Santa Clarita Valley Real Estate

Homeowners seeking to refinance their mortgages may be surprised by the amount of paperwork required. During the “easy credit” years, some lenders did not require proof of income or documentation. Nowadays, most lenders require borrowers to provide pay stubs, banks statements, brokerage statements, and possibly tax returns. Self-employed individuals may be asked for a profit-and-loss statement. Those relying on bonus income should expect that most lenders will assume this year’s bonus will be a lot less than last year’s, which could make securing approval more difficult. Determining the amount of equity in the home is key to being approved for a new loan. Homeowners whose mortgage obligations are less than 80 percent of the home’s value are more likely to have refinancing options available to them. Other homeowners who are current on their mortgages, owe 80 percent to 105 percent of the home’s value, and have a loan owned by Fannie Mae or Freddie Mac may be able to refinance unde

Consumer confidence rose to 40.8 in May compared with the previous month and now stands at 54.9 (1985=100), according to a report released yesterday by The Conference Board. The Board’s Present Situation Index increased to 28.9 in May from 25.5 the previous month, while its Expectations Index rose to 72.3 this month compared with 51.0 in April “Continued gains in the Present Situation Index indicate that current conditions have moderately improved, and growth in the second quarter is likely to be less negative than in the first,” said Lynn Franco, director of The Conference Board Consumer Research Center. “Looking ahead, consumers are considerably less pessimistic than they were earlier this year, and expectations are that business conditions, the labor market and incomes will improve in the coming months. While confidence is still weak by historical standards, as far as consumers are concerned, the worst is now behind us." Consumers' short-term outlook improved significantly

Getting a good mortgage rate is often a matter of good luck. After a series of increases starting April 30, mortgage rates finally took a dip Monday. It was a welcome surprise for home buyers that went under contract over the weekend. Same for homeowners looking to pull the refinance trigger.Versus mortgage rates on Friday afternoon, many lenders were already showing lower rates Monday morning before a late-afternoon rate sheet reprice even lower. The drop in rates lowered annual mortgage payments by roughly $180 per $100,000 borrowed. Rate dips like this aren't expected, of course, bringing us to the one of the most important axioms of shopping for a mortgage rate: You can't shop for good luck. This is because mortgage rates are inherently unpredictable. * On some days, rates are higher * On some days, rates are lower * On some days, rates are unchanged Occasionally, there are days when rates are all three. Monday's rate dip, though -- while sharp -- may not last. Early t

How to get a valuable first-time homebuyer credit Congress included an attractive tax credit in the economic-stimulus law, but the fine print is tricky. Here’s help to see if you qualify, and to determine whether to claim it this year or next. By The Wall Street Journal The recently enacted economic-stimulus law contains an unusually attractive new tax break for many homebuyers — if they can only figure out how it works. The new law sweetens a provision known as the "first-time homebuyer credit." In essence, if you meet certain qualifications, you may be eligible for a tax credit of as much as $8,000. You also have a choice of claiming the credit on your federal income-tax return for 2008 or 2009. A credit is typically more valuable than a deduction, since it eliminates your taxes on a dollar-for-dollar basis — and in this case, you may get it even if you don't owe any taxes. But Congress made the homebuyer-credit fine print so devilishly tricky that m

SANTA CLARITA, Calif. ( Map ) - City of Santa Clarita Santa Clarita also took home the Grand Prize for its Support for Small Business Program for the category of Economic Development Programs, which recognizes outstanding and innovative programs which made a significant contribution to the field of economic development during 2008. A third Grand Prize was awarded to Santa Clarita for its Enterprise Zone Marketing Campaign for the category of Economic Development Promotions, which recognizes outstanding efforts and achievements in economic development advertising, marketing and promotion. "The City of Santa Clarita consistently strives to implement and execute programs that assist businesses to thrive in Santa Clarita ," said Santa Clarita Mayor Frank Ferry . "These CALED awards are a huge honor, as well as testament to our hard work and dedication to Santa Clarita businesses and its workforce." Most recently, the Los Angeles Economic Development C

The real estate market has been showing signs of life in recent weeks with increases reported in both new- and existing-home sales, as well as pending home sales. Surveys and statistics show that government efforts to lower interest rates, and incentives such as the $8,000 tax credit for first-time buyers are strong factors in moving buyers off the fence. But, don't forget that the first-time buyer tax credit doesn't last forever. In fact, there are only a few months left for buyers to get under contract in order to close prior to December 1. Now is the time to reach out to take advantage of this powerful incentive and act soon if your a first time buyer who wants to take advantage of the $8,000. tax credit. Seize the opportunity! www.scvrealty.com