Torrance is a Great Family Town

Looking for a great place for a young family? Check out Torrance!

Torrance schools are rated 9 out of 10 by Great! schools!  Torrance has 48 primary and secondary schools, with Richardson Middle School in south Torrance (go Rattlesnakes!), being rated one of the highest.  According to U.S. News, Torrance High School has a 99% graduation rate, followed closely by West High with 98%, and South and North at 97%.  South, West and North have all been awarded Silver Medals.

In addition to have great schools, the city of Torrance has wonderful, broad community programs.  The summer calendar below shows just some of the line up.  Great activities for the family to enjoy together, while enjoying our great weather!

>>> PRINTABLE VERSION <<<  Perfect for your refrigerator so your family doesn’t miss a single fun activity this summer in Torrance!

To learn about all of the many programs, see the City of Torrance Summer 2017 Seasons online PDF booklet here.

Interested in what homes are available for your family?

Please call me, Lucy Garber, at (310) 293-4866 so I can talk to you and help you find the perfect house for your family to call home.

Want to Refinance Your Mortgage But You’re Being Turned Down?

Can HARP help you refinance your mortgage?

Especially with the current record-low interest rates, many homeowners would like to refinance their mortgage.

Are you having difficulties? The federal program HARP might be able to help you. Here’s how it works.

Is your mortgage rate above today’s rates?

Is your house worth less than your current mortgage amount?

Are you unable to refinance into a lower-rate mortgage or convert your adjustable-rate mortgage to a fixed-rate mortgage?

Then the federal Home Affordable Refinance Program (HARP) is an option you should explore.

HARP is one of two components of the federal Making Home Affordable Program for struggling homeowners. Its counterpart, the Home Affordable Modification Program (HAMP), offers loan modifications if you’re behind on your payments or need help exiting gracefully if you can no longer afford your home.

HARP, on the other hand, helps you refinance your home with a brand new mortgage.

What Are the Benefits of HARP?

Your savings from refinancing using HARP could be substantial. The White House says the typical homeowner using HARP could reduce their mortgage payments by about $2,500 a year. Like any refinance transaction, HARP loans come with fees, so you’ll have to weigh the costs and benefits for your specific situation.

The good news is that HARP’s fees are less than the fees for typical refinances. For instance, you won’t have to pay for a full appraisal if the lender can get a reliable automated appraisal for your home. And Fannie and Freddie will waive for borrowers some fees they usually charge lenders (which lenders would normally pass on to you).

What Are the Qualifications?

Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
Your current lender had to sell your mortgage to Fannie Mae or Freddie Mac before June 1, 2009. Check with your lender to make sure that happened.
This must be your first HARP refinance. You only get one Home Affordable refinance, so if you’ve used the program before, you can’t use it again (although there’s a loophole for those with a Fannie Mae loan refinanced between March and May of 2009).
You need the right balance between what you owe and your home’s value. The minimum is that you owe 80% of your home’s value (for example, owing $80,000 on your $100,000 home). If you owe less than 80%, you can’t use HARP. If you owe up to 105% (say your home is worth $100,000 and you owe $105,000), you can refinance into an adjustable-rate mortgage. If you owe above 105%, you have to go with a fixed-rate mortgage. There’s no cap on how much you can owe above what your home is worth.
If you’ve paid your mortgage late even once during the past six months, you can’t use HARP, but if you had a late payment between 7 and 12 months ago, you’re fine.
If you can meet those criteria, you have until Dec. 31, 2015, to apply for a HARP refinance through either your current lender or a new lender.

Should You Apply?

HARP makes sense if you owe more than your house is worth, which is preventing you from refinancing, according to Bob Walters, chief economist at Quicken Loans. You’ll still pay full-market rates for a HARP refinance, not a discounted rate or payment that you might get with a loan modification.

As a rule of thumb, for fixed-rate mortgages, you’ll want your new rate to be at least a half-point better than your old one.

Lowering your interest can pay off immediately. Let’s say you took out a 30-year, fixed-rate mortgage at 6.5% for $176,800 at a monthly payment of $1,117.50 five years ago.

