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

November 7, 2018 Owner

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:

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.
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.
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.
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 Broker

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!

Why Should I Sell My Home This Fall?

October 9, 2018 Broker

Autumn Home For Sale

There are probably a myriad of reasons to sell this Fall, but let’s look at just a few:

For starters, Buyer demand is still strong. While the mad, competitive scene has waned (thankfully!), last month listings averaged only 29 days on the market according to NAR. Although the housing inventory is still less than 6 months (which is considered “normal”), it appears that we are slowly moving toward normalcy in the real estate market. This means we will no longer be in a buyers’ market (like 2007-Feb.2012) or a sellers’ market (like Mar.2012-present). The experts see the housing market returning to a healthier state for seller and buyer by the end of next year.

What about pricing? According to Core Logic, housing prices are expected to rise 5.1% next year. As a result, if you wait, you will end up paying more for a down payment, and your mortgage payments may likely increase. Because of the persistent inventory shortage, prices should continue to rise to above-normal levels for the next year. On the bright side, both existing and new construction permits have increased over the past two months, and these factors will help make a more balanced market in the future.

If you do not qualify for a conventional loan this Fall, Sun Pacific Mortgage is here with a lending program for you. Whether you need a bridge loan to help with a new purchase before your present home sells, or you just want a hard money 1st, we will find a satisfactory solution for you. Give us a call at 707-523-2099 and see what we can do for you!

How To Significantly Increase The Value of Your Rental Property

September 27, 2018 Broker

Increase Rental Property Value

One of the best ways to insure the value of your rental property and increase your cash flow is to maintain and manage it well. As a landlord you should be vigilant that your property does not depreciate because of your inattentiveness. Markets may fluctuate, and while this is something you don’t have particular control over, you can ensure that your property does not lose any value because of neglect.

Here are some time-proven and relatively low-cost improvements that should increase the rental value and rentability.:

Landscaping Refresh:

If the prospective renter sees a tidy, colorful front yard, it helps sets the stage for a more positive reaction to the interior. A new mailbox or a freshly painted one can be a big plus.

Thorough Cleaning:

If painting the entire house is financially prohibitive, a good scrubbing inside and out will go a long way to say “this landlord cares”. In particular, making sure the front door is welcoming and fresh. A newly painted door gives the impression that you have renovated the house for the next tenant.

Clean the Floors:

Cleaning the rugs, either by yourself or professionally, makes the house smell clean and will have an impact on the overall appearance of the home. Any repairs required of other types of floors, regardless of cost, shouldn’t be ignored.

Appliance Upgrades:

One of the most important aspects considered by a prospective renter is the kitchen, and more specifically, the appliances. If a good cleaning doesn’t bring them up to par, replace them! It will get you a better renter and a better price. The other room where you don’t want to spare any elbow grease is the bathroom. Tenants appreciate an up-dated, clean and bright bath.

Now that we have examined the extensive “To Do List” for attracting responsible renters, let’s take a look at how you will finance these improvements.

The first avenue would be to look into a conventional loan or home equity loan, but if, for whatever reasons, you do not qualify for a conventional loan, consider a Hard Money loan from Sun Pacific Mortgage.

We have been in the business of hard money refinancing and lending for investment property owners for over 30 years. Please call us at 707-523-2099 with any of your questions or scenarios.

Useful Investment and Real Estate Apps & Websites

February 8, 2017 Owner

Apps The Internet Has Spawned Several Helpful Apps For Anyone Involved In The Real Estate World. I Found Some To Be Especially Helpful, Both In Locating And In Evaluating Possible Investment Properties. Below Are Some Of The More Notable Ones:

The internet has spawned several helpful apps for anyone involved in the real estate world. I found some to be especially helpful, both in locating and in evaluating possible investment properties. Below are some of the more notable ones:

Bigger Pockets

This app contains searchable forums where most every question that you can think of has been answered regarding real estate investing. It is also a great place to meet other investors in your area.

Zillow; Realtor.com; Trulia; Redfin

Zillow, Realtor.com, Trulia and Redfin are great sources to see what properties are for sale or sold in a particular geographical area so that you can better determine the value of a potential investment.

Hammer Point

With this app you can estimate the entire cost of your remodel or repair before spending your first dime. A very valuable tool which will help you with the various aspects of your project.

Homesnap

This is an invaluable tool. With this app you can take a picture of a property and it will give you the address, estimated value, local demographics and more. Simply take a picture and drive on. All the details are in your phone for later download.

I hope these resources will prove helpful in better time management and productivity as you pursue your investment goals for 2017.

Need To Know Basis – The Shrewd Realtor

August 30, 2016 Owner

Money Road Sign

As a real estate agent you need to know the products out there for the buyer. I mean loan products. Everyone and anyone could buy a home during the heyday! Now there are really only a few loan programs:

The government regulated (Fannie Mae/Freddie Mac, FHA, VA)
The In-House loans (credit unions and local banks)
Lastly “Hard Money”

The government regulated loans such as FHA are regulated – pretty heavily. The banks and underwriters are worried they may approve a loan incorrectly and get pounced on by the regulators. This is likely to relax in the coming months and years, though there are some shrewd enough to make such loans appear stronger in offers today.

