Need More Space? Fast Facts on ADU’s

ADU accessory dwelling unitHere on the Peninsula, people are needing to get creative about housing. With limited space, rising populations and multi-generational families, finding housing that fits your needs can be tricky.  San Mateo County is making a considered effort to promote and encourage residents to explore developing second units, or ADU’s. So what are ADU’s all about?

What is an ADU?

The term ADU stands for “Accessory Dwelling Unit”. This could be anything from a garage conversion to a free-standing structure on the property.  Regardless of type, they are all self-contained and smaller than the primary structure on the property. Often known as in-law units, cottages or garage apartments.Read More

Financing 101: Down Payment Under 20%

down payment

One of my favorite lenders, Jonathan King at Private Mortgage Advisors (PMA,) shares a quick and useful breakdown of ways to buy a new home without a 20% down payment…

As the market appears to shift (which seems evident by the number of offers we see on properties getting into escrow,) it would be a great time to remember about mortgage options that require less than 20%. The minimum down payment requirement is determined by loan amount and loan type (conforming or non conforming). For higher priced homes, minimum down payments offered by PMA are 10% up to a $2M purchase price. Above $2M, a larger down payment is required, generally 15% or more. For lower priced homes, minimum down payments can be 5% for a purchase price up to $715k which can be attractive to condo buyers in our area.

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Financing 101: Equity Lines

Equity Lines - What's a HELOC

Financing can definitely be one of the most complicated parts of the home buying process. Even after you purchase the home there are financing considerations.  I’m fortunate to have some great financing resources who make complicated things easier to understand.  One of those is Jonathan King with PMA Loans.  I asked Jonathan to share a bit about equity lines, aka HELOC’s (Home Equity Lines of Credit).  It’s a term we all hear, but many people wonder “What’s a HELOC?”, aren’t sure when to procure one or how it can be used.

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Online Mortgage Solutions – A Q&A With My Mortgage Banker

online mortgage solutions

There’s no shortage of tech solutions when it comes to finding a mortgage.  If you live on the Peninsula, you’ve likely seen the Caltrain wrapped in SoFi advertising and Rocket Mortgages (owned by Quicken Loans,) seems to be advertising on TV every other commercial.  These, along with their main competitors Lenda and Guaranteed Rate, are great resources for home buyers. But are they the best way to go about procuring an actual mortgage?Read More