Leap into Homeownership 2020 Sacramento Event

February 29, 2020 (11 am – 1 pm) Fairfield Inn & Suites by Marriott, Rancho Cordova

Learn how to buy a house in California…it’s not as hard as you might think.

Are you looking to own your own home but not sure where to start? Pacific Bay Estates is offering a FREE workshop to bridge to homeownership. Now is the time to take the leap and become a homeowner.

In this workshop you will learn:

– How to work the numbers in your favor

– What the steps are to owning your own home

– Q&A with a professional Loan Officer and Realtor

– Down Payment Assistance Programs

– Renting vs Buying

– How your credit score affects your buying power

Workshop is Free! Sign up Eventbrite!

Limited to 25 people to ensure the quality of workshop. Reserve your seat now!

Stayed tuned for Solano County coming in April!!


Considering a Refinance?

There are several reasons to refinance especially considering today’s historically low interest rates. So let’s discuss what a “refinance” actually is,  and the two types of refinances available. When you refinance your home,  you take a new loan against your home and pay off the old loan, basically “re-doing” the financing.

The first type of refinance, is known as a Rate and Term refinance. The goal of this type of refinance is to either lower the payment or shorten or lengthen the term of the loan. Homeowners seek a Rate and Term refinance for one or more of the following reasons: 1.) Take advantage of lower interest rates in order to lower their monthly payment, 2.) Remove a mortgage insurance premium being paid, or 3.)Shorten or lengthen the number of years remaining on the loan. Qualifying is often simplified for Rate and Term refinances and interest rates are lower than that of the second type of refinance.

The second type of refinance, is known as a “Cash-Out” refinance. If you are seeking to take money out on the equity you have in your home, what you would be applying for would be referred to as a “Cash-Out” refinance. In this type of loan, you take out a loan for more than you currently owe, the old loan is paid off, closing costs are paid, and you pocket the difference. Such loans are helpful for consolidating debt, paying for college, making home improvements, etc. These types of loans typically carry a slightly higher interest rate than a standard rate and term loan, and the qualification requirements are a little more stringent, but no more difficult than your initial purchase.

SO HOW MUCH CAN YOU BORROW? The same numbers are considered for a refinance as they are for a purchase, 1.) FICO, 2.) Income, 3.) Debt, 4.) Assets, and 5.) Your loan amount as compared to the home’s value.

If you would like to know more about how a refinance could benefit you, please contact us.

Tezra Rogers is a Real Estate Broker/Loan Officer (CA DRE #01744515/NMLS #01466173) with 17 years experience and at last count, 816 transactions under her belt . Her clients become family, and in this house there is always room for more. You may contact her at trogers@pacificbayestates.com or at the corporate office in Suisun City, CA at 707.759.4251. Follow her on IG @pacbaybroker.

You CAN Buy a House after Bankruptcy…Here’s How..

So here’s some truth for ya, back in March of 1997, after having just given birth to my first child Serenity in November of 1996, I decided to claim bankruptcy. The truth is I was afraid. My pregnancy was very risky. I was bed-ridden for months and unable to work. No work means NO MONEY. My debt mounted up and it started going into collections. At the ripe old age of 24 years old,  I was about $25,000 in debt. UGH!

In retrospect I probably could have worked it out, but as I stated, I was young and afraid. All I could think about, was what if the creditors garnished my wages and I couldn’t afford to care for my daughter. So I read a few books and proceeded to file Chapter 7 Bankruptcy by MYSELF. I couldn’t afford an attorney, so I did it my damn self. (That was awesome by the way…just sayin’).

Anywho, fast forward to 2000, and my life was going well. I had an excellent job. I had just given birth to my beautiful 10lb 1oz son just 6 months previously, when I was notified that the beautiful condo my little family rented along Port Hueneme Beach, was about to be sold. UGH!!! Of course we were given first right of refusal. But that meant little to me because I did not know how to buy a house.

I was freaking out. I loved our little house. I just had a baby and was back at work. Things were finally on track and now I have to move or BUY! I HATE MOVING!! So I decided I needed to find a way to buy.By that time, my bankruptcy was just 2.5 years old. I did know that it was on my credit report for at least 7 years, which lead me to believe that I could NOT possibly qualify for a home loan in a traditional sense.  But even with that in the back of mind, my mother knows that I am stubborn.

In my heart, I knew I wasn’t a bad person, I had just experienced a bad time. I made a decent income, I had re-established some positive credit references, and I had a little money tucked away in a 401k.  I was sure there was a solution somewhere. Somebody just had to believe in me and I was going to find them. My butt was researching and calling BEFORE YELP AND G Google, and all the social media sites took off! I lucked up and found a loan officer who said they could help me.  He said he could do an FHA loan. YAY!! There was hope.

After speaking to the loan officer, I realized I wasn’t the only one that had ever claimed bankruptcy. It happens. The Department of Housing and Urban Development (HUD) guaranties FHA loans with the average person in mind. People that experience life’s ups and downs. People who work but can’t save fast enough. Yes, so yhey offer programs for those individuals, they offered programs for me.

FHA loans allows for applicants to qualify for a loan 12 months after filing for chapter 13 bankruptcy, contingent upon on-time payments in the past 12 months. In regards to a chapter 7 bankruptcy, that waiting period is just 2 years, following the discharge of the debt. Of course you have to establish some positive credit references in that time frame, but it can be done!

SOOOOO…. if you are thinking there is little hope I am here to tell you that there is more than hope, there are real solutions and we can help! Reach out today to start building your tomorrow.

Tezra Rogers is a Real Estate Broker/Loan Officer (CA DRE #01744515/NMLS #01466173) with 17 years experience and at last count, 816 transactions under her belt. Her clients become family, and in this house there is always room for more. You may contact her at trogers@pacificbayestates.com or at the corporate office in Suisun City, CA at 707.759.4251.  Follow her on IG @pacbaybroker.

