Tri-Valley Real Estate Blog

5 Good Reasons to Refinance

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reasons to refinanceRefinancing can lower your monthly payment, increase your home equity, or allow you to cash-out some of the equity in your home to use for other things.

Are you wondering if you should refinance? Keep reading for 5 good reasons to refinance to help you decide.

1. To Secure a Lower Interest Rate

You may be able to lower your interest rate by refinancing, especially if you bought your home many years ago or if your credit score has significantly improved.

One of the most financially significant terms on your loan is the interest rate. Even a change of a half a percent can mean a significant difference in both monthly payment and interest paid over the life of the loan.

For example, when purchasing a $300,000 home with 20% down, your monthly mortgage payment with a 3% interest rate would be $1,011 per month, before taxes and insurance. If that interest rate were to rise to 4%, the monthly payment would be $1,145. $134 more each month means $1,608 more in interest each year, or over $48,000 over the life of the loan.

A lower interest rate is one of the top reasons to refinance because it can save you thousands over the life of the loan.

Related: Right Now is a Great Time to Refinance Investment Properties

2. Shorten the Length of Your Mortgage Term

Another way to save money over the life of your mortgage is to refinance to a shorter length, usually from a 30 year mortgage to a 15 year mortgage. This is one of the smartest reasons to refinance because if you can swing a higher monthly mortgage payment (and it may not be as high as you think, depending on the interest rate you qualify for), you can end up owning your home outright in half the time.

In some cases, this will mean a significantly higher monthly payment, depending on interest rates. Talk to your lender to see if this might be an affordable option for you.

3. Switch from an ARM to a fixed-rate mortgage, or vice versa

If you purchased your home with an adjustable-rate mortgage (ARM) and the rates have increased past what you could get on a fixed-rate mortgage, you will likely benefit from refinancing.

Depending on expert predictions for interest rates, converting from a fixed-rate mortgage to an ARM may be a good way to save money each month if you plan to move in a few years.

Switching the type of mortgage you have is one of the best reasons to refinance, depending on all the details of your situation and the status of the economy.

4. Get Out of PMI

When you purchase a home with less than 20% down, you will be required to pay private mortgage insurance (PMI) to help protect the lender. If you have lived in your house long enough, or the market has increased significantly enough, you may have enough equity to get out of your PMI and save significantly on your monthly payment.

If you think you might have enough equity in your home to refinance out of PMI, contact a lender to begin the process and put more money back in your pocket each month.

5. Take Out Cash From Your Equity

One of the most popular reasons to refinance it to cash-in on the equity your home has built through a cash-out refinance. In some cases, this can be a risky financial decision, but it all depends on how you use the funds.

A cash-out refinance to finance home renovations that add value to your home is one financially smart way to use your home’s equity. On the other hand, taking cash out of your home’s equity to purchase things that depreciate quickly or have no resale value (think vacations, toys, etc.) may end up getting you further into debt without a good fiscal reason.

How Much Should You Put Down on Your First Home?

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put down on your first homeAs a well-qualified borrower, you have options when deciding how much you should put down on your first home. So how do you decide?

There are a few things to consider when making this decision, and we’ve laid them out for you here.

What is a Down Payment?

When you apply for a mortgage, the terms of your loan will vary based on many factors, and one of those is down payment. Your down payment is calculated as a percentage of the value of the home you are buying. For example, a 20% down payment on a $300,000 is $60,000.

For a long time, 20% was the standard minimum down payment. This number may be intimidating to you as a first-time home buyer, despite being a well-qualified borrower with excellent credit, a low debt-to-income ratio, and sufficient, verifiable income.

The good news is, down payments now start at just 3%, and in some cases, you may be able to borrow the down payment to make your initial investment nothing more than closing costs.

FHA Loan

An FHA loan is a loan insured by the Federal Housing Administration to protect lenders. This program allows lenders to offer a mortgage with as low as a 3.5% down payment.

