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First time buyer help

Repeat of article that was published 2 years ago:

I get many calls from first time buyers who are not sure how to proceed to purchase a home. They have limited funds and are not sure who they talk to about the loan, how much money they need, what a real estate agent does, what is Escrow, etc.

In this Blog, I will write about what it takes from start to finish to purchase a home.

First, you need to review your credit score. Credit Karma online is the easiest way to see your credit score and also any derogative information that may be causing you to have a lower score. Ideally your score will be above 640. Over 720 and you are in very good shape to obtain a loan. If your score is under 640 it will be more difficult and your loan payment may be higher but it is still possible. Try to work on your score to get the highest possible rating. It will save you lots of money in the future. If you are a Veteran, your score is looked at with less scrutiny.

Second, prepare a budget. This is a simple analysis of what you think you are able to pay in a monthly payment. You need to plan for a loan payment of Principal and Interest, Property Taxes and Insurance. This is called PITI. You can estimate this by using a mortgage calculator online or at http://www.FredJGardner.com. The loan estimator (shown below) at http://www.FredJGardner.com wants the Purchase Price of the new home. This goes into the field called Home Value. The Loan amount is the amount being financed after the down payment. On a $300,000 home with a 3.5% down payment it would be $289,500. The interest rate on this loan with a borrower who has a 640 credit score you could assume 3.8% or 4.0% at today’s market rate. Finally, leave the length at 30 years. This is typical for most loans today.

Mortgage calcClick on next.

Your Property Taxes will be a % of your home Purchase Price. If the home was purchased at $300,000, estimate a 1.1% Property Tax Rate, unless you know what that rate is. Take 1.1% of $300,000 and enter the number in the annual taxes block. Estimate insurance at $900 on a $300,000 home and enter into that block Finally, PMI is an insurance that the lender assigns because they want to be insured against default if you do not have a down payment of at least 20%. In this block, enter .85% which is the estimated percentage used to determine the amount. If you are a Veteran and applying for VA loan enter zero. Veterans do not have to pay PMI insurance.      Mortgage calc 2pg

Click on next and see the amount that your payment will be.

Mortgage calc 3pg

This Total Monthly Payments is what comes out of your pocket every month. In many cases, this is just above what your rent amount is, but remember you can write off, on your taxes, all of the interest on your home loan. The interest is most of the total of Principal and Interest during the first years of the loan. So in the loan above you have a deduction of close to $1348.95 per month or a total of $16,187 per year. That can go a long way to reducing your tax liability. You also get the pride of ownership and the appreciation in value over the years. Home appreciation has typically been at 3% per year. However, we are recovering from a recession and it is now at about 1.9%. In a year or two it will be back up to 3% or more and that means money to you. At 3% per year appreciation, a home valued at $300,000 will be valued at $454,000 in 15 years, $519,000 if the appreciation rate is 4%.

Look for my next Blog on Identifying the House Characteristics that you want, what are most important to you and planning for where your down payment is coming from. Maybe zero down! Yes in today’s economy you can purchase a house with zero down payment. I will explain how to do this next week.

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This week I received a call from an old Real Estate client that I was referred to two years ago. At that time she was looking forward to moving to San Diego to be near her boyfriend. In 2013 I met with her and discussed the Market Value of her home. I left thinking that it was a good meeting and I should be listing the property soon.

Sometime went by and there was no communication from her. I followed up to see what I could do to help her with her decision. She told me that she had been diagnosed with cancer and would be postponing the listing until she dealt with this. I told her that I understood and would pray for her and also request a prayer group keep her in their prayers as well.

I found out later that her condition was diagnosed as terminal and she was given 6 months to a year to live.

Two years later on July 25, 2015 I received an email from her asking if I remembered her. I replied that I did, for sure, and asked how she was doing. She told me a story about how she and her boyfriend had cancelled a vacation on Viking cruises because of the cancer diagnosis. They still have Plane tickets that they couldn’t cancel and decided to go see her boyfriend’s sister in England. They made contact and found out that the sister was planning a trip to Lourdes and she asked if they would like to go with her. My client and her boyfriend said yes and they all went on a tour of Lourdes.

When she returned to the U.S. she had a follow up appointment with her doctor. They checked on her terminal cancer and told her that she would need to come back for another appointment. The doctor could not find any trace of the cancer in her. On subsequent appointments they could not find any trace of the terminal cancer.

She has been told she is Cancer Free.

The picture below is of Saint Bernadette of Lourdes. Her body never decayed since the 1800’s. Click on the link to read her story and understand why people are attributing Miracles to her.

Bernadette of Lourdes

Click on the link below to read the full story of Bernadette of Lourdes:


Fred Gardner

Realty One Group SW


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Hubble Flyer Updated

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This home has been immaculately maintained. If your out today and want something to do, stop by and look at this house. You wont be disappointed. NO HOA

Hubble Open House

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Click on the Flyer or Link below for Virtual Tour and more Information:


Aspen rd

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With the recent changes in the Mortgage Loan Rates now is the time to invest in your future. This lot in Fallbrook will not get any lower.

My Temecula Valley Blog

Click on the Flyer or Link below for more information:


Aspen rd

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Click on the Flyer or Link below for more information:


Aspen rd

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