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The Schmidt Team offers mortgage services for California consumers. Based in San Diego our branch prides its self on delivering a world-class customer experience, while offering a wide variety of mortgage programs at a competitive interest rate.
Buying a Home Using Your Military Benefits
Did you know there are designations that mortgage loan officers and real estate agents can get to help military families buy a home? I am already designated as a certified veterans loan specialist that can do VA financing in the states of CA, FL, WA, TX, WY, MT, and TN. The company I work for is also licensed in other states across the country and I can be used as a referral source for you. I recently activated my mortgage broker's license which allows me to work as a mortgage loan officer in CA and also be able to help clients purchase homes here in CA. Since I am based out of San Diego CA which is a big HUB for military relocation and families being stationed here I decided to get my MRP which stands for Military Relocation Professional Designation as a real estate agent. If you are looking for more information on buying a home using your VA entitlement you can text the word Military to 858-285-1122.
Don't Struggle With Credit Card Debt If You Have Equity in Your Home
Are you a homeowner that has more credit card debt and less savings since the pandemic? Did you know credit card debt increased by $85.8 billion during the 4th Quarter of 2022 the highest quarterly increase ever recorded, and the average national savings average is still below pre-pandemic levels Did you also know as a homeowner that equity is at an all time high. That means you most likely have more equity in your home now then you ever have. Now let’s talk rates, I keep hearing I don’t want to refinance and get rid of that low mortgage interest rate I have at 3.5%, BUT why are you willing to pay 15%, 17% even 20% APR on credit card balances with the federal funds rate continuing to rise? What are your actual total payments monthly when you take a look at them because you probably aren’t paying the minimum on your credit cards? If you are a homeowner and have credit card debt and car loans and are struggling to get them paid off text the word Refi to 858-285-1122. There is no cost and no obligation for me to do a soft credit pull to see the debt you have, confirm your equity position, and figure out if a debt consolidation using your home’s equity even in this higher interest rate market could benefit you. And don’t forget there are no pre-payment penalties so 7 months from now or 12 months from now or 15 months from now if rates drop and there is benefit to you we can revisit your scenario. Sometimes rate is just a number when it can put money in your pocket with monthly savings. text the word Refi to 858-285-1122
Short Term Rental Properties
Have you always wanted to own a property that you could use as a short term rental. Look to list it on VRBO or AirBnB and increase your real estate portfolio. A short term rental purchase loan is a great way to build wealth through real estate. The Schmidt Team empowered by NEXA Mortgage has a lending partner that will allow us to use an average of the short term rental income off of the AirDNA's "Rentalizer." AirDNA gathers data from AirBNB and VRBO to provide short-term rental income history for potential properties. The down payment will depend on the experience level you have owning a short term rental. To find out more text the word DSCR to 858-285-1122
April 2023 Housing Market Trends.
April 2023 Housing Market Trends from Realtor.com's April housing report. With 21% fewer new listings in April 2023 than last year, the inventory of available homes is still ~50% below pre-pandemic levels. [realtor.com]. Increasing interest rates have really taken a toll on affordability especially in higher priced markets like San Diego. Every market is different and realtor.com is using national averages but you can see that even though inventory trends are slightly increasing we are no where near the levels we need to be. Sellers are holding back becuase they feel like they are locked in at a lower interest rate then if they were to sell and buy a new home at a higher rate making the affordability tough. We are all waiting for interest rates to go down but it is still a great time to buy a home. If you are buying a primary residence there is no pre payment penalty on your loan so if and when rates drop you could look to refinance into a lower rate with a more affordable payment. So buying a home now while home prices are lower then where they will be next month or next year will get you locked in with the opportunity to refinance down the road. If you wanted more information about the housing market in your area or what market rates look like as of today feel free to reach out to Tracie Schmidt 858-336-5200
How Can You Buy A Home Before You Sell Your Home?
If you own a home currenty and need to use the equity that is in that home as a down payment for your new home but you don't want to submit a contingent offer in this market becuase it is competitive we may have a solution for you. Like any program we would have to make sure you would qualify, however, the concept is getting approved to be able to get into contract on your new home before you sell your current home. This could also give you as a seller the peace of mind you need to make sure you are going to find your next home. Check out this video with Tracie Schmidt, mortgage loan officer based out of San Diego, CA and Heather Jones a real estate agent that works the Corona and Southern CA Market.
