Michael S. Rosenbaum

Michael and his team of mortgage professionals are here to help your loan application and closing go smoothly.

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Millennials Making The Move Toward Home Ownership

Millennials Making The Move Toward Home Ownership

 

Now is the time to buy for many millennials.  Many are first time home-buyers looking to make an investment into their future.  Downtown San Diego is a prime location for millennials looking to stay where the action is and also own a piece of the American dream. Millennials are poised overtake the baby boomers and become our largest group of home buyers in 2015.

Today people are more educated than ever before, with websites such as Zillow, Trulia, and Redfin buyers are constantly in the know about what homes are for sale, current interest rates, and are gearing up to make their purchase.  Here are some helpful tips to making your first time home buying experience a smooth one.

  • Know what you qualify for
    • Sit down with a loan officer and go over your finances before you start looking.
    • Bring everything your loan officer asks you for to determine what you qualify for – Every document that is requested is important so try to be a thorough as possible.
    • Decide what type of loan will work best for you – will this be a long term home for you or just a short term investment?  The answer to this will help determine what loan works best for your individual situation.
    • Start looking at homes in your qualified price range
  • Understand the process
    • Once you have found the perfect place you will sit down with your realtor and make an offer based on your budget and the listing price.
    • If your offer is accepted be sure that all of your documentation that you have given to your loan officer is up to date.
    • Your loan officer will get started on your loan and order the appraisal on your new home.
    • Once your loan has been approved, the mortgage company’s underwriter may ask for some additional supporting documentation.
    • Loan Documents will be sent over to Escrow to be prepared for you to sign with a notary to get you one step closer to completion.
    • Once the mortgage company has received the signed loan documents back from the escrow company they will finish the loan process and get your loan funded.

The first time you go through the loan process you may feel a little overwhelmed, but if you know what to expect it may make things a little easier on you.  Stay in communication with your realtor and your loan officer so that you are aware of any issues or can help if they have question.

Are you a first time home-buyer? I would love to help you answer any questions that you may have.  Please call me today and lets sit down and chat about what your options are and get you started on your road to owning a home.

APM San Diego | Sneak Peek

APM San Diego | Sneak Peek

My team and I have been working on a new branch website over the last few months.  We wanted something separate from our individual sites that was specifically for our branch and would represent each of the loan officers that work with us and also be a good representation of who we are and what we stand for.  Alex and I went out on Tuesday with our photographer and got a few photos around San Diego.  We really want our clients to know that we service all over San Diego and not just Downtown.  These photos are a good reflection of us around town every day.  Here is a sneak peek at some of our unedited photos.

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We couldn’t be happier with how the photos turned out!  We will be unveiling our new website by the end of July, so keep an eye out for the announcement that we are up and running!

How to save a large sum of money over 15 years

How to save a large sum of money over 15 years

Summertime in sunny Southern California is one of the best places to be.  The Pacific Ocean beckons, the San Diego County Fair is booming and the weather is amazing!  It truly is an amazing place to be this time of year.  The kids are off enjoying summer camps and the days are longer so there is more time to take it all in an just enjoy life.  Why would anyone not want to live here?

It may be summertime but I am still working away helping people with one of the biggest decisions that they will make, what is the best mortgage for their family.  Rates may have gone up slightly but it is still a good time to buy or even refinance.  One of the things that I love most about my job is being able to help people.  One of the cool things that most people don’t realize is that there are ways to maximize their money while paying their mortgage.  In reality you can spend a little more each month to save a whole lot over the life of your loan.  Let me explain.  By choosing a 15 year mortgage vs. a 30 year mortgage you can save approximately 64% on your loan.  Interest rates are typically lower on a 15 year fixed loan than that of the 30 year fixed. Currently a 15 year mortgage beats the 30 year mortgage by about 0.79%, that equals a savings of 64% over the life your your loan.  That is a big savings!  The 15 year mortgage is a little more costly each month, however you will be paying your loan down faster and the savings in the end is real.  This proves to be a great option for some families.  It will allow them to put that money that they will be saving in the long run toward a multitude of things; college fund for your kids, retirement, money for a second home purchase.  The possibilities are endless.

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There is another way that you can save money over the life of your loan that doesn’t involve a  15 year loan.  If you opt for the 30 year loan but make payments like it was a 15 you will pay your loan down faster and still get a large amount of savings, but you will have the benefit of having a loan more within your control.  This way, you are making larger payments per month and making a larger dent in your principal but if you run into an unforeseen expense you still have the flexibility of making a smaller payment if needed.

If you would like to see what difference a 15 year mortgage can mean for you give me a call today.  We can sit down and see what type of loan would work out best for you.