You keep talking about your team, how did you find them and why are they the best?
The first person on my team is Jerry Hsiang and we have been working together for almost 5 years now. We started working together at Citibank, briefly moved to Chase, and are now here at W.J. Bradley. He is my right hand and does a lot of client interaction covering the details of processing and underwriting.
Then there is Clare Nishikawa who is my processor and we’ve been working together for about six months now. She is extremely attentive to detail and makes sure our clients stay fully up-to-date with what is happening on their loans.
Our underwriters are thorough and by-the-book, but are always looking for ways to approve clients, where at other companies I’ve seen underwriters trying to find any reason not to approve a client!
And lastly, there’s Renee Pelton, who handles my marketing and online communications and we’ve been working together for almost a year now. She keeps the website current, helps with social media, and makes sure that the blog is kept up-to-date with useful information.
All together my team and I bring together the skill, knowledge, and experience to make sure your financing needs are met, your expectations exceeded and the process happens smoothly and efficiently!
The right professionals make all the difference!
Property type: Four-bedroom, two and a half bath in Redwood City
Appraised value: $900,000
Loan amount: $720,000
Loan type: 30yr fixed
Rate: 4.75%
Back story:
This client found the house of their dreams after my referral to a Realtor that I often work with! They knew nothing about the area but they not only found a home, but we were able to pay off their student loans and free up some cash flow to meet the debt/income guidelines to get them the home! It was still 20% down but we were able to increase their cashflow dramatically.
And, as always, it closed in less than 30 days!
You’ve been in the mortgage business for over 20 years. You obviously like your job, how does it make you feel to help your clients?
Honestly, I could not see myself doing anything else. I love using my expertise and knowledge to help provide financing solutions to my clients, because financing a home is so important to them and the process can be very confusing! Every client has a special story on why the home they are buying is important to them and no two stories are alike.
I try to understand each client’s personal situation and I make sure to explain every aspect of the process they are embarking on, and not just my side of the it, but also what everyone else is doing too! Understanding this can make the entire process less daunting and makes sure that my clients are fully satisfied.
I think most clients appreciate the extra effort that my team takes to ensure that they have a smooth process and know they can always call to ask any questions at any time.
I truly do love my job and look forward to working with my clients daily!
How important is the choice of mortgage lender when buying a new home or refinancing? How do they affect the transaction?
There has never been a time when it’s more important to choose the right mortgage lender. The recent foreclosure and mortgage crisis we’ve experienced has caused regulators to react with more and more stringent regulations which in turn has caused the lenders to become more cautious. Even overly cautious at times!
The opportunity of borrowing at today’s extremely low rates is nothing short of fantastic! There are also many pitfalls for the borrower that need to be watched. Getting involved with the wrong mortgage lender who is unaware of the demands of the regulators, zealous loan underwriters, and other requirements for closing can cost you!
My recommendation is to get reviews from friends, co-workers, and other sources on who they worked with, take the time to really interview your mortgage lender because they will be handling a transaction that will affect you for the next 30 years! Working with the right person who has your best intentions in mind can make all the difference.
Health Reform Timeline
June 2010: Medicare beneficiaries pay less for preventive services, Tax credits for certain small employers begin
July 2010; Uninsured people with health problems eligible for state insurance program
Sept 2010; Insurers required to cover sick children, Lifetime limits on insurer payouts prohibited, Children allowed to remain on parents policy until age 26
January 2011; Seniors who exceed medicare drug coverage limit receive $250 rebate, Voluntary payroll deduction for long term care coverage starts
January 2013; Medicare taxes rise on incomes above $200,000 per year
January 2014; Medi-Cal eligibility expanded, Insurers barred from denying coverage, Individual requirement to obtain coverage begins, insurance exchange opens for business, Subsidies for buying coverage available
2016; Long term care benefit available
2018; Federal tax on high value benefit packages begins
*data from California Healthcare Foundation
What is one deal that fell through in the tough economy that you are able to do now?
The mortgage guidelines tightened up a lot, but recently they have begun to loosen – but not too far. The biggest change is that we are able to do 10% down on a high balance loan, not jumbo, without having to use FHA as our only financing option. It’s been quite awhile since we were able to do that!