Low Housing Inventory - Is this a solution?
One of the most common things we here right now in the real estate market is there is low inventory. What does that mean exactly, there are not enough homes up for sale bases on the current demand of buyers. It is still driving home prices up and it is scaring sellers that want to sell and buy a new property from listing their home in case they can't find their new perfect home. So I wanted to try and think of a way that we can turn this low inventory situation we are in into a possible positive. There is a renovation home loan, not many people know about the Renovation Home Loan but it can be used for a purchase of a new home or a refinance of the home you already own. You can look to make cosmetic upgrades, put in a pull, tear down a wall and even build an ADU unit as part of the purchase or refinance which is popular here in California. Now there are still guidelines you need to meet, however, this could help you focus on a property that might not be turn key meaning reay to move in to and just turn the key and start living in the home. Maybe there is a fixer upper out there in the perfect location that you don't have the money to do the upgrades or make the changes you need. With a renovation home loan it may be your change to get into a new home sooner then later and have up to 6 months to get it the way you want it or if you already own a home and don't want to sell you can look to do a refinance and make your current home your new dream home. If you want more information about a renovation loan and how the program works you can contact Tracie Schmidt with The Schmidt Team empowered by NEXA Mortgage at 858-336-5200 or email me at email@example.com and we can have a quick call to go over what you might be looking to accomplish.
What is PMI ? Private Mortgage Insurance - Is it Good or Bad?
PMI or Private Mortgage Insurance is something that I get asked about a lot. The premium varies depending on the loan program you are getting. If you are doing a FHA mortgage loan regardless of the amount that you put down the premium is .55% of the loan amount divided by 12 and that is the monthly PMI or mortgage insurance payment. If you do conventional financing and you put less then 20% down you will have monthly PMI unless you buy it out which is also an option but not as popular as paying it monthly. The premium can range and it depends on factors like your credit score and how much money you are going to put as a down payment. Check out this video for the pros and cons of PMI or private mortgage insurance and when you can get rid of it and would it be beneficial to pay it and save some of your down payment. For all of your real estate needs in the Corona market Heather Jones a top realtor is in this video with me and we are talking about the pros and cons of PMI which stands for private mortgage insurance. For more information contact Tracie Schmidt with The Schmidt Team empowered by NEXA mortgage and I would be happy to answer any questions you migh have. You can reach me on my direct line at 858-336-5200
Real Estate Reality in the Corona Market with Heather Jones & Tracie Schmidt
So what should you believe about the real estate market right now? What better then to hear two seasoned professionals that are a real estate agent Heather Jones and a mortgage loan officer Tracie Schmidt that works in the thick of it every day. Check out this video to hear the good, the bad and the good about buying or selling a home in the Corona, CA market. There are multiple offers happening because of the low inventory and when we say multiple we mean it. As a seller this is great news, as a buyer we talk about what you can do to help prepare to put your best foot forward to stand out. If you are thinking about buying or selling a home feel free to get in touch with either of us so we can provide proper expectations and set the road ahead for you. You can learn more @tracieschmidt
The Power of Video in Your Business an at Your Desk Lunch & Learn
Do you know the power that video can have in your business? Well I'm going to show you. Understand the Who, What, When, Where, How and Why of video in your business so you can go after your ideal client. As an escrow settlement agent or another affiliate in the real estate industry you need to stand out from the rest. My name is Tracie Schmidt and I'm so excited to partner with the California Escrow Association and our sponsor myNHD to host a lunch and learn from your desk May 10th from 12pm to 1pm. I want to teach you how to attract the partners that you want to work with and how you can bring them value after what you learn after just 1 hour. I've been a mortgage loan officer licensed in California for over 25 years and have spent the last 5 years as a student of one the top real estate coaches in the country Krista Mashore. Understanding how to build your brand, what hook to use and the right way to utilize social media in your business can change your game in 2023 and beyond. You have to register to join us on May 10th from 12pm to 1pm this is for CEA members and non members. And make check out some of my latest google reviews like from Karen who said "Power of Video presentation was fantastic, thank you for all the great tips, very empowering!" or from Taryn who said "I learned so much for her Power of Video training and would highly recommend Tracie and her team" I promise I won't be spamming you at the end of the training or trying to sell you anything, the CEA asked me to host this training only to provide value to you and to inspire you. Hope to see you on the 10th and again don't forget to register. Register Here https://web.cvent.com/event/afb82497-dbe7-490e-abc2-cef4a2d0bf14/summary
