Money Talk

Thumbnail image for Timing Is Key When Locking A Loan For Your Malibu Home Purchase.

Timing Is Key When Locking A Loan For Your Malibu Home Purchase.

by ritasimpson October 31, 2012 Money Talk

Borrowers shopping for a mortgage are obliged to select a lender before the price is “locked.” As a result, borrowers in shopping mode are vulnerable to lowballing — the practice of quoting a price below the market as a way of influencing the shopper’s selection.

Borrowers who have already selected a lender but have not yet …

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Tax Exemptions May Change

by ritasimpson October 26, 2012 Money Talk

End is nigh for certain tax exemptions
Currently, any debt forgiven by a lender in a short sale, loan modification, or foreclosure is exempt from federal taxation.  However, that exemption is scheduled to expire Jan. 1, 2013.

Making sense of the story

Borrowers will have to count mortgage relief from lenders as income on their federal tax returns, …

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Thumbnail image for Financing Your Malibu Home?

Financing Your Malibu Home?

by ritasimpson October 23, 2012 Money Talk

So you decided to take advantage of the historic low interest rates and the bottom of the market? Here are some tips from the pros to make sure your credit score is the best it can be and assure you can finance you Malibu Home Purchase.

1-If you have a $5,000 credit card limit and owe …

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Thumbnail image for Home Equity Conversion Mortgage Is “Complicated”…

Home Equity Conversion Mortgage Is “Complicated”…

by ritasimpson September 27, 2012 Money Talk

Home Equity Conversion Mortgage (HECM) has great potential value to senior homeowners planning their retirement. The value is realizable, however, only with the adjustable-rate HECM that provides multiple options for receiving payments.

Many borrowers are electing the fixed-rate HECM, which requires that they draw the full amount of their borrowing power in cash, leaving nothing for …

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Thumbnail image for Malibu Condo Sales Could Benefit From New FHA Financing Rules

Malibu Condo Sales Could Benefit From New FHA Financing Rules

by ritasimpson September 23, 2012 Money Talk

Here’s some encouraging news for condominium unit owners, sellers and buyers: The biggest source of funding for low-down-payment condo mortgages, the Federal Housing Administration, has revamped controversial rules that caused thousands of buildings across the country to lose their eligibility for FHA financing.

The revised guidelines, which were issued Sept. 13 and took effect immediately, should make …

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Thumbnail image for Gain Clarity On The New 3.8% Sale Tax On Property Sale

Gain Clarity On The New 3.8% Sale Tax On Property Sale

by ritasimpson June 23, 2012 Money Talk

Rumors spread, but lets make sure we understand the facts: This false statement has been going around creating not only confusion, but also unnecessary anguish.

Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?  That’s $3,800 on a $100,000 home,and it’s all because of the …

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Know The Tax Deduction Rules For Your Malibu Vacation Home

by ritasimpson June 4, 2012 Home Owner Reference Guide

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Thumbnail image for Low Mortgage Rates Helps Malibu Real Estate Buyers

Low Mortgage Rates Helps Malibu Real Estate Buyers

by ritasimpson May 10, 2012 Money Talk

Low Rates Spur Demand for homes in Malibu.

Investors and Banks have increased appetite for Mortgage backed securities and Mortgage rates continue to slide and hit record lows …although banks are more reluctant to originate mortgages to borrowers with flawed credit they are nevertheless stepping up their purchases of loans that have been packaged into mortgage-backed …

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Thumbnail image for Qualifying For Mortgages Today, Not A Cake Walk!

Qualifying For Mortgages Today, Not A Cake Walk!

by ritasimpson April 15, 2012 Money Talk

Shopping for a Malibu home? The mortgage scene is improving yet it can be very disheartening. Even though the profiles of successful borrowers may look challenging to match, many home buyers make it through the application gantlet with FICO scores and debt ratios that don’t quite meet the current benchmarks — often because their full …

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Thumbnail image for Loan Modification is Stressful; Know Your Options

Loan Modification is Stressful; Know Your Options

by ritasimpson April 3, 2012 Money Talk

“Applying for a loan modification is a stressful process that can take several months without a lot of communication back and forth from the lender. The best way to ease that stress is to know as much as you can about your options and to understand what goes on behind the scenes to avoid simple …

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