Home Loan Approval - It May Have Just Gotten Easier.

Home Loan Approval - It May Have Just Gotten Easier.

Some very qualified buyers have been consistently turned down for a mortgage loan in the past few years.  This seems to be a reaction to the "too easy" credit situation, which contributed to the housing market crash of 2008.



Without going overboard to cause similar chaos in the real estate market and the economy, as a whole, lender requirements are swinging back to a reasonable level - not too easy and not impossible to qualify.  The market is looking for just right.



Not all lenders are jumping in toward easing the lending standards, but many are beginning to see that more reasonable standards are necessary to a healthy housing market and for a strong economy.



So, if you have been waiting, you may want to consult with a real estate broker, who has good relationships with lenders, to see if you qualify to buy a home or an investment property.



Read related articles:

Mortgage Lenders Set to Relax Standards

Did Mortgages Just Get Easier to Obtain?

Mark Harbaugh, J.D. - Broker DRE #: 01245275 Office 619-246-2860 markonthemark@gmail.com HARBAUGH HOMES

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998.  He is a real estate Broker, holds a Bachelors Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates. 


His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity.  Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.

Have You Served in the Military? VA Loans Are Easier Than You May Think.

VA Loans Are Easier Than You May Think.

If you are a veteran and planning to buy a home, you may want to consider using your VA Benefits, and look into a VA Loan.  People who have served in the military may qualify for this type of mortgage loan.



There are myths surrounding the VA Loan, which sometimes makes them unpopular with buyers and their agents, and thus, they are underutilized.  However, once you know the true facts, you may want to think seriously about using a VA Loan, rather than a Conventional Loan or an FHA Loan.



Compared to Conventional and FHA Mortgage Loan, VA Loans should be considered for the following reasons:

1. Require NO DOWN PAYMENT, 
2. Have a LOWER INTEREST RATE, 
3. CLOSE ESCROW MORE SUCCESSFULLY, AND 
4. CLOSE MORE QUICKLY.

The Interest Rates are Generally Lower than a Conventional or FHA Loan.

Not only are the interest rates generally lower than a Conventional or FHA Loan, but, as a Veteran, there is no down payment and no mortgage insurance with a VA Mortgage Loan.

The VA Loan Successfully Closes Escrow More Often Than a Conventional or FHA Loan.

With more flexible credit standards for VA loans, these loans close successfully at a greater percentage of the time than a Conventional or FHA Loan.  VA Loans are approved with FICO scores 100 lower than non-VA Loans.

The VA Loan Closes Escrow as Quickly as a Conventional or FHA Loan.

Finally, some buyers and their agents believe a VA Loan takes longer to close.  This is also not the truth.  According to the data, VA Loans close in 40 days from acceptance.  

Shattering 4 myths about VA loans | Inman News

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998.  He is a real estate Broker, holds a Bachelor's Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates - buyer, sellers and investors.

His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity.  Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.

Mark Harbaugh, J.D. - Broker

BRE:  #01245275

Mark can be reached at 858-255-1079

Email:   markonthemark@gmail.com 

What's Happening in San Diego, California? Top Things to Do in San Diego – December 2nd-7th, 2014

What's Happening in San Diego, California? Top Things to Do in San Diego – December 2nd-7th, 2014

1. LEGOLAND Holiday Snow Days and Winter Nights
2. Hotel del Coronado’s Holiday Festival – A Family Celebration
3. Holiday Wonderland at Petco Park
4. Balboa Park December Nights
5. Holiday Parades & Festivals
6. 2014 SoNo Fest & Chili Cook-Off

Read the entire article:

Top Things to Do in San Diego – December 2-7, 2014

Mark Harbaugh, J.D. - Broker DRE #: 01245275 Office 619-246-2860 markonthemark@gmail.com HARBAUGH HOMES

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998.  He is a real estate Broker, holds a Bachelors Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates. 


His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity.  Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.

Home Buyers Have Been Waiting to Buy: Pent-Up Buying Demand Continues to Grow.

Home Buyers Have Been Waiting to Buy:  Pent-Up Buying Demand Continues to Grow.

Everybody wants what everybody wants.

If you have been reading my blog, you may have seen me write that Buyers of real estate can be compared to cows waiting to go out to the field to graze.

Generally, no cows will go out to pasture until all of the cows go.  Then, they all go together.

So, for whatever reason, they all wait.  Then, again, for whatever reason, they all go at the same time.

The same can be said for Home Buyers.

Like Cows, Home Buyers Wait to "Moo-ve"

Like cows, many would-be buyers wait for others to start buying before they are willing to jump into the real estate market.  Then, it is as if the floodgates are opened up and everyone follows.

Since prior to 2008, home buyers have not yet returned to what would qualify as normal or typical buying activity.  Instead, they have waited, and continue to wait, to buy a home.

We have seen investors flood in to buy real estate - and in a substantial percentage of cases, with all cash.  Now we seem to be waiting for the typical buyers to begin buying homes for themselves and their families.

Why aren't those who would like to buy, buying?

Like with cows, we cannot be absolutely certain why most have been waiting to buy and then why everybody decides to buy at the same time.  But, we can ask them, unlike with cows.

Buyers have been waiting, in part, for the following reasons:

1. Improvement of the economic climate;
2. Improvement of the unemployment rate;
3. Creation of better quality jobs and with higher incomes;
4. Formation of new households; and 
5. Relaxing the mortgage loan credit standards.

The economy has improved substantially, although not enough for some.  The unemployment rate is back to a healthy level, millions of jobs have been created, and I believe people are ready to get on with the formation of new households and buying a home.

