Green Real Estate Appraiser

Low-down-payment loan? If your FICO score is good you’re in luck.

Posted on May 14, 2016 | Leave a comment

If you’re planning to buy a home with a low down payment, you need to be aware of some important but virtually unpublicized price changes underway in the mortgage market.

If you’ve got good but not great credit, such as a FICO score in the mid to upper 600s, you’re going to get hit with higher fees on a conventional (non-government) loan with a low down payment. Count on it. On the other hand, if you’re part of the credit elite — your FICO score is 760 or higher — congratulations: You’re in line for an unexpected discount on fees, despite making a tiny down payment.

What’s going on? Put simply, the mortgage insurance premiums on loans eligible for sale to giant investors Fannie Mae and Freddie Mac underwent a shake-up this month. Applicants with lower scores and smaller down payments got whacked.

To illustrate: According to one mortgage insurer’s rate sheet, the buyer of a $400,000 house with a 660 FICO, a 3 percent down payment and a fixed rate of 4 ¹/₈ percent would have paid $2,359 a month in principal, interest and mortgage insurance before the premium changes took effect April 4. Today, the same borrower would be charged $2,495 a month — $136 more a month, $1,632 more a year. But a borrower with a 760 FICO seeking the same size loan with a rate of 3 ⁷/₈ percent would now be charged $162 less per month — $2,002 vs. $2,164 — because of the pricing revisions.

12 questions to ask before investing in furniture

Posted on May 13, 2016 | Leave a comment

1. Will you still love this item in 10 years?

James Wheeler of J. Wheeler Designs says, “It’s important to ask yourself this question, because it can help to align money in your budget with the pieces that count.” While some pieces that are made to fit a specific space in your house might warrant less of an investment, it’s usually better to buy fewer, more versatile pieces of higher quality so they can move with you from house to house. Interior designer Ken Kehoe suggests assessing its trendiness. Ask yourself, Is it a timeless piece, and can I live with it for the long haul?

2. Can you use this for multiple purposes?

Whether a piece is multifunctional or can easily transition from one home to the next has a huge impact on decision-making, especially when deciding to save or splurge. “Naturally not all pieces will pass this test,” says Wheeler, “but where possible, try to find big pieces that can serve double-duty, as it will lengthen the life of the item and save you money in the long run.”

3. Is this piece proportional to the room?

It’s easy to fall in love with a piece that you desperately want to squeeze into your home at any cost, but Caitlin Murray of Black Lacquer Design says to “ensure that there is enough space between items to walk around.” Sound advice. She says that means leaving three feet (just under one metre) around every piece of furniture, especially in high-traffic areas (think living rooms and dining rooms). Also, make sure that the pieces feel proportional to each other. You don’t want your coffee table dwarfed by a too-large sofa.

Solar firm study: Cost to install in San Diego reasonable

Posted on May 12, 2016 | Leave a comment

When it comes to the often sizable expense that homeowners face when it comes to installing solar panels, San Diego is holding its own among other regions in the state.

Will solar add value to your home? Contact the appraisers at www.scappraisals.com. Southern California’s forerunners in Green Property appraisals.

But if you’re thinking about pulling the trigger on a rooftop system, don’t be afraid to drive a hard bargain with an installer.

“There’s so much competition, there’s no reason not to get better deals,” said Ryan Willemsen, founder and CEO of the startup Solar to the People.

Based in San Diego, Solar to the People just released a study detailing the costs of residential solar in 12 regions across California.

The Central Coast region came in with the lowest average cost in the state at $16,212 and the Redding and Shasta/Cascades area had the highest at $20,698.

But Willemsen said the best way to determine a good deal is to look at the cost per kilowatt because it gives consumers a chance to evaluate the amount of energy production they’re getting per dollar.

“That allows for an apples to apples comparison of bids across installers, because installers almost never propose the exact same size systems,” Willemsen said.

By that measure, Redding and Shasta/Cascades turned in the lowest average, at $3,178 after incentives.

The state average per kilowatt was $3,395 and San Diego finished a few dollars below that figure —$3,378. Orange County averaged $3,430 while Los Angeles and Ventura counties averaged $3,537.

Overall, Willemsen said San Diego is “doing a pretty good job” when it comes to consumers getting a fair deal but he expects prices to drop.

After all, it’s estimated there are more than 100 solar contractors in the greater San Diego area.

“The California solar market is more mature and competitive than other states like New York,” Willemsen said in a telephone interview with the Union-Tribune. “San Diego is maybe the hottest solar market around.”

The Solar for the People study of installation costs did not include savings solar customers can get through net metering or the costs to lease a system.

“The company (that leases an installation) owns the panels and vacuums so they set up a monthly payment with the consumer that can be fluctuating,” Willemsen said. “It’s actually pretty complicated.”

disclaimer: for information and entertainment purposes only

Low-down-payment loan? If your FICO score is good you’re in luck.

12 questions to ask before investing in furniture

Solar firm study: Cost to install in San Diego reasonable

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