Mortgage Market Update and Down Payment Assistance Programs
Mortgage Interest Rates are still flucuating up and down and the turmoil with big banks held the Federal Reserve to a .25 basis point hike in March. We are entering the 2nd quarter and purchase season where the real estate market tends to get busier. We are going to have to hold on though and take one day at a time to see how the market is going to react and see where interest rates go. Also if you live in California you have probably heard about the California Dream for All purchase program, it is a down payment assistance program that if you qualify could give up to 20% to go toward down payment and closing costs. There are other down payment assistance programs out there for other states as well. You could be a first time homebuyer, a 1st responder, a doctor, a nurse, a teacher. They don't give as much as the California down payment assistance program that just rolled out but there is still possible assistance a home buyer could get. If you are interested in leaning more about purchasing a home check out my free virtual homebuyer seminar at https://www.freevirtualhomebuyingseminar.com
Your Questions Answered on the California Dream For All Program
Check out this video with Corona realtor Heather Jones as I answer the questions about what the California Dream For All Program is about. If you are a renter or some one that has not owned a home in the last 3 years and are looking to purchase a home in California you should check out this new program that CalHFA announced called the California Dream for All Shared Appreciation Program. You could get up to 20% of the sales price as a silent second mortgage that won't have monthly payments on it that can be used to put toward your down payment and/or closing costs. When you sell the home the down payment borrower will need to be paid back along with a percentage of the appreciation that they property had during the time that you owned the home. This is a great program for some one that has wanted to get into the real estate market in California and purchase a home but has not had the down payment to do so. For more information contact Tracie Schmidt with NEXA Mortgage at 858-336-5200 or on social media go to @tracieschmidtmortgage on facebook and Instagram.
California Dream For All Shared Appreciation Program
The Dream For All Shared Appreciation Loan (Shared Appreciation Loan) is a shared appreciation loan program that provides loans for down payment to qualified homebuyers. Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home. Those repayments are then used to fund future homebuyer down payments. The maximum loan amount is up to 20% of the sales price or appraised value, whichever is less. No, payments are deferred for the life of the first mortgage. Yes, all borrowers must be first-time homebuyers. Properties located anywhere within the State of California may be eligible for the program. In addition to the Homebuyer Education and Counseling required for the Dream For All Conventional first mortgage, at least one borrower must take additional CalHFA homebuyer education specifically for shared appreciation loans. If you want to learn more about the California Dream for All home purchase program contact Tracie Schmidt with The Schmidt Team empowered by NEXA Mortgage at 858-336-5200
Easter Egg Coloring Contest for the Kids of Corona, CA
The Kids of the City of Corona get your entries in. You can download your easter egg to color here https://www.dropbox.com/scl/fo/mxip9grbd45facluv61eh/h?dl=0&rlkey=7icjiqrou182kjujd45lsjogm The winners will be announced on Heather Jones's Facebook Page https://www.facebook.com/heatherjonesrealestate or on instagram @heatherjonesrealestate. Tracie Schmidt will also be sharing the winners and updates @tracieschmidtmortgage and on facebook https://www.facebook.com/tracieschmidtmortgage. We can't wait to see what the kids come up with
The Power of Video in Your Business
Register Today https://www.eventbrite.com/e/543285330047 and Join us on 3/7/2023, Tracie Schmidt and The Women's Council of Realtors San Diego Chapter for a fun lunch and learn event. Members are Free and Non Members (or should we say soon to be members) only $20.00 and lunch is included. There will be a green screen there to practice what you learned. We are going to go through the WHO, WHAT, WHEN, WHERE AND HOW of video in your business. It is time for you to build a brand, a legacy, get more business and have clients know what you do. All are welcome we hope to see you there. It is at 11:30am Pacific Time at the Mission Federal Credit Union Main Campus building. You can register by going to https://www.eventbrite.com/e/543285330047 or contact Tracie Schmidt to learn more
What is a DSCR loan?
