Our full service real estate team helped this long time Pleasanton resident sell their home after relocating out-of-state. We handled all the details here in Pleasanton while working in close communication with our seller- and the house sold for $36,000 over list price!
1. Figure out what you want
To get what you want most in life, you need to first settle on exactly what that is. Make a list of things you want. Decide which goals take priority and work toward the lesser goals only after the really important ones are well provided for.
Once you have your list together, rank it in order of importance.
2. Kick Debt to the Curb
Debt reduction is simple: Cut down on spending and put the extra cash toward debt.
To do that, you need to figure out where your money is going and cut out the extras you don’t really need. If that’s not enough, try lowering fixed expenses — like refinancing your mortgage or negotiating lower interest rates with your credit card company.
Another option: Boost your income. If you always get a big tax refund, you’re having too much withheld on your W4. If your paycheck’s just not cutting it, look around for a better paying job, or take on a side gig. Once you have some extra cash, make a list of your debts and start paying off the ones with the highest interest rates first.
Getting a large home loan at Chase just got a little easier.
The bank is easing the lending requirements for its jumbo mortgages, which tend to be loans in excess of $417,000 in many markets and $625,500 in more expensive areas.
A potential buyer now only needs a credit score of 680 and a 15% down payment to qualify for a maximum loan amount of $3 million for a primary-residence home. Borrowers used to need a 740 score and put 20% down.
By easing its standards, the bank is hoping to gain more customers. “The performance we had on jumbo loans … has been fantastic. We think we are able to make high-quality loans to high-quality customers,” said Steve Hemperly, head of mortgage originations at JPMorgan () Chase & Co.
The standards for second-home purchases requiring a jumbo loan have also eased to a 680 credit score and a 20% down payment. Buyers used to have to put down 30% to 50%.
The bank claims it’s the only lender allowing a 680 credit score with smaller down payments for primary and second home jumbo mortgages.
Loose lending practices helped bring down the housing market in 2008. In the wake of the Great Recession, credit markets froze and the mortgage industry upped their loan requirements.
While the standards have started to loosen, mortgage availability remains relatively tight and first-time buyers have been noticeably absent.
However, jumbo loans have performed well in the recovery. Hemperly said there’s been an increase in these large loans in California, the Northeast and Chicago.