Keep in mind that Private Mortgage Insurance (PMI) is standard until 20% of the principal has been paid or until there is 20% or more equity in the home. The PMI payment will vary, but is generally between 0.5% and 1.8% of the loan total each year.

This type of financing is particularly popular with first-time home buyers because it has a more lenient credit score requirement and allows borrowers to keep more cash in their pockets when investing in real estate for the first time.

Conventional Loan

Conventional loans are what most people think of when they hear the word “mortgage.” With down payments as low as 3%, there are a wide variety of terms for a conventional loan.

The best terms are offered to those with excellent credit. Generally speaking, conventional loans will work for those with a debt-to-income ratio lower than 43% and a credit score above 620.

Conventional loans will also require PMI until the borrower has paid 20% of the principal or has 20% or more equity in the home.

VA Loan

If you have served in the military, you are likely eligible for a VA loan, backed by the US Department of Veteran Affairs.

VA loans offer many benefits, including 0% down and no mortgage insurance. This can make buying a home attainable no matter your cash reserves. You’ll also enjoy protection from prepayment penalties and exceptionally attractive terms because lenders are protected by the US Department of Veteran Affairs.

If you qualify for a VA loan, it is almost certainly the best choice for you.

USDA Loan

A USDA loan is another option that will require 0% down. These loans are backed by the US Department of Agriculture to stimulate rural housing economies.

USDA loans are available to borrowers who make 15% above the median income or less and are looking to buy a home in a rural area. This is generally defined as a place with a population of 20,000 or less, but if you have a specific town in mind you can find out if it qualifies here.

A USDA loan is offered to those with credit scores of 640 or above and a debt-to-income ratio lower than 41%.

What’s Right for You?

The best way to decide what’s right for you is by working with an expert. Contact me today to talk about the types of mortgages on this list that may be right for you, and one of our experts can help you decide how much you should put down on your first home.

What Should You Know about Real Estate Investment Property?

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What Should You Know about Real Estate Investment Property?

An investment property is real estate purchased to generate income through rental income or appreciation. Investment properties are typically purchased by a single investor or a pair or group of investors together.  

First, know that the buying process is different for an investment property compared to a primary home. Before you invest in property, make sure you meet the following qualifications.

  • You’re Financially Stable

Investment properties require a much higher financial stability level than primary homes, especially if you plan to rent the home to tenants. Most mortgage lenders require borrowers to have at least a 15% down payment for investment properties, which is usually not required when you buy your first home. In addition to a higher down payment, investment property owners who move tenants in must also have their homes cleared by inspectors in many states.

Make sure you have enough money in your budget to cover the initial home purchase costs  as well as ongoing maintenance and repairs. As a landlord or rental property owner, you must complete essential repairs in a timely manner, which can mean expensive emergency plumbing and HVAC repairs. Some states allow tenants to withhold their rent payments if you don’t fix broken home utilities on time. Make sure you budget more money than you think you need for regular and emergency home repairs. Investment property expenses don’t just begin when tenants move in. You also need to budget money for advertising and credit checks to make sure you take in the best tenants possible. A great set of tenants are an asset for your property, while bad tenants can increase your expenses dramatically.

  • The Return On Investment (ROI) Is There

Real estate investors often see positive cash flow with their investment properties in today’s market, but the savviest investors calculate their approximate return on investment rates before they purchase a property.  If you buy a property in a solid area and you know that you can rent to reliable tenants, a 3% ROI is great. However, if the property is in an area known for short-term tenants, a 3% ROI may not be worth your time and effort.

  • You Have Time To Manage It

Investment property management still takes a lot of time. You have to put up advertisements for your space, interview potential tenants, run background checks on tenants, make sure that tenants pay their rent on time, perform maintenance on your property and make timely repairs if something in the home breaks down. You also must do all of this while working around your tenant’s “right to privacy,” a legal standard that prevents you from dropping by unannounced without at least 24 hours of warning in most states.

