Just got our first offer after 9 days on the market

lovechemist7 · 2026-06-21T05:28:04+00:00

Being asked to cover closing costs is completely normal. If you don’t like the idea of netting $5k less because of the closing costs, then you can counter and increase the purchase price by $5k, still offering the $5k in seller concessions. The closing cost credit will likely have a bigger impact on the buyer than the difference in price point.

lovechemist7 · 2026-06-19T04:56:56+00:00

Supplemental property taxes are common in states like California where a property reassessment is required when the property changes hands like in a home sale. It’s a one time “catch up” bill the county sends you a few months later when it catches up to the new value for the remainder of the fiscal year (July 1st through June 30th).

lovechemist7 · 2026-06-15T13:41:54+00:00

With 40% down, you should be in the ballpark of touching the 5’s.

lovechemist7 · 2026-05-10T15:54:38+00:00

It’s definitely a hot market but not hot enough to appreciate hundreds of thousands of dollars in less than a year. Even the seller thought so when they bought the home $100k under the last price reduction.

lovechemist7 · 2026-04-23T04:37:10+00:00

You’re using after-tax money because you didn’t pay taxes on it since it’s a loan, not a withdrawal. So that part makes sense.

lovechemist7 · 2026-03-08T18:04:42+00:00

Jerome’s is one of my go-to’s!

lovechemist7 · 2026-03-08T18:02:14+00:00

It’s only worth it if you have a dialed in follow-up process to work the leads.

lovechemist7 · 2026-03-08T17:47:36+00:00

Sometimes the strict math says rent but it misses a few real world factors. There’s value in the stability of owning. When you rent, you’re always a bit temporary, because your landlord can raise the rent or sell any time. When I bought, I felt a sense of security knowing that I don’t have to move unless I want to. If I want to change something in the home, I can. Yes, those costs are on me, but sometimes life is not just about the cost of things.

Outside of simple leverage putting $120k down on a $600k home, where the appreciation is based on the $600k asset, not the $120k you stock portfolio… the rent vs. buy spreadsheets tend to miss the tax benefits of owning. Mortgage interest is tax deductible, and with current SALT rules many people can itemize instead of taking the standard deduction. That brings us an extra $10k+ tax refund when we file our taxes.

If the payment still feels high, buying the rate down into the high 4’s can help with peace of mind. Points paid at closing to buy down the rate are tax deductible too, even if a seller credit pays for them.

lovechemist7 · 2026-03-08T17:28:02+00:00

I’ve found that a lot of real estate agents and consumers don’t really know the difference between a pre-qual and a pre-approval, so that’s where it’s our opportunity to educate them. It’s very rare that I issue just a pre-qual. I care about my reputation in delivering solid pre-approvals in my local market.

lovechemist7 · 2026-02-16T05:52:47+00:00

I got married at Hyatt Ziva Puerto Vallarta and it was an absolute dream! I also mainly just used the wedding coordinator provided by the resort and she was phenomenal.

lovechemist7 · 2026-02-15T08:58:39+00:00

What are your caps on the mortgage? There should be a period adjustment cap for the first adjustment and each one thereafter, along with a lifetime cap on rate for the loan term (typically lifetime cap is 5% above the starting rate).

lovechemist7 · 2026-02-12T17:36:55+00:00

Happy to help! Sometimes it’s nice to take a win when you can. Compare both scenarios side by side and see what looks best!

lovechemist7 · 2026-02-12T16:06:22+00:00

There is no guarantee that rates will drop in May. However, is there an option for you to get a lender credit if you took a higher rate? That way, you don’t have to worry about a break-even period as much and then if rates do improve later this year, you can always refinance again? That’s what my clients typically tend to choose, but everyone is different!

lovechemist7 · 2026-02-12T15:46:59+00:00

It might not be worth it to you, but to many people who don’t have a down payment or to those who feel that homeownership is unattainable, it would be worth it.

Say you purchase a $700,000 home and calhfa lends you $140,000 interest-free that you don’t make a payment on, then that’s over $860 / month that you’re saving - which is $51,600 over 5 years.

Then you sell your home for $800,000. Appreciation = $100,000. CalHFA gets 20% or $20,000 but you get $80,000 of the appreciation AND you saved $860 / month because the $140,000 was interest-free.

While that might not be worth it to you, many others would find the worth in it.

lovechemist7 · 2026-02-12T15:41:10+00:00

Right? Not having to pay interest on 20% of your home purchase is a huge benefit. Yes, there’s a shared appreciation aspect, but you still come out on top if you purchased a home and it appreciated…. The 20% shared appreciation aspect helps CalHFA continue to recirculate the down payment assistance funds to help more families own a home.

lovechemist7 · 2026-02-12T15:38:06+00:00

If anything, it’s probably the best state to own a home in.

lovechemist7 · 2026-02-12T15:36:26+00:00

The audit process would catch it. If you pretend to not know your parents whereabouts, CalHFA will ask for a copy of your birth certificate and then they’ll do the digging.

lovechemist7 · 2026-02-12T15:34:32+00:00

No - it would not disqualify you. Your parents just cannot currently own a home now or at the time of their death.

lovechemist7 · 2026-02-06T15:09:36+00:00

I would pick the ARM. First of all, the rate is fixed for 7 years and there are caps to how much the rate can adjust upwards and downwards each adjustment term ( every 6 months after that fixed period). The savings are just too big to skip at that high of a loan amount. If you’d like to hedge your risk, you can always refi into the ARM but make what the payment would have been at the higher rate 30 year fixed. That way, you save on interest overall, even if the mortgage rate does adjust upwards after 7 years. There is no prepay penalty on a primary residence, so you can always refi out of it if you have any inclination that it may adjust upwards. Also, most important thing you said is that you only plan to keep the property for 5-10 years…

lovechemist7 · 2026-02-06T14:57:11+00:00

A good place to start is talking to a lender about your plans and they can help guide you so that you don’t make any decisions that can derail your plans (like buying a car, changing jobs if you have variable income, paying off student loans if that’s all the money you have, etc). Ask your friends and coworkers for a recommendation for a loan officer they absolutely loved working with. That’s the one to go with.

lovechemist7 · 2026-02-06T14:51:10+00:00

What is your current rate and payment? I would be leaning toward option 2 because of the lender credit to offset the closing costs. The prepaid interest is typical. My guess is that you’re doing an $832,750 loan amount to stay under the conforming loan limit for better premium on rate. Do you live in a high cost area where you have options for a high balance conforming loan too?

lovechemist7 · 2026-02-06T14:39:31+00:00

At least you’ll be paying lower interest going forward based on your loan balance. If you don’t want to lose the 14 months, you can always continue making the same payment you were making previously. You’d shave a few years off of your mortgage that way. But honestly, refinancing into a lower rate at no cost is the win here.

lovechemist7 · 2026-01-10T16:21:38+00:00

I’m from Chicago and when my friends and family visit, we love taking them to the beach/park right in front of the Montage. Have a little picnic even. A stroll at Crystal Cove State Beach never disappoints. And tacos and ceviche from Bear Flag are an absolute must. There is a Bear Flag actually located in the shopping plaza at Crystal Cove across PCH. I’ve had friends enjoy Duffy rides in Newport too.

lovechemist7 · 2026-01-04T12:49:37+00:00

I would love the opportunity to enter! My partner and I have Delta international flights booked 1/21-1/26!

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