Park Place Foundation Group's Charitable Participation

Park Place Foundation Group is excited about our first group event in which we will participate in serving lunch at Father's Joe's Village on Thursday, August 13, 2015.  Joe Costa, CEO of Park Place Financial Group's mission is to Pay It Forward to the San Diego community where he works, lives, and raises his twin boys.  The San Diego mortgage company is establishing this charitable foundation to give back in a way that not only helps people financially but also to be able to meet and interact with the people the Foundation is helping.

Park Place Financial Group's Weekly Mortgage Segment with Joe Costa

Joe Costa provides an informational and entertaining weekly mortgage segment on San Diego's The Answer 1170am every Friday at 8pm.  He talks about real life situations and the importance of establishing a value based relationship with his clients.  He gives his listeners tips on how to go about finding the best mortgage professional to help answer all of your questions throughout a purchase loan process or a refinance for you current home.  He keeps his listeners informed on a variety of topics from interest rates to how to apply for a loan to getting a preapproval letter even before you go shopping for a new home to provide you with the most leverage when you do find the perfect home. For more information go to www.parkplacefg.com and get the most up to date information on his radio show.

Park Place Financial Group Pays It Forward

Park Place Financial Group has recently established it's own charitable foundation known as The Park Place Foundation Group.  Joe Costa, CEO of Park Place Financial Group, wants to pay it forward to his community in San Diego, California.  Park Place will donate $100 for every purchase loan or refinance that the company closes. Our first charitable event will be serving meals at Father Joe's Village.  We are also establishing an ongoing virtual food drive for Feeding America.  You can donate to the food drive by either accessing our webiste at www.parkplacefg.com or on our Facebook page The Park Place Foundation Group.

Loan Programs With Little or No Down Payment

Often borrowers don't have 20 percent to use as a down payment on a home purchase.  There are several different options instead of the traditional loan program with PMI(Private Mortgage Insurance).

• Federal Housing Administration (FHA) mortgage loans
  The Federal Housing Administration (FHA), which functions as part of the U.S. Department of Housing and Urban Development (HUD), plays an important part in helping low to moderate-income buyers get mortgages. Part of the U.S. Department of Housing and Urban Development(HUD), FHA (Federal Housing Administration) helps individuals get FHA provides mortgage insurance to private lenders, enabling homebuyers who might not qualify for a typical loan, to obtain a mortgage. Interest rates for an FHA loan are typically the market interest rate, but the down payment amounts with an FHA loan will be lower than those of conventional loans. Closing costs can be included in the mortgage, and the down payment may be as low as 3 percent of the total.
• VA mortgage loans
  With a guarantee from the Department of Veterans Affairs, a VA loan is offered to veterans and service people. This special loan does not require a down payment, has limited closing costs, and provides a competitive interest rate. Even though the VA does not provide the loans, it does issue a certificate of eligibility to qualify for a VA loan.
• Piggy-back loans
  You may finance a down payment with a second mortgage that closes with the first. Generally the first mortgage covers 80% of the cost of the home and the "piggyback" is for 10%. Instead of the usual 20 percent down payment, the homebuyer will just have to cover the remaining 10 percent.
• Carry-Back loans
  In the option of the seller "carrying back a second mortgage," the you borrow a portion of the seller's home equity.. In this scenario, you would borrow the largest portion of the purchase price from a traditional mortgage lender and borrow the remaining amount from the seller. Typically, this kind of second mortgage will have a higher rate of interest.

Call Joe Costa at San Diego's Park Place Financial Group today to find out about all of your options.

Your Down Payment

Lots of buyers can qualify for a mortgage loan, but they don't have a lot of money to pay a down payment. Get started here

Tighten your belt and save. Scrutinize your budget to discover ways you can cut expenses to save for your down payment. You might also decide to enroll in an automatic savings plan at your bank to automatically have a specific amount from your take-home pay moved into your savings account. You could look into some big expenses in your budget that you can give up, or reduce, at least temporarily. For example, you may move into less expensive housing, or stay local for your annual vacation.

Sell items you don't need and find a part-time job. Look for an additional job. This can be rough, but the temporary difficulty can provide your down payment money. In addition, you can put together an exhaustive list of items you can sell. Unused gold jewelry can be sold at local jewelers. A closet full of small things could add up to a nice sum at a garage or tag sale. You might also look into what your investments may bring if sold.

Tap into your retirement funds. Explore the details for your particular plan. Some homebuyers get down payment money by withdrawing funds from their IRAs or borrowing from 401(k) plans. Be sure to ask your plan representative about the tax consequences, repayment terms, and possible early withdrawal penalties.

Ask for help from generous family members. First-time homebuyers are sometimes lucky enough to get help with their down payment assistance from giving parents and other family members who are willing to help them get into their first home. Your family members may be pleased at the chance to help you reach the milestone of buying your first home.

