Colony And House

Jumbo Loans for Beginners – Essential Things You Should Know

Posted on January 15, 2019 by editor in Colony And House, Real Estate

When it comes to jumbo loans, you may have to meet requirements that are more strict than what traditional loans offer. During the first time when you hear jumbo mortgages, you may think that it is for millionaires, but that is not always true. Compared to most home loans, a jumbo loan means a more […]

When it comes to jumbo loans, you may have to meet requirements that are more strict than what traditional loans offer.

During the first time when you hear jumbo mortgages, you may think that it is for millionaires, but that is not always true. Compared to most home loans, a jumbo loan means a more substantial debt.

However, depending on the price of the house you want to buy, your income and the loan options available to you, a jumbo loan may be the best option for you.

Learn how to get a jumbo loan, what it is and if it’s the right one for you.

What’s a Jumbo Loan?

A jumbo loan or a jumbo mortgage is one that far exceeds the limits of the conforming loan that the Office of Federal Housing Enterprise Oversight has set. Conforming loans have limits on the number and amount of mortgages backed by government-sponsored enterprise or program.

Since jumbo loans don’t fit the FHA, Freddie Mac, and Fannie Mae box, these are often called non-conforming loans. In a nutshell, jumbo means that the amount of the loan far exceeds the set limit of the area where the house you want to buy is located.

How Big Are Jumbo Loans?

Texas jumbo loans are large, but these don’t have to be seven digits big. Based on the loan limit, the loan is referred to as a jumbo loan when it exceeds at least $1 more than what is set.

On average, $453,100 is the conforming loan limit for properties last 2018. Some areas have higher limits depending if the place is a high cost or not.

How Do I Qualify For A Jumbo Loan?

Just like other mortgages, getting jumbo loan approval is based on a basic formula. The eligibility depends on your credit score, cash reserves, income, employment status, debt, property use, and property type.

Credit Score

Jumbo loans have higher requirements for credit scores. Some require a score at a range of 700 to 720 or even higher

Debt-to-Income Ratio

The allowable debt-to-income ratio for a conforming mortgage is higher than that of a jumbo loan. A high DTI usually means an expensive loan. If you are applying for a jumbo loan, expect that a 43 to 45% or lower is the limit for a DTI.

Reserves

Since the government doesn’t insure mortgage lenders for jumbo loans, they will want you to have some cash reserve of around 3 to 24 months. On the other hand conforming loans require as low as around one month of your expenses at home.

Down Payment

For most mortgages, lenders require a 20% down payment however they will ask for more for jumbo mortgages. Some borrowers avoid trying to pay private mortgage insurances (PMI) without the 20% down use the piggyback loan.

Also Read: How Do I Get A Mortgage With No Down Payment?

Piggyback loans are the second mortgage that is taken at the same time as the first. This is done to cover the purchase price. If you are having problems with your down payment, ask first if they permit assistance. Some allow gifted funds.

How Does Unattended Death Affect the Sale of Your Home?

Posted on January 14, 2019 by editor in Colony And House, Real Estate, Real Estate Agent And Agency, Real Estate News And Tips, Sales And Purchase

Losing someone we love can be a severe blow for all family members and relatives. Accepting the fact that he is gone it can take some time especially when no one was there when he died. Blame may come to several family members, and it is but natural to have some regrets. However, we cannot […]

Losing someone we love can be a severe blow for all family members and relatives. Accepting the fact that he is gone it can take some time especially when no one was there when he died. Blame may come to several family members, and it is but natural to have some regrets. However, we cannot change the fact that they are gone and the best way we can go is forward. No matter how you love the person, there will come a time when you have to force yourself to move forward and not linger on what happened.

A lot of family members who lost someone through suicide or unattended death wants to start over somewhere fresh. It is natural for several family members to wish to sell the property where the death took place, so they don’t have to keep remembering painful memories of the past. However, we also have to face the fact that selling a property where the death took place is different. And for some, the question is whether or not to inform the buyers and real estate agent that someone died in the house as it can significantly affect the sale of the property in many ways.

What is Psychological Damage to a Property?

When we say psychological damage to the property, it merely means how people perceive the place. It is far more damaging than physical damage when it comes to sales value. The psychological damage on a property varies in level due to many reasons. For example, when the death in the home was because of murder, then the loss is high. It can even be higher when the crime was highly publicized, in which case there is a possibility that no one also wants to buy the house. However, in cases of unattended death or suicide, the psychological damage may not be so high that the value is not overly affected. A good bargain can still be made.

Do I Need to Disclose that Someone Died in the House?

The obvious answer to this question is yes. Sooner or later the realtor or people interested in purchasing the property will find out about it one way or the other. And when they do find out about it from other sources other than you, the value of the house may significantly drop, or you could even lose the sale. It is best, to be honest, and truthful about the reason why you are selling the house and what transpired there.

How Do I Prepare the House for Sale?

Trained professionals should only do unattended death cleanup and suicide cleanup. It is especially true when someone is planning to live there are if you are planning to sell it. One of the best ways to prepare the property for sale is to make sure it looks normal, and there is no hint of death anywhere in the house. Professional cleaners can make that happen as they do not just clean, but they also sanitize the place, so it is safe for anyone who wishes to live there. If you need a professional cleanup on your home before selling, feel free to visit our office so we can offer you our assistance on the matter.