But, what stands in the way for many buyers, is the availability of credit.    This, however, is also changing.  When this happens, the gates are likely to swing wide open and buyers will come out in greater numbers.

Lenders are already beginning to loosen mortgage lending requirements to a healthy level.  The objective is to strike the correct balance of implementing reasonable standards without making qualifying for a loan too easy, as this contributed to the problems of our last real estate market correction.

The question is, do you wait to buy when everyone else is ready to buy?  Or do you lead the market, thereby beating the competition for homes and the inevitable appreciation of home prices and the likely event that the mortgage interest rates begin to increase?

Read more articles:
Pent-Up Demand Brewing Among Buyers

Mark Harbaugh, J.D. - Broker DRE #: 01245275 Office 619-246-2860 markonthemark@gmail.com HARBAUGH HOMES

Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998.  He is a real estate Broker, holds a Bachelors Degree and a Law Degree.

Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates. 


His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity.  Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.

What's Happening in San Diego, California? Top Things to Do in San Diego – September 23-28, 2014

What's Happening in San Diego, California?  Top Things to Do in San Diego – September 23-28, 2014

Have Fun!!!

San Diego, California

1. San Diego Restaurant Week
2. Kinky Boots
3. San Diego Film Festival 2014
4. Oktoberfest in El Cajon
5. 2014 Adams Avenue Street Fair
6. Poway Rodeo
7. Oceanside Harbor Days
8. 16th Annual Trolley Dances
9. Mission Beach Centennial Festival
10. Cabrillo Festival
11. Spirits of Mexico
12. San Diego Chargers vs. Jacksonville Jaguars – September 28, 2014 
13. Barrio Art Jam 2014 – September 26, 2014 

Top Things to Do in San Diego – September 23-28, 2014

Mark Harbaugh, J.D. - Broker DRE #: 01245275 Office 619-246-2860 markonthemark@gmail.com HARBAUGH HOMES

89% Surveyed Believe Home Ownership is Important; 64% Believe it is Attainable.

89% Surveyed Believe HomeOwnership is Important; 64% Believe HomeOwnership is Attainable.

Achieving The American Dream.

Owning your own home has historically been a dream for most Americans.  However, the percentage of people renting is currently at a statistical high, but the tables seem to be turning for many who are feeling it is important to buy a home for themselves and/or their families.

89% (eighty-nine percent) of Americans, surveyed by Country Financial Security Index, believed that homeownership is key to achieving the American Dream.  This figure varies, but remains relatively and consistently high.  Most people would love to own their own home, rather than pay rent.

Achieving The American Dream is Possible.

Further, 64% (sixty-four percent) of those asked, in that same survey, thought homeownership is more attainable than they had previously believed in recent years, following the real estate and economic downturn of 2008.  

Last year less than half of the U.S. population believed average-income families could afford or qualify to buy a home.  That number is up considerably.

The Only Constant is Change.

What a difference a year makes, as the economy continues to show clear signs of growth and recovery.  While it is not true for all, most Americans are feeling at least somewhat, if not a lot, more secure in their homes, their careers, and with their finances.

It is virtually impossible to time the real estate market or the stock market.  The ideal objective is to buy low and hold, or to buy low and sell high.  

The other side of this is you and/or your family needs a home, and you can choose to continue to pay your landlord's mortgage payments with your monthly rent or you can pay down, and eventually pay off your own mortgage.

Greener Pastures.

My clients have often heard me compare people considering buying real estate to cows - if no cow is going out to pasture, then no cows will go out of their safe yard to the pasture.



Taking that analogy further down the country road, when one, or a few cows, starts to head out, most or all the others are certain to follow them to greener fields.





Read related articles:

Housing Crisis Didn’t Shake Most Americans' Confidence

Home Ownership is the Foundation of the American Dream

Mark Harbaugh, J.D. - Broker DRE #: 01245275 Office 619-246-2860 markonthemark@gmail.com HARBAUGH HOMES

328,500 new jobs were created in California in the last 12 months.

328,500 new jobs were created in California 

in the last 12 months.

328,500 new jobs were created in California in the last 12 months, second only to one other state in the U.S.  

So nice, for all of us, to see that job creation is back to pre-recession levels, nationally and in most individual states.

Because California is a large and populous state, it needs to create a lot of jobs to keep up proportionally with the rest of the U.S.  This is happening; California is ranked number 17 out of the 50 states.  That is better than average, but there is always room for improvement.

We can all benefit from more jobs and the creation of better jobs.

Most agree that we need more jobs and many even opine that we need better jobs.  Unequivocally, however, we are seeing definite signs of improvement.

Good begets more good; the oposite is also true.

This good news spreads optimism and this optimism directly and indirectly creates more jobs, which hopefully leads to the creation of better jobs as well.

The opposite is also true; pessimism is a job killer.  Further, negative news, even when incorrectly reported, leads to the creation of fewer and lower paying jobs because employers are hesitant to expand their businesses, thereby creating good quality jobs with good salaries.  Logic dictates that when bad news prevails, this manifests uncertainty and low consumer confidence.

Good news is news too.

Clearly, we are, as a country, heading in the right direction,  despite some of the noise to the contrary.  Some publications, online, in print, and on television, report only the problems.  It becomes a self-serving prophecy.

It is important to give credit and acknowledge the good news, rather than simply complain, by stating the obvious that we need more jobs and better jobs.

Think about this when deciding where to get your "news."

Read related article:
http://economistsoutlook.blogs.realtor.org/2014/08/29/metro-and-state-employment-conditions-july-2014/#sf4406587#sf4409856

Mark Harbaugh, J.D. - Broker DRE #: 01245275 Office 619-246-2860 markonthemark@gmail.com HARBAUGH HOMES