Kathy Wall

Bank or Mortgage Broker? Who to Use?
October 5, 2009 · Kathy Wall · 4 Comments

Where is the best place to get your home loan….a bank or a mortgage broker?   Over the course of my many years in real estate, I have waffled back and forth over this question.    Many times my decision on whom to refer would be based on the credit of my buyers.   If they were self employed, had a small down payment or not-so-good credit, I would usually suggest that they talk to a mortgage broker.    If they had excellent credit scores and a good down payment, I would usually suggest that they might be better off going directly to one of the major banks.

Now, after an incredibly negative experience with one of the largest banks operating here in California, I am leaning much more towards referring all clients to mortgage brokers, because I know that they will do the job and, most importantly, will actually care about my clients.  Read more

Shokoofeh Nowbakht

How much does it cost to make an offer?
October 2, 2008 · Shokoofeh Nowbakht · Comment here

“How much does it cost to make an offer,” my first time home buyer asked.  Nothing, but you do need to write a check for up to 3% of the purchase price, made out to a title company of your choice. This is the “earnest money,” or “good faith money.” This is not a down payment, but just a deposit to secure the offer or contract to show how serious the buyer is. In the simplest words, by default, buyer has 17 days, unless otherwise stated in the contract, to cancel the contract and get their deposit back.