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Is it Still a Seller’s Market?

December 19, 2018

Is It Still A Seller’s Market

Looking at the real estate market today can be very confusing.  Some experts would have you believe that we have left the “Seller’s Market” behind and have skipped right over to a “Buyer’s Market”.  Not so fast! If we examine some of the statistics related to the Bay Area, we find that there remains only a 2 month inventory of homes on the market.  That is the very definition of a “Seller’s Market”.

The one thing experts do agree on is that It requires 6 months of inventory to become a “Buyer’s Market”.  Other statistics that confirm the “Seller’s Market” label include the number of days on the market, price decreases, and sales over asking price.  As an example of these criteria, let’s look at one of the Peninsula cities, Burlingame. Days of the market averaged 27, average sales price was $2,537,578 (in October was $2,556,152), price received was 5% more than asking.

These numbers are typical of the what we find in San Francisco and the rest of the Peninsula.    From 551 active residential properties on the market in San Mateo County, 29% of properties had price decreases and 32% properties were on the market 60+ days.  While we aren’t seeing the wild and crazy days of the recent past, we could be on a slow climb out of the present market and into a Buyer’s Market.

Bottom line?  If you have been thinking of selling your home, now is the time to do so to get top dollar and find your next new home.  Looking for financing and don’t qualify for a conventional loan, look no further than Sun Pacific Mortgage. We are here to offer you a Hard Money Loan, which will allow you to get into your next home quickly with a minimum of stress.  Give us a call at 707-523-2099 and see how we can help you!

Holiday Loan Superheroes – Just For You!

December 13, 2018

Holiday Loan Superheroes Just For You

“I was referred this loan from a colleague in my office. These people sold their home and were living in a hotel. They depended on me to get this done and because I knew you could and would do it, they now have a way to close escrow on their new home!

Even though the rate and term are hard money, they are paying less than their previous home loan! I have set them up with the credit repair company and will follow up with them to assure we can help them with permanent financing. They are happy customers! Thanks.” Broker, J.F.

 

Fast Hard Money Financing Before The Holidays

– We are fast; Many loans approved and funded in less than 1 week.

– Get financing for jumbo loans, up to 2million+.

– Just two main qualifications:

    1. A decent down payment or good existing equity.

    2. An ability to repay the loan.

Tis the season to spend time with your family and friends, not worry about a house or finances.  Call us today at 707-523-2099 or reply by email to get a fast Hard Money loan, so you can kick back and enjoy the holidays!

Make Your Holiday Happier With Hard Money

December 6, 2018

Make Your Holiday Happier With Hard Money

The Holiday season is fast approaching.  Why not make it happier for yourself and a Home Buyer/Borrower, by taking advantage of the many benefits of a Hard Money loan:

– We can finance FAST. Many approved & funded in less than a week!

– FICO scores not a determining factor.  Get a loan despite poor credit!

– Considered “all cash”, making for better purchase offers!

– Hard Money provides speed & flexibility for all refinancing and purchases!

Let us help make this Holiday extra special with fast loan approval.  Call us at (707) 523-2099 with your questions and scenarios.  We want you happy for the Holidays!

 

Recently Funded

Our Average Is 18 Days To Completion!

We Finance Single Family Houses, Condos, Principal Residences

+ Multi-Family Units, Commercial & Office

$690,000 – Non-Owner Purchase
53% Loan to value
Petaluma, Sonoma County

$1,500,000 – Consumer Temporary Refinance
49% Loan to value
San Rafael, Marin County

$320,000 – Non-Owner Purchase
61% Loan to value
Brentwood, Contra Costa County

$1,000,000 – Refinance Business Purpose
Healdsburg, Sonoma County
44% Loan to value

Refinancing and the Holiday Season

December 3, 2018

Refinancing And The Holiday Season2

With so much going on during the holidays, why would any sane person consider refinancing?  Well, it might make more sense than it appears at first glance.

One of the main reasons might be to pull out cash for end-of-year expenses, or to free up your cash-flow and get yourself on a better financial footing for the next year.  In 2017 the average American household carried $15,675 in credit card debt.

With a fast Hard Money Refinance, you could pay off debt and use the remainder of the proceeds to pay cash for holiday expenditures rather than incur more debt.  The interest rate on your refinance would surely be less than the interest rate on your credit cards!

Other benefits to consider when refinancing at the end of year:

  • Some of your closing costs would be deductible on this year’s taxes
  • Your next payment on the new mortgage won’t be until February, 2019.  This lag time will give you even more of a cushion to help recover from holiday expenses.

Choosing a Hard Money Lender like Sun Pacific Mortgage, you could conceivable close your refinance within 15 days, and be on your way to a more relaxing end of the year.  Santa’s helpers are awaiting your call at 707-523-2099. Happy Holidays!