Learn about housing finance agencies. These types of agencies provide special loan programs to low and moderate-income homebuyers, buyers with an interest in rehabilitating a house in a targeted area, and additional specific kinds of buyers as specified by the agency. Financing with this kind of agency, you may be given a below market interest rate, down payment help and other advantages. These kinds of agencies may assist you with a lower interest rate, get you your down payment, and offer other assistance. The main goal of not-for-profit housing finance agencies is boosting residential ownership in particular parts of the city.

The satisfaction will be the same, no matter which method you use to come up with the down payment. Your brand new home will be well worth it!

Want to discuss the best options for down payments? Call Joe Costa at Park Place Financial Group located in San Diego, California 646-245-7856.

Is Refinancing Worth The Cost?

Some have said that only when your new interest is at least two points lower, should you refinance your loan. That could have been accurate a while back, but with refinancing dropping in cost recently, it's a good time to think about a new loan! Refinancing has various advantages that will often make it worth the initial expenditure a few times over.

Advantages of Refinancing

You might be able to lower your interest rate (sometimes significantly) and reduce your mortgage payment amount with your refinanced mortgage loan. You also might be given the option of pulling out some of the equity in your property by "cashing out" a sum of money to renovate your home, consolidate debt, or take your family on a vacation. With lower rates, you might also be able to build up home equity faster by moving to a shorter-term mortgage loan.

The Cost

Of course, you will have some fees and expenses during your process of refinancing. When you refinance, you're paying for basically the same things you were charged for at the time you got your original mortgage loan. Included in the list will typically be an appraisal, underwriting fees, lender's title insurance, settlement costs, and other fees.

Do the Math

Paying discount points can get you a better interest rate. The money you'll save over the life of the mortgage loan might be significant if you have paid up front about 3% of the new loan total. We recommend that you talk to a tax professional before acting on hear-say that the paid points can be deducted on your federal income taxes.

Another thing about taxes is that if your interest rate is lowered, naturally you'll also be lowering the interest amount that you'll be able to deduct on your federal income taxes. This is another expense that some borrowers consider. We can help you do the math! Call Joe Costa at San Diego, California's Park Place Financial Group (646) 245-7856.

All things considered, for most the total of initial costs to refinance will be made up soon in monthly savings. We can help you find out your options, considering the effect a refinance may have on your taxes, if you are likely to sell your home in the near future, and your money on hand. Call us at (646) 245-7856 to get started.

Want to know more about refinancing? Call us at 646-245-7856.

Determine How Much You Can Borrow

A couple of factors determine the amount of money you can borrow.  What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website www.parkplacefg.com to determine your monthly payment amount. San Diego, California's Park Place Financial Group will also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation. Call Joe Costa today at (646)245-7856.

Make Private Mortgage Insurance A Thing Of The Past

Beginning in 1999, lending institutions have been required to cancel a borrower's Private Mortgage Insurance (PMI) when his/her loan balance (for loans closed after July of that year) reaches less than seventy-eight percent of the price of purchase, but not at the time the borrower's equity gets to more than twenty-two percent. (There are some loans that are not covered by this law -like some loans considered 'high risk'.) But you have the right to cancel PMI yourself (for mortgages made past July 1999) when your equity gets to 20 percent, no matter the original purchase price.

Do your homework

Keep a running total of money going toward the principal. You'll want to stay aware of the the purchase prices of the houses that sell in your neighborhood. Unfortunately, if yours is a recent mortgage - five years or fewer, you probably haven't begun to pay very much of the principal: you are paying mostly interest.

Proof of Equity

You can begin the process of PMI cancellation as soon as you you think that your equity has reached 20%. First you will let your lending institution know that you are requesting to cancel your PMI. Next, you will be asked to submit documentation that you have at least 20 percent equity. Usually lenders ask for a state certified appraisal documented on the form: URAR-1004 (Uniform Residential Appraisal Report) to verify your home's equity and eligibility for PMI cancellation.

At  San Diego's Park Place Financial Group, we answer questions about PMI every day. Give Joe Costa a call: 646-245-7856.

Joe Costa's Weekly Mortgage Segment on 1170am

Tune in and get Radio Active with Joe Costa, the CEO of Park Place Financial Group.  Joe's informational weekly mortgage segment is on 1170am every Friday at 8pm.  He provides his San Diego, California listeners with real life loan scenarios and helps to educate buyers on the importance of choosing the right mortgage lender/broker who will find the best home loan product for that individual's life situation.  Go to www.joecosta.info

Park Place Financial Group Builds Value Based Relationships

Are looking to lower your current interest rate or obtain a loan for a home purchase? If you are,  Park Place Financial Group located in San Diego, California would like to help. At Park Place Financial Group, building a value based relationship is our number one priority and our passion is all about helping our customer find the best possible loan program based on their current and future needs. In doing so, we utilize our years of experience and expertise to help you succeed and build your real estate wealth. Give Joe Costa a mortgage professional with over 25 years of experience a call today at 646-245-7856.