Aug. 30, 2019

What To Expect When Reaching Out To A Loan Officer

 

Mortgage professional Martha Salas is our latest featured guest. Today she shares her keen insight and expertise on the home loan process. 

 

I’m glad you’ve joined us for another episode of the “Jose Luiz Morales Show”!

For episode No. 20, we’re speaking with special guest Martha Salas from Nations Lending. Martha has been in the mortgage lending business for more than 30 years, and she joins us today to help us gain a deeper understanding of the loan process—especially consumers who might not know what to expect when they first reach out to a loan officer.

For your convenience, I’ve provided timestamps from our interview below. You can browse specific topics at your leisure or watch the video in full:

2:18—The first step a consumer looking to purchase or refinance a home should take

6:00—Can a loan officer offer guidance to a buyer who isn’t yet ready to buy?

9:07—How Martha determines an applicant’s qualification for a loan

12:05—What not to do before applying for a home loan


14:23—The difference between a pre-qualification and a pre-approval


17:45—How is working with a big bank different from working with a local mortgage lender?

22:44—Is it ever too soon to speak with a mortgage professional?

25:39—The story of a time when Martha had five restaurant waiters apply for a loan together

28:41—Martha warns against buyers pre-qualifying (or disqualifying) themselves

31:57—What will the loan officer do after a buyer’s offer is accepted?

39:16—Martha’s take on her duty to be available and responsive to her clients

42:23—What is conditional loan approval? What issues might arise?

46:50—What happens after conditions have been submitted?

49:30—Why a high level of care and attention to detail is so important to Martha

56:32—What pre-approved buyers must do to inch closer toward closing

58:35—The documents that matter most in the closing process

1:02:38—Martha’s final advice to consumers

If you’d like to get in touch with Martha about anything we discussed today, give her a call at 805-890-2008. And if you have any questions for me about what we covered in today’s episode of the “Jose Luiz Morales Show,” please reach out to me. I’d love to hear from you!

Aug. 15, 2019

What You Need to Know About Commercial Lending

 

For the latest episode of “The Jose Luiz Morales Show,” I’m joined by Jason Ritchie of Mission Bank to discuss the subject of commercial lending. 

 

There are several important differences between residential financing and commercial financing, and as a commercial lending specialist, Jason can outline these differences. If you’ve ever thought about buying an apartment complex of four units or more, buying an acreage, you’re a business owner and you’ve ever thought of buying your own building, then today’s video is a great resource. 

Once again, for your convenience I’ve provided timestamps of our discussion so that you can jump around to whichever sections you please:

1:32—What is a commercial loan?

2:45—An example of a commercial loan for a triplex property

3:36—What types of commercial loan products are available to consumers?

6:36—What would the loan-to-value ratio be for an investment property?

8:37—What type of down payment would you need for an SPA loan? Can you buy more than one unit with an SPA loan?

12:09—What kind of payment schedules can you get for commercial loans as opposed to residential loans?

14:52—Are commercial loan rates comparable to residential loan rates?

16:18—How much wiggle room are you allowed?

18:25—Why the sooner you can establish a relationship with your bank, the better off you’ll be

19:41—What kind of down payment can you expect for other commercial loans?

23:28—How the strength of the property, the income it produces, and the strength of the borrower influence its valuation 

26:09—Can you have a foreclosure or short sale on your record and still qualify for a commercial loan?

28:23—What else consumers need to know regarding commercial loans 

If you have any more questions about this topic, don’t hesitate to reach out to me. I’d be glad to help you. 

July 23, 2019

What You Need to Know About Foundation Repair

 

Welcome to episode 18 of “The Jose Luiz Morales Show”! Today’s special guest is Franz Froehlich of Saber Foundation Repair, a fantastic foundation repair company here in Ventura County. 

 

Certain areas in Ventura County are known to have properties with foundation issues, and sometimes first-time homebuyers don’t find out about them until after they buy the house and it’s time for them to sell it. These kinds of issues can cause you to sell for less than your asking price, so I want to educate you on how to spot foundation issues before you buy a home and what you can do if your current home has foundation issues. 

 

Once again, for your convenience I’ve provided timestamps of our discussion so that you can skip ahead to various sections at your leisure: 

 

1:57—How do you define a home’s “foundation”?

2:53—What are the different types of foundations properties have?

4:42—What are some of the problems that arise with foundations?

6:20—What’s the most common reason Ventura County properties have foundation issues?