We still have mortgage insurance on those deals, but no upfront FHA/MI fees. It’s nice to see that the market is improving, but the rates are already fluctuating and will be climbing soon so be sure your financing, and re-financing, is covered now!
Is a Condominium Better than a Single Family Home?
The answer is it depends mostly on your needs. But, with condominiums, one must do more research and understand what is being bought (a community of multiple residences that share common area spaces) to determine if it really is better.
So, what’s important to look at when it comes to a condominium? First and foremost is to make sure that the Home Owners’ Association (HOA) is strong financially and management wise. The key is to read the HOA documents package from cover to cover and get some additional feedback from your real estate agent. Do a deep title search on the property to see if there are any liens or lawsuits.
Interview the property management company to see what they do, if there are many issues with late home owner dues, how much money is in the reserve fund, when was the last time they did a
reserve study, and what kind of insurance they having including liability, workman’s compensation, earthquake, etc.
Next, make sure you read the “Covenants and Conditions and Restrictions” package (CC+Rs) that is prepared and provided by law by the HOA. This package will reinforce your research. Additionally, it includes bylaws, Articles of Incorporation, the operating budget, reserve funding and schedule, insurance information, the minutes of the meetings and newsletters, memos, etc. You also might want to have an attorney that specializes in reviewing these documents read them and give you an opinion. It will be well worth the fee.
From first time homebuyers attracted to the affordability of a condo to the empty nester that is looking for hassle free living, a condominium is exactly the right answer. Additionally, some condominiums have amenities like 24-hour doorman service, pools, spas, gym facilities, etc. that provide extra benefits. Just make sure that you do your homework. You want to buy in a strong, well run, and adequately financed condominium.
Sometimes everything works out how you want it to!
Recently I worked with a client who was committed to finding the right property that she could afford and also fit into her long-term plans. When she came in looking for an investment property of multiple units, with low down payment, low monthly payments, and in a good rental market near San Francisco I thought that she may just be asking too much.
She interviewed a lot of people, asked questions, listened to their advice and did her own investigations and then, when she felt comfortable she acted decisively and heeded the advice of the professionals working for her. We were able to find her a great four-unit building with only a 3.5% down payment. And, believe it or not, the property even has a positive cash flow with her living for free in one of the units!
The market right now is so varied that even some of the most difficult to find situations have a chance to found. It’s important to know what you’re looking for and to recognize when you’re asking for too much, but always take a chance on finding just the right place because it happens!
Use your discounts!
When comparing your insurance premiums you need to make sure you are looking at the whole picture rather than looking at one mono-policy compared to another. Often the various discounts available through a multiline carrier will make your overall insurance cost less than if you just compared one mono-line policy to another.
For example, your auto/renters discount can save you so much on the auto premium that it can pay for the Renters policy. In other words, you can get two car insurance policies and a Renters, for the same total cost as two auto insurance policies.
Discounts you want to look for are the: Multi Line Discount, Good Driver Discount, Multi Car Discount, Persistency Discount, Safe Driving Discount, Business or Professional Group Discount, Anti-Theft Discount, Passive Restraint Discounts,AntiLock Brake Discount,Alternative Fuel Discount,Senior Defensive Driver Discount,Good Student Discount,Inexperienced Driver Training Discount,and the Electronic Stability Control Discount.
Be sure to compare the cost of the total household insurance premium cost rather than a mono line comparison. That way you can be sure you are getting the best value for your insurance cost!
If you would like a free, objective review, please call me at 650-355-5396!
As manager of a real estate office, what traits have you seen successful Realtors portray that unsuccessful Realtors do not?
I’ve seen that a lot of very successful Realtors open themselves up to the new techniques of finding business. It’s important to understand were the upcoming buyers and sellers may be! However, most of them still get the majority of their business the old fashioned way.
Never underestimate the power of prospecting past clients and your sphere of influence. Be sure you always provide superior service and do everything you can to make your clients happy and you’ll never have to worry about a bad referral. Past clients, friends, and family will always be willing to recommend you to a friend!
Unsuccessful agents often embrace new technologies or other forms of busy work as a way to avoid the feeling of rejection that comes from personal prospecting. There’s a place in the industry for new techniques, especially in this age of technology, but be sure you use it as a tool to enhance the personal ways of reaching out rather than replacing it.
