Straight Up Mortgage Talk

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I had another excellent interview with Peggy Hosking. I swear every time she's on the podcast I learn a ton. In this episode, we discuss holding title, and we discuss the advantages and benefits versus other types of vesting. Tune in to learn all you need to know about understanding holding title!

Below are the questions we go over during the interview.

1. So tell me about what can happen when people are actually smart enough to get a trust but never transfer their real property into a trust?

2. Also, can you address what happens when clients are in a trust but during a refinance get pulled out of the trust and are not put back in?

3. What are the advantages and disadvantages of holding title in tenants in common versus others types of vesting?

4. What are the advantages and disadvantages of holding title in joint tenants versus other types of vesting?

5. What are the advantages and disadvantages of holding title community property versus other types of vesting?

6. What are the disadvantages of adding a person to tile as a joint tenant as a way to have them inherit the property versus doing a trust?

7. Okay so the fun questions, tell us all about the horror stories?

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I had an excellent and informative interview with Raquel Garcia about home inspections. Home inspections are a crucial part of the process and are often overlooked. So, if you've ever had any questions about home inspections, we answer them and more! Below are the questions we go over in the interview.

Why is it so important for a client to get a home inspection?
What is the cost range for a home inspection?
What experience level or training is required to be a home inspector?
What does a home inspector do during the home inspection?
What are some of the add-on products a client should consider adding to the home inspection?
How can a home inspection be used to create a list of what needs to be done to the property once purchased?
What are some horror stories you can share that have come up at home inspections?
Is there anything we did not cover that you think we should cover?

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In this episode, I speak with Cheryl Funez about home appraisals. Appraisals are an important part of the loan process. So, the more you know, the better! Tune in to learn all you need to know about appraisals.

Below are the questions we go over in the video.

How long have you been appraising real estate?

What kind of licensing and fieldwork is required to be an appraiser?

What does an appraiser do to determine the value of a property?

If there is an offer on a property accepted on a specific property, after being listed for sale on the open market and it is determined to be an arm’s length transaction, how does an appraiser go about supporting the value that was accepted?

How does determining the value on a refinance differ from determining the value on a purchase?

How does the lack of supply impact values? How do you make adjustments when comparing different properties with different features and different conditions?

What impact does location have on a property value?

What resources do you use for comparables on properties you appraise?

Any other questions you can think of I should be asking you to discuss.

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In this week's episode, I speak with the famous Nona Tirre! She is not only the premier local insurance agent in the area, but she also does so with a tremendous amount of style. If you're looking for a fantastic insurance agent with some style, look no further.

Check out the interview to learn all you need to know about Homeowners' insurance.

Below are the questions we go over in the interview.

What are the basic items a homeowners insurance policy covers?
What items can you incorporate into the insurance policy that consumers often add but are not normally covered in a standard homeowners policy?
Tell me the advantages and disadvantages of lower or higher deductibles and what a deductible is?
How does it really work on the deducible when you have an actual claim?
So Nona, tell me why bundling your auto and homeowners insurance might be advantageous?
What happens if you have claims or the property you are insuring has claims against it?
Talk to me a bit about earthquake insurance and how it works in California.
Okay, a serious question, do you have a pair of khakis and a red shirt, or does only Jake get that uniform?
Did I miss anything I should have asked you?
How does someone get in touch with you if they want a quote or want to compare a current policy against what you can offer?
Tim to mention Nona speaks Spanish.

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This week, I interview Tim and Debra Galli. They have been a trusted business partner of mine for over 20 years. Luckily for me, they are THE Title insurance agents. Watch the video to learn all about Title Insurance.

So in simple terms, what is title insurance?
How does it protect the buyer? What is this type of title insurance called?
How does it protect the lender financing the property? What is this type of insurance called?
Why do we need title insurance on transactions?
What are the different sources title insurance companies use to do research on the properties?
How does title insurance use the statement of information form title requires on a transaction?
Do you remember an interesting situation where title insurance had to come in and fix a problem?
Are there any other questions I should have asked that I didn’t?

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In this week's episode, Tim speaks with Nancy Silberberg, President and Senior Escrow Officer at Atlus Escrow.

If you've ever had any questions about escrow, here are your answers!

So in a nutshell, what is escrow, what purpose do they serve in a Real Estate transaction?
When a borrower enters into escrow, they put a deposit in escrow, what is that for?
During the escrow a borrower fills out a form for title called a statement of information, what does title use this for?
What are escrow instructions?
What does the escrow do to close out the transaction?
What is important to cover that I did not ask about?

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Often, Underwriters are seen as some mysterious force behind your loan but they are often people too! Below are the questions we go over in the interview.

So tell me what is the primary job of the underwriter in the process of getting a loan approved?
What are the items in a file an underwriter reviews while going through a file for approval. Credit, Income, Collateral, cash or equity to close?
Why do we require third party documentation on files, like verification of employment and tax audits when needed?
Can you explain what role an automated underwriting approval plays in the process. Can you address the good information in to get correct output?
Can you address how you look at variable income like commissions, bonus, overtime, and self-employment?
Can you explain the likelihood of continuance for 3 years when analyzing income? Why is this important in the analysis of income?