If you are an investor either for the first time or you own other properties a DSCR loan which stands for Debt Service Coverage Ratio is a great product option. It gives you the ability as the buyer to use the projected rents off of an appraisal to offset the payment of the new current mortgage to qualify. There is no income requirements and no debt to income ratio requirements on this particular program. You will need to document reserves which is money left over in an asset after you come in with the down payment and the closing costs. The reserves will depend on your credit score and what the DSCR % is once the appraisal is done or proof is shown of what the property you are looking to purchase is renting for. If you have any questions about a DSCR loan or an investor loan to purhcase a home contact Tracie Schmidt at 858-336-5200 or you can email firstname.lastname@example.org - @tracieschmidt
Changes Announced to the FHA Mortgage Insurance Premiums
HUD announced yesterday on 2/22/2023 that they are going to be reducing the mortgage insurance premiums on FHA insured loans. This is great for home buyers because it will equate to a lower monthly mortgage payment if they purchase a home with a FHA mortgage loan. This can also help people who have a current FHA mortgage loan and qualify to refinance that loan they will eligable to pay the lower monthly mortgage insurance premium in their payment. Now don't forget a FHA loan that only has.a 3.5% down payment has monthly mortgage insurance for the life of the loan unless you refinance that loan into a loan product that does not need monthly mortgage insurance. FHA loans are great for any type of home buyer you don't have to be a first time home buyer but you do have to plan on occupying the property within 60 days of your home purchase loan closing. The new FHA mortgage insuranc premium percentages are going to be based on the loan amount and on the down payment amount. They are going to use the guide of $726,200 as the loan amount to calculate the factor of the monthly mortgage insurance premium. If you are thinking about buying a home a FHA loan might be the perfect loan for you. Contact @tracieschmidt Tracie Schmidt and The Schmidt Team empowered by NEXA Mortgage to talk through your options with you. You can find out more by visiting www.schmidtteammortgages.com or call 858-336-5200
What credit score do I need to purchase a home?
Each mortgage loan program when you are looking to purchase a home or refinance a home has different credit score requirements. We can't use a verbal credit score from you. As a mortgage lender we have to review either a soft credit pull or a hard credit pull. We pull a tri merge report that is going to show 3 credit bureaus Trans Union, Equifax and Experian. If you are an individual on the mortgage application we will use the middle credit score of all 3 bureaus. If there are multiple people on the mortgage application we will review all 3 credit bureaus of each person and take the mid score of each person and then use the lowest of the mid scores to qualify them. It is important to have your credit report ran when you are thinking about buying a home becuase it will also provide the information necessary to calculate your debt to income ratio. If you are looking to purchase a home or refinance a home, Tracie Schmidt @tracieschmidt with The Schmidt Team is here to answer all of your homebuying questions you have about credit score requirememts.You can also visit www.makemortgageseasy.com
What is the differance between pre qualification and pre approval when buying a home?
The differance between pre qualification and pre approval when buying a home is the documentation that you provide to the mortgage lender upfront. You want to provide as much as you can upfront like your income documents, assets you are going to use for the purchase and have the mortgage lender run a credit report. This will then allow the mortgage lender to run what is called automated underwriting. This will provide guideance based on the information provided to what the underwriter could ask for at time of loan approval when they are reviewing your file. Having just a phone conversation with a mortgage lender should not lead to a letter for you to go out shopping for a new home. You should expect your mortgage lender to ask you upfront for your imcome and asset documenation along with other items that may be needed based on your specific situation. If you wanted to learn more about pre-approval vs. pre-qualification please contact Tracie Schmidt @tracieschmidt with The Schmidt Team at 858-336-5200 or visit www.makemortgageseasy.com
How much money do I need to buy a home?
There are different down payment amounts required depending on the mortgage loan program. For example FHA financing could allow as little as a 3.5% down payment. Conventional financin if you are a 1st time home buyer can do as little as 3% down payment keeping the loan amount within the county loan limits and VA financing if you qualify allows for $0 down payment. You are going to want to assume about 2% of the sales price for closing costs. That will include items like title, escrow, notary, processing...etc. You are going to want to work with your mortgage lender to get an estimate of 3rd party fees. There are down payment assistance programs that you do need to qualify for and then tend to have different debt ratio and credit requirements. There are so many different types of loan program options which means there are also a lot of down payment options. The best thing to do is to talk to a licensed mortgage loan officer. You can contact @tracieschmidt at 858-336-5200 or visit www.makemortgageseasy.com
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