A Great SLO County Loan Officer - Michael Hunstad!

A Great SLO County Loan Officer - Michael Hunstad! 

Today I would like to tell the world about Michael Hunstad. He's a Senior Mortgage Loan Officer in Santa Maria, CA for Guild Mortgage. I recently did a deal with Michael and his time and attention to finalizing our deal was amazing. His incredible staff returned calls and got answers to questions promptly.  He was a great asset to the closing of my deal. As a Realtor it's a privilege to work with professionals that never get in the way of a deal and Michael and his staff did just that.
Thank you Michael.:)

If you are looking for a loan or would like to talk to a reputable loan officer give Michael a call 805-448-0348 or email him directly.

Guild Mortgage
2236 S. Broadway Suite B,
Santa Maria, CA 93455
805-448-0348

If you ware looking to sell or buy a home in SLO County, give Traci a call.

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

What Income Should You Have to Get The Home You Want?

Your level of income is only one piece of qualification puzzle when you are in the market for the home of your dreams. Lenders will review other things, such as your credit score and your total amount of debt, when considering you for a loan. Remember, your debt takes away a big part of your income. So even if you meet the lenders general guidelines for income level, you'll be denied if you are paying too much money toward your other debts (because you would have less money left over each month to put toward a mortgage payment).

There are a few factors, but you can use 30% as a rule of thumb. In other words, most lenders want your annual income to equal around 30% of your mortgage amount. So based on this rule of thumb, if you wanted to qualify for a mortgage loan of $300,000, you would need an annual income in the neighborhood of $90,000. If a married couple makes $45,000 each, they should qualify for a $300,000 loan. Your lender can work with your individual situation to get you the largest loan possible.
There are numerous types of loans and ways to qualify. Some first time buyer loans make it very easy to qualify with little money down. Some FHA loans require as little as 3-4% down payment.

It's important to shop around for loans and lenders. Large banks may offer different loan packages than smaller local banks or brokerages. It's important to shop for your loan and see what choices you have. Ask your Realtor for referrals to lenders in your area.

We strive to make it easy for you!
Visit my Mortgage Calculator page filled with additional information.
For more information about Real Estate on the Central Coast, please contact Traci Ferguson by E-mail or by phone directly at 805-235-6396.

Buying a Home in San Luis - Tax Benefits

As a home buyer in SLO you have tax benefits that will save you money every year. Your mortgage interest and real estate taxes are tax deductible and anyone with a mortgage can enjoy this tax benefit.

During the early years of the home mortgage, most of your monthly repayments go towards your interest, with little payment towards the capital. Tax benefits are therefore very useful for first-time home buyers, especially during the early years of acquiring the mortgage. The early part of your mortgage payment is primarily paying on the interest of your loan. This interest payment is fully tax deductible. As you pay more on the amortized home mortgage over a longer time frame, more of each monthly payment goes towards paying the principle, and less towards interest. This means that with time, you lose some of your interest write-off as your equity in the property increases.

It is important for you to note that you can take these tax deductions if you change from standard deduction, which all tax payers are entitled to, to itemized deductions. In the case where your itemize deductions, including home mortgage interest and property taxes, do not exceed the standard deduction amount, it is better for you to take standard deduction.

The following three components of your home mortgage are tax deductible:

1. Interest on your home mortgage
2. Property taxes
3. Loan points for a purchase mortgage fully deductible in the year that they are paid. It is noteworthy that in refinance, the points are written off in increments over the term of a home mortgage. (See my blog post on When to pay down points)

We strive to make it easy for you!
Visit my Mortgage Calculator page filled with additional information.
For more information about Real Estate on the Central Coast, please contact Traci Ferguson by E-mail or by phone directly at 805-235-6396.