Before you decide to buy an investment property, make sure you have plenty of time to maintain and monitor your space.

 

Is Your Home’s Value Decreasing?

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Here are some key things that seriously pull down your home’s value.

Is Your Home's Value Decreasing?

#1. Poor curb appeal.

If you’re planning on selling your house you need to know that the very first impression a buyer is going to see is the exterior of your home. Most MLS cover photos of the listing need to either be the front of the house or the view from the house. Chances are, most people are going to take a picture of the outside of the house so this is the first impression buyers will see of the property. It’s important to make your homes curb appeal stand out and attract buyers in further. Clean up the yard, trim trees, bushes, shrubs, mow the lawn, and repair any unsightly flaws to the outside of the house such as leaky windows, broken steps, or cracked sidewalks. [Read more…]

Best Dumpling and Dim Sum Restaurants in Tri-Valley

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The East Bay Times recently came out with an article talking about some of the best dumpling restaurants throughout the bay area and several are right here in the Tri-Valley area. Everybody knows Din Tai Fung, the best dumpling restaurants in the area where you can watch them make all of the dumplings by hand outside the big glass windows at the front of the restaurant. But they’re not the only dumpling and dim sum restaurants worth checking out.

Din Thai Fung recently relented on their “no reservation” policy and are now accepting reservations, especially for large parties. This restaurant has been known to have lines out the door for several hours around some of the peak dining times but now, you can check out some of the other dumpling and dim sum restaurants.Best Dumpling and Dim Sum Restaurants in Tri-Valley

Dim sum, although it means “small bites” has been a relatively chastised as being different from dumplings. Call it what you will, these dumplings are some of the best in the Tri-Valley area.

Right here in San Ramon is Hung’s Kitchen. Located at 500 Bollinger Canyon Way, Hung’s Kitchen has been known to have the delicious juicy pork dumplings, xiao long bao , pan fried noodles and hot and sour soup. If you’ve never have those juicy pork dumplings, there unlike anything else. They mix in the ground pork, spices and other Asian flavors with jellied pork broth and as the dumpling steams the broth melts into a delicious and juicy pork dumpling.

Best Dumpling and Dim Sum Restaurants in Tri-ValleyKoi Palace has a couple of locations, one of which is in Dublin. This dim sum restaurant features dinner menus and a separate dim sum menu with soft and tender pork buns, chicken dishes, deep-fried shrimp, Shui Mai, spicy noodles and dozens of other delicious and tempting treats.

And finally, Lee Garden Seafood located at 5588 Springdale Ave. in Pleasanton. Crisp and sweet cream puffs, Shui Mai with shrimp and pork, spicy scallops, crispy fried shrimp balls, crispy shrimp dumplings, stuffed fried tofu and steamed, homemade dumplings all around out their fantastic a dim sum menu.

The next time you’re craving dim sum or simply some fantastic dumplings, check out one of these three local Tri-Valley restaurants to add to your list when the wait at Din Thai Fung is just too ridiculous.

 

Best New Subdivisions in San Ramon, California

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Best New Subdivisions in San Ramon, California

With beautiful weather, abounding employment opportunities and endless outdoor recreation, San Ramon is considered one of the best places to live in the United States. The booming housing market has demanded new housing be built and the resulting subdivisions are hot. Here is a tour of some of the best new subdivisions to consider, if you’re in the market to move!

