Real Estate with Angela Carpio

      When buying your home, another factor to consider is the location. Research the following to find the right neighborhood for you.    Find Out About The Neighborhood Amenities Find out what's the nearest restaurants, groceries, parks, pharmacy and entertainment. Anything that is important to you, it is best to know the location prior to moving. If you're planning on buying in an HOA community, you might want to find out what is included with your dues.    Tour The Neighborhood Right After Work This will allow you to test run your commute and find out for yourself how long it takes to and from work.    Ask The Neighbors Go on the weekend or after work hours to talk to the neighbors if possible. If there's anyone who would knows more about the area, it would be the neighbors. They would know what amenities are nearby, which neighbors are nuisance and what to expect living in that area.    Drive By At Night If someone's in a band,...

Here is what I always tell my clients. I'd rather ask you 500 questions and show you 5 homes than to ask you 5 questions and show you 500 homes. This way, I am not wasting your precious time and honestly, the more an agent know about you, the better they can help. These are the questions an agent should be asking you when you're looking for a home.   1. What are the most important things you want to accomplish with your move? This would give your agent an idea what your non negotiables might be. It tells your agent what is important for you so that the agent can make sure that those important things are taken care of.   2. What were some of your favorite parts of the home you grew up in?  Why? Most people love the home they grew up in. There's some sort of nostalgia attached to the memory. Sometimes this helps you remember things you like or don't like that you may have forgotten. I love this question! I had a client remember sitting on her front porch drinking lemonade...

   As a home buyer, you are going to be excited and anxious and overwhelmed among other things. You will have all the feelings, I guarantee it. It is an agent's job to make things a little bit easier for you. Here are tips I give my clients when touring homes to make it less stressful for them.    Look At Maximum of 5 Homes At a Time From the list your agent sent you, pick your top 5 and stick to it. After the third showing, you will get so overwhelmed that you most likely will forget what the previous homes look like. You will probably won't remember the things that you like about them nor the things you do not like. You do not want to waste your time looking at homes just so you can say you saw them all. Focus on the ones that fit your wants and need. This allows you to save your time (and gas and money) on the weekend and be able to still spend some valuable time with your family and friends. This would also help you not hate the home buying process.    ...

Thinking about buying a home? Figure out what your priorities are in these areas to find out what you are looking for.    New Construction or Existing Home New construction is a home that is currently under construction or newly constructed that is waiting for its very first owner. It is usually constructed according to current code and popular design concept at the time it is built and also. Because it is new construction, you do not expect to make major repairs in the home any time soon. Existing home, also known as pre-loved home, is a house that has had previous owner or owners before. Typically more affordable than newly constructed home in the area its situated and the average timeline to get into a pre-loved home is typically sooner than that of a new construction home.    Location It is important to prioritize a location when buying a home because you cannot change it. You can remodel your home to suit your desires but your location will always be where it is...

  Here are five questions to ask the new construction home builder before making an offer on a new construction home.   1. Is there a Mello-Roos or Special Assessment?                Mello-Roos and Special Assessments are extra taxes imposed on a specific community on top of your usual ad valorem tax (1% in California). You need to know if the community you are interested in have Mello-Roos or Special Assessment taxes prior to making an offer on a new construction home because this may greatly affect your estimated monthly payment. Some communities in California has 2% tax rate, some have 1.5%. To eliminate the guessing game, just ask the sales person and make sure your lender ran the numbers on the correct tax rate so you have a better understanding of what your payment would look like.   2. Is there an HOA?              ...

Is home inspection required in the State of California? The answer is NO. You are not required to hire a home inspector in order to purchase a home whether it is pre-loved or new construction.  There is no law or regulations requiring you to do so. Having said that, it is HIGHLY -- HIGHLY -- HIGHLY, HIGHLY recommended that you do. Typically, under the California Purchase Agreement and Joint Escrow Instruction (purchase agreement), investigation of property is one of your contingencies. A general home inspection is important to understand the condition of the home. If you're buying a $500,000 home, you would want to know if the property you are buying has some serious issues or even if it is in need of a significant repairs in the future.  If an inspection reveals material defects, you can either use that to go back and negotiate with the seller, for credits or repairs, or you can back out of your offer, without penalties, within a certain time period of course. Your agent sho...

