Things that you must know about Bay Area Home Lending

Things that you must know about Bay Area Home Lending

Every Tuesday, I go into detail a question I frequently get asked. What do you need to know about Bay Area Home Lending?


This is the first step that needs to be done before looking for a home! You want to understand what your loan ceiling is as this is what I call a hard ceiling. There isn’t a point of looking at properties above this amount unless you are able to get gift money or financial support from others. Nevertheless, there are alot of lenders and loan programs out there, so what do you do?


Banks constantly change their guidelines and take turns being the most competitive but there are a few things to be aware of. I do what I can to constantly monitor and track the strengths/weaknesses of each bank so that my clients can get an advantage.


There are two common types of loan programs. A 30 year fixed rate, or an Adjustable rate mortgage. Many people decide between the two based off of how they feel about interest rates changing in the future and their time horizon of owning the property. If you are certain that you will be using the home as a tradeup and plan to sell within 5-7 years, many people opt for the ARM rate and save money on their monthly payments. ARM rates are typically lower by 0.25% to 0.5% from a 30 year fixed rate.


When it comes to home purchases that require at least a $250k+ down payment, Wells Fargo is currently very hard to beat. They still have a program called Assets Under Management which allows clients to buy down rates with money that they would’ve used for down payment anyways! Other private client programs require the money to stay in the account after the transaction takes place so this is a great benefit for those that know about it.


Physician loans, especially tied with companies like Kaiser, has some of the best programs out there. Depending on what kind of offer you receive from a local Kaiser, many physicians at Kaiser have down payment assistance where Kaiser covers 10% of your down payment. Physicians, without support from their company have loan programs that can buy with 5% down, will have no mortgage insurance, and can buy up to $1.2M. Mortgage insurance is a extra monthly cost that you pay since you don’t have much skin in the game initially in the home. You may ask, wait if Kaiser can cover 10%, and a standard physician loan requires 5%, does this mean I don’t need to put any money down? Bingo! You can reach out to me to learn more about this as to how this process works but you can note for all of your physician friends, there isn’t much of an excuse to not be a homeowner! BBVA has the best programs for this.


If you are a first time buyer, you don’t have to buy with 20%. That is a misconception. There are plenty of programs for as low as 3.5% down for everyone to take advantage of. There is a max of your purchase amount of up to $765,600 but there are plenty of properties all throughout the Bay Area to get in this category. People ask me, but there is mortgage insurance? It’s always better to get into the homeownership side of the table than as a renter where that is a guarantee sunk cost. As the value of your home rises over time, you also have the option to refinance the PMI out since the PMI is needed due to initially having very little equity/skin in the game. It also accelerates you and frees up that capital to do other things with your money. Mortgage brokers are great candidates for this and tend to be more flexible than banks.


All of these are great options because you are leveraging record low interest rates and getting out of the rental space. I have great lending partners as very much like Realtors, there are a lot of loan officers out there and they are not all equal from a knowledge perspective, communication, and work ethic.. If you or anyone you know is considering to buy, sell, or invest in the Bay Area, let’s talk! I’m never too busy to be introduced and I have helped several clients from these videos itself! If you liked this video, be sure to share it with your friends, leave a comment with what you think, hit that like button and subscribe to my youtube channel! I look forward to seeing you at the next one.


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If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today!


📧Spencer@spencerhsu.com

📞 (408) 547-4590

⏰ Set up a time to chat: https://calendly.com/spencerhsure

🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/

🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate

📸Follow me on Instagram: https://www.instagram.com/spencerhsure

🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu

🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7

🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW

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My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money!

Spencer Hsu, MBA, Realtor

Spencer@SpencerHsu.com

408-547-4590

EXP Realty DRE #02077253

https://www.homesbyspencerhsu.com/

#BayAreaRealEstate

Avsnitt(362)

Homebuying Froth? Not in the Bay Area! | Bay Area Real Estate Market Report May 28, 2021

Homebuying Froth? Not in the Bay Area! | Bay Area Real Estate Market Report May 28, 2021

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A Record High for Bay Area Home Prices! | Bay Area Real Estate Market Report May 21, 2021

Every week at 12 PM PST, I analyze the news and data that can affect the Bay Area Real Estate Market. Tune in weekly and email me anytime if I can help! spencer@spencerhsu.com.Topics covered for the week:Intro(0:00)Bay Area home prices just hit a record high. Will the buying spree last? (0:35) Uber co-founder CloudKitchens venture pushes ahead in downtown San Jose (5:55)Development plans for nearly 1,000 condos, apartments headed to Union City council (8:13) Investors are buying up single-family homes across the US (11:31) Latest Market Data for all counties in the Bay Areahttps://docs.google.com/spreadsheets/d/1P5T3T4doU9vutLotcKnZ0WCZahU0nvKn1khR-QQsrTI/edit?usp=sharingTI/edit?usp=sharingSan Mateo County 14:43Santa Clara County 15:43Alameda County 17:02Contra Costa County 17:55 San Francisco County 19:03🗓 Want to schedule a time for a free consultation? Find a time that works for you!  https://www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/ 🎙️Listen to my podcast: https://bit.ly/3bJx88 📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/ 🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253#BayAreaRealEstate #TechRealtor