3 of the Best New Subdivisions in San Ramon, California

The Preserve: Hillcrest by Lennar 

Hillcrest is a high-end community in San Ramon with new three-story townhome condominiums with amazing perks. Besides a huge, elegant clubhouse for community use, there is a beautiful swimming pool, sports courts, and multiple other parks. Whether you have a young athlete looking to play soccer, basketball, or baseball, you will find recreation spaces for all of these and more. This community is located close to some fantastic outdoor sights including Mount Diablo, the Iron Horse Trail, and Las Trampas Regional Wilderness Park. Starting at $1,140,880 and topping out at $1,348,880, there are 104 home sites, of which about two-thirds have been sold. These homes start at 1,822 square feet but can be increased depending on the plan. If you’re in the market for an immaculate new townhome, with luxurious amenities, schedule a tour and see what this area is all about. You can view these beautiful homes here:

Hillcrest at The Preserve New Home Community – San Ramon – San Francisco / Bay Area, CA | Lennar

The Highlands by Lennar 

Coming to the market soon is the newest single-family home subdivision, The Highlands. Also located in The Preserve in San Ramon, there are 124 homesites available. These custom-built homes will start at $2,000,000 for a 2,829 square foot home and increase from there, expanding up to 3,650 square foot homes, offered at $2,199,880. These homes will have the same amazing perks as the townhome condominiums above, including a community use clubhouse, swimming pool, sports courts, and multiple parks. These homes promote a healthy lifestyle with the outdoor recreation available nearby. You can learn more about these elegant homes at:

Highlands at The Preserve New Home Community – San Ramon – San Francisco / Bay Area, CA | Lennar

Twin Oaks by Toll Brothers 

In the hills of San Ramon, near Bishop Ranch, Twin Oaks has newly constructed three-story single-family homes, offering convenient travel times to work, highly rated schools in the San Ramon Valley Unified School District and luxurious retail nearby. The Arbor Collection of homes average a little over 2,800 square feet and start at a price of $1,649,995. This neighborhood overlooks the Promenade and is within minutes of Interstates 580 and 680, minimizing commute time to nearby cities in Contra Costa County. To learn more about these luxury homes, visit:

New Luxury Homes for Sale in San Ramon, CA | Twin Oaks – Arbor (tollbrothers.com)

Being an exciting and progressive city in Contra Costa County, San Ramon is a beloved city by its nearly 80,000 residents. With a booming housing market and these stunning housing options, now is the time to schedule an appointment to view these welcoming and comfortable new subdivisions.

Contact me any time for a list of homes and homesites available in these new San Ramon subdivisions.

 

What’s the Weather in San Ramon California ?

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San Ramon sits in beautiful Contra Costa County, about 34 miles east of San Francisco. Glorious warm summer days and evenings are the perfect time to partake in scenic outdoor hiking trails, aquatic centers, and outdoor entertainment. If you’re looking for a place during the winter months, you’ll find San Ramon equally inviting with lots of restaurants, coffee shops, museums, parks, and fairly mild winter weather.

What’s the Weather in San Ramon California ?

San Ramon Weather

Summers in San Ramon are long, arid, warm, and mostly clear. The temperatures are typically in the 70’s and 80’s, rarely going above the low 90’s. This makes it an ideal area for outdoor sports and recreation, staying in shape with hiking, bicycling, walking, or jogging, and generally enjoying the gorgeous bay area. To plan a trip during the warmest time to visit, you will want to come in late June, July, August, or September.

Winters are short, cold, sometimes wet, and partly cloudy. It typically ranges from the low 30’s to 60’s throughout the winter but doesn’t become too dreary because it comes and goes within just a few months. Comparing San Ramon to the national average puts its rainfall into better perspective. The national average is 38 inches of rain per year, but San Ramon gets almost half this rainfall with an average of just 19 inches per year.

Now that you know what weather to expect, you may be wondering what to do here. If you’re into history, a place you won’t want to miss is the Museum of the San Ramon Valley. In a building dating back to 1891, the museum collects, preserves and shares the region’s rich history through various exhibits. There are also guided tours available through the museum and these include a tour of the Alamo Cemetery and Old Town District in Danville.

Golfers will find a beautifully maintained 18-hole championship golf course, for players at all levels at the San Ramon Royal Vista Golf Course. For hikers and bicyclists, the Las Trampas Regional Wilderness Park offers 5,342-acres of nature area, surrounded by valleys and hills. There are different loops allowing visitors to choose the length and difficulty of their adventure. Antique car buffs will enjoy the Blackhawk Automotive Museum, where more than ninety classic cars await, as well as other car artifacts and memorabilia.