Surviving the Escrow Process

Exactly what is Escrow? There is an episode of Friends (Season 10 Episode 14 to be exact), where Chandler and Monica are buying a home and they ask Joey to come and see the home.  The conversation went like this:

Joey: “But no, it’s not close. You said it was in escrow? I couldn’t even find it on the map.”

Chandler: “No Joey, escrow is… there’s money in… it’s not the bank exactly… I don’t know what it is.” (LOL!)

So it’s not just you, “escrow” is simply confusing, until now. Not only am I a Real Estate/Mortgage Broker, I ran an escrow desk at an independent escrow company in Southern California for 10 years. That was the best thing I ever did for my career, as I gained so much knowledge. I saw the BIG PICTURE, in volume. Not just 1 or 2 deals a month, but 35-45 deals a month. Here is what I learned about the principle, process, and purpose of escrow.

First of all “escrow” is a place (the escrow office) and  escrow is a process (when you are a party to a real estate purchase agreement you are in escrow). But in order to help  you  understand, let’s briefly touch on the principle, WHY escrow?

Escrow’s purpose to help two or more parties facilitate an agreement. So as the buyer or seller in a transaction, you open escrow in order to ensure that terms of the contract are met BEFORE anyone gets the money or the property.

As the Buyer, the escrow office makes sure the title to the property is clear, all the inspections you asked for are accounted for, that the loan documents are properly completed, and the documents needed to transfer title are properly filed. You have a lot of money on the line, escrow’s job is to make sure that they process the paperwork as needed to ensure everything is in order BEFORE the seller gets your money. As the seller, they make sure the money is good funds. The check is going to be held in escrow. If the check bounces you will be informed. So until all the funds are in escrow and those funds are good, the Buyer gets nothing.

Escrow is your friend. (I forgot to add that part).

So hopefully that sheds a little light on WHY escrow. So now that just leaves WHO, WHAT, WHEN, AND WHERE.  Below is a Basic Flow Chart.

The WHO in escrow, is the buyer and the seller. Is either party you are what is referred to as the principals to the Escrow. Escrow works for you, the principal, not your agent nor your loan officer, but you and the other party. Their job is not to take either the Buyer’s side nor the Seller’s side, but to help you both facilitate your agreement. You set the terms together, you can agree to change the terms, etc. and Escrow will assure you both comply with what you have agreed to. As a side note, if you both don’t agree, Escrow is stuck and cannot proceed. They are not licensed to practice law and cannot make a decision for you, but once you compromise Escrow will draw up new terms and get you both back on track.

Now WHAT? No really, now the WHAT. The “what” is the agreement itself. Every single escrow is different. When your agent opens escrow for you, you will be assigned a number. The escrow number, the property, the buyer, the seller, the price, and terms are all unique. Escrow reads your contract and what each party agrees to, so they now what they need to collect paperwork wise to ensure that those terms are met. Then they work with all parties, both buyer and seller, both agents, the lender, title, and anyone else they need to, to complete the file. They collect documents from everywhere. Once the file is complete you are ready to close escrow.

Escrow is open WHEN the purchase agreement and any counter offers or addendums are agreed upon and  closing occurs when the file is complete and both parties are ready to close. And WHERE is simply the Escrow companies, place of business. So that does it, your first lesson in Escrow 101. Check out the list of common documents collected.

Tezra Rogers is a Real Estate Broker/Loan Officer (CA DRE #01744515/NMLS #01466173) with 17 years experience and at last count, 816 transactions under her belt . Her clients become family, and in this house there is always room for more. You may contact her at trogers@pacificbayestates.com or at the corporate office in Suisun City, CA at 707.759.4251. Follow her on IG @pacbaybroker.

Considering Overseas Real Estate?

My journeys of travels started early on as a child, I remember taking my first cruise to Puerto Rico at the age of twelve with my mom. This started my relentless drive and thirst to travel.

Fast forward to today with each country I travel to it’s not only for pleasure I also research foreign Real Estate. Diversity in a Real Estate portfolio is a good investment but let’s discuss the caveats of International Real Estate Investing, Yes! it sounds nice to purchase that lavish beachfront home or the home with scenic rolling mountain secluded from the rest of the world, but please don’t be passive in what it takes for the up keep of Foreign Real Estate Investments. Take in account which countries you want to purchase real estate in and will it be a lucrative investment if you try to sell your property?

Currency Changes 

Always pay close attention to currency changes in the market, unlike the U.S. dollar, foreign currency is highly unpredictable and fluctuate on a daily basis, this can be a disadvantage but still work in a U.S. citizens favor. The weaker the dollar the higher the gain. Another critical watch is being aware of any political,economic or governmental issues there maybe back lashes if the’re any negative economical issues. This can possibly cause demise to your investment. We can never be sure so is important to do your research.

Property Upkeep 

Take into consideration how often you will visit your property. It is wise to hire someone for property upkeep in your absence. Vandals watch for vacant homes so if you want to protect your assets look in to hiring property management in your absence.

Last but not least, Remember this is an investment so before planting your seeds travel to several countries don’t choose the first one you fall in love with. I’ve explored several different countries and I’m not in love with all but I have a lot of favorites, every country has something different to offer with plenty of real estate to go around.

Amber Thomas is a licensed Real Estate Agent in the State of California DRE #02081029.  Amber is well travelled having begun travelling abroad at a young age. Her exposure to various cultures has helped shape her real estate career and enabled her to specialize in relocation in addition to standard sales. You may contact Amber at athomas@pacificbayestates.com. Follow me on IG @estatesandtravel

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