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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January 29th, 2014

Housing starts are still strong despite a fall

Posted by at 12:56 am

Housing starts are a critical predictor of future homebuilder sales Housing starts are released jointly by the Census Bureau and the Department of Housing and Urban Development. Analysts use the information to anticipate future production for homebuilders, future demand for raw materials, and labor costs. This data will even affect the forecasts for home-related retailers, like Lowe’s and Home Depot. Housing starts cover the number of privately owned housing units that started in a given period. For multi-family units, each individual unit is considered a housing start. If there’s a lot of multi-family construction happening, then housing starts can become elevated, and investors must take care not to read too much into the builders of single-family homes. Single-family and multi-family starts both fall Housing starts fell from 1,091,000 to 999,000. Multi-family and single-family starts both decreased. Multi-family starts were 312,000...
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January 25th, 2014

All-cash offers are crushing first-time homebuyers

Posted by at 12:34 am

The San Francisco housing market has become difficult for first-time home buyers. Due to the increase in demand, buyers are coming in with full-cash offers that are significantly higher than asking. This is leaving first time home buyers out of the race, and struggling to find good homes available. While the Bay Area saw weak housing sales in December, according to DataQuick, prices continue to rise. That is largely due to tight supply and investor cash. The median home price in the Bay Area was up 24 percent from December of 2012. Many homebuyers can’t compete with that. First-timers historically account for about 40 percent of the market, but accounted for just 27 percent of homebuyers nationally in December. Their reasons for dropping out are manifold: High student loan debt, poor employment and poor wage growth, and less-than-pristine credit. First-time...
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December 6th, 2013

15 or 30-year mortgage? Five questions to help you choose

Posted by at 12:29 am

The housing market is finally in recovery, and home purchases are on the rise. Since the housing bust, regulators have focused on preventing borrowers from entering into potentially toxic loans. To help accomplish this, the U.S. government established the Consumer Financial Protection Bureau (CFPB) in 2010. As part of this effort, the CFPB has proposed new disclosure forms to help borrowers understand the real risks and costs associated with their mortgage. But many potential borrowers are still unsure about the type of mortgage that is right for them. Many borrowers may be attracted to 15-year mortgages, which have a shorter term and lower interest rates than 30-year mortgages. But such a mortgage may not be right for their needs. Borrowers must understand how payments, which consist of principal repayment and interest, will be structured under the different types of mortgages...
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December 2nd, 2013

Record year for VA Loans

Posted by at 10:29 pm

2013 has been a record year for putting active military members and veterans in a new home with VA loans. Bay Equity is proud to announce that more VA loans have been given out this year than ever before, assisting veterans in refinances and home purchasing. VA guaranteed 629,300 single-family loans in FY 2013, beating the old record of 600,000 loans made during the huge refinancing boom of FY 1994. Refinances averaged 49% of VA loan endorsements during FY 2013, which ended September 30. When refinances dipped in late summer, purchase mortgage transactions jumped 23% from third quarter to 98,600 in the fourth quarter.   To read the full article, visit http://www.nationalmortgagenews.com/dailybriefing/record-year-for-va-mortgage-originations-1040054-1.html...
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October 17th, 2013

Economists See Continuing Real Estate Growth

Posted by at 4:05 pm

Expectations for housing and commercial real estate are high among real estate experts. The latest forecast from economists and analysts from nearly 40 of the country’s leading real estate organizations projects continued improvement, not just in residential real estate, but also shows improved confidence about commercial mortgage backed securities and the industrial sectors. Among the key findings in the three-year forecast: Forecasters projecting a strong ending to 2013 and continued growth through 2015. Single family housing starts, which were 535,000 unites, are expected to reach 675,000 units in 2013, and grow to 800,000 units in 2014 and 900,000 units in 2015. Unemployment should be effected in this growth. It is expected that 2.2 million jobs will be created in 2013, followed by 2.4 million in 2014 and 2.6 million in 2015, reducing the unemployment rate by .9%. Vacancy rates are...
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October 1st, 2013

Government Will Continue Lending, But Problems Are Present

Posted by at 9:29 pm

Government Will Lend During Shutdown, But Snags May Still Derail Closings The shutdown of the federal government will not halt government lending, as many believed would happen. The Federal Housing Administration and the U.S. Department of Veterans Affairs have announced that they will still process loans, though with a much smaller staff. Here are some of the details regarding federal housing loans during this time: Approximately 15 percent of US mortgages are backed by the FDA. Multifamily project will still be able to close. New construction loans cannot be issued at this time. Single-family home loans, including those made through FHA-staffed Home-ownership Centers, will be endorsed. FHA Loans will be serviced. Ginnie May will continue to perform its secondary market functions. Only 68 of the 2,972 HUD’s Office of Housing employees, which includes the FHA, will be on staff during the...
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