Iron Horse Trail is a rail-trail that once was a railroad line through the East Bay area. Now the multi-use trail is open to bikers, hikers, and horseback riders. This beautiful path includes a scenic old railway bridge over Walnut Creek and is upkept for wheelchair accessibility, offering fun for all.

No matter the time of year you will be in San Ramon, you will see there are plenty of activities to welcome all types of visitors.

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Where to Find the Best Pizza in Livermore California

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Whether you’re traveling through or live in the Livermore area, you need to know the best places to enjoy some mouth-watering pizza. If you’ve already got a favorite place, try branching out to see what these places have to offer. Here is a list of favorites you’ll want to take the time to try and a few reasons why.

Where to Find the Best Pizza in Livermore California

Patxi’s Pizza 

Known for their fabulous food, great atmosphere, and stellar service, Patxi’s is number one on the local pizza list. In downtown Livermore, Patxi’s has fun outdoor dining, as well as a large indoor eatery. They serve tasty pizzas, creamy pastas, and delicious salads. A must try on the menu is the deep-dish crust, which is comparable to a Chicago style pizza. The thick crust is delicious and chewy, but not doughy and the thin crust has just the right amount of crispiness. If you’re having a large gathering or need a place to host a celebration, Patxi’s is a great place for that, as well.

mountain mikes pizza

Mountain Mike’s Pizza 

You can almost get a sense for the style in their name and Mountain Mike’s will not disappoint. With freshly sliced vegetables and meats plentifully spread atop their fresh dough, the pizza is worth a drive even if you aren’t in the immediate area. They offer gluten-free crust, which makes it a great option for those with restricted diets, as well. There is beer and wine to go along with the pizza and salads. With a party room, big screens and buffet, there’s not anything this pizzeria is missing.

Pizza in Livermore California

Melo’s Pizza and Pasta 

With specialties like a Mediterranean Pizza or Carne Calzone, this restaurant offers all kinds of flavors to invigorate the taste buds. Not only serving pizza, Melo’s has a wide array on their menu from appetizers, to salads, sandwiches to pastas, and calzones to pizzas. With all these options, there’s sure to be an option to please every taste.

Best Pizza in Livermore California

Pizza Guys 

If you’re looking for delivery or take-out pizza, this place is highly regarded. Pizza Guys does not have a dining room so save this for when you’re in need of delivery or want to take a pizza to go. Pizza Guys uses fresh toppings, loads of meat, and it’s reasonably priced. They also serve pastas, salads, wings, and desserts and are known for their prompt service so when you’re looking for something on the go, this is the place to head.

Now that you’ve got some insider tips, pick a place and have some pie!

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Best Coffee Shops in Pleasanton California

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Whether you’re looking for a new place to try or visiting the Pleasanton area for the first time, here are some fantastic coffee shops you won’t want to miss.

Inklings Best Coffee Shops in Pleasanton California

This specialty coffee shop serves unique craft coffees, specialty teas, and delicious baked goods. There are scheduled days when live music is played which livens up their already warm and inviting atmosphere. With ample indoor and outdoor seating, and a welcoming staff and cozy ambience, you will want to stay awhile. Whether you’re in the mood for a smooth Lavender Latte or an Earl Grey Chocolate Chunk Scone, there’s a tasty treat awaiting you at Inkling’s.

Kamurocho 

Serving coffee and tea, alongside shaved ice and boba – Kamurocho has something to satisfy all ages. A sweet and creamy Honeycomb Latte, flavorful Matcha Shaved Ice Kakigori, or hot Thai Tea Latte are a few of the highlights on the Asian-influenced menu. Situated inside a strip mall, the indoor seating is limited but it’s well worth a visit to try the specialty treats like none other. This privately-owned establishment takes pride in their menu and makes every item with extra care, giving you a wonderful, personalized experience each time you enter.

