It is our goal to provide you with a smooth and informative process for buying or refinancing your home.
We recognize that you will face a multitude of new things that can be confusing and even alarming. To help, we have put together a Treasure Chest of solutions, forms, articles and web links to some of the most regularly encountered client "hot buttons".
Browse the following items and educate yourself so you know what to expect and are never caught off guard. The biggest problem we see is that many prospective clients do not take the time to educate themselves to the process and the available resource of information. I encourage you to be a savvy buyer and manager of your own life ... read the information below and guarantee yourself a smooth process.
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CREDIT INFORMATION
KNOWLEDGE is POWER: The old adage was never so true as with your credit. Click here to access the MyFICO.com website area on credit education. Read through the page and access the links at the bottom of that page for a crash course education on the facts about your credit. Click here for a Crash Course on Credit.
OPT-OUT NUMBER: Avoid having your credit interests sold to telemarketers. Download the Credit Opt-Out Letter for more information on how to do this.
UNDERSTANDING The 5 Credit Components: Part of my mortgage consultation is a review of the page linked here. If you would like an explanation of how the 5 components affect your score, please contact me. It is through these components that you may be able to adjust ratios to improve your score legally in days vs. months. You will also want to review the Crash Course on Credit.
PROTECTING CREDIT: The protection of your credit against identity fraud is entirely on your shoulders! I make this statement because all to often, we feel that it is someone else's job to look out for us. The reality is that you are the one who will be negatively affected if your identity is compromised. Here are a few items to assist you in protecting your credit identity;
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Insist on the shredding of documents that contain your SSN
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Allow us to scan your documents directly into the bank system so we can avoid having hard copy files. Your electronically scanned documents will never become a paper file if we scan originals into your account.
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Do not provide your SSN carelessly to agencies for their convenience. Provide it only if absolutely necessary.
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Use the credit agencies services to monitor and or freeze the release of your credit information. I have provided the web addresses below to freeze your data if you need to or desire to do so. You should review the terms of the 'freeze' to insure you fully understand the impact of freezing the account.
Experian: https://www.experian.com/consumer/cac/InvalidateSession.do?code=FREEZECENTER
Transunion:http://www.transunion.com/corporate/personal/fraudIdentityTheft/fraudPrevention/securityFreezeTable.page
Equifax:http://www.equifax.com/cs/Satellite/EFX_Content_C1/1165255679228/5-1/5-1_Layout.htm
FIXING CREDIT: We all hear lots of advertisements on how to take poor credit and make it good. The truth is we all wonder ... could it be true? To help answer that question we are providing the following information. The starting point is to read the Crash Course on Credit as well as the Federal Trade Commissions article regarding "Self Help Credit Repair".
Errors: it is stated that over 75% of all credit reports have items of error. Large or small is uncertain however it is important for you to be familiar with your credit report. Click here to access a free annual credit report. Click here if you would like to purchase your credit report with your FICO SCORE. If you pull your credit report and find there are errors, you should resolve the items immediately. I recommend you dispute online. Remember to print a copy of the confirmation page. For DISPUTE FORMS click the links below;
Changing Accurate Data:all major creditors depend on the accuracy of information in your credit report in order to make a sound financial decision for lending you their money. The pressure from these creditors on the three credit agencies is so great it would be foolish to think the system could be easily manipulated. BE WARY of companies who purport they can "fix your bad credit". Click here for an article on the subject.
You may find that on occasion and under special circumstances you can throw yourself upon the mercy of the creditor and they will "forgive & forget". Click hereto link to sample GW (good will) letters.
Legal Help: there are many occasions when legal assistance is required to correct erroneous information. Identity fraud has become almost an epidemic. The Jamison Law Group has a good reputation in the mortgage industry for providing legal help. Contact Claire Osborn 888-869-4786 x207 for assistance.
LESS THAN PERFECT CREDIT: Two things; 1st remember that it can be a temporary situation so working on it will improve it and 2nd, you are not alone - we are here to help. Click the link to get more information on this subject.
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TAXES & LEGAL
RENT VS OWN: With a mortgage you are able to deduct from your income the interest cost you paid during the year. The question becomes how will this impact your monthly income and what would be your net difference between a mortgage and your current budget which includes paying rent. We will assist you in making this decision by providing a simple calculation using the Federal and CA State tax brackets. You can also run your own scenario by using the Rent vs Own Calculator.
PROPERTY TITLE OPTIONS: There are legal benefits associated with how title is recorded in your home purchase or refinance. Click the link for an explanation of the options available to you. For additional information, see the article available by clicking here.
INTER-FAMILY PROPERTY TRANSFER: Property Tax Base transfer is a provision provided to allow families to keep property within the family without re-assessment of the value. Property Taxes keep many people from moving due to the substantial increase. Click the link above to see the LA County Assessors brochures re: transferring the tax base when property is transferred within a family.
HOMESTEAD PROTECTION: Click here for an explanation of the benefits of a homestead as well as access to the forms and instructions for completing it.
REASSESSMENT DUE TO DECLINE IN VALUE: Check out the County Assessors information regarding possible reassessment of your home due to the recent decline in home values.
Los Angeles County Residents: click here
San Bernardino County Residents: click here
Riverside County Residents: click here
FORMS: Access the Los Angeles County Recorders office for a variety of forms often needed as a result of home ownership.
DIVORCE DECREE: Records needed for a purchase or refinance can often be hard to find. One that seems to be a common challenge is the Divorce Decree. If you are unable to locate this document, not to worry. It is actually an easy one to replace. Contact the courthouse clerk and ask for the department that provides document copies. For those whose divorce was handled at LA Superior Court Pomona, the number is 909-620-3107. Provide your name and case number and $0.50/pg for the copy. Usually documents can be provided in the same day but it is best to request it in advance.
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