7 Things You Should NOT do when Applying for a Home Loan

1) Don’t buy or lease an auto – Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.

2) Don’t move assets from one bank account to another –  These transfers show up as new deposits and complicate the application process as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if necessary. Continue reading “7 Things You Should NOT do when Applying for a Home Loan”

Market Update: Bay Area Real Estate is Heating Up

What a difference a few weeks make in the Bay Area housing market! Our office is laden with tales of multiple offer situations and frustrated buyers struggling to find homes to purchase. To me this means only one thing, Bay Area residential real estate is once again hot and values are on the rise – a great time for you to get in the market as a buyer before there is even more competition and a perfect time for anyone contemplating selling to take advantage of low single family inventory.  Take a look at this weeks Market Watch, where Rick Turley, President of Coldwell Banker’s Northern California division discusses the current state of the local market and the disparity between the San Francisco Bay Area markets and many other parts of the country. I’ve included excerpts from his blog below. Continue reading “Market Update: Bay Area Real Estate is Heating Up”