Today, you’d still owe $168,065. If you refinance that balance into a new 30-year loan at 4.5%, your monthly payment would drop to $851.56, saving you about $266 a month. Or, you could refinance into a 15-year fixed-rate loan, pay about $168 a month more, and pay your loan off about 10 years earlier.

HARP might also make sense if you can convert an adjustable-rate mortgage to a fixed-rate mortgage. Even if an ARM’s monthly payment is low now, it’ll go up if rates rise.

When applying for HARP, you need paperwork just like any other mortgage application:

  • Pay stubs
  • Tax returns
  • Mortgage statements
  • Account balances
  • Debt totals (for credit cards, student loans, car loans, and such)
  • Details about any second mortgages or home equity lines of credit

Pay attention to the fees associated with the refinancing, which the lender must disclose up front, and ask if those costs can be rolled into the new loan if you’re strapped for cash.

Tips to Make the Process Go Smoothly

To keep the process moving, ask your lender for a list of the documents it will need. Give yourself two weeks to collect everything.

If possible, submit the entire packet together via certified mail. Sending in documents piecemeal could result in lost paperwork and your loan application falling to the bottom of the pile, says Nicole Hall, editor of LendingTree.com. Keep detailed records of any phone calls you make, and dates you mail or fax correspondences.

There are companies that will offer to take care of the paperwork for a fee, but you don’t need to pay. You can access free help through a housing counselor approved by the U.S. Department of Housing and Urban Development. Counselors will help you understand the Making Home Affordable program and aid in gathering the documents needed for your loan servicer.

Don’t qualify for HARP? Then maybe its sister program, HAMP, is for you.

By: Donna Fuscaldo


Need help? Give me, Lucy Garber a call at (310) 293-4866.  I can refer you to some great mortgage brokers I’ve worked with over the years.

5 Ways You Didn’t Know You Could Save for a Down Payment

How can I come up with the down payment to buy a house?

 

One of the biggest misconceptions of home buying? The 20% down payment. Here’s how to buy with a lot less down.

Buying your first home conjures up all kinds of warm and fuzzy emotions: pride, joy, contentment. But before you get to the good stuff, you’ve got to cobble together a down payment, a daunting sum if you follow the textbook advice to squirrel away 20% of a home’s cost.

Here are five creative ways to build your down-payment nest egg faster than you may have ever imagined.

1. Crowdsource Your Dream Home

You may have heard of people using sites like Kickstarter to fund creative projects like short films and concert tours. Well, who says you can’t crowdsource your first home? Forget the traditional registry, the fine china, and the 16-speed blender. Use sites like Feather the Nest and Hatch My House to raise your down payment. Hatch My House says it’s helped Americans raise more than $2 million for down payments.

2. Ask the Seller to Help (Really!)

When sellers want to a get a deal done quickly, they might be willing to assist buyers with the closing costs. Fewer closing costs = more money you can apply toward your deposit.

“They’re called seller concessions,” says Ray Rodriguez, regional mortgage sales manager for the New York metro area at TD Bank. Talk with your real estate agent. She might help you negotiate for something like 2% of the overall sales price in concessions to help with the closing costs.

There are limits on concessions depending on the type of mortgage you get. For FHA mortgages, the cap is 6% of the sale price. For Fannie Mae-guaranteed loans, the caps vary between 3% and 9%, depending on the ratio between how much you put down and the amount you finance. Individual banks have varying caps on concessions.

No matter where they net out, concessions must be part of the purchase contract.

3. Look into Government Options

The U.S. Department of Housing and Urban Development, or HUD, offers a number of homeownership programs, including assistance with down payment and closing costs. These are typically available for people who meet particular income or location requirements. HUD has a list of links by state that direct you to the appropriate page for information about your state.

HUD offers help based on profession as well. If you’re a law enforcement officer, firefighter, teacher, or EMT, you may be eligible under its Good Neighbor Next Door Sales Program for a 50% discount on a house’s HUD-appraised value in “revitalization areas.” Those areas are designated by Congress for homeownership opportunities. And if you qualify for an FHA-insured mortgage under this program, the down payment is only $100; you can even finance the closing costs.

