Navigate Your Home Loan Like a Pro!

Navigate Your Home Loan Like a Pro!

Financing a home is one of the primary concerns for most home buyers in Tehachapi.  Your agent at Associated Real Estate is here to help you navigate the maze of loan types and mortgage terms.  Here are some of the basic loan terms to help you get started.  And remember, with any home purchase your first step should be to contact a reputable realtor and schedule a FREE consultation.  If you are planning to purchase a home call us now at 661-822-3500.

  • Mortgage  A loan specific to purchasing property, where the bank liens you the title with the agreement you will pay the entirety of the balance owed on your beautiful Tehachapi property!
  • Conventional Mortgage – Any mortgage loan that is not insured or guaranteed by the federal government. This applies to all privately owned property, and is the most common type of mortgage.
  • Term  Refers to the length of the loan. Home loans (mortgages) are often in terms of 15, 20, or 30 years. Generally, as term lengths increase your payment will decrease; however, a shorter term loan means you will pay less interest over the life of the loan.
  • Annual Percentage Rate (APR)  A yearly interest rate(calculated by the average interest rate over the term of the loan) that includes upfront fees and costs associated with the loan. Use this to accurately compare the costs of different loans as fees will vary depending upon the lender, and every buyers situation is different. Make sure to make your loan work for you!
  • Fixed Rate  A fixed rate mortgage allows you to lock in an interest rate that will last for the entire term of the loan. These are, generally, a good choice if current interest rates are low.
  • Adjustable Rate  Adjustable Rate Mortgages (ARM) usually begin with a lower interest rate than a fixed rate, but will increase as market rates increase. A good choice if fixed interest rates are high, but make sure you are willing to have a payment that will increase over time!
  • Caps – A limit to how much and how frequently an interest rate can change on an adjustable-rate mortgage. These payment caps can be periodic or extend for the life of the loan. Thank goodness for structure!
  • Note – No, not like the ones we used to pass in class! This note is a legally binding written promise to repay the mortgage plus interest, which includes the name of the borrower, issuing lender, and the terms and provisions.
  • Down Payment – An upfront payment made by the home buyer(you!) toward the sale price of the property, typically ranging from 5-20%. The remainder of the sales prices makes up the mortgage loan amount, excluding interest. Typically, the bigger the down payment is the smaller the monthly payment will be, and we all like small payments!
  • Amortization  The paying down of principal(the loan excluding interest)  over time. Generally, the principal is scheduled to be paid off, or fully amortized, over the term of the loan.
  • PITI  This is a fun one. An abbreviation for the major expenses that make up a mortgage payment: Principal (the amount borrowed), Interest, (Property) taxes, and (homeowners’) Insurance.
  • Escrow  The holding of funds or documents by a neutral third party prior to closing your home sale. You can practically taste home ownership at this point! 
  • Closing Costs – An amount of money that must be paid to close your loan, including lender fees and third-party charges, along with taxes and transfer fees. Almost there!
  • Closing – The final step in the loan process when loan documents are signed at an escrow or title company. Congratulations on your new home!!

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Weekly Real Estate Update — March 26th, 2017

This is House Market Information for Tehachapi, California. See what sold in your neighborhood last week.

