Carlsbad and La Costa Home Loans http://www.michaelmekler.com Your Source for Local Mortgage Information Wed, 15 Sep 2010 21:53:59 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 All in all, San Diego is still the greatest place in the world to live http://www.michaelmekler.com/2010/09/all-in-all-san-diego-is-still-the-greatest-place-in-the-world-to-live/ http://www.michaelmekler.com/2010/09/all-in-all-san-diego-is-still-the-greatest-place-in-the-world-to-live/#comments Wed, 15 Sep 2010 21:48:52 +0000 mmekler http://www.michaelmekler.com/?p=19

They say “You can take the boy out of New York but you can NEVER take the New York out of the boy”. I am proof that this is undoubtedly true.  At first, when we moved to San Diego 9 years ago, the culture shock was pretty dramatic. It took years to find a half-decent pizza place, and I have yet to find a bagel that is even close to an H & H. In fact, I have had H & H bagels shipped overnight via Fedex for my wife’s birthday. I also miss Yankee Stadium with all my heart, but I do get to see them with my Uncle Steve every time they come to Anaheim. But most of all I miss my friends, family, and the NY people in general, of course.  It has been 9 years of adapting to different politics, different people, different lifestyle, less-than-adequate pizza, but I’ll never go back!

The truth is that I can honestly say that the 70 degree weather year round, the awesome beaches (dolphins all the time), the outdoor life, the world famous San Diego Zoo, great schools and the family life in general fills the aforementioned voids. Living in Carlsbad, a suburb of the City of San Diego is a real treat. We don’t have to deal with much traffic and the general entrepreneurial spirit makes it a great community. My oldest son adapted rather quickly from Snow Skiing to surfing and from ice skating to roller blading.

The great news from anybody considering the move is that real estate has come down in value significantly, at least for the time being. Mortgage rates are also at historical lows, so in essence there is no time like the present to take the plunge. Depending on the area that you are considering, a large number of homes are being sold in the $400’s. The reassurance of my decision to move here is magnified 10 fold every Thanksgiving when there is a massive nor’easter in the North East.

Since I am in the Real Estate field I must make the statement that there are a number of outstanding Realtors and mortgage lenders, like yours truly, to make the dream a reality.

Michael Mekler is an active loan officer. Reach Michael via email at mmekler@fhaexpert.net or call toll-free to 1-888-218-0094

]]> http://www.michaelmekler.com/2010/09/all-in-all-san-diego-is-still-the-greatest-place-in-the-world-to-live/feed/ 0 FHA Changes Effective October 4th, 2010 http://www.michaelmekler.com/2010/09/fha-changes-effective-october-4th-2010/ http://www.michaelmekler.com/2010/09/fha-changes-effective-october-4th-2010/#comments Mon, 13 Sep 2010 20:28:44 +0000 mmekler http://www.michaelmekler.com/?p=5

It is official. The bill HR 5981 has been passed and made into law. But what exactly does that mean to people in the process of LOOKING for a home? My hope is that these points will clarify any and all of your questions:

  1. First the great news. If you are currently looking at an FHA loan with a value of $250,000, your closing costs will go down due to a decrease in the Upfront Mortgage Insurance Premium from 2.25% to 1%.  So on $250,000 loan  under the current plan that premium would add $5,625 to your closing costs. Under the upcoming plan your premium would be $2,500, a $3,125 difference in closing costs. Great news!!
  2. Now the not so good news. If you borrow more that 95% of the value of the home to 96.5% your monthly payment is going up. Just taking into account your monthly payment without including taxes and home owners insurance, since each area is different, you payment on a $250,000 loan at 4.5% will go from $1,267(Principal + Interest)+ 114.58 (Private mortgage insurance)= $1,381.58.  After October 4th, with that same loan amount and interest rate you payment will go to $1,267 + 187.50 (Private mortgage insurance)= $1,454.5. Although the difference does not see that high it will affect the purchasing power of some buyers especially as you seek a higher loan amount.
  3. If you borrow less than 95% of the value of the home the numbers go from $1,381.58 to $1,433.67 after October 4th

This is just a summary of the new guidelines. For a more detailed look, please visit the HUD website at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-28ml.pdf

As always, consult with your mortgage professional for a detailed mortgage payment analysis that includes taxes,  homeowners insurance and an accurate mortgage insurance premium for your specific loan amount.

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