There are only four relevant economic reports scheduled for release this week, but two of them are considered to be highly important to the financial and mortgage markets. Unlike many Mondays, the week kicks off with important data being posted today. The Institute for Supply Management (ISM) will post their manufacturing index for April late this morning. This is one of the first important economic reports released each month and gives us an indication of manufacturer sentiment. A reading above 50 means that more surveyed trade executives felt business improved during the month than those who felt it had worsened. This points toward more manufacturing activity and could hurt bond prices, pushing mortgage rates higher. Analysts are expecting to see a reading of 59.7, which would be a d... 05/02/2011

  Open houses are a great way to meet potential clients, and showcasing the home in an attention-getting way can cement potential sellers' confidence in the Realtor. 1. Take advantage of branding opportunities. Water bottles on hot days with a custom label can be a great source of advertising. A picture of the house with contact information on the bottle is not only fun, but a way to keep both the home and the Realtor in the mind of the visitor after the open house. 2. Go beyond the basics with food. You may have heard the age-old technique of baking cookies in the home to infuse it with the scent of homemade treats. However, food at an open house can be another way to stand out. It can encourage people to stay longer and strike up a conversation. Think outside the box - ice cream, cho... 04/29/2011

While most mortgage lenders offer a form of "pre-approval" for a loan, Mortgage California is one of the few lenders anywhere that can do an actual fully underwritten loan pre-approval. With our banker and broker business model, pre-approvals for loans are not conditional on multiple minutiae of a transaction. It is difficult to overestimate the power of a real loan pre-approval and its role in a successful real estate transaction. Pre-approvals make the seller of a house more comfortable about the offer, and in a competitive market, this can make all the difference. According to Bay Area Realtor Larry Miller of Coldwell Banker, standard practice in the area is that a loan pre-approval accompanies the offer on a home. When the pre-approval comes from Mortgage California, he is able to g... 04/27/2011

  This holiday-shortened week is pretty light in terms of economic news scheduled for release. There are only three economic reports scheduled and none of them are considered to be highly important to the financial or mortgage markets. Accordingly, there is a decent possibility of seeing a relatively calm week in the mortgage market, assuming that the stock markets do the same. There is nothing of importance scheduled for release today. March's Housing Starts is the first data, coming early Tuesday morning. It gives us a measurement of housing sector strength and mortgage credit demand by tracking starts of new home construction and the number of permits issued for future starts. This data usually doesn't cause much movement in mortgage pricing unless it varies greatly from forecasts. ... 04/18/2011

The big day was March 20, the first day of spring. As almost everyone knows, it begins one of the most active seasons for home searches. For good reason: If you can dodge the April showers, the weather will be nice. Flowers coming out everywhere will tempt you to drive about and see what appeals to you. Even if you haven't decided to take the plunge, you could find that today's bargains are hard to resist. Home sellers will be out there with bells on. They know that buyers, dreamers and lookers will be out in force. Whichever category you fall into, they and their real estate agents will be pleased to see you. Agents know that the lookers and dreamers of today could be buyers in the future. The agents are available in their offices or at open houses to tell you about the finer points o... 04/16/2011

  For a few hours' time and a small investment, you can do a lot to protect your property. Even renters can ensure comfortable surroundings with some of these tips. Get energy efficient. If you have not yet installed a programmable thermostat, now is the time to do it. You can reduce your cooling costs by 10 percent, according to the U.S. Department of Energy. Thermostats cost $40 to $70. Seal around the tub and shower. Cracked or poorly sealed caulking around tubs, showers, and sinks can lead to water damage to floors, walls, and the ceilings below, say experts writing in Money magazine. When you see cracks or gaps, buy a $5 tube of caulking and reapply. Prevent fires. Check your fire extinguisher to see if it's still charged. If you need a new one, buy an extinguisher that works on b... 04/14/2011

  Lenders use different credit scores for different purchases. If you have successfully navigated a website that offers to sell you your credit score, you may think you have all the information you need in order to apply for a loan or new credit card. Not necessarily. The score you received could be quite different from what a lender receives. Different scores are offered for mortgages, car loans, insurance and more. Under the Fair Credit Reporting Act that took effect January 1, lenders must either tell those who apply for credit what score was used, or tell them how it was used if the applicant doesn't receive the best terms available. Here are some reasons why a credit score (a number between 300 and 850) still won't tell you how a lender evaluates of you: * Some lenders give the be... 04/12/2011