6:57—What sort of clues should first-time homebuyers look for during the walk-through?

8:52—What does the retrofitting process look like?

9:57—How big does a crack in the foundation need to be for you to be concerned?

11:28—What can you do if you have an older property with foundation issues?

14:05—What can you expect to spend on foundation repair?

16:01—What happens if the builder doesn’t use rebar when building a foundation?

17:29—Are there areas in Ventura County more prone to foundation issues?

18:47—What does the foundation inspection process look like?

19:18—How can new home builders reinforce their foundation if they’re building in an area where the soil isn’t very strong?

21:13—Wrapping things up

 

If you’d like to get in touch with Franz or the rest of the team at Saber Foundation Repair, you can visit their Facebook page, check out their website SaberFoundations.com, or give them a call at 1-800-922-2488.

 

As always, if you have any other real estate questions for me, don’t hesitate to give me a call or shoot me an email. I’d love to help you. 

June 17, 2019

Everything You Need to Know About Down Payment Assistance Programs

 

On today’s episode of the Jose Luis Morales show, I’m joined by mortgage and housing expert Alex Vega of VCCDC (Ventura County Community Development Corporation) to discuss some local down payment assistance programs you may qualify for.

 

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:

 

01:24 - Alex Vega explains what VCCDC is and how it serves our community

 

02:18 - What services and programs VCCDC offers homebuyers

 

06:04 - Alex shares some insight into what buyers can learn in VCCDC’s eight-hour homebuying course

 

08:30 - How the market has changed since VCCDC became a corporation

 

09:43 - What down payment assistance programs does VCCDC offer?

 

13:57 - Alex clarifies a few stipulations for VCCDC’s assistance programs

 

16:59 - What restrictions are there for VCCDC’s down payment assistance programs?

 

20:29 - Where to find more information about VCCDC’s down payment assistance programs (www.vccdc.org)

 

23:25 - A few final words

 

If you have any other questions or would like more information, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.

June 3, 2019

How the Home Inspection Process Works


On today’s episode of the Jose Luiz Morales Show, we’re talking about the ins and outs of the home inspection process.

 

Home inspections are a critical aspect of the real estate process, which is why for today’s episode of the Jose Luiz Morales Show,  I’ve brought on expert inspector Joe Nerberg of AmeriSpec Inspection Services. Joe had some interesting insight to share regarding this often-misunderstood process during our interview, and I’m excited to share that conversation with you now.


Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:

 

00:22 - An introduction to today’s topic and guest
01:44 - Joe explains what home inspections are and when they happen during a transaction
02:24 - Is there such a thing as a “licensed inspector” in California?
03:17 - Joe describes what happens during a typical home inspection
05:23 - What Joe would say to someone who's thinking about not ordering an inspection
07:11 - Why inspections should be performed by experienced, qualified professionals
08:12 - Joe shares five of the most common problems he finds during inspections
10:26 - Why it’s better to uncover problems before you close
13:08 - How inspectors advocate for clients even if they happen to miss something
14:07 - How does AmeriSpec ensure its inspectors are qualified? And what training do they implement?
15:48 - Why you still need a home inspection when buying new construction
17:06 - Do home inspectors check for permits?
17:58 - How much do home inspections typically cost?
20:18 - A recap of the inspection process, in general
21:53 - A few closing words from Joe
22:10 - How you can contact Joe and his team

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

May 17, 2019

Homes for Heroes With Frank Salazar


Welcome back for another episode of the “Jose Luiz Morales Show”!

It’s a privilege to be joined today by special guest Frank Salazar. Frank is one of the branch managers at Gem Mortgage, and he’s with us to discuss a very worthy program that he has committed himself to. It’s called Homes for Heroes, and its aim is to serve our local heroes here in Ventura County.    

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or skip to the topics(s) that interest you most:

 

1:40—How and when Gem Mortgage’s relationship with Homes for Heroes was born

 

2:53—Who Homes for Heroes serves and benefits

 

3:23—The true purpose of Homes for Heroes

 

4:42—The specifics of how the program benefits a particular hero

 

5:35—The kind of savings a hero will see under this program

 

6:26—From lowest- to highest-ranking officials, the life-changing impact of Homes for Heroes

 

8:02—Frank’s contact information and how you can obtain more information

 

8:23—Some final thoughts from Frank

 

If you have any questions you’d like to ask Frank directly, please feel free to contact him at 805-312-3964. For questions about we covered in Episode No. 15 or about anything real estate-related, don’t hesitate to give me a call at 805-228-4672. I’d love to hear from you!