If your new year's resolution is to own a new construction home this 2023, here are reasons why you should.  1. It is what’s best for you and your family.   So many people are so focused on the rising interest rate that they do not look at the overall financial picture before making a decision. I had a buyer reach out to me and told me they were afraid of the interest rate but they couldn’t take the toxic environment of living with their family member. They’re main goal is to get out of that situation and own their home so that they can do whatever they want. I referred them to a lender who advised them to work on their credit score, pay off some debt and if they’re comfortable with the monthly payment, to go for it. And they went for it. They could not be happier. When the interest rate went down, they refinanced and got their monthly payment lowered. So, do what’s best for you and your family. Don’t take your agent’s word for it, reach out to your financial advisor o...

A mortgage broker is a middleman working on your behalf to help you find the right loan that fits your situation. Mortgage brokers works with multiple lenders. They make your life easier because they do all the leg work for you. Finding the right mortgage broker is like finding the right lender. So, how do you choose a mortgage broker?   Ask your friends and family for referral. Most likely, you already know someone who owns a home and likely, they worked with a mortgage broker. Ask them who they worked with to get their loan approved. Ask them what they learned along the way, things to avoid and what they would’ve done differently. Who better to ask than those who’s already been through the process? If they hate a certain mortgage broker, they would tell you and if they love them, you’ll know too.   Shop around. Request loan estimates from multiple lenders. The loan estimate spells out the rates, estimated monthly payment, fees and closing costs. Different lenders will quote ...

When applying for a mortgage, it's important to know what to avoid doing when applying for a home loan. Here are the top 10 actions that could put your loan application - and your dream home - at risk. 1. Changing Jobs A lender is going to want to make sure that you have a stable income and that you can afford to pay your monthly mortgage every month so hold off on making career changes until after you close escrow.  2. Opening and Closing Lines of Credit Opening or closing credit accounts can negatively impact your credit score. This may put your chances of getting approved at risk. You can pay off account balances but keep your credit cards open.  3. Using Credit Cards Excessively Do not add to your debt! 4. Spending Your "Closing Cost" Money You want to make sure you have your money for your "closing cost" ready when it's time to send it.  6. Making Large Deposits or Withdrawals Anything out of the ordinary, including large deposits or withdrawals can rai...

Reasons to Purchase A New Construction Home If you've spent some time checking out the real estate market but can't find a previously-loved home that suits your style and needs, you might be better off purchasing a newly constructed home. Here are reasons to purchase a new construction home.  1. Better Floor Plans And Room Layout That Meets Your Needs New construction home allows you to choose a modern design and layout that fits your style. From flooring to countertops to cabinet finishes, your home will be tailored according to your preference. 2. All New, Under Warranty A new construction home and everything in it, often comes with warranty. Every builders offers their unique warranty on their homes to coverage workmanship and house materials confident that the quality of their design, construction and appliance installation is up to standard. This warranty gives you peace of mind during your home buying process.  3. Energy and Cost Savings With the integration of adva...

5 Questions To Ask Yourself Before Buying A Home 1. What is my credit score? The impact of credit score on interest rates can be significant. The higher your credit score, the better your interest rate. The lower your interest rate, the more you can afford. 2. Can I afford the monthly mortgage payment and still be able to afford my current lifestyle? Stay at a monthly payment that you would be comfortable making every month and would still allow you to live the lifestyle you are accustomed to. Life happens and when it does, you want to still be able to afford your mortgage so as not to lose your home. Say NO to being house poor!!! 3.What other debts do I have? Be realistic about what you can afford. You have to take into account ALL of your credit obligations including your estimated monthly mortgage to figure out whether you're ready to buy a house. You don't want to own a home and eat ramen everyday trying to make ends meet.  4. What are the other cost of home ownership and c...

 Which one is right for you? Here are some things to consider.  Renting Benefits You pay less up front fees. Security deposit and first and last month rent requirement typically is less than one would pay in comparison to down payment for a mortgage Landlord handles repairs and certain upkeep of the house Relocating is easier. Considerations Limited ability to customize your living space Rent may increase in the future.  No tax incentives associated with renting Renting don't build equity Landlord may be unresponsive Landlord may decide to sell or decide to stop renting You're paying off your landlord's mortgage Owning Benefits Building equity which may increase your wealth. Ability to customize and renovate the home to fit your taste.  Tax benefits. Sense of stability. Create retirement security.  Mortgage payment stay the same each month (fixed rate mortgage) Home value typically go up over time.  Considerations Higher upfront financial expense (down paym...

