The Grangetto Group, Inc. - Real Estate Services (760) 525-4228

Happy New Year!

Our very best New Years wishes go out to you and your family for a happy and prosperous new year.

Our office will be closed in observance of the New Years holiday. We will re-open for business on January 2.

North County HOT Property List

This list of bank owned properties is HOT!

We just received a list of HOT properties from the bank and they are priced to MOVE! To get a copy of this list, just click the - North County Hot List - link below. We are organizing tours to view these and many more properties in the North County area.

Call today and check for availability (760) 525-4228.  

North County Hot List

 

 

Who Should Refi? - The Rush Is On

Who should refi?

Anyone with high adjustable-rate loans. Folks in this group should try to get into a low fixed rate if they can. Not only will they possibly lower their payments immediately but it would also eliminate the possibility of future increases.

Those who would lower their rate by a percentage point or more. Borrowers who already have a reasonable fixed rate shouldn't jump into a new loan every time rates inch down, according to an economists from the Mortgage Bankers Association. Waiting for a substantial rate decrease makes sense because getting a new mortgage incurs some expenses. There are the costs of a new appraisal and origination and application fees. Plus, a title search and title insurance are usually required. All those costs, are often rolled back into the mortgage, increasing the principal upon which the interest rates are applied. If that amount goes up so much that it offsets the interest rate drop, sometimes it doesn't make sense to refi.

Those who are planning to stay in their homes for a while. The increased balances usually take a year or two to be wiped out by lower monthly payments, so anyone planning to sell the home during the next few years probably should not refinance, unless the difference in interest rates is substantial. The actual rate borrowers get depends, just as with purchase mortgages, on credit scores, income and assets and the value of the home.

Borrowers with significant equity in their homes.  Many homeowners have had much of their home values erased in the post-bubble bust, eliminating much or all of their home equity - the difference between the value of the home and the amount owed on the mortgage. If you still have 20% or more equity in your home you are a good candidate.

Borrowers who don't think rates will decline much further. Everyone considering refi's has to decide whether to wait for interest rates to go even lower, which recently the Mortgage Bankers Association has been forecasting. That's only a prediction, though, not a certainty. Rates could turn higher instead. Borrowers must weigh the advantages of gambling on rates turning around or locking in savings at the present very low rates.

Call us at (760) 525-4228, we are standing by to answer your questions and help you through this process.

How Do I Buy A Foreclosure or REO property?

Lots of people are asking that question these days.

First let's define exactly what we are dealing with and what we should do about it.

Foreclosures or REO's are owned by the bank. Banks own the real estate because they have acquired the homes through foreclosure, which simply put, means they took it back because no one was paying for it. Homes on a bank's books are called REOs, which is an acronym for "real estate owned."

Once they take control of the property, they attempt to auction it off. Banks receive property deeds to homes through foreclosure, because no one showed up on the courthouse steps to bid the minimum amount of the existing mortgage owed.

Unless you have direct experience negotiating with banks, you will receive better representation by hiring your own buyer's agent. When seeking your buyers agent, keep in mind these three things:

• Buyer's agent have a fiduciary responsibility to protect your interests.
• Buyer's agents do not represent the seller.
• Buyer's agents are generally paid by the seller.

Hire a buyer's agent who has experience working with REOs. Call this toll free number for a FREE recorded message about getting a list of Foreclosure properties - (888) 821-4324 ext. 22

Holiday Schedule

So our associates may spend time with their families, our office will be closed early on December 24th and then on the 25th in observance of the Christmas Holiday.

Mortgage rates fall to 37-year low

Mortgage rates fell this week, with the 30-year fixed mortgage sinking to its lowest rate in 37 years as the Federal Reserve cut interest rates to historic lows.

Government-sponsored mortgage lender Freddie Mac reported Thursday that fixed rates on 30-year mortgages fell below 5.25% for the week ending Dec. 18. That's down from 5.47% last week and below the year-ago rate of 6.14%.

Refinance applications have surged responding to the lower rates.

To get information about how this can affect you  and we will contact you. 

Christmas Shopping? Keep Your Kids Safe On The Escalators

The Consumer Product Safety Commission reports that each year accidents involving escalators cause more than 7,000 injuries requiring hospitalization.  Many of those injured are children, and the Elevator Escalator Safety Foundation reminds parents that an escalator is a multi-ton moving machine and should be treated with as much caution as a moving bus.

Just a tip to keep everyone safe for the holiday!