Archive for January, 2008
When does it make sense to Refinance your mortgage? A simple way to determine how much money San Diegans can potentially save on their home loan.
January 31st, 2008 Categories: Financial Trends, Sell San Diego
I have pondered this very question numerous times and after finding this article on bankrate it all make s a little more sense.
Q: How do I decide whether it makes sense to refinance?
Q: Is it true that it is not really worth refinancing a 30-year mortgage unless it is to go down a full point of interest?
Q: At what point is it worth it to apply to refinance a mortgage? We have a 30-year fixed rate of 5.75 percent. We have good credit and would love to reduce our monthly payment. But will the fees and hassle outweigh the cost benefit?
Q: I am in the market looking to move into a larger house. I haven’t seen anything I like at this point, but mortgage rates are low enough that I could refi and save some money. If I refinance now, and then want to purchase a home down the road, am I hurting my chances for getting that mortgage?
Holden Lewis: Give a manicure to those old rules of thumb that say you shouldn’t refinance unless the rate has dropped by a certain percentage. To figure out whether it’s in your best interest to refinance, you need to calculate your break-even point.
The break-even point is the time it takes to make up in monthly savings what you paid in fees. You calculate it by dividing the mortgage fees by the monthly savings. For example, let’s say you would save $100 a month by refinancing, and the closing costs would be $3,000. Your break-even point is 30 months from now: the $3,000 in fees divided by the $100 a month in savings.
In this case, if you expect to continue living in the house for more than two-and-a-half years, you’ll save money in the long run by refinancing. If you plan to sell the house before then, it’s probably best to stick with the mortgage you have.
How do you figure your monthly savings? You’ll have to get an estimate of the rate for which you’ll qualify. A mortgage broker or loan officer can tell you that. Ask the loan officer, or consult a mortgage calculator, to determine what your principal and interest would be with the new loan. Look at your payment coupon to find out what your current monthly principal and interest are. Now you can figure out how much you would save every month.
It is safe to say depending on the cost of your refinance it looks like an opportune time to consider getting a lower interest rate on your loan. There are many lenders out there so be sure to choose wisely.
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City Mark Development will build Pier on Kettner Blvd in Little Italy San Deigo
January 28th, 2008 Categories: Buy San Diego, Little Italy, San Diego Developments
In the next few months, CityMark Development LLC and CLB Partners will break ground on Pier, the firm’s third condominium development in Little Italy.
The building follows the Downtown trend of mixed use, retail on the ground floors and residence above; that’s based on the way old European cities are built. But it has a distinctly modern look; two towers that will hold 230 units and 10,500 square feet of retail space. Designed by Martinez + Cutri, Pier will have three distinct areas, all reminiscent of cargo ships, the pier and sailboats that dot the bay in its sight lines.
It’s a landmark building inspired by the bay and the tradition of this great neighborhood,” says CityMark principal Russ Haley. “We have a lot invested in this community and Pier will be our absolute signature building.”
Pier will rise at the site of the old Metro Volkswagen Audi dealership, on Kettner between Fir and Grape streets. To the west, residents will have a view of the landmark County Administration Building and a front seat for the development of the North Embarcadero project, an effort of the city, county and Port that will transform the waterfront in a more pedestrian friendly environment. The Trolley and Amtrak stations are within a few blocks.
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I had a Great Round at Mission Trails Golf Course San Diego while trying out the claw putting grip.
January 23rd, 2008 Categories: Golf San Diego, Health and Fitness
In the traditional or conventional set-up the hands are together with the fingers of both the dominant and non-dominant hands underneath the grip and the thumbs on top. With the “claw”, the hands are separated with the thumb and fingers of the non-dominant hand in the conventional position and the fingers of the dominant hand on the top side of the grip. The thumb of the dominant hand is positioned underneath the grip and out of sight.
Says Di Marco: “I tried every grip, just like all of us when we struggle with our putting. This the one I settled on because it worked best. I’ve actually been putting like this for six years, it’s just taken a while for people to notice.
“It’s like a long-putter grip with a short putter - it effectively takes my right hand out of the stroke, merely supporting the putter lightly as it swings through. I’m actually just putting with my left hand.”
If it’s good enough for the pros it is worth giving it a try. The main focus when you putt is to keep your shoulders fluid and create one motion. The claw grip automatically puts your shoulders and body in the right position. Say goodbye to the 3 putts and claw your way to the top.
In a final note, the claw grip has done wonders for my putting. I was a regular 3 putter and after finishing an 84 round at mission trails golf course in San Diego I realize how much the new grip does help my game.
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