Address Area Bed Bath SQFT Acres CDOM $ / SQFT Sold For
20300 Sierra Ave Golden Hills East 2 2 1272 0.191 114 129.72 $165,000
700 Las Colinas St Tehachapi City 3 2 1203 0.14 154 157.11 $189,000
21440 Shirley Dr Golden Hills East 3 2 1386 0.58 0 149.35 $207,000
841 S Green St Tehachapi City 3 2 1130 0.18 8 183.19 $207,000
27451 Hialeah Dr Stallion Springs 3 2 1241 0.4038 2 167.2 $207,500
25701 Cumberland Ct Bear Valley Springs 2 1 1007 2.02 20 213.51 $215,000
21308 Indian Wells Dr Golden Hills West 3 2 1560 0.57 335 140.38 $219,000
20924 Brentwood Dr Golden Hills West 3 2 1354 0.28 1 166.17 $225,000
22812 Retreat Pl Golden Hills West 3 3 1849 0.29 178 132.77 $245,500
28301 Burlingame Ct Stallion Springs 3 2 1723 1.51 63 145.1 $250,000
17800 Pavot Ct Stallion Springs 4 2 1989 0.3783 10 140.02 $278,500
1337 Scarlet Oak Dr Tehachapi City 3 2 1716 0.31 28 168.94 $289,900
27201 Buckpasser Dr Stallion Springs 4 2 1931 0.7 35 150.44 $290,500
30201 Sunland Way Bear Valley Springs 3 4 1842 1.07 3 162.87 $300,000
25908 Bear Valley Rd Bear Valley Springs 3 3 1831 1.03 2 171.98 $314,900
21265 Woodford Tehachapi Rd County 3 3 2266 2.48 62 139.01 $315,000
30621 S Lower Valley Rd Bear Valley Springs 3 3 2104 0.46 127 154.47 $325,000
110 Sweetleaf Lane Ln Tehachapi City 4 3 2812 0.21 0 120.91 $340,000
22861 Saddleback Dr Bear Valley Springs 4 4 2968 3.57 255 168.13 $499,000

Based on information from the Tehachapi Area Association of REALTORS® (alternatively, from the Tehachapi MLS). All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.


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Tehachapi Weekly Real Estate Update: March 12, 2017

Sold Last Week in Tehachapi, CA: March 6-March 12th

This is House Market Information for Tehachapi, California. See what sold in your neighborhood last week.

Address Area Price Per Sq Ft CDOM Sell $
28061 Deertrail Dr Bear Valley Springs 79.95 98 $118,000
22160 Buena Vista St Golden Hills East 81.44 103 $165,000
22317 Milky Way Way Golden Hills East 105.26 680 $180,000
20031 Bald Mountain Dr Golden Hills East 138.63 329 $225,000
22028 McCarthy Dr Golden Hills West 161.72 81 $245,000
26131 Deertrail Dr Bear Valley Springs 132.21 131 $247,900
20401 Tucker Rd County 180.56 733 $260,000
29280 Horsethief Dr Stallion Springs 152.31 32 $290,000
18581 Kern Ct Stallion Springs 153.21 109 $334,000

Based on information from the Tehachapi Area Association of REALTORS® (alternatively, from the Tehachapi MLS). All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.


Search Tehachapi Homes for Sale the easy way.

Check out our

2 CLICK HOME SEARCH

to see real time data from the MLS for FREE!

Weekly Real Estate Update: March 5, 2017

Sold Last Week in Tehachapi, CA: February 27- March 5

This is House Market Information for Tehachapi, California. See what sold in your neighborhood last week.

Address Area Beds Baths Sqr feet Acres DOM Price
21408 Mountain Dr Golden Hills West 3 2 1203 0.6 13 $127,500
27740 Hialeah Dr Stallion Springs 3 2 1943 0.347 6 $230,000
22901 Tulip St Golden Hills East 3 2 1504 0.51 0 $233,350
814 Mulberry St Tehachapi City 3 2 1850 0.19 6 $250,000
21004 Ridgeway Dr Golden Hills West 3 2 1633 0.52 39 $252,000
905 Cathy Ln Tehachapi City 3 2 1520 0.19 12 $253,000
26701 Skyline Dr Bear Valley Springs 5 4 3899 3.15 33 $468,500
24401 Silver Creek Way Bear Valley Springs 4 4 3251 1.7 311 $515,000

Based on information from the Tehachapi Area Association of REALTORS® (alternatively, from the Tehachapi MLS). All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.


Search Tehachapi Homes for Sale the easy way.

Check out our

2 CLICK HOME SEARCH

to see real time data from the MLS for FREE!