March 27th, 2014

Getting a Tax Refund? Consider Using It for Your Down Payment

Posted by at 11:07 pm

While most people dread tax time, if you are getting a refund, this time of year can seem almost as rewarding as end-of-the-year bonus season. Whether you are receiving a refund of a few hundred dollars or several thousand dollars, if you’re contemplating buying your first home, you may want to deposit your refund into an account dedicated to your down payment fund. “Using your tax refund as a portion of your down payment can be a great idea,” said Clint Madison, a senior mortgage adviser with Envoy Mortgage in Walnut Creek, CA. “The more you put into the down payment, the less you have to borrow.” According to the IRS, the average refund for 2013 tax returns was $3,013 as of March 24, slightly higher than the average for 2012 tax returns. A tax refund of $3,000 can go...
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March 21st, 2014

Looking inside the homes of the future

Posted by at 10:03 pm

Fridges that tell you what to cook for dinner, beds that monitor and improve your sleeping patterns, and mirrors that let you watch movies and TV, will all be in the house of tomorrow. We are more connected today through technology and the internet than ever before. Current capabilities and concepts seemed so farfetched ten or even five years ago. This is only the beginning of what is next to come, and at the Consumer Electronic Show (CES) 2014, we got a glimpse of what might become of the future homes. Here are some examples: Kitchens: Once connected to the internet, fridges will be able to tell their owner what products they have, their use-by dates and even suggest recipes which can be made with the contents. The information provided by the fridge will unquestionably make the food shop much...
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March 18th, 2014

FAQ About Reverse Mortgages

Posted by at 9:44 pm

Frequently Asked Questions About Reverse Mortgages What is a Reverse Mortgage? A reverse mortgage is a loan that enables homeowners who are at least 62 years old to convert some of their home equity into cash, or to finance a home purchase with the freedom of no monthly mortgage payments. The borrowers continue to live in and own their home. Unlike a traditional home equity loan or home equity line of credit, a reverse mortgage doesn’t have to be repaid until the last surviving borrower no longer lives in the home, or the home is sold. The homeowners remain responsible for keeping current with property taxes and hazard insurance, and maintaining the condition of the home. Am I Eligible? To be eligible for a reverse mortgage: • All title holders must be age 62 or older • The home must...
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March 14th, 2014

9 Golden Rules of Mortgage Shopping

Posted by at 3:11 pm

With interest rates still low and the recession receding in the distance, plenty of people are window shopping the real estate listings and wondering, “Is now the time to finally buy a home?” Here are some great rules to live by when looking for a Home Mortgage: Check your credit – Your first move – long before you start home shopping – is to find out where you stand with mortgage lenders and how to improve your credit position. A higher credit score can save you thousands throughout the life of your loan, so it’s important that you’re in good standing before you embark on home ownership. Meet with a Bay Equity lender – Now you are ready to meet with a Bay Equity lender, and talk about the introductory steps to your loan process. Your Bay Equity mortgage lender...
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March 6th, 2014

Best Friends to the Rescue

Posted by at 4:11 pm

Bay Equity PFQC Associate, Brooke Rex, is spending time at a very special place – an animal rescue center. Brooke works out of Bay’s Operations Center in Concord, CA. She began volunteering last month at the Best Friends Pet Resort/Westside Animals for Adoption, and has met many great dogs in need of a permanent home. Brooke’s first love was 3 ½ year old Pia; a German Shephard/Malinois mix – a gentle, sweet dog who soon found the right home. Pia’s new human is a retired veteran who builds specialty aircraft. She now spends her “work day” with him at the airport hangar. The rescue has been in existence since 1980 and also offers boarding, grooming, daycare and training. Their mission is to find great “forever” homes for their pets, educate about responsible pet ownership, and partner with the community to...
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