Diamond Mortgage Blog

Our client just saved $1300 on her property taxes!

We had a client that purchase a foreclosed 3unit property in 2009 for $250k. The county was still taxing her on the previous owners assessed tax value of $425k. So what we did was assist her to help her challenge the Los Angeles County Assessors office.

We gathered some comparable for-like properties that sold the same time her property sold and filled out the county tax appeal form. The only bad thing was that it took the county nine months to give her an appeal date. The good thing was that she won with the information we sent her with to the hearing. Her yearly taxes dropped by $1300 which now she can use that money to pay a bill or go on a trip. The county is also going to send her a check back for the past two years she has been over paying.

So take time to look at you taxes to see if you can save any money!

Diamond Mortgage Lending Inc.

"We are here forever"

It has been a while since my last blog. I am glad that I have had the chance to work with you and I just wanted to let you know that I am here to assist you with any of your real estate needs. When I became a mortgage broker in July 2005, there were 53,000 brokers nationwide.  Currently there there are 12,000. I am privileged to say that I am one of the mortgage brokers that is still here. I plan to be in this business for a long time. If you would like to do a mortgage check up or just want to pick my brain on an issue, give me a call. My business is supported by referrals, so if you know someone that is considering purchasing property or needs help with their mortgage, please give them my number.

This year Diamond Mortgage Lending Inc. is also moving into commercial lending. If you want to look into investments of commercial properties feel free to give me a call.

The question is how can we jump start the housing market?

I was thinking if the banks lower the interest rates more people will want to buy. Then I thought some more... If banks lower interest rates more people will refinance their current mortgage but I don't think more people would buy. It will give the economy a small boost. What will make the housing market jump is if we create more jumps in the US.

I have about 4 clients that are unsure about their job. If they will be laid off or hours cut back. If the government put a higher tax on companies that export jobs making them create jobs in the US will jump start the housing market.

What is your take on the issue? 

As of yesterday the month Mortgage Insurance (MI) for FHA loans have increase to to 1.15% each month. The Treasury has said that they will slowly back out of buying Mortgage-Backed Securities (MBS). 

With this move FHA loans have gone up in payment by $30 a month and it also lowers buyers purchasing power. I am not sure if this was the best move by FHA administration because we still need to keep people encouraged to purchase homes, which will keep the economy moving forward. 

What I think is that the government want investors to get back involved in buying these MBS, which will bring back the stated loans. The government is moving to fast in weaning us off. But the government has a lot of issues its battling.

Their are great investments out there. Give Diamond Mortgage Lending a call 818.837.0073  Nevin McGee

The Home Depot store on Slauson & Western is the #1 store in the U.S. in gross sales. What do these numbers mean to you and I? 

I have always kept my eye on South LA since started my career in Real Estate in 2003. Because this area was the market I felt I could relate to the home owners, future buyers and my own future investment needs. I follow zip codes 90043, 90047, 90044, 90062, 90007, 90008, 90016, 90018, 90002, 90003, 90001, 90302. In 2004-2006 housing boom this areas increase 30%-46% in value. Home prices were around $250k and jumped up to the $450k range. It was crazy to see these values in these areas grow so fast.

What does being the #1 store in the country mean? I heard corporate flew in to see what was taking place in this store. How was this store making so many profits with a median household income $30k. With 63% of households are renters and a 56% growing Latino community. With these numbers its lead to believe that investors and 1st time buyers are buying in this area, making new home improvements to their investments. 

Now that these values are back down to the $200k area more 1st time buyers are entering the market and investors. This is a great time to find that new property.

Investors are out and looking for new deals. I was surfing the net on www.themls.com when I came across this 4-Plex in South Los Angeles. It was on the market for $179k. When I looked at the numbers, I was like this is a great deal! 111 E. 97th ST

When I got to the property the first thing I noticed was that the property was off an alley. You had to enter and park from the alley. Then I walked in all the units and and figured each unit would have to take about $10k each to get all the units up to code. So I was thinking that I would put an offer in at $150k or something, thinking it would be a competitive offer. I looked at the comps and seen the value would be about $300k after all the repairs were done. 

I know the listing agent and gave her a call. She was like this has been the most popular property in years, since the real estate boom. This property had over 40 offers on the property way over the asking price. She also had 2 cash offers of $250k. She told me most likely she was going to go with the cash offer.

Well I have to look at it like this, There are over a millions investors in Los Angeles. You have to look under rocks and wherever you can to find deals.

Diamond Mortgage Lending (818) 837-0073

Nevin McGee (323) 309-4918

I just found out last month that this time period in our lifetime is called the Great Recession. The media sure does know how to play on words. The reason being is that this is the longest time of unemployment in the United States.

Everyday I get asked what do you think about the real estate in Los Angeles! While my view is that everyone wants to be in Hollywood. Los Angeles is a great city because of the weather, the beaches and tourism. I believe that our economy will recover faster than other cities. Another reason is because people are coming from all over the world to enjoy our city which we love.

This is a great time to find good deals and buy. Don't wait till the prices go up again. I'm forecasting that the prices will increase in the Spring of 2012. So you have time to get your ducks in order and give Diamond Mortgage Lending a call.

Start the New Years off right! Diamond Mortgage Lending, Inc. 818.837.0073

 The other day a friend asked me will the home values in Los Angeles drop some more. I told him, Heck No! Then he said I hear that its a lot of foreclosures.

I told him, The reason being is that everyone wants to be in Los Angeles. You have people coming from different countries and different state to be in one of the best cities and climate in the the United States. I also went on about how all these banks are holding on to all of these foreclosure to also keep the values up and the demand for properties up. Which is creating a bidding war on each property causing the purchase price to be more than the listed priced.

If you want to buy something in Los Angeles get it now before home values start to climb back up. Get with Diamond Mortgage Lending.

Big Banks and the Government are charging more fees and put small business appraisers out of business!

Coming this Monday February 15th all FHA appraisals have to go through HVCC, which charge borrower $500 or more for an appraisal. Before a small business apprasiers would charge $350-$400 for a single family dwelling appraisal. Now these small business appraisers have to join these HVCC companies to get any business. The HVCC companies are only paying these appraiser $150-$200 per appraisal.

So the borower is getting charged high fees and the small business apprasier is lose money.

How long do you think the interest rates will stay low?

I get asked this question almost everyday or every other day. Here is my crystal ball prediction!

I believe rates will stay low till Spring of 2011 because real estate is the only thing driving the economy and has been for the last seven years. Plus unemployment is still high. The government is trying to keep current home owners in their properties and get 1st time buyers in the market to create spending.

I think rates will move up a little in April because families like to move during the summer months before school starts for their children then the two weeks before Thanksgiving rates will drop low because no one is thinking about moving during the holidays.

Its a great time to look for that property now before May because that will be the end of the $8,000 tax credit from the IRS for 1st time buyer or $6,500 for move-up buyers.

You have any question contact Diamond Mortgage Lending.