More in-house loans are being done by credit unions and banks and can appear stronger in offers. These are not regularly done by Fannie/Freddie or FHA or VA. They are irregular loans such as lots of acreage, farms, etc. Local knowledge is really needed for these types of loans.

Hard money is something that has come into its own. There is little bureaucracy, deals can be approved and closed in just a few days, there’s no red tape as to qualifications and rates are improving with the hot real estate market. Basically considered “all cash”, such loans are extra strong and can be used to purchase or refinance dump property, bad credit borrower, irregular income borrower, large cash out borrower, Bridge loans, etc.

As you have seen, the housing market values are only going up, but still the current prices are too good to miss out on…so realtors now, more than ever, need to be extra shrewd when helping Buyers’ submit strong offers and also match them with a really good Lender who is extra shrewd.

And to that I say, “Thank goodness for shrewd agents and lenders!”

Top 5 Reasons To Refinance Using Hard Money

August 15, 2016 Owner

If you have good equity in your home, you can potentially refinance. Below are the top 5 reasons one would refinance using hard money, also known as alternative financing:

Remodel your property
Buy an investment property
Consolidate debt
Get ready for the Holidays
Finance kids education

Refinancing one’s home doesn’t only reduce stress it has the added value of increasing your income tax deductions. The money you were paying out for those non-deductible expenses is now being applied to a tax deductible expense!

We are a local, family owned & operated company who is ready to assist you with your refinance. Call us with your scenarios at 707-523-2099!

Are You A Risky Borrower?

July 21, 2016 Broker

I have heard numerous stories from my past borrowers where they were told how acquiring a home loan would be an unending, agonizing and complicated process. And that on top of this, one minuscule credit problem was going to end their journey to getting their dream home.

This is not the case if you find Risk the right Lender. Getting a loan for the home you desire can prove to be difficult if Lenders see you as a “high-risk” borrower. So what is a high-risk borrower?

There are 4 circumstances covered in a recent Trulia blog “Are You A Risky Borrower? 4 Ways To Find Out” that are helpful in answering this question:

Your credit score is below 620.
Your employment history is unusual.
You have financial responsibilities you aren’t taking care of.
You don’t have a down payment.

If one or more of these applies to you, then you probably have some work to do before you can be approved for a traditional home mortgage. Not so with Hard Money. The only item we cannot contend with is no down payment.

If your favorite Lender or bank turns you down for a home loan, give us a call at (707) 523-2099. We have helped many a high-risk borrower with our creative financing programs, known as hard money. We would be happy to help!

For a more in-depth look at the above 4 points, see the original article here: http://www.trulia.com/blog/are-you-a-risky-borrower-4-ways-to-find-out/ .

My Own Hard Money Story

July 12, 2016 Broker

I wanted to tell my personal story about Hard Money financing to help other families struggling with loan approvals.

My Husband and I could not get any local bank or credit union to approve our loan application to buy our first home. I had not yet worked at my job for 2 years and my husband was self employed with difficult to prove income. But, we had come upon the perfect home and had a good down payment so did not want to miss out!

Fortunately for us, my Husband’s Parents, Lynn and Broker, own Sun Pacific Mortgage, a Hard Money lender. Sun Pacific offered financing for principal residence (owner occupied) purchases. We did a loan application and he Pre-Approved us on the spot! YAY!

Within 2 days Broker had our home loan approved by one of his many private investors. He also said he would get us connected with a good, local conventional lender to help us refinance as soon as we could, for that lower home mortgage rate. How nice!

After all was said and done, the Sellers accepted our offer over others with conventional financing because we could close fast and basically had a cash offer. We bought our first home with a 10.5% interest only loan. Before your mouth drops open as much as mine did at first, listen to what this really meant:

This “high cost mortgage” really was only $200 more a month than I was already paying for my small apartment. That apartment had no yard, I couldn’t do what I wanted to it and I had to put up with living above noisy neighbors.

Just $200 more a month gave me a bigger home, I could paint and decorate however I wanted, I could privately enjoy backyard fun with my kids and I started benefitting from the tax right-offs of homeownership!

It really is a just a math problem: Can you afford the new monthly payment? I already knew it was worth it, even if it did cost a bit more per month. If it’s worth it and benefits your family then DO IT. Especially since you could qualify later on and get a lower interest rate upon refinancing…but if you don’t act fast, you could miss out on the deal you wanted.

This is my Hard Money loan story and why I have the passion I do when working at this Company now, helping others with similar circumstances. It’s always a happy ending!

Reasons To Sell A House This Summer

July 7, 2016 Broker

Selling one’s house can be a challenge no matter what season it is, be it Summer, Winter, Fall or Spring. According to Keeping Current Matters article, “5 Reasons To Sell This Summer”, there is some logic in selling your home during the hot summer:

Demand Is Strong
There Is Less Competition Now
The Process Will Be Quicker
There Will Never Be a Better Time to Move Up
It’s Time to Move On with Your Life

With strong demands, less competition and quick processing, how could anyone pass up an opportunity to make a sale and profit? Sounds like if you’ve ever considered moving up or moving out, now is the time to take advantage of the Summer real estate selling benefits.

After years of experience in the real estate and lending markets here in Sonoma County, California, I can definitely say that jumping at the right moment to buy and sell is important. It could make all the difference in success or not.

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