Real Estate with Angela Carpio

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...