Maximize Profits for Property Rental in Central London Marylebone Area

Posted on February 8, 2017 by editor in Colony And House, Real Estate News And Tips

While Brexit has caused scepticism among investors, property owners in the British real estate market have little reason to panic. The dire predictions that initially followed Brexit have not played out and outside of London, property values have become stable in some markets. While there continue to be some depressed markets in London, owners who […]

Property-to-rent-marylebone

While Brexit has caused scepticism among investors, property owners in the British real estate market have little reason to panic. The dire predictions that initially followed Brexit have not played out and outside of London, property values have become stable in some markets. While there continue to be some depressed markets in London, owners who select the correct real estate agent can minimize the losses of value in closing deals when they choose to liquidate their properties.

Jeremy James and company, with agents who specialize in property rental in Central London Marylebone area, has the experience you need to ensure that you continue receiving the top value from your investments. These agents work with both commercial and residential properties and are experts in the area with over 30 years of experience in selling, buying and negotiating leases for property. The agents want to put their experience to work so you get the best return on your investment.

Property-to-rent-marylebone

There is a Silver Lining

While it is true that investors are finding Central London prices remain depressed after Brexit, that does not necessarily affect your properties. According to Property Wire, rents in Marylebone dropped almost 10 percent as of September 2016. While that figure sounds alarming, it is possible that it can work to the owner’s advantage. You can fill properties that have remained vacant by lowering their prices. In doing so, you may attract new tenants for both residential and commercial property rentals.

Prospective tenants are often hesitant to select a flat or office in the exclusive sections of central London. By lowering lettings, you can attract new tenants to your rentals. These tenants are going to love the location and remain in the property as the market rebounds. Our experience in the field allows us to find and attract people that would have hesitated in the past and encourage them to consider a Marylebone location. This allows you to fill your vacant properties, so you still receive an income instead of allowing them to remain vacant.

Change Your Focus

Another potential pool for renting your properties are the millennials. These tenants already believe buying is out of their range and see themselves as renters of their lifetime. You can market to this group and show them the advantages of living in Marylebone, enticing a new demographic into your properties so you continue to have tenants for years in the future.

How Our Company Can Help

Since1981, Jeremy James and Company has helped thousands of people sell, buy or let real estate. With this experience, we know how to survive the market’s downturn and turn them into advantages. We offer a large knowledge base of central London and help clients use proven techniques so they earn the best profits from their properties.

We begin by developing a solid marketing plan for your real estate by sending professional photographers to develop a portfolio. We add a detailed floor plan to the materials. We use electronic portals, including Lonres, Prime Location, Zoopla, and Right move as a part of a marketing strategy. We also make use of appropriate online and print publications.

However, marketing strategy alone does not rent your properties. You must offer the right price and negotiate leases properly. Jeremy James and company can serve as your negotiator in both aspects. For more information on maximizing profits from your rental properties, contact us today.

Discovering a Home for Rent in Beautiful San Diego

Posted on November 6, 2015 by editor in Colony And House, Real Estate News And Tips

Property website helps you discover the San Diego condominium, downtown San Diego lofts, Rancho San Diego flats, La Mirage loft that you need with a couple snaps of the mouse. Let us know what number of rooms you need in your San Diego flat, regardless of whether you have pets, what your financial plan is, […]

Home for Rent

Property website helps you discover the San Diego condominium, downtown San Diego lofts, Rancho San Diego flats, La Mirage loft that you need with a couple snaps of the mouse. Let us know what number of rooms you need in your San Diego flat, regardless of whether you have pets, what your financial plan is, and we’ll demonstrate to you many of rental postings overhauled hourly, ready for prompt inhabitants.

Home for Rent

Discovering a home for rent in delightful San Diego, California is quick and simple. Propertyadvantage.com our easy to understand site will make it simple for you to hunt down houses for rent in and around the more noteworthy San Diego, CA zone. Ease in looking propertyadvantage.com lets you to use a la mode data on San Diego home rentals without the bother of giving each data to acquire moment postings on investment properties in the San Diego CA range. With unlimited potential outcomes readily available you can likewise hunt down lofts for rent, duplex, apartment suites for rent and different homes for rent that are accessible in the San Diego territory.

The brilliant nearby shorelines attract many voyagers to San Diego. The wide sand of Coronado Beach is well-known with vacationers who lease a San Diego shoreline house. Excursion rentals close Mission Beach have simple access to its fantastic promenade. Oceanside shoreline house rentals are mainstream as well. At long last, have you conveyed Fido along to one of our pet-accommodating San Diego get-away rentals? At that point make a point to look at Coronado Dog Beach.

Your children will love going to Sea World and the acclaimed San Diego Zoo and Wild Animal Park. A San Diego family rental gives you simple access to those and other family accommodating San Diego attractions like Lego area and the manikin theater in Balboa Park. Besides, you’ll all welcome the more space and security an excursion rental gives you. A San Diego shoreline house is ideal for children; too don’t stress over stacking up the auto with all your shoreline stuff, simply exit your front entryway.

Natives appreciate the daylight and relieving magnificent ocean breezes as they stroll through the many town recreational places and shopping spots along the shore. Another favored recreation movement is to spend the day at the mainstream San Paul Zoo containing a percentage of the country’s best animal determinations. On the other hand that you need an awesome San Diego Homes for Rent, yet would prefer not to purge your investment account, certainly look at our financial plan excursion rentals in San Diego. You’ll show signs of improvement arrangement than you would in a lodging and in a San Diego shoreline house, you can flame broil out on your deck as opposed to paying truckloads of money for room administration. Try not to stress that a shabby San Diego shoreline house implies an awful one; however our fair client audits of San Diego get-away rentals let you see what past tenants thought. Our operators will help you with the procedure.