April 12, 2019

The Ins and Outs of Property Title With Guest Jeff Murphy



Welcome back for episode No. 14 of The “Jose Luiz Morales Show”!

We’re happy to be joined today by Jeff Murphy from Chicago Title. Jeff is here to help us gain a better understanding of the different ways in which you can hold title to your property.  

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:

1:42—Defining and explaining the various methods to take title to a property

6:20—The often-misunderstood difference between being on the loan and being on the title  

11:46—Protections you receive from working with an escrow and title company

15:48—The importance of getting a statement of information early in the process

18:40—The particulars of being added to or removed from the title

24:05—What happens after you’ve paid off the property through seller carryback financing

25:25—Buying a property as a married person as it relates to title

28:15—Jeff’s final word to consumers

If you have any questions related to real estate or about what we covered in episode No. 14 today, please get in touch with me. I’d love to hear from you!  

March 28, 2019

Interview With Scott Keighley of Cal Termite



I’m joined today by Scott Keighley, the owner of Cal Termite, who will be sharing with us some great information about California’s required termite inspections.

 

For your convenience, I’ve included timestamps of our conversation. Feel free to navigate to the section(s) you’re most interested in viewing:

 

00:23— Introduction to today’s topic

01:13— What are termites?

02:34— How to find out if a home has termites

03:29— What happens in a termite inspection?

05:31— What are the signs of subterranean termites?

06:57— What termites eat

07:40— The longer it takes to fix a termite problem, the worse it’ll get

08:47— Section 1 & 2 termites: What do they mean?

10:30— How are termites treated?

13:10— What are the costs involved?

15:22— What’s the best option for treating wood?

16:20— How termite inspections are negotiated

18:00— Lenders don’t always require a termite report

18:51— What Scott recommends during a fumigation

19:58— How does it work for condos?

20:41— Does termite work come with a guarantee?

22:08— Other services that Cal Termite offers

24:13— Conclusion to our conversation

 

I’d like to thank Scott for taking the time to speak with me today. Feel free to visit the Cal Termite website at www.caltermite.com. And if you have any real estate questions or need further information, reach out to me. I look forward to hearing from you soon.

 

March 4, 2019

Who Pays an Agent’s Commission Fee—the Buyer or the Seller?




In a real estate transaction, who pays the agent's commission fees?

This is another question I get asked a lot. The answer is the seller typically pays both their agent’s commission fee and that of the buyer’s agent. In California, the usual commission fee is 5% to 7% of the sale price. This gets paid out once the transaction closes—there is no upfront fee.


This means if you’re a buyer, your agent’s services essentially come for free. Outside of that, you’ll pay the same costs that come with a home sale that the seller does (escrow and title fees, the transfer tax, etc.), but you’ll also have to pay the closing costs of the transaction.

If you have any more questions about who pays for what in a real estate transaction or you have any other real estate needs I can help you with, don’t hesitate to reach out to me. I’d be happy to speak with you.  

Posted in Real Estate News
Feb. 11, 2019

An Interview With Chris Powell of Commercial Loan Express




When I first began dealing with flipped properties, I found it difficult to find hard money lenders. The problem was actually that I didn’t entirely understand the process; a hard money loan has a specific purpose, and if you structure it correctly, there are investment opportunities to be had. I’m joined today by Chris Powell of Commercial Loan Express, who will be helping us better understand hard money loans and how to use them.

 

For your convenience, I’ve included timestamps for the topics we discussed. Feel free to navigate to the section(s) you’re most interested in viewing:

 

(00:23)— Introduction to today’s topic

(01:40)— Chris explains what a hard money loan is

(02:16)— How can people benefit from these loans?

(03:20)— Discussing hard money loans from an investor’s perspective

(04:25)— Recalling my first investment with Chris

(06:54)— How much does someone need in a down payment while flipping?

(08:30)— Why I liked working with Chris and Commercial Loan Express

(11:53)— Why it’s nice to have a professional’s assistance

(13:13)— What types of loans does Chris handle?

(17:08)— Concluding our talk

 

I’d like to thank Chris for joining me for this discussion. You can visit his website at www.CommercialLoanExpress.com. If you’d like to talk about your real estate needs, have any questions, or need more information, feel free to reach out to me. I look forward to hearing from you soon.

Posted in Real Estate News