The Mortgage Secret That Could Save You Thousands

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The Mortgage Secret That Could Save You Thousands
PROBATE AND ESTATE SALES
Open Houses this weekend, Silicon Valley Curated
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What you get for $2MM Santa Clara County 
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Dangerous Kid Trends

Hey, I'm done with those kids who do that. Scares the shit outta me and maybe I'm getting to become a curmudgeon, but that's just ridiculous. If you know your kids. Are you doing that, or if you have a hint that your kids are doing that, be a parent and let 'em know that kind of stuff is dangerous.

So this is posted by Jamie Ni Ri on Real Realty Times Reality Times pr. It's called Biweekly mortgage Payments. And if you make. 13 extra, not 13, but two extra payments every year, one extra full payment, but you do 26 payments over 52 years, or 52 months.

You could save. Thousands, right? It's called the CISO. Homeowners are reducing their loan balance faster. They're also reducing the amount of interest charged over the life of the loan. You can ask your lender whether you can do this, whether it will actually help, and whether they will allow it without thinking about refinancing.

But I'm not gonna tell you not to do it. But here's, let's take a quick look. 

Savings Example at 4%

How much can you save? This is for a $250,000 mortgage. 4%, which is not realistic today. Let's get that right. On a 30-year fixed mortgage, your monthly payment would be $1,194, and the total interest would be 179,000 total over a year.

This is 4%, right? We're not at that anymore. We're at. Six and change in the same scenario. You use a biweekly mortgage calculator to total your interest. The life of the loan plan is 150,000. That means you'll save more than $30,000 to pay off your loan in 25 years. What happens if you have five and a half, six, six, 7%?

If you're not allowed to do that, it's not feasible or whatever, collect an extra payment and make a 13th payment every year. And it will go down a little bit more, too, right? Won't be as great as savings, but you'll be saving 17,000 instead of 29,000. 

I went to mortgagecalculator.org, which I think is here? Yep. Mortgage calculator.org. Biweekly payment. The link is in my blog. You can go right to it. There's no blah blah gate. You have to put your own, you go straight here. We just did a million-dollar, 

Just a million dollars. 'Cause in a million, you know, that's what you get for a million dollars. Santa Clara is right here. We'll talk about that in a minute. It's a million dollars. 

Jumbo Rates and Buydowns

If you're doing 2 million, you can double it, and your interest rate is five point a 5%, and you're like, veto. The rate isn't five point a 5% right now, it's closer to six and a half, maybe.

Well, it's really six and a third. QUD is 6.6. Ooh. It went up, but you can get it down to 5.75 with three, with almost eight tenths of it or whatever. You can buy it down. You can put a point and a half down and get it down to 5.5%.

Yeah, remaining long-term. 

Big Loan Savings Breakdown

30, 30 years remaining loan terms a month, let's just say we start doing it right from the gate. From the get-go. Your monthly payment will be $4,700 a month. In interest, you're going to pay two and a half million dollars. Yeah. If you do biweekly, that's 2197, or accelerated biweekly, which is 2380, which is closer to that.

2380 twice a month. It's close to that. You're, you'll be saving, you'll be saving close to a million dollars, right? That is at a million.

It doesn't make sense to do, cut an extra check, or go to your computer and make that extra payment. What happens if your loan balance is two? You could save almost $2 million. Making biweekly payments,  there you go. And there's some decent pricing. Whatever, guys, you can get this rate down, even though the mortgage rate is crazy high, right now, the 30-year jumbo is 6.6. 

You can buy this down. I'm telling you, you can absolutely buy it down. 

Family Care and Keeping the House

What happens if you have a parent who needs to go into a home? My uncle in Canada, Uncle Tony, just passed away last week. He was 94 years old. My stubborn old goat of an uncle passed away.

He had cancer, and he fought it for 15 years. And he was an amazing man. And he raised an amazing son, my cousin Tony. And, see it as a celebration of his life. He had it hard; he had amazingly hard, but my cousin and his wife put up. My aunt and uncle moved into a retirement community, and they kept the house.

That's an option. It's absolutely an option, right? Kept the house, they're renting it out. There are pluses and minuses to that all the time, so it's something to keep track of. If you're thinking about doing it, let's talk about different options, and I'm not there to sell you anything. I'm here to educate you on the different things that I know about.

 

Pro Photos and Listing Strategy

Photos, why photos are, oh, man, I tell you, like I, I pay for professional photos. I'm a professional cinematographer, but I don't have my camera set up this way, and I don't have the patience to make these shots. Look as nice as these, these two, this is with F eight RE.