  This week brings us the release of seven relevant economic reports for the bond market to digest. We are also heading into corporate earnings season, which could lead to fluctuations in the stock markets. If earnings come in lighter than estimates, the stock markets may fall, leading to an influx of funds into bonds. But if earnings and forecasts are strong, the major stock indexes may rally, pulling funds from bonds and leading to higher mortgage rates. There is no relevant economic news scheduled for release tomorrow. The first report of the week comes Tuesday morning but it is the least important one. February's Goods and Service Trade Balance will be posted early Tuesday morning. This data gives us the size of the U.S. trade deficit, but unless it varies greatly from forecasts, i... 04/11/2011

Wherever we go, we respond to color, though its effect is often underestimated. Color use is important to us in our homes and workplaces. If you are selling a house, you will want to choose different colors than those you might use for your own home. If you just purchased a house, you can add some of your own personality with paint. HGTV's Shari Hiller says color accounts for 60 percent of our response to a room. Here is some advice. Living room: Start with colors you love from something in the room. Consider colors from artwork, a rug, dishes, an accessory or furniture for a main color or accent. Buy two or three quarts of paint. Paint sample boards to hold up to the furniture, fabrics and surfaces you choose. If you aren't sure where to begin with a color, experiment in a bathroom, a... 04/08/2011

  At the beginning of the mortgage meltdown a couple of years ago, Congress enacted emergency legislation raising the limits on High Balance Conforming Loans. These loans are designated "conforming," meaning lower interest rates and typically a slightly easier transaction to get approved and closed when compared to Jumbo (or non-conforming) financing. The High Balance variety is only available in designated high cost areas, like the San Francisco Bay Area. Currently the "temporary" limit on these loans is $729,750. This means that if you put 20% down on a $900,000 home, you can get a conforming loan in the amount of $720,000. Effective October 1, 2011 the emergency legislation expires and is not expected to be extended. This lowers this High Balance Conforming Loan to $625,500. So, wha... 04/06/2011

This week brings us the release of five monthly and quarterly reports for the bond market to digest. Two of the reports can be considered much less important than the others, but with mortgage-relevant reports scheduled four out of the five days we will still likely see some movement in rates a couple days this week. The first report of the week is February's Existing Home Sales from the National Association of Realtors late this morning. It will give us a measurement of housing sector strength and mortgage credit demand, but is usually considered to be of moderate importance to the financial markets. Its' sister report- February's New Home Sales, will be posted Wednesday morning. Since it is today's only data, it may influence bond trading enough to cause a slight change in mortgage r... 03/21/2011

  When the stress of a possible foreclosure rises, it is important to remember that there are many resources out there to help avoid it. The programs and agencies below all specialize in helping people avoid foreclosure on their homes: U.S. Department of Housing and Urban Development (HUD)800-569-4287http://www.hud.gov/local/ca/homeownership/foreclosure.cfm HUD Avoidance Counselinghttp://www.hud.gov/offices/hsg/sfh/hcc/fc/ Making Home Affordable Program888-995-HOPEhttp://www.makinghomeaffordable.org/ Housing California916-447-0503http://www.housingca.org/nr/resource/foreclosure_resources/ State of California - Consumer Home Mortgage Informationhttp://yourhome.ca.gov/ Fannie Mae Resource Center800-732-6643http://www.fanniemae.com/homeowners/index.html Project Sentinel - Redwood City cou... 03/18/2011

  It is important that while shopping for a mortgage to not solely focus on rates, but to shop for a great loan consultant. Anyone can quote a rate, but knowing you're with a true professional that can deliver makes all the difference. Also, many lenders will quote rates without taking into account where the property is, what your credit rating is, or other very important factors that may affect the actual rate you and your property qualify for. Here's the inside scoop on how to do it right. Always make sure you are working with an experienced, professional lender. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you ... 03/17/2011

Purchasing a home requires a thoughtful decision. For some, leaving a rented apartment is difficult due to its financial flexibility; however choosing homeownership can be financially rewarding.Here are some things to keep in mind when considering buying a home:Undecided?Don't Wait Until It's Too LateBuyers sitting on the fence while waiting for the "prices to go down" will miss out on long-term appreciation gains and possible tax advantages.A Smart InvestmentRenting does not provide equity benefits. Make your money work for you by building equity in your own home and benefiting from possible tax advantages* as a homeowner.Good News!High InventoryThere is currently a greater selection of homes for sale on the market. Sellers are motivated and many homes are priced to move! That means yo... 03/16/2011

