Low Down Payment Buys You a Home!

Buy a home with *3% Down Payment!

This is a conventional program. Not an FHA loan. Single-family residences and condominiums are OK. Must have a minimum 720 credit score to qualify. The property you are buying must be your primary residence and owner-occupied.

*Monthly mortgage payment, APR, and term will be computed according to applicant's specifications. Our quotes and payments are specific to each individual, therefore, we can give estimated amounts, figures, and fees when you give us the amount of how much you want to finance for your new home and how long you want the term should be. Qualification is based on income, credit, completed application, and submission of required documents.

Call us for more details! 310-318-3899 or visit www.redondomortgage.com

Why You Should Consider Buying a Home Now

California Home Prices Continue to Climb

According to an article published on Yahoo News on February 14, 2013 homes sold in California are up 2.7 percent in January compared to the same period last year. the main source of the findings, DataQuick, reported that there were 28, 871 houses and condominiums sold in January.

If you hold off on purchasing a property, 

prices may soar to amounts 

beyond what you can afford right now.

Mortgage is Low and Stable
The article reports that indicators of market distress are declining. It added that “Foreclosre activity is low and remains well below peak levels reached several year ago. Financing with multiple motgage is low, sizes are stable.”

Take advantage of this buyer’s market 

while rates are low 

and you are able to secure a mortgage 

before the rates start to climb back up.

Property Prices are Up Nearly 23%
“The median price paid for a home was $290,000, up nearly 23% from January of 2012.” SOURCE: http://news.yahoo.com/california-home-prices-sales-january-210257108.html

If you buy your home now, chances are, 

the value of your property will ascend 

along the makrket values 

as it coninues to steadily increase. 

You may be gaining equity on your investment, 

sooner than you think.

Foreclosure and Short Sale Sales are Down
Another good market indicator of the improving real estate scenario. Based on the report, “foreclosed homes accounted for fewer than a fifth of home sales.”

Demand is high and supply is low

and your options for buying a home 

that fits your nneds, in your desired area, 

may be dwindling. 

Call now & Get started on your Pre-Qualification Before it’s too late!

Still Renting at 30?

Are you turning 30 soon? Have you thought of buying a home? Whatever your relationship status is, 30-years old is around the time homebuying crosses our minds. I was 29 when I first considered buying a house. I was 36 when my husband and I bought our first home.

Heather Taylor of the Economics and Housing Policy confirms on her Characteristics of Home Buyers report that the median age for first-time homebuyers is 31 years old. Published on February 8, 2013 by the National Association of Home Builders, the report gives an interesting insight on the characteristics and preferences of current homebuyers.

What I realized was homebuying does not happen overnight. You contemplate for a few months, consult with family and friends, keep an extra eye out for market trends in real estate, and pop your nose in properties that hoist signs "OPEN HOUSE TODAY!" 

If you are now considering buying a home here are some interesting findings from HousingEconomics.com: 

• The median age of those who preferred a brand new home is 38 years old
• You are most likely to look at six homes (for brand new construction) and 10 homes (for existing homes) before making a purchase
• The median value of homes purchased by first-time homebuyers is at $147,000
• The median value of brand new homes purchased was at around $230,000
• Brand-new homebuyers purchased properties around 2,100 square feet while existing homes that were purchased was at around 1,750 square feet
• First-time homebuyers' median income  range from $59,964 to $64,998
• Buyers of brand new homes had a median income of $81,715

The above national figures may give you a good gauge of how much you should be earning and how much you can afford, depending of course in the area where you work, live, and where you're buying.

If you're 30-something and find yourself among the median range of income and that the amount you want to pay for a home is along the lines of the median pricing above, you may be interested to peek at the buying process below:

1. Find a financial lending company you're comfortable working with

2. Accomplish a loan application and get qualified for a specific amount

3. Gather documents 

4. Get a qualified real estate agent who understands your home "wish list"

5. Visit properties for sale

6. Put an offer...wait for counter offers...wait for an acceptance.

7. Open Escrow

8. Facilitate inspections

9. Sign at Escrow

10. Wait for funding

11. Get your keys and move in

If you're nearing forty and find yourself still renting, do not panic. Purchasing a home is not about deadlines, instead, it should be based on what is cost-efficient for you and your family--this is coming from a real estate lending company who is concerned with its clients' welfare rather than just gaining a business. Redondo Mortgage Center's repeat clients for nearly a quarter of a century, speak of its reputation of integrity. So when you are ready, be sure to check us out at www.redondomortgage.com and chat with our live loan officers confidentially. Or just call us at 310-318-8999.

Blogged by:
Mara M. Gaborro

Corporate Communications Head at RMC

A Promising Scenario for Prospective Buyers

The National Association of Realtors (NAR) reports an in increase in home prices in metro areas in the fourth quarter of 2012—the strongest year-over-year increase in seven years. At the same time, the report reflects high housing affordability conditions.

According to NAR Chief Economist Lawrence Yun “Home sales are on sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years.” Among the trends yielding the optimistic figures are job creation, favorable affordability conditions, growing population, and rising rent rates that may make it more practical to own a home. In addition Yun states that “Housing construction is needed to relieve some of the pressure in the market and keep home prices from overheating.”

Single-family homes in metro areas including Anaheim, Santa Ana, Irvine, Los Angeles, and Long Beach showed a range of 1.4% to 17.9% increase in property values from the same periods in 2010 and 2011.

It is a good time now, more than ever, for individuals thinking of buying a home or for families thinking of upgrading their existing homes, to start exploring their financing options prior to further price increase or before it becomes unaffordable to purchase a property.

For a quick consultation on financing and to find out qualification details, please call Redondo Mortgage Center at 310-318-8999. Getting started on financing application is best recommended as early as now in anticipation of increasing prices.

Visit www.redondomortgage.com to chat with a live loan officer for a free consultation.