Revised Mortgage Plan Designed to Help Struggling Borrowers

October 29, 2011 by  

By email this week, I received an overview of the recent changes to the Home Affordable Refinance Program (HARP). I have blended in with it some bullet points of my own:

  • The changes are effective December 1, 2011
  • The new rules targets homeowners who owe more than their homes are currently worth
  • Mortgage must be guaranteed by Government lenders, Fannie Mae or Freddie Mac
  • Mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009
  • Payments must be current during the prior six months; no more than one late payment in the prior year
  • Homeowners can now refinance no matter how much they owe (eliminates the 125% rule that existed)
  • The changes eliminate appraisals and many underwriting requirements (in many cases)
  • The new rules include/mandate waivers of many expensive upfront fees

As you can tell, there is some fine print in this program. As a great starting point, call us at (949) 240-5892 to help you determine the market value of your Dana Point home.

Then call our friend, Mike Harper, at Alpine Mortgage, 949-769-7588, who has generously offered to help, to find out how these changes to the HARP program may help your ability to refinance your particular home and take full advantage of lower interest rates.

This is a PDF document on the Federal website that outlines the new rules in greater detail.

Filed under: Inside Real Estate
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September Community Update

September 16, 2011 by  

Recognizing Our Dana Point Teens

Congratulations to the new members of the Dana Point Youth Board. After personal interviews by the City Council, the following new members were appointed: Amanda Anderson, Calin Clifford, Hugh Fitzmaurice, Jordan Hall, Chris Kwok, Matthew Lim, Nate Magee, Sarah Martino, Fabiana Munoz, Lauren O’Connor and Morgan Tolles. Appointed “at-large” members are Luke Alcantara, Alena Powers Davis, Audrey Derbonne, Megan Geyer, Ellie Gogichaeva, Kelly Krieger, Katie McAndrews, Sam O’Melveny and Jessica Pop.

Coastal Clean-Up Day!

Today, September 17th is the 27th Annual California Coastal Cleanup day, from 9am to noon. Dana Point will host four cleanup efforts. Details will be posted on our roknich.com website Friday afternoon (or can be found at ocregister.com).

Constitution Day!

Saturday, Sept. 17th is also Constitution Day in the U.S. We will be flying our flag proudly! http://www.constitutionday.com/

Filed under: Christe's Corner
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Fourth of July Contest!

June 23, 2010 by  

Fireworks Display in Dana Point, Image Courtesy of danapoint.orgIn honor of our upcoming holiday, we will be taking a little break from the serious of the real estate market to celebrate our nation’s anniversary.

Submit an essay to us via email. The topic can be either, “Why I Love Being an American,” or “My Favorite American Person Is…” The deadline for essays is June 30th. Winning entries will be featured in our July newsletter, and here on our Roknich.com website (all with the author’s permission, of course).

Fourth of July Fireworks! From the City of Dana Point website:

Don’t miss one of South Orange County’s best aerial fireworks displays right here in your own backyard! The annual show starts at 9:00pm at our very own Dana Point Harbor.

The fireworks are synchronized to a captivating musical score. Gather your family and friends, tune your radio to KSBR 88.5FM, look toward the skies over Doheny State Beach and experience this patriotic extravaganza! Important: personal vehicle access to the harbor closes at 7:30pm; only buses will be allowed in during the closure. Harbor access will reopen after the fireworks show traffic has cleared out (approx. 10:30pm).

FREE shuttle buses will make round trips from Dana Hills High School to Dana Point Harbor from 10:00 a.m. to 11:30 p.m.

Or see the fireworks and beautiful harbor lights from the ocean on the sport fishing boat, Sum Fun! Refreshments are provided; bring a folding chair if you wish to sit. Boat boards at 7:30 p.m. There is also a fireworks dinner cruise on the Dana Pride. Cost and details for these two opportunities are found online on the City of Dana Point’s website.

Check your city for similar shows, including fireworks displays all over Orange County (Mission Viejo, San Clemente, San Juan Capistrano have great shows as well in most years…).

Referrals Rock! I am grateful that so many of you, our past customers, neighbors and friends, have referred us business in 2010!

Thanks for continuing to keep us in mind when your friends, coworkers, and family are in need of professional real estate advice and service. We work throughout SoCal, but enjoy a large network of pros across the USA. We’re your one-stop real estate shop!

Best Realtors in Orange County
“Love where you live…live where you love!
It all begins at home!”

Filed under: Christe's Corner
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Ten Woodworking Projects that Can Increase Your Home’s Value

June 23, 2010 by  

As Realtors, we can testify as to the impact that upgraded custom woodworking in a home can have upon a buyer’s first impression. As homeowners, we can also attest to the value and pleasure that these improvements bring to us every day. If you need a referral to a finish carpenter, we know a couple of very good ones and would happily provide a reference.

Meanwhile, here is an excerpt from one of those craftsmen, Greg Pautsch, a finish carpenter in San Clemente:

Everybody has a “ten best list,” but there are many enhancements you can make to your home to increase its value. What’s more, these are also the types of improvements that YOU can enjoy as a proud homeowner!

Our Ten Best Woodworking Projects for 2010:

  1. Upgrade or install new interior doors
  2. Upgrade or install a new entry door to increase curb appeal
  3. Install exterior doors and new weather stripping to preserve the doors and be more energy efficient
  4. Upgrade old windows and be more energy efficient
  5. Baseboard upgrades – an array of choices
  6. Window casing upgrades can give that finishing touch of elegance
  7. Door casing will finish those beautiful upgraded doors or enhance the beauty of the existing doors
  8. Wall paneling and wainscots can change a room from dull to dynamic
  9. Add ceiling details to make a room look even larger and give a fine architecture appeal
  10. Upgrade any room in your house with crown molding for that sophisticated feel

Filed under: Home Improvement
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Low Inventory in Orange County is Still the Story

June 23, 2010 by  

There’s no getting around it…the Orange County real estate market is a slave to basic economics.

Supply and demand, the basic principle we all earned in Econ 101, still applies in the real world. Right now, using Dana Point as an example, and four neighborhoods as a snapshot, you’ll notice that there are twelve (12) homes in escrow, but only seven (7) available for sale. That’s low inventory.

Now, with uncertainties in the market (war, BP oil spill, foreclosures), one could argue that demand is also low, or in balance with supply. From an agent’s perspective, we can tell you that those seven available listings are NOT enough of a selection for the buyers we are working with currently, who are looking for a single level home in one of these same four neighborhoods in Dana Point. Low inventory again, and this same condition exists in most other coastal cities in Orange County.

Buyers: is this summer a good time to buy? Yes, interest rates are phenomenally low….under 5%! Prices are also way, way down from their 2005 peaks – in some cases, home prices in South Orange County are down 30-40% from their previous highs. Low prices, and low interest rates.

Sellers: does this mean that now is a bad time to sell? Not necessarily. Remember, if you are planning to buy down, buy laterally, or buy up, there really isn’t a bad time to sell since you are also buying simultaneously. For most families, a sell-and-buy event can be thought of as simply moving one’s mortgage from one house to another (don’t forget the closing costs, though).

Want more insight? We’re out there “in the trenches” every day! Call us at (949) 240-5892, or contact us via email.

Filed under: Market Update
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