For veterans, the VA will guarantee part of a home loan through commercial lenders. Often, there’s no down payment or private mortgage insurance required, and the program helps borrowers secure a competitive interest rate.

Some cities also offer homeownership help. “The city of Hartford has the HouseHartford Program that gives down payment assistance and closing cost assistance,” says Matthew Carbray, a certified financial planner with Ridgeline Financial Partners and Carbray Staunton Financial Planners in Avon, Conn. The program partners with lenders, real estate attorneys, and homebuyer counseling agencies and has helped 1,200 low-income families.

4. Check with Your Employer

Employer Assisted Housing (EAH) programs help connect low- to moderate-income workers with down payment assistance through their employer. In Pennsylvania, if you work for a participating EAH employer, you can apply for a loan of up to $8,000 for down payment and closing cost assistance. The loan is interest-free and borrowers have 10 years to pay it back.

Washington University in St. Louis offers forgivable loans to qualified employees who want to purchase housing in specific city neighborhoods. University employees receive the lesser of 5% of the purchase price or $6,000 toward down payment or closing costs.

Ask the human resources or benefits personnel at your employer if the company is part of an EAH program.

5. Take Advantage of Special Lender Programs

Finally, many lenders offer programs to help people buy a home with a small down payment. “I would say that the biggest misconception [of homebuying] is that you need 20% for the down payment of a house,” says Rodriguez. “There are a lot of programs out there that need a total of 3% or 3.5% down.”

FHA mortgages, for example, can require as little as 3.5%. But bear in mind that there are both upfront and monthly mortgage insurance payments. “The mortgage insurance could add another $300 to your monthly mortgage payment,” Rodriguez says.

Some lender programs go even further. TD Bank, for example, offers a 3% down payment with no mortgage insurance program, and other banks may have similar offerings. “Check with your regional bank,” Rodriguez says. “Maybe they have their own first-time buyer program.”

Not so daunting after all, is it? There’s actually a lot of help available to many first-time buyers who want to achieve their homeownership dreams. All you need to do is a little research — and start peeking at those home listings!

By: Erik Sherman | Houselogic


With over 25 years of experience helping folks just like you to buy and sell homes in the Los Angeles South Bay, please give me, Lucy Garber, a call at (310) 293-4866.  Once I understand your specific circumstances, I’ll can suggest some ideas that may help you get into your first home.

Listing: 2819 Martha Avenue, Torrance 90501

3 Bedrooms | 2 Baths | 1,574 SF | Built: 1950

$729,900

Move in ready. Shows like a model home with a large open floor plan and lots of natural light from all of the windows.The living room, dining room and kitchen are all open to each  other making for a great space.The remodeled kitchen is beautiful with quartz counters, Stainless appliances, wine fridge and a large pantry. Master suite is separate from the other bedrooms for some added privacy. It features a remodeled bathroom and walk in closet. Most of the home has recently been redone and upgraded. This property has a wonderful large yard with a patio area, grass area and a refreshing pool ready for summer entertaining. Detached Bonus room is perfect for pool room, studio, private office, or ? Newer HVAC unit to stay cool. Great curb appeal with a mature shady tree and enclosed front yard. Award winning Torrance schools.

MLS: 146547

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See virtual tour and more information here.

 

Get Directions:

Call Lucy Garber at (310) 293-4866 or email lucygarber1@yahoo.com to learn more.

martha-pool

May 2016 Local Properties Market Intelligence Reports

la-housing-market-reportsClick to view interactive local real estate market intelligence reports below:

southbay-marketreport
South Bay Market Intelligence Report

South Bay Market Intelligence Report (Japanese Edition)

Palos Verdes & Harbor Market Intelligence Report
Palos Verdes & Harbor Market Intelligence Report (Japanese Edition)

Westside+ Market Intelligence Report
Westside+ Market Intelligence Report (Japanese Edition)

Interested in buying or selling your home? Please call me, Lucy Garber, at (310) 293-4866.