 

We Won’t “Leaf” You Hanging with Hard Money Loans!

November 28, 2018

Fast Hard Money Loan Approval When Turned Down Elsewhere

“[The Sun Pacific Team] pulled through last minute for us to get the loan we needed to save our house! From start to finish they made everything smooth and instructions were always clear and answered quickly. We are so grateful to have found them to help us during an otherwise stressful time. Highly recommend!!” – C.L.

Fast Approval When Turned Down Elsewhere

Local Mortgage Broker:  Hi. I have been trying for almost a month now to get my borrower’s loan through our Underwriters, and time is up for her.  She is about 7 months shy of having her credit good enough for a home refinance. The loan amount is $540,000 with a 65% loan to value.  Can you help?

Us: Yes, we can. Send us her loan application and we’ll get right onto it.

Within 48 hours we had loan approval, a very relieved borrower, and a happy Broker.

Call Us today at 707-523-2099.  We are fast and won’t “leaf” you hanging, wondering if you have loan approval or not!

No Loan Fumbles With Hard Money!

November 19, 2018

No Loan Fumbles With Hard Money!

You will never fumble if you take advantage of our Hard Money programs!

There are very few Hard Money companies that do Owner Occupied, both Business and Consumer Purpose loans, but we do. The distinction between these programs is based on Federal and State guidelines. We provide 2 different programs for business purpose and consumer purpose loans on Owner Occupied properties: A 12-month short term or a 15-year long term.  The short term is for Borrowers who have an exit strategy within the 12-month term and long term if there is no such strategy.  See below for examples such of loans recently funded through our office.

Let us help make a touchdown for you and your borrower with fast loan approval, for those loans that might be fumbling!  Call us at (707) 523-2099 with your questions and scenarios.

 

Recently Funded – 18 Days Average To Completion

We Finance Single Family Houses, Condos, Principal Residences

+ Multi-Family Units, Commercial & Office

$540,000 – Santa Rosa, Sonoma County
70% Loan to value
Refinance Consumer Purpose

$2,541,000 – Oceanside, San Diego County
64% Loan to value
Refinance Business Purpose

$1,750,000 – Saint Helena, Napa County
63% Loan to value
Refinance Business Purpose

$341,000 – Cazadero, Sonoma County
55% Loan to value
Refinance Consumer Purpose

Where Is The Real Estate Market Headed?

November 14, 2018

Where Is The Real Estate Market Headed

What’s one to believe about the real estate market today?  There are so many conflicting headlines that even the savviest investor is confused.  Let’s look at some hard statistics which may enable us to come to our own rational conclusions:

We know home prices have appreciated year-over-year for the past 76 straight months.  Does this mean we are on the edge of another housing bubble? Not if the lack of homes for sale persists.  Demand is strong as many renters have experienced when they start to look for their dream home. There hasn’t been the stabilizing 6-month backlog of housing inventory in over 5 years, which has kept prices up while inventory has been down.

What about pricing and appreciation?  Certainly, home prices have appreciated over the last 76 months, driven mainly by supply and demand.  This has affected the starter-home market more than any other because of the increased competition for these homes. Senior Economist, Aaron Terrazas wrote on Zillow that “home values are still expected to appreciate at double their historic rate over the next 12 months”.  This wouldn’t appear to herald a real estate crash any time soon.  

Those who have been in real estate for as long as we have can all agree on the fact that real estate ebbs & flows.  Keeping abreast of the market in your area is what is important, so you can decide if the price is right to buy now or if you make an offer slightly under asking to still get an accepted offer.  What about listing your home and for what price? These are questions to be posed to licensed and experienced Realtors who know the market and have your best interests in mind.

Here’s to making the real estate market work for you!

To read full article:  https://www.keepingcurrentmatters.com/2018/08/29/top-3-myths-about-todays-real-estate-market/

Recently Funded Fast – Guardians

November 8, 2018

Guardians Of Fast Hard Money!Guardians of FAST Hard Money!

Why are we considered the true guardians of getting Hard Money loans done FAST?  Maybe it’s because we can complete these loans with an 18 day average and have been doing it for 30 years!

One of our most popular programs is the Bridge Loan – for purchases and refinances.  With this loan you can close or fund quickly, because the requirements are fewer than with other loans. The primary concern is equity, which must be 70% to secure the loan.

See below for recently funded Bridge loans through our office.  And call (707) 523-2099 and let us be the guardians of your loan scenario, so it gets approved fast!

Recently Funded Bridge Loans – All Completed In 1- 3 Weeks!