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Below are the questions we go over during the interview, I hope you enjoy!

You live in a resort type area, where second homes are huge. Who are your clients that are looking to purchase their second home?
Because of the current availability to work remotely, what kind of trends are you seeing in your market?
How often are you working with clients that have the intent to do Air bnb? What do you see as far as the market in your area for Air bnb?
What do you project the market to look like for Air bnb’s after Covid? Do you expect Air bnb’s to be busy or the opposite?
Do these second homes usually have a turn-around of a good or bad investment?
What is the time span that families usually keep these homes? Do you find that these homes are generational and kept within families or kept in a span of a few years?

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Looking to remodel? Please see Hartman Baldwin's contact info below.

bill@hartmanbaldwin.com

909-721-8630

https://www.hartmanbaldwin.com/about/

I was super excited to speak with Claremont's own, Bill Baldwin from Hartman Baldwin about the process of remodeling. We go over some of the things that bring the most happiness to people when they remodel. As well as some of the pitfalls to avoid to prevent the remodel from becoming a nightmare. Trust me, remodeling the wrong way can become a nightmare really quickly. Bill has a few stories to attest to that. Save yourself the hassle and remodel the right way. The questions we go over in the interview are below.

When clients remodel their houses with you, what areas of the home give them the highest levels of happiness when the project is done?
What is the biggest fear your clients share when they start the process?
What is the best process for clients to follow, in the initial start of the process to avoid issues throughout the process?
If the clients do not follow the process you just spoke about, what pitfalls do they tend to encounter?
So we have all seen it where people decide to go cheap or DIY, tell me some of the horror stories you have seen happen? Or had to come in and fix after the fact.

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You work too damn hard to not plan and have things go to waste.

Avoid estate taxes, have more go to your family and less go to the government.

Below are the questions we go over in the interview.

1. What is estate planning?
1. Why is Estate Planning important?
1. What happens if people do not have estate planning in place?
1. When should people consider estate planning?
1. How does estate planning help avoid family disputes once a loved one has passed?
1. What questions did I not ask I should have about estate planning?
1. How has estate planning changed due to recent changes in laws?

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On this episode I interview Carl Bunch, a credit expert who has help many of my clients repair their credit and get on the path to homeownership. Below are the questions we go over in the interview.

1. Conversation on Collections: charge offs, do they get removed automatically after 7 years? How long do different derogatory marks stay on your credit?
2. Carl, what are the items that you see on credit reports that have the biggest negative impact on their credit scores.
3. What can a client with your help do to increase their credit scores the fastest?
4. What are the biggest mistakes made by consumers when they are trying to fix their credit by themselves?
5. How does a person with a blemished credit reestablish good credit, wat are the best strategies?

Reach out to Carl Bunch:

Emal: cbcredit@gmail.com

Phone: 909-985-6104

Website: https://cbcreditrepair.com/

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This week I interview my very own brother, we discuss how you can make a ton of money with real estate investments, the two of us had a great time discussing the topic. Plenty of comedy and good advice in this one!

Below are the questions we go over in the interview:

1.You are a financial planner and normally work with stocks and bond investments. What differences do you see when comparing Real Estate investments as compared to financial investments, liquidity, risk, and financial reward?
1. You personally purchased some rental properties, how did you do on returns?
1. What were some of the surprises both good and bad that come to mind when you think about the investments you made in real estate?
1. Can you address the difference in managing real estate investments verses other financial investments, control of the investment, time spent, and the fact that renters are paying off an investment for you?
1. Can you address the value of leverage that comes with real estate investments?

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Below are a list of questions Greg and I go over, if you'd like to reach out to contact Greg his number is 626-233-2773.

Can you give us a quick explanation of what a 1031 exchange is and how it works?
What are the tax impacts if in the future a client were to sell the property they exchange into?
What are some of the biggest mistakes people make when considering or doing a 1031 tax exchange?
What are some of the options that can be used on a 1031 where people take the proceeds into other investments other than real estate?
Is it possible for a client to do a partial exchange? Is there only certain times/circumstances that you can take money out of the exchange and what is the process?

FAQ’s found on the internet about 1031 Exchanges:

What is a mortgage boot?
How is seller-back financing impacted when doing a 1031 exchange? {453 internal revenue}

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What’s the major top 3 bullet points for prop 19? What are the advantages and what are the disadvantages?
If a parent owns a rental property (non-owner occupied) which is currently in a trust, could they add their adult children to the title as tenants-in-common in order to protect it from reassessment upon the death of the parent?
Can people still use Prop 60/90 Prop 58 and 193 until Prop 19 goes into effect in February?
What if the parent dies and the recipient child will be using the property as their own primary residence, but the child is not in a position to occupy the property within a year of the parent’s death due to working in another area, etc. What then?
Follow up question from Charlene: Could they rent it out but make certain they lived in it two of the 5 years and then it would qualify as their primary residence?
Are there any questions you can think of that are important to answer regarding prop 19?

Straight Up Mortgage Talk: Recent Episodes

Tim Harrison