I remember when I was younger and needed a co-signer and I remember later on and being asked to BE a co-signer. I didn’t think much about needing one, but boy I sure did think twice about BEING one. You really put yourself, and your credit, on the line when you cosign for someone. Especially if it’s a friend or family member. Co-signer BEWARE!
Here is some information about this subject, courtesy of C.A.R., and the NY Times.
Co-signing On The Dotted Line…
Tighter lender standards and an unstable job market have made it tougher for some people, especially those just starting out, to qualify for a home mortgage on their own. So, some home buyers are turning to family members or close friends with good credit to co-sign a home loan.
Making sense of the story
- While becoming a co-signer may seem like a good solution, money manager and lenders caution against those who are asked to be the cosigner.
- A co-signer, even if not living in the house, is really a co-borrower, meaning he or she still is responsible for payments if the occupant is unable to meet his or her obligations. In other words, if the principal party defaults on the loan, the co-signer is on the hook.
- One financial planner suggests potential co-signers take a less risky alternative, such as providing a cash gift for the down payment. Under current tax laws, a person can give as much as $13,000 to a person, free of gift taxes, or $26,000 per person, if a married couple filing jointly is giving the money.
- Those considering co-signing a mortgage must conduct due diligence. First, the co-signer must understand why the family member or friend is asking for help. Potential co-signers shouldn’t be afraid to look into the requestor’s personal finances to help determine whether he or she will be able to repay the loan. Perusing credit reports also will show the track record he or she has for paying off debts.
- A discussion about worst-case scenarios also should take place before signing on the dotted line. Working out a written contract containing an agreement about what would happen in the event of a default, also is recommended.
- Co-signers also should keep in mind that the mortgage will show up on their credit report, and could affect their own ability to borrow money or buy a second home. If the principal borrower makes a late payment, that also will show up on the co-signer’s report.
I’d love to hear if you’ve ever needed or been a co-signer and if you survived it, or regret it and have a horror story.
Randy
Image via Wikipedia
Here’s an excerpt from one of the paragraphs about the history of what’s happened in the real estate market in Stockton, CA. Detailed information on home sales appreciation rates, etc. It’s an interesting chart of what’s happened year by year…
The highest annual home appreciation rate in the Stockton Real Estate Market was 32% in the twelve months ended with the 2nd Quarter of 2005. The worst annual home appreciation rate in the Stockton Market was -38% in the twelve months ended with the 3rd Quarter of 2008.
“The highest home appreciation in the Stockton Real Estate Market over a three
year period was 75% in the three years ended with the 4th Quarter of 2005.
The worst home appreciation over a three year period in the Stockton Market
was -54% in the three years ended with the 3rd Quarter of 2009.”
You can read the complete information HERE – Stockton Real Estate.
Here’s another link to an article about Why Real Estate Should Be In Your Portfolio.
Image via Wikipedia
Summer brings with it abundant sunshine, fresh foods and fun activities which is why the season inspires many people to be happy and healthy.
Chelsie Hightower, the Emmy-nominated professional dancer from the hit show “Dancing with the Stars,” has put together some healthy lifestyle tips:
1. Make healthy meal choices. “I personally love sushi. Fish and vegetables are essential for my weekly protein, and it’s even healthier with brown rice,” says Hightower.
2. Hop in a steam bath. After working out, steam helps relax sore muscles and boost your immune system.
3. Use summer as a reason to try new activities. Take hikes, go swimming, or learn yoga.
4. Keep a food journal. Once you see everything you eat written down in front of you, it’s easier to make more realistic goals and changes.
5. Dance to your own beat. Realize that no two body types are the same and what works on others won’t necessary work for you.
6. Make healthy food more interesting with unique and delicious recipes. ”I enjoy finding recipes online and then trying them at home. Old London has some great recipes on their Facebook page,” Hightower says.
And while you’re out enjoying the nice weather, don’t hesitate to contact us here at Realty World Premier Associates if you’d like to do some summer-time home shopping as well. Many home prices in the Lodi, Stockton and surrounding Central Valley areas are making mortgage payments even lower than what you’re paying for rent right now.
I don’t normally post things like this, but I felt very compelled to share this video after viewing it myself.
Burzynski: Cancer Is Serious Business from BurzynskiMovie on Vimeo.
Grilling season will arrive before you know it. Before firing up the grill for spring festivities or tailgating, however, weekend warriors should observe a few simple precautions to ensure that backyard barbecue bashes don’t go up in flames.