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Dreaming of Cali — Real Estate Market ON FIRE | Bay Area Real Estate Market Report May 14, 2021

Dreaming of Cali — Real Estate Market ON FIRE | Bay Area Real Estate Market Report May 14, 2021

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14 Maj 202118min

Back to Remote Work Says Google! | Bay Area Real Estate Market Report May 7, 2021

Back to Remote Work Says Google! | Bay Area Real Estate Market Report May 7, 2021

Every week at 12 PM PST, I analyze the news and data that can affect the Bay Area Real Estate Market. Tune in weekly and email me anytime if I can help! spencer@spencerhsu.com.Topics covered for the week:Google backtracks on office returns and will allow employees to work remotelyReal estate: Microsoft grabs big chunk of north San Jose landKilroy To Make $900 Million Speculative Bet That Bay Area Biotech Boom Outlasts PandemicApplied Materials widens Sunnyvale holdings with new purchaseEast Bay market is so hot, houses are selling for more than $1M over asking🗓 Want to schedule a time for a free consultation? Find a time that works for you! https://www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️Listen to my podcast: https://bit.ly/3bJx88📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! https://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253#BayAreaRealEstate #TechRealtor

7 Maj 202113min

What Other Agents Won't Tell You! My Best Secret to Buy/Sell Your Home

What Other Agents Won't Tell You! My Best Secret to Buy/Sell Your Home

Don't make the mistake of buying a home based solely on the listing price as that's not actually the price where it can end up costing you an upwards of $50,000 or MORE! When I help out my clients on the buying journey I make sure the homes we set out for are ones specifically catered into their budget AND complete with their absolute must-haves. My secret strategy to get my clients to make their best offer in regards to the listing price? Well, you're going to just have to find out!!Watch as I go over TWO client case studies from a buyer AND sellers point-of-view and how they successfully got their dream home and sold their home for a great price!My guarantee when working with clients is honest and reliable communication. I negotiate and use a fail-proof strategy to get my clients the best offer possible when purchasing or selling a home and goal is to exceed all client expectations. If you or anyone you know is selling or looking to move to the Bay Area, I'm never too busy to be introduced. I would be honored to be your real estate agent. 🗓 Want to schedule a time for a free consultation? Find a time that works for you! https://www.calendly.com/techrealtor​​🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/​​🎙️Listen to my podcast: https://bit.ly/3bJx88​​📸Follow me on Instagram: https://www.instagram.com/bayareatech​​...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/​​🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW​​Born and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253​​#BayAreaRealEstate​​ #TechRealtor​

27 Apr 20214min

Luxury-Home Sales Rising, Outpacing Affordable-Home Sales Immensely! | Bay Area Real Estate Market Report April 23, 2021

Luxury-Home Sales Rising, Outpacing Affordable-Home Sales Immensely! | Bay Area Real Estate Market Report April 23, 2021

Every week at 12 PM PST, I analyze the news and data that can affect the Bay Area Real Estate Market. Tune in weekly and email me anytime if I can help! spencer@spencerhsu.com.Topics covered for the week:How the Biden capital gains tax proposal would hit the wealthy CNBC Bay Area COVID migration may be slower than expected East Bay mall to become mixed use site for housing, logistics center Sunnyvale real estate mega-deal makes Google, big developer neighbors Sales of luxury homes skyrocket in first quarter Mortgage rates drop below 3% for the first time in months Latest Market Data for all counties in the Bay AreaSan Mateo County 11:48Santa Clara County 12:28Alameda County 13:39Contra Costa County 14:22San Francisco County: 14:50🗓 Want to schedule a time for a free consultation? Find a time that works for you! https://www.calendly.com/techrealtor🌍Find your dream Bay Area home https://www.homesbyspencerhsu.com/ 🎙️Listen to my podcast: https://bit.ly/3bJx88 📸Follow me on Instagram: https://www.instagram.com/bayareatech...🧑‍💼Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu/ 🛎Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/2Fvk41fbD6kiRtHt5🏠💲Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMWBorn and raised in the Bay Area, I spent 11 years in Startup Technology Sales before becoming a full-time Realtor. Having personally invested and done renovations in the Bay Area, I wanted to help busy colleagues in the Bay Area technology industry find their dream home by leveraging tech, data and insights. I specialize in educating my clients on the process of buying, selling, and investing in the Bay Area. 50 families have been helped in the last 15 months which positions me as a Top 1% Realtor. Looking forward to help you!Spencer Hsu, MBA Tech RealtorSpencer@SpencerHsu.com(408)223-5493EXP Realty DRE #02077253#BayAreaRealEstate #TechRealtor

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