Many times when you think of a 203k as in the "days of old" you were often looking at an older run down house in a run down neighborhood. Not so any longer. When HUD raised the FHA maximum loan amounts this put a different face on the program. Now we can go into most neighborhoods in the country up to $729,750 in "high cost" counties.  Today I'm doing a draw in a lower cost community, then head to Kensington for a draw inspection, then to East Oakland near the Eastmont Mall, then to San Mateo for a full consultation. I'm hitting three different quality neighborhoods and two are upper end homes. The other two are bringing the neighborhoods up where they are located and providing better living conditions for their occupants. When you have rental property like the one in Oakland it is alwa... 03/08/2011

We have some sweet condos here in San Mateo, CA, affordable for a first-time buyer! Last week I presented a purchase offer from a buyer hoping to buy his very first home. Do you remember how exciting this can be, especially when he never thought he could buy property in a high-cost area like San Mateo County. On a teacher's salary, that can be a real challenge. We were one of two very similar offers, but the seller loved the idea of selling to a teacher who plans to live here for years to come, so my buyer's contract was selected. This past week has been busy for my buyer, reading pages and pages of documents, including interminable HOA docs -- so very important. Today, Saturday, my favorite home inspector met us at the property. Now all we need to do is wait for the appraisal, which sh... 03/05/2011

I moved to Foster City when I was in high school from the MidWest.  Little did I know the views in Indiana, Illinois and Ohio pale compared to the San Francisco Bay Area.   Right "up the hill" is where I attended Junior College for 2 years at College of San Mateo.  I'm pretty certain I did not appreciate the views from this college.  While I attended there the school sat on top of 'the hill" with canyons of greeb surrounding it.  Now there are multi-million dollar homes dotting the hillsides. As the world turns, I grew up, got married and moved 60 miles East to Tracy Ca.  Tracy is located in the Central Valley of California to the East of the San Francisco.  I'm certain my 19 year did not choose to attend College of San Mateo for the views.  I'm also certain he didn't choose to attend C... 02/04/2011

Only 3.5% down payment required Lower credit requirements than most programs making it easier to qualify 100% gift allowed for down payment and closing cost Allows up to 6% seller credits towards closing costs The maximum FHA loan amount is $729,750.00 ( most counties) 401K loans are not included in qualifying ratios Can qualify for an FHA loan after 2 years of being discharged from a chapter 7 BK Can qualify for an FHA loan 3 years after a Short Sale and foreclosure 2 year job history not required ( can use schooling certificates or transcripts) May use alternative credit to qualify Can use non- occupant co-borrower to qualify 01/12/2011

Aragon Neighborhood (San Mateo California) 2010 Year End Single Family Home Sales review I just finished running the numbers for San Mateo's Aragon Neighborhood for 2010 You can take a look at the PDF, but here are some of the highlights: Average House Size-2,110 sq ft Average Lot Size-6084 sq ft   The Average Sale Price per square foot was $606.32 for 2010 The Average Sale Price per square foot in prior years was:    2009-$616   vs   2008-$662   vs   2007-$723.31   vs   2006-$672.63 The Average Cost/sq ft in Aragon is down 16.2% from its peak in 2007   The Average Sale Price in Aragon was $1,232,727 for 2010 The Averages for prior years was: 2009-$1.270m   vs   2008-$1.392m   vs   2007-$1.510m   vs   2006-$1.415m The Average Sale Price for Aragon is down 18.4% from its peak in 2007   H... 01/05/2011

A little History about the Glazenwood section of San Mateo's Hayward Park I wish that I could take credit for this article, but all that I did was add a few photos and a couple of words to an article that my neighbor John Savage wrote a few years ago for the San Mateo High School newsletter. John and I both live in the neighborhood where the Peninsula Hotel once stood, so we both have a love for it. Most of the photos came from old newspaper clippings, but some are from the San Mateo County Historical Society. Its end came on June 25, 1920. Spires of smoke were noticed at about 2:30 in the afternoon. Soon, massive flames filled the sky. San Mateo's Peninsula Hotel, a magnificent structure with accommodations which could have rivaled any Ritz Carlton or St. Moritz of today, was being des... 01/04/2011