Do you really need to work with a Realtor when purchasing your home? The short answer is no. Should you? The obvious answer is YES! You need someone who will guide you through out this process, negotiate on your behalf and look out for your best interest. Seller has a real estate professional working for them, why should you not? Why it's important to work with a Realtor? Agents can give you access to current active and sold data.          It allows you to make an informed decision especially when making an offer when you have current active and sold data.  Agents can provide you with a buyer's packet.           The packet contains information about the home buying process, including contracts, reports about the neighborhood, market stats and information about your agent and the company he or she works for so you as a buyer can do your due diligence.  Agents have a process for finding the right house.    ...

You think you're ready to own your home? Here are financial steps you can take before you start searching for home.  BUILD YOUR CREDIT.   Your credit score is one of the factors the lender will look at when you are applying for a loan. Each loan has a minimum credit score requirement. The higher your credit score, the better your interest rate will be, the more purchasing power you have.  Boost your credit score by: Pay bills on time Make frequent payments Dispute credit report errors Get a secured card Request a credit limit increase SAVE FOR DOWN PAYMENT Some buyers are able to borrow money from their 401K while others from their friends or relatives to help them with their down payment. Unless you're working with VA loan, you are going to need down payment when purchasing a home. The higher your down payment, the lower your monthly mortgage will be.  Ways to save: Automate a fixed amount into a special savings account very month Cut some unnecessary expenses ...

Whether you're a first time home buyer or has gone through the process of home buying before, here are six things you should know when purchasing a new construction home. 6 Things You Need To Know When Purchasing New Construction Home Research the neighborhood and the builder It is your responsibility as a buyer to do your own due diligence and research the area you want to move into. Go over the list of things that are important to you as far as the neighborhood/area is concerned. Does it have a dog park for your fur babies? If you have kids, are there parks around? Is the school rating acceptable? How far or how close are the dining areas and shops around. Is there heavy traffic around the time you leave or return from work? When it comes to builders, check their reviews. How many homes are they building. Drive around the community and if you see one of neighbors, ask them what they think of the builder. How satisfied are they of the product. Would they recommend the builder to t...

You're ready to buy a house but not sure if you can afford it and for how much? What is the best way to find out? Simple. GET PRE-APPROVED. Getting pre-approved involves submitting an initial mortgage application along with other supporting documents. The lender and its team will verify all the info you provided and review your file to evaluate credit worthiness. They go over your income, your debts, your assets and credit history among other things to determine not only the amount of loan you qualify for but also what your monthly mortgage payment will be and what your interest rate is. It should be no cost to you so if someone ask you for money upfront, run. I will advise that you reach out to your agent (preferably me) who usually work with loan officers that they trust and they know can deliver. Don't worry, kickbacks are illegal so don't think that the agent is getting something in return for referring you to any lender.  Keep in mind that you may get pre-approved but ...

When working with clients who are looking to own their new home, I want to make sure that they do not miss out on anything so I talk about new construction homes with them to see if it is something that they would consider. Here are 5 things you need to know when purchasing a new construction home.  Having your own real estate agent helps you. Technically, you do not need to work with a real estate agent when purchasing a new construction home. Guess what? Builders pay the agent's commission. Not working with an agent DOES NOT give you discount on the purchase of your home anyway so not having someone on your corner is a disadvantage to you. Especially if you're a first time home buyer, you need someone objective and someone who knows that they're doing to guide you. Here's a warning. Do not just work with any real estate agent. Make sure they have experience so they know how to help you. I attend each and every appointment my clients have and even though ultimately, it...

With the ongoing Coronavirus pandemic, in California, your agent most likely sends out a COVID-19 disclosure form for you to sign before each and every showing. This is called the Coronavirus Property Entry Advisory and Declaration - Visitor (C.A.R. Form PEAD) The COVID-19 disclosure form is intended to educate buyers and sellers about the risk of exposure to covid 19 and any associated injury or harm as a result of permitting accessing to your property.  Below is a brief explanation of each item on the document: *sample form above provided by the California Association of Realtors Item #1 - Risk of Exposure  It spells out that COVID 19 is a world wide pandemic and that everyone is at risk of exposure to it. Item #2 - Government Orders  This part talks about the "Stay at Home" order by the government and other directives limiting the activities that businesses and members of the public can engage in. Item #3 - Visitor Advisory  You are advised that if you engage in a...