Characterz Café and Coffee Roasterz 

With an exciting Marvel and DC Comic theme and fun family ambience, this spacious coffee cafe welcomes guests of all ages. There are a lot of traditional and children’s board games, and a video game console to enjoy with your beverages. There’s a rich menu of coffee drinks, tasty teas, fresh juices, and hearty food items. The amazing breakfast sandwiches are one of the favorites, as well as the Horchata Latte, Cold Brew, Tuxedo Latte, and Root Beer Floats. Whether you’re breezing through for a beverage to go or looking for a place to nestle in and enjoy some time with family or friends, Characterz is certain to please.

The Press – Pleasanton 

This artisan cafĂ© offers locally sourced ingredients, specialty baked goods with gluten-free and vegan options, and a phenomenal menu of soups, sandwiches, salads, and beverages. From a Graham Cracker Latte to a Lavender Lemonade, or a Turkey-Avocado-Provolone Sammie to a Blissfully Beet-Arugula-Quinoa Salad, there’s a savory meal for everyone’s liking.

More: Best Places to Eat in Pleasanton

These Pleasanton coffee shops offer friendly customer service, a taste of locally sourced ingredients and unique menu items, alongside distinct coffee flavors and handcrafted beverages. Before you run toward the well-known chain coffee shops, slow down to see what these neighborhood shops have to offer and support local.

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What is Contra Costa County Known For?

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Contra Costa County is the home to more than a million residents in the northern portion of the East Bay region of the San Francisco Bay Area. The county has a total of 804 square miles, in which 716 square miles are land and the other 88 square miles are water.

Industry What is Contra Costa County Known For?

A large component of industry in this county is agriculture, which required extensive irrigation to be developed. This was done through the building of canals that bring water from the eastern riverside portions of the county to the central areas. With this, orchards were planted where water is available, and drier areas were used for cattle ranching. In central areas, walnuts became a successful crop. Other areas in the region have grown plentiful crops of pears and cherries. In addition to farming, the waterfront areas became sites for heavy industry including oil refineries, chemical plants, and steel plants.

Attractions 

Black Diamond Mines Regional Preserve is a 6,000-acre park located near Mount Diablo containing three mining towns, former coal and sand mines, as well as a guided tour of a former sand mine. Blackhawk Museum is a group of museums in Danville, known for its classic, antique cars. Other changing exhibits are focused on the topics of transportation, culture, and science. The Stone House of John Marsh is another attraction, featuring a 7,000 square foot historic mansion built in 1855-1856.

Parks and Outdoor Recreation 

The most noticeable landmark in the county is Mount Diablo, which sits at 3,849 feet on the northern end of the Diablo Range. It is the focal point of Mount Diablo State Park, a beautiful recreational area for the community and visitors to enjoy.

Among the 65 parks and 1,200 miles of trails open to the public are these standouts. Briones Regional Park is a 6,117-acre park known for its rolling hills and panoramic views of Mount Diablo, Diablo Valley, Sacramento River, Berkeley Hills, and Mount Tamalpais. Many visitors enjoy the wildlife, including deer, coyotes, turkey vultures, squirrels, and hawks.

Iron Horse Regional Trail is a rail trail for horse riders, bicyclists, and pedestrians to wind through central Alameda and Contra Costa counties on abandoned Southern Pacific Railroad Tracks. It covers over 40 miles connecting two counties and over nine communities. The trail has several bridges over busy roads to improve traffic flow and is paved, making it wheelchair accessible.

Whether you’re in the area for recreation or looking for a community to settle down in, there are many picturesque opportunities in this diverse, well-loved county in the East Bay Area of California.  Image Sergey Semenov, CC BY-SA 3.0 <https://creativecommons.org/licenses/by-sa/3.0>, via Wikimedia Commons

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