Dot com and the la, this is mine. You can see that it's a little darker, but I had it framed up nicely, so I wanted to use that. But look, just look how bright and airy this house is, how nice and clear and open everything looks. See, and no house is perfect. But boy, I tell you, these pictures look like they're magazine-quality pictures, right?

Tons of memories in this house. Sad to see it go, but I'm glad that it's on its way out. And if you look at all the comparables, I have the highest, well, at the time I have the highest ice per square ratio, or the, yeah, the lowest price per square ratio. It's the largest house that was for sale at the time that I put it on the market.

Yeah I'm not able to show this to you, We'll get to it later, but I can just tell you straight up, I  the average my, house is 2133, I think square feet and, or 2311, that's what it was, 23, 11 and everything else sold at below that, except for one on Stanbridge, which was 2386.

Four bedrooms and one and a half. And this is the one 1.75 million. I had mine listed. I have mine listed at 1.65, and my mindset is, look, I'm gonna get multiple offers eventually coming in. And you know, you look at what old recently, and I have houses that sold at 1.7, 1.8, nd 1.9. And the one that did sell on 1.65 and 1.625.

You were kind of in, in a crappy condition, right? And when you look at this house, and you see the condition and all the things, like I, I actually framed this ceiling and did the electrical and did the drywall, and I dropped these things, and I had my painter do all that. So I put those little pony wheel walls in.

I did the French doors here. Yeah, I did everything in that house. Not gonna miss it. Glad it's gone.  

What 2 Million Buys

This is what you get for $2 million in Santa Clara County. Bierly placed, not my listing brand. Spank News. 9 5 1 2 3. It's the most expensive house in Santa Clara. In nine five. 1, 2, 3 right now.

It could go. I'm not saying it won't, but I'm saying that it's iloser to Almaden, so there's a very good Possibility. And you compare that one to where my house is, over here. It's closer to Almaden. It's very possible. But, this is a four bedroom, two and a half bath. And I think, no, all the bedrooms are down upstairs.

Yeah, I know this floor plan.

What would be great is if they had a floor plan. There you go. See, that's, let's open that up. Take a quick look. You walk into the dining room, living room, kitchen, second dining, or maybe a breakfast nook, I'll call it that. Then you have a downstairs bath bedroom. With a walk-in closet and a water closet.

See, I don't know if you can call that a fifth bedroom or a fourth bedroom because there's no shower there. You have to have a shower like the primary and this and this, and this is open, nd this is open. I would've just. I put a room right there in a heartbeat. Not even thinking twice, making that five-bedroom.

I wish I had a third bedroom or a third car garage.  And I bought my parents' house here in Las Vegas. I wanted a four-bedroom, three-car garage. No, HOA and I wound up getting a three-bedroom two-car garage in a retirement community for my parents.

'cause they needed it. 

What 1 Million Buys

What do you get for a million dollars done ave? Not my listing. Morgan Hill, $1 million, three bedroom, two bath, 1,147 square feet b, built in 1959, and it looks like it's on a busy street too. So this looks like it could be flipped, or it's just. Yep, it's flipped. 'Cause you see, the landscaping didn't, I don't know if you noticed the landscaping, but that is fake grass.

It's the AstroTurf and everything else is chip wood, even in the front yard. So this one's gonna be a bit to sel, and it's a standard three-bedroom. And very small, 1100 square feet for a million dollars in Morgan Hill. There you go. March numbers came in, and look at these. So if you see nothing's jumping out of the ordinary, this is the months of inventory and the number of single-family homes for sale right now, as of today. Nothing's jumping up outside of this one in Napa, but Napa's having a hard time anyway.

There's been a second home option for many, many people 'cause there's not a lot of industry there outside of wine and tourism. Things could change, but there you go. Active number of homes versus sales. Nothing's changing there. There are no hockey sticks that we're worrying about right now. So there you go.

And this is the city. 1.6 months of inventory, 587 active homes for sale. We need to be about a thousand. And the same thing with Santa Clara. We need to be about 2000. We're nowhere near it, but we're coming up. I don't know if we're there. 'Cause you remember, I've been telling you that we're on pace for about 6,000 homes sold, and last year we sold 8,000.

The year before, they sold 8,000. The year before that, we sold 72. 7,100. Sowe'ree on pace to sell slightly less, well, considerably fewer homes, single-family homes. So I hope things change, but you never know. 

Wrap Up and Links

All right, that's it for now. Have a great weekend. Again, all my links are in the blog.

Sources and everything. So if you have questions, shoot me a question, but also take a look at all the links you want in my blog. Thanks a lot. I'm Vito with Abano. We'll see you out there.

 

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