UPBEAT TIMES, INC. • MAY 2017 • 27


THE MORTGAGE COACH


TM


SANTA ROSA, CA. ~ So- noma County is popping out at the seams. Hills are alive, radiating with brilliant greens, bright yellows and sharp or- anges carpeting the landscape. April has held true to its proph- ecy of showers and


the hope


of May fl owers. Spring is also when the home buying season is in full swing. Inventory of homes for sale is still low and demand for them is still high. It is still a sell- ers’ market and the buyers are competing. Getting an off er to the top pick, means you need to be prepared. Everything needs to be in good ordered. T is means seasoned funds, good credit, and a thought-out plan. When that perfect home hits the market, you need to be pre- pared to make your off er stand out. Here are some “do’s” and “don’ts” on getting prepared. Know what you can aff ord and stay within those parameters. Know what funds you will need to close that transaction. It is not just the down payment needed but also the closing costs: Title and escrow, a re-


“T e Mind is a fl exible


mirror, adjust it, to see a


better world.” Amit Ray Do’s and Don’ts of Buying a Home! by Barry O'Meara barryo@stearns.com


serve account to pay taxes and insurance. T is can sometimes add up to $6,000 to $10,000 to your funds to close. T e lend- er needs to know where those funds are coming from.


No sur-


prise accounts. T ese funds can be savings or a giſt but we need to see the money. Lenders don’t like cash. funds


Get your seasoned


and in a bank ac- count. Fully sea- soned funds need


to be in an account for at least two statements with no large deposits to paper trail. Don’t quit or change jobs. Pri- or to funding a loan, the lender will once again verify employ- ment.


showed to qualify for the loan will also be verifi ed. can’t verify the income,


Yes, those taxes you If they


they


can’t use it. Your loan won’t fund. T e most important part of that debt-to-income ratio is the income. Keep your income stream consistent. T e other big “don’t”, is incur- ring new debt.


your loan may be approved, the lender will “refresh” your credit prior to funding. Any new credit inquiries will need


a letter of explanation. Do not open a department store credit card even if they are off ering you 10% discount. Saving 10% on a $200 purchase could cost you dearly in closing your loan on time. Extra credit checks can lower your credit score. T e pricing of your loan is all based on credit score and loan- to-value. Upsetting that bal- ance of “credit score”, “loan-to- value” and “debt-to-income”, this could change your inter- est rate and monthly payment. You don’t want to go from ap- proved to declined before your loan closes. Don’t buy a car until your


loan is closed. Most car pay- ments can make a huge diff er- ence in your debt-to-income ratios. If you did a trade-in and the dealership paid off your old car loan, you will need to re-document your whole debt-to-income ratio. Again, this will add delays to funding your loan. Keep your credit score up.


Even though


So much of lending is based on credit score. T ere are many factors that go into creating your credit score. Some things you have no control over but others you do. Credit to bal- ance is one of those.


Some-


times it makes more sense to pay down some debt and come


in with less of a down payment. A higher credit score can give you a lower interest rate. T is could give you a lower pay- ment than if you were to come in with more money. Another factor is timely pay-


ments. A current late payment can drop your credit by a lot. Don’t be late on your payments and don’t pay off a collection. It may seem like the right thing to do but that turns an old col- lection into a current late.


If


anything needs to be paid off , have it paid off through escrow. Don’t disrupt your credit pro- fi le.


Now that spring is here and


the Giants and A’s are back on the fi eld, it’s time get to the plate and make your off er stand out. Get yourself into contract on your fi rst and second home. Batter up!


JOKES & Humor # 7


Every ten years, the monks in the monastery are allowed to break their vow of silence to speak two words.


Ten years go by and it’s one monk’s fi rst chance.


He thinks for a second be- fore saying, “Food bad.”


Ten years later, he says, “Bed hard.”


It’s the big day, a decade later. He gives the head monk a long stare and says, “I quit.”


“I’m not surprised,” the head monk says.


“You’ve been complaining ever since you got here.”


LUNCH SPECIAL 1/2 OFF


Buy One Entree. Get the 2nd Entree of Equal or lesser value 1/2 OFF.


Coupon must be be present at time of purchase. Cannot be combined with any other off er or coupon. Expires 5/31/17. DINE IN ONLY


We’re open everyday 10:00am-9pm


SONOMA ~19315 Sonoma Hwy., 707-933-9496 PETALUMA~ 600 East Wasington St, 707-776-4949 www.plazatequila.com


“if you tell yourself you feel fi ne, you will.” ~ Jodi Picoult UPBEAT TIMES, INC. • MAY 2017 • 27


Happy Hour M-F


3pm-6pm


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32