12 Tips For Hiring Best Real Estate Agent

12 Tips For Hiring Best Real Estate Agent

12 tips for hiring the best real estate agent to assure maximum success.

  1. Interview two full-time agents just as you would hiring an attorney or physician
  2. Do not hire your good friend, relative or neighbor as a favor or out of guilt
  3. Do not select an agent based on the price they suggest to list your property
  4. Do not hire an agent who is not experienced in the Santa Monica, Brentwood and West LA areas
  5. Ask for a list of references with phone numbers or emails
  6. Find out how the agent prepares your property for marketing
  7. Ask for a detailed marketing and advertising plan
  8. Check out the agent’s personal website and visit the agent’s office
  9. Compare the agent’s track record including their sales success ratio
  10. Find out what staff or team support the agent provides
  11. Inquire about the agents pricing strategy
  12. Be sure the agent you select has your needs and best interest at heart

If you are considering a sale of your property, and would like a complimentary copy of our “How To Select an Agent” guidelines, please contact Gary Limjap at (310) 586-0339 or by email.

 

Latest Mortgage Rates For West Los Angeles Home Buyers

Conforming Loan Limits ($417,000 and Under)

[column2]

Loan Program
30 Year Fixed
15 Year Fixed
10/1 ARM
5/1 ARM
5/1 ARM I/O

[/column2]
[column4]

Interest Rate
3.750%
3.000%
3.250%
2.250%
2.500%

[/column4]
[column4_last]

Points
1.125
1.125
0.625
0.875
1.000

[/column4_last]
[hr]

Agency Jumbo Loan Limits ($417,001 – $625,500

[column2]

Loan Program
30 Year Fixed
15 Year Fixed

[/column2]

[column4]

Interest Rate
4.000%
3.500%
[/column4]

[column4_last]

Points
1.125
0.000
[/column4_last]
[hr]

Jumbo Loan Limits ($625,501 – $4,000,000

[column2]

Loan Program
30 Year Fixed
10/1 ARM
7/1 ARM
5/1 ARM

[/column2]

[column4]

Interest Rate
4.375%
3.750%
3.375%
3.000%
[/column4]

[column4_last]

Points
1.000
1.000
1.000
1.000
[/column4_last]
[hr]

With these historically low rates and declining house prices, the typical Santa Monica, Brentwood and/or West Los Angeles family had more than double the income needed to purchase a median-priced home in January, according to the National Association of Realtors® Housing Affordability Index which registered the highest reading since records began in 1970. In fact, the Corelogic® National Home Price Index fell for the sixth consecutive month in January to the lowest level since January 2003. This high level of affordability likely contributed to the recent two-week rise ending March 2nd in mortgage applications for home purchases.

For more information contact Gary Limjap at 310-586-0339 or by email.
[hr_padding]

FHA Will Increase Cost For Home Buyers

Based on a new article published by Lorraine Woellert, as of April 1st, the Federal Housing Administration (FHA) will increase up-front-premiums. If you have FHA clients on the fence, now is the time to buy before the cost of their loan goes up!

They’re talking about increasing the up front mortgage insurance premium from 1% to 1.750% of the loan amount on top of the increase for the monthly PMI from 1.15% for loans up to $625,499 to 1.25% and for loans above $625,500 from 1.15% to 1.5%. Buying before the changes are implemented can save your clients a lot of money! Also have your FHA clients re-qualified if they wait to buy based on the increased fees which will offset their debt to income ratios slightly.

For Example:

[hr_padding]

Current FHA Loan:

$500,000 – Purchase Price
$482,500 – Base FHA Loan Amount (96.5% LTV)
$487,325 – Total FHA Loan Amount w/ UFMIP financed

[hr_padding]

30 Year Fixed FHA

3.750%
$2,257 Principal and Interest Payment
$467 PMI

[hr_padding]

Future FHA Loan:

$500,000 – Purchase Price
$482,500 – Base FHA Loan Amount (96.5% LTV)
$490,435 – Total FHA Loan Amount w/ UFMIP financed

[hr_padding]

30 Year Fixed FHA

3.750%
$2,271 Principal and Interest Payment
$511 PMI

This is more dramatic above $625,500, now is a great time to take advantage of the lower premiums. The changes may be in place sooner then we know.

If you should have any questions please contact Gary Limjap at 310.586.0339.

Original article:

FHA Will increase Cost of Up-Front Premiums
By Lorraine Woellert – Feb 27, 2012