Ask me anything! First up: what size mortgage loan can I qualify for?

What can you qualify for? I don't know.  How's that? Only a local mortgage person can tell you that after looking at your income (and how you earn it), your credit score, and your debt-to-income ratios.  I highly recommend selecting a local, direct lender or credit union.  Many online-only lenders will promise the moon and then not deliver.  You'll want somebody that you can go "live" with, who will be responsive to your calls and answer all of your questions.  If you'd like some lender recommendations, please visit the "Local Partners" page on my website at JudyGraff.com.  It's under the "Resources" tab.

LA Times Article: Many buyers find the home loan process unpleasant. You don't say!

Yesterday's L.A. Times featured an article about the unpleasantness of applying for a mortgage loan.  Click the link here to read.  Among those surveyed by the National Association of Realtors, 1 in 4 said they'd rather gain 10 pounds than go through the process again. Seven percent would prefer having a root canal or spending a night in prison.  And many were more comfortable being around snakes than applying for a loan again.

Most of the distress came from first-time buyers, of course. Craig Martin, director of the financial services practice at J.D. Power says: "First-time buyers often have questions and should not be afraid to ask prospective lenders about the specifics of the mortgage process and how they will be kept informed. Much of the stress with borrowing comes from a lack of information and knowledge during the process. Asking when you will be updated and how that information will be provided are two key questions that may help improve the borrowing experience."

Of course, if you're applying for a loan (or refinancing) and would like to work with a great lender than I've personally vetted for customer service, please check my website at www.JudyGraff.com and click on the "Resources" tab.  Then please click on "Local Partners." You'll find several lenders who are always available, have great rates, and explain the process thoroughly.

Photo courtesy of Chuck Burton/AP via Los Angeles Times.

2410 Chandler in Burbank is closed

2410 Chandler closed late last week.  As cute as the house is, it took awhile to sell -- it is on a small, 2700 sf. lot and has no garage or off-street parking.  The house is a Venice Beach home trapped in a Burbank home's body, and that makes it "nonconforming." "Nonconforming" is never a good thing in real estate.  Further, most lenders want buyers to have off-street parking if that is usual for the neighborhood.  So that made this cutie ineligible for many types of funding.

But Barry Dane of Crosby Doe Associates pulled this off along with his buyer client and lender Gloria Schulman of Centek.  When Barry first told me that his client only had 5% to put down, I scoffed and told him nobody would lend on this.  But Barry is tenacious, as is Gloria, and they found a loan program for the buyer. (Barry even drove the streets and alleys of Burbank to see how common the no-garage thing really is.)  We closed last week at $380,000 and I wish the buyer best of luck in her new home. 

How will the election affect homes and real estate in the San Fernando Valley

Our friends at Calculated Risk have a blog post about how the election will affect the financial markets.  But how will it affect real estate in Burbank, Studio City and the San Fernando Valley? 

Here's my non-economist guess-of-an-answer: it won't affect it much.  On the federal side, Fannie Mae and Freddie Mac aren't going away any time soon, no matter what party controls Congress (it would be a major-league game-changer if they did).  The banks have all the incentives in the world to keep loaning money to people for houses, so that won't change. Of course, good financial news, such as employment going down, will have a positive effect, but I don't think just one house in one branch of government is going to be able to do much there either.  In California, there may be more government oversight of the foreclosure process, which isn't such a guess since it has started already.  The government in Sacramento will be working faster, now that a supermajority is no longer needed to pass a budget or much other spending except for tax increases.

How do you think the election will affect real estate?