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THE MORTGAGE COACH New High In Property Values!


SANTA ROSA, CA. ~ So- noma County has hit a new high in property values, eclips- ing the high set in 2005. In fourth quarter of 2017, the median price for a single- family residence hit $659,000 per Pacifi c Union In- ternational senior vice president Rick Laws. T is is a 12.6% increase from same quar- ter in 2016. T is is great news for homeowners. Eq- uity is back! One of the contributing fac-


tors that elevated the values was a direct result of the dev- astating October fi restorm that took out 5% of the housing inventory and leſt thousands homeless. Besides eliminating supply, it also added to the de- mand. T e old rules of supply


and demand will always end up pushing prices up. In my opinion, we are not


experiencing another bubble. People must show their income when they


are fi nancing.


getting T e


Consumer Finan- cial Protection Bu- reau (CFPB) was created in 2010 as a response to the fi nancial melt- down in 2008. It was created to as- sure


this doesn’t happen again. T e most important rule in


that CFPB is the Ability-to-re- pay. T e rule requires lenders to document the income and verify the borrower’s debt-to- income ratios and fall in line with an acceptable ratio. No longer are their stated income loans. You might be able to get to the Oval Offi ce without


showing your taxes, but there is no way you’re going to buy that home without showing your taxes! As home values keep go up, af-


fordability seems to be slipping away. Sometimes to qualify for that purchase you need addi- tional income. T is could be done by adding a family mem- ber to becoming the non-occu- pant co-borrower/ co-signer, or purchase the home with extended family. T is could be holding title as Tenants-in- Common (TIC). Sometime it takes a village to buy a home. We see home values going


up as good news. T is builds consumer confi dence and helps homeowners to feel bet- ter about their investment in their home.


Pride of owner-


ship is inspiring. With equity in your back pocket, it makes it easier to envision those im- provements when you know you have the means to do it.


UPBEAT TIMES, INC. • February 2018 • 15


T is could be a great time to access that new-found equity through a home equity loan or a cash out refi nance. Having equity can also mean


by Barry O'Meara • barryo@stearns.com If you have mortgage insur-


improving your cash fl ow and consolidating credit card debt. It may feel like you are extend- ing that credit card debt to 30 years but having an improved cash fl ow can mean you can make a larger payment on your debt and pay it down more quickly. Also, by making an extra payment a year, you can knock years off your mortgage. T is could also be an ideal time to refi nance out of mort- gage insurance.


FHA loan, the mortgage insur- ance will be with you for the life of the loan. Whether your circumstance was for the low down-payment, or credit is- sues beyond your control, this could be an ideal time to take advantage of this newly gained equity.


ance on a conventional loan, lenders usually require the mortgage insurance to be in place for at least 2 years. You can contact your servicer to see what they require to remove the mortgage insurance.


Of-


ten, they may require the prop- erty to be re-appraised.


If that


is the case, you would only be out the cost of the appraisal to remove that mortgage insur- ance premium. Whatever your needs may


If you have an


be, your home’s value is only as strong as the latest sold comp. Going into winter is usually a time sales are soſt but because of


the wildfi res in October


there was a surge in demand and a surge in insurance mon- ey. Timing is everything in real estate and now could be your time.


An independent local Community Bank since 1890


Personal and Business Checking and Savings products and services: • Loans–Consumer and Business • Online Banking with Bill Pay and Paperless Statements–It’s the Greener way! • Youth Savings programs • ATM locations throughout Sonoma County for your convenience • A Customer Service team dedicated to answering your call before and after business hours


• We invite you to e-mail, call or visit us at any of our branches to answer your questions about how Exchange Bank can become your bank.


www.exchangebank.com 707.524.3000 or toll free 800.995.4066


Great thoughts speak only to the thoughtful mind, but great actions speak to all mankind. ~ Theodore Roosevelt UPBEAT TIMES, INC. • February 2018 • 15


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