and Lifestyle Blog

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Honesty Is The Best Policy On Your Loan Application

Lenders on the lookout for mortgage fraud

Posted on May 18, 2012 by Matt.

During the housing bubble of the mid-2000s, pretty much anyone who could fill out a loan application qualified for a mortgage. "Stated income" was the normal practice used by many lenders to determine a potential borrower's credit-worthiness; all you had to do was state what you make without providing supporting documentation, and that would probably suffice. While the struggling housing market has meant that millions of homeowners have gone underwater on their loans and banks have lost billions on bad loans, there is some good that has come from this regarding the way lenders now ... Read More »
Shop, Don't Settle, For A Mortgage

Costs for obtaining a San Clemente home loan on the rise

Posted on May 17, 2012 by Matt.

Mortgage interest rates continue to fall to record low levels, yet many borrowers are still having issues with qualifying for a home loan. A recent article in the Wall Street Journal, "Rising Costs Hit Homeowners Chasing Lower Rates," shows that another discouraging trend has reared its ugly head over the past year - higher loan closing costs. According to data in the article, closing costs for mortgages averaged $4,143 in 2011, a 12.4% increase from 2010. Lenders claim that, due to the higher amounts of paperwork required and time now needed to process loan applications, the... Read More »
Nonresidents Have To Pay A Little More For A Swim

City Council raises nonresident admission fees to new San Clemente aquatics center

Posted on May 16, 2012 by Matt.

To the surprise of no one, the new Vista Hermosa Sports Park and Aquatics Center in the Talega and Rancho San Clemente neighborhoods has been a great success from the moment it opened in February. The sports fields and large park areas are getting tons of use from children of all ages, and the beautiful aquatics center is consistently crowded with children and adults, especially now that the weather is getting warmer. However, an area of concern for the City of San Clemente has been the usage of the aquatics center by nonresidents, especially with the summer months approaching.&nbs... Read More »
Is The Home You're Buying In San Clemente Wasting Energy?

Buyers can use energy audits to potentially save thousands of dollars

Posted on May 08, 2012 by Matt.

When a buyer is in the process of purchasing a home in San Clemente, there is a lot of due diligence that comes with this process, most of which happens during escrow. In a typical purchase contract, homebuyers are given 17 days from the contract's acceptance to conduct home inspections; this is the time to check out everything from the general state of the house to potential mold or termite issues, and the buyer has the power to cancel the contract if issues are found and won't or cannot be corrected. A recent article in the Los Angeles Times ("Energy audits may be beneficial for ... Read More »
Current Renters Will Be Future Buyers

Recent home builder survey shows renters enthused to buy homes

Posted on May 07, 2012 by Matt.

Over the past year, renters around the country may have noticed that rental prices are moving upwards while home purchase prices remain low. With smaller housing inventories and a large influx of investors purchasing homes and condos, monthly rents are going up, making owning a San Clemente house a potentially cheaper option than renting one. While people over the past few years opted to rent rather than buy a home due to lower credit scores and not enough money for down payments, renters are very optimistic about homeownership - at least according to a recent survey conducted by h... Read More »
Mortgage Rates Drop To Record Lows

San Clemente Properties Have Never Been Cheaper To Finance

Posted on May 04, 2012 by Matt.

In the first couple of months for 2012, mortgage rates began a slow increase, with the 30-year fixed rate climbing above 4% for the first time in awhile. Buyers were faced with paying a little more per month on their mortgages, but the great news is that interest rates have once again dropped to record lows. According to an article on CNN Money ("Mortgage rates hit record lows"), the average mortgage rates for both a 30-year and 15-year fixed loan dropped to the lowest levels on record since Freddie Mac began tracking rates over 30 years ago. The 30-year fixed rate fell to an... Read More »
Cinco de Mayo fiesta returns to San Clemente

22nd annual fiesta being held this Saturday at Max Berg Plaza Park

Posted on May 03, 2012 by Matt.

One of the many things people love about living in or visiting San Clemente is that there are constantly public events held throughout the year that celebrate everything from surfing to culture, and this Saturday's event is a perfect example. For the 22nd year, the City of San Clemente will be hosting its Cinco de Mayo fiesta at Max Berg Plaza Park in the heart of Central San Clemente. San Clemente has a long Spanish heritage attached to the city, and the annual Cinco de Mayo fiesta really brings out the unique flavor of San Clemente that is tough to find in other Orange County com... Read More »
Don't Get Outbid When Trying To Purchase A Home In San Clemente

A stronger housing market has seen the return of multiple offers

Posted on May 02, 2012 by Matt.

Over the past few months, the San Clemente real estate market has seen a steady decrease in the amount of available inventory, which is good news for the health of the housing market. For buyers interested in purchasing a San Clemente home or San Clemente condo, this means that the market is getting more competitive due to lower inventory. A recent article from Realtor Magazine, "Bidding Wars Catch Buyers Off-Guard," quotes an article from the Wall Street Journal that, across the country, bidding wars are returning to the housing market.Even though prices are low and we remain in a... Read More »
Would You Like A Good Deal On Your Mortgage?

Six tips on qualifying for a low rate and good terms

Posted on May 01, 2012 by Matt.

For potential San Clemente homebuyers, there are still great deals to be found on the San Clemente real estate market even though the inventory of homes and condos for sale has been steadily decreasing over the past few months. However, one of the big challenges facing borrowers today is qualifying for a mortgage. Lenders have tightened their belts and made it more difficult to qualify for a home loan and the historically low rates that come with it, so you may want to take a look at a recent article on CNN Money entitled "6 ways to get a great mortgage deal."The article offers som... Read More »
Government Mortgage Aid Programs Undergoing Changes

Efforts to help more underwater borrowers have been evolving

Posted on April 28, 2012 by Matt.

Across the United States, millions of homeowners have experienced hardships with their home loans, with many losing their homes to foreclosure and others currently in default or underwater on their mortgages. Since the housing crisis began almost 5 years ago, the government and lenders have been taking steps to aid hurting homeowners with a variety of programs that have taken a long time to implement and have met many obstacles. An article from The Sacramento Bee, "Aid for troubled mortgages has been revamped," highlights the efforts of the government and lenders to get the word ou... Read More »