We Finance Single Family Houses, Condos, Principal Residences

+ Multi-Family Units, Commercial & Office

$540,000 – Santa Rosa, Sonoma County
70% Loan to value
Needed our help as had a very short close date.

$559,000 – Santee, San Diego County
70% Loan to value
Needed our help due to FICO issues.

$514,000 – Santa Rosa, Sonoma County
65% Loan to value
Needed our help due to difficult-to-prove income.

$650,000 – West Hills, Los Angeles County
65% Loan to value
Needed our help due to property condition.

The Good, The Bad, And The Ugly Of Marble Countertops

November 7, 2018

The Good The Bad And The Ugly Of Marble Countertops

When building or remodeling, owners are faced with a myriad of confusing choices, not the least of which is what material to use for their kitchen counters.  Among the many preferred options are: granite, solid surface material, butcher block, concrete, and marble, specifically Carrara marble.

Marble is gorgeous both from a distance and up close, but unless you are familiar with and ready to maintain it, it also has some drawbacks.  Let’s examine a few:

  1. It won’t stay pristine for long:  Marble is easily scratched and stained.  You can’t chop vegetables directly on it as acidic liquids will stain the surface permanently.  Marble is more porous than natural stones or solid concrete.
  2. It can be seriously tricky to clean:  Acidic liquids of any kind, including organic cleaning products, are bad for marble.  Cleaning requires a special kind of cleaner which can cost at least $10 for 16 ounces.
  3. It requires extra work to protect it:  A seal can help protect your countertops, but it requires regular maintenance.  The recommended resealing process is every 3 – 6 months to maintain the luster and prevent staining.
  4. It can be bad for resale:  In five to ten years this product is likely to look very different and be less appealing to a prospective buyer than any other stones, which may age better with less maintenance.

Some lifestyles present additional reasons to resist the urge to install marble, for instance:   if you use the kitchen heavily, if you have children who will be eating or playing on the surface, or if you don’t have the interest/time for the maintenance it requires.

If you are a fan of HGTV shows, you would think that Carrara is the “go-to” for every project, and they do look beautiful when they are first installed.  What you don’t get a chance to view is what Carrara looks like after the family has lived in the house for any length of time. With all the other options out there, maybe foregoing Carrara isn’t such a difficult decision.

The moral of this article is: Study up on your preferred material for countertops before you buy them. You want to make sure you’ll be happy with it for years to come, as it is your home!

If you’re doing renovations or interested in alternative financing for your home or rental, call us today (707) 523-2099!

To Buy or Not To Buy?: That is the Question

November 1, 2018

To Buy Or Not To Buy?: That Is The Question

Although not as existential as Hamlet’s query, this is a life changing decision facing many Californians today. Ultimately, the answer depends on several real-life factors: your finances, your long-term plans and the real estate market in your area.  Some of the questions you might want to ask include:

  • What can you afford?
  • How much do you have for a down payment?
  • How long do you plan to stay in the house?
  • Are you looking for stability or flexibility?
  • Do you want to be responsible for maintenance and repairs?
  • What are your financial, career and family goals?

Of course, the other choice you have is to continue renting.  A wise next step in your decision-making will include a Pros & Cons List of renting vs. buying.  It can look something like this:

Pro Buying:

  • Builds equity and credit
  • More stability (especially with schools)
  • Some tax benefits
  • Can “nest”, improving or upgrading to your tastes
  • Social benefits of a stable neighborhood

Con Buying:

  • Requires substantial money, paperwork upfront
  • Additional expenses beyond mortgage payment
  • Responsible for repairs and maintenance
  • Moving costs

Pro Renting:

  • Fewer upfront costs
  • Mobility
  • Not responsible for maintenance/repairs
  • No property tax bills

Con Renting:

  • Landlord can raise rent or sell the property
  • Choices may be limited
  • Might mean moving several times
  • Don’t build equity
  • No tax benefits

To summarize:  Homes typically increase in value (approximately 7.2% in California in 2017) thereby increasing your retirement fund, whereas, every penny spent on rent is gone forever.  Your homeowner costs are more predictable and stable than renters’ expenses, since a landlord can raise your rent in accordance with the rent control laws in your city every year.  If you own a portion of your mortgage, interest and property tax is deductible. There may be a small renters’ deduction if you rent.

To help evaluate your choices regarding buying/renting there is a helpful calculator available on Zillow: https://www.zillow.com/rent-vs-buy-calculator/  

When you reach the decision to buy, but find you do not qualify for a conventional loan, you need a fast loan or stronger offer over others, Sun Pacific Mortgage will be here to help you achieve your dream!  We have unique alternative financing options through our Hard Money lending programs.

Call us at 707-523-2099!

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