Casual cookouts can turn dangerous — and sometimes deadly — if safety is ignored, according to MetLife Auto & Home. Follow these easy pointers to make grilling safer:
* Keep barbecue grills on a level surface away from the house, garage and, most importantly, children and pets.
* For gas grills, always store gas cylinders outside and away from your house and be sure the valves are turned off when not in use.
Image via Wikipedia
* For charcoal grills, use only starter fluids designed for your grill and never use gasoline.
* Keep a fire extinguisher accessible and never leave a grill unattended once it has been lit. If an extinguisher isn’t available, consider keeping a bucket of sand or a garden hose nearby.
It’s time for the 7th Annual ZinFest in Lodi, CA coming this May 13-15th. 
There will be tons of festivities, fun, wonderful food, and of course plenty of wines from many of the local vintners. This will surely be a festival that will provide the adults that are still young at heart with lots to do and enjoy.
This is Lodi’s premier wine tasting event and has grown in popularity over the last few years. It attracts wine enthusiasts and fun lovers from all around.
The festivities of Vintner’s Grille at the Lake will start at Lodi Lake on Friday the 13th, yes that’s right, I said Friday the 13th, from 6pm-9pm at the lovely Lodi Lake on Turner Rd. If anything, at least show up to see what happens at a small town lake on Friday the 13th just for fun. HA!
The fun continues as the actual Wine Festival on Saturday the 14th (not as scary sounding) from noon – 6pm, still at Lodi Lake. There will be 250 handcrafted wines from 50 local Lodi wineries.
Then on Sunday the 15th (not scary at all) ZinFest wraps up with self-guided tours and open houses of participating local wineries.
There are different ticket prices for the Friday and Saturday events, and Sunday is a no-charge day to tour the wineries.
Visit this ZINFEST website for all the details on tickets, locations, participating wineries, etc.
If you attend, BE SAFE and HAVE FUN! And while you’re in town and would like to view any homes for sale in Lodi area, I’d be delighted to assist. Perhaps we’ll even find you a property that has wine grapes growing on it and you can really be a part of the 8th Annual ZinFest next year. 
I’ve lived in and around Lodi, CA for a very long time and it’s not too often that we have a lot of options when it comes to shopping. Oh, we have our much loved Kohl’s, Target, and Wal-Mart, but just shy of venturing out to the malls in Stockton, Modesto or Sacramento, sometimes I’d like a little variety.
Well here it comes in the form of a brand new Costco being built in the Reynolds 
Ranch area of Lodi at the corner of Harney Ln and Hwy 99 Frontage Rd.
I’ve even heard that there may be a Best Buy and/or a Home Depot to join in on the same center location. I don’t need the Home Depot, but a Best Buy would surely be fun!
For now let’s just get this new Costco completed and open for business. I’m ready for all it has to offer, which will most likely be at the end of this summer. Can I get an “Open, open, open!?”
Oh, and by the way, there will be a gas station included as well at this location, 
which is fine as long as it’s not taking up the space where Best Buy should be going. LOL!
What will this do for the real estate needs in Lodi? Will the upcoming new employees already be here or will some of the expected 300 employees need a really great Realtor® to help them find a new home? I’m hoping for the latter since it would only help with the current available homes that need a new owner to fill in the gaps in our current real estate market. There are many great real estate deals with all of the Short Sales in Lodi as well as the ones in Stockton, not to mention the bank owned foreclosures, and even a few traditional owner sales.
Let us know if you are excited about the new Lodi Costco, or if you think it’s making our quaint little wine community too commercial.
Back in the “old days”, it was the ‘American Dream’ to not only buy a home, but also to actually pay off that debt.
There were actually “Note-burning” parties. 
You would gather all your friends and family around so they could watch you burn your mortgage note papers once you paid off your loan. I’ve heard from many people over the years that attended those parties and how exciting it was for the host.
It seems that no one ever pays off their mortgage these days. Is it because of the amount of the loan, or the fact that no one stays in any one home long enough like families used to? I would say it’s a combination of both.
If you’re one of the few that are in a situation that gives you the option of paying off your mortgage because you’re nearing the end of the loan term or if you’ve come into some money and you could now afford to just pay off your mortgage bill and have that awesome feeling of not writing that nasty old loan payment each and every month, then here is an article with some information that might give you some insight as to what decision would be best in your situation…
READ ARTICLE HERE.
I’d love to know if you’ve ever paid off a mortgage and if you are glad you did or regret it. Leave a comment or shoot me an email.
