February 2023 - Luxury Market Report for Lake Tahoe, California

February 2023 - Luxury Market Report for Sacramento County

February 2023 - Luxury Market Report for Placer County

I can help get you into your dream home without settling for anything less!

UWL offers One-Time Close New Construction for conventional loans.

Benefits

UWL is arming our partners to help more borrowers and first-time homebuyers make their first home or next home their dream home.

Builders don’t have to pay for the construction upfront, then sell the home to a borrower. They can create the borrower’s dream home and get a loan before construction even begins. Helping save time and money by only having to close once and covering one set of closing costs!

UWL’s process has a contractor approval component. Meaning we vet the contractor and obtain references to make sure they are credible. This helps give peace of mind to your borrower, that they have gone with a good option.

Other lenders require intense documentation, high-interest rates, and large down payments. UWL helps reduce the headaches, keep the project moving, create transparency and peace of mind for all parties involved, and offer the same great service on these loans, as we always do.

What is a One-Time Close New Construction loan?

A One-Time Close New Construction loan is a single-closing construction loan. The construction portion is short-term financing that is modified into permanent financing upon completion of the project. A single-closing construction mortgage can be closed as a purchase or a refinance.

What is a single closing?

A single closing construction loan is the combination of financing of the construction and the permanent mortgage. There is a single closing transaction that occurs prior to construction beginning.

Closing costs/fees that the borrower is responsible for are collected at closing. Funds are accessed through draws and there will be an initial draw at closing for proceeds to the contractor to begin the construction project.  

Call me with any questions, we’re here to help! Scott Rojo, Rojo Mortgage Team, 916-548-3942.

Mortgage Rates Fell Across the Board

The numbers: A dip in mortgage rates prompted mortgage demand to rise a seasonally adjusted 27.9%
As mortgage rates dropped across the board, demand for both purchases and refinancing increased. That pushed the market composite index up, a measure of mortgage application volume, the Mortgage Bankers Association (MBA) said on Wednesday. 
The market index rose to 238.7 for the week ending Jan. 13, up 27.9% from a week earlier. A year ago, the index stood at 593.7.
Key details: The refinance index jumped 34.2% in the past week, but was down 81% compared to a year ago. 
The purchase index — which measures mortgage applications for the purchase of a home — rose by 24.7% from last week. 
Mortgage rates fell across the board.
The average contract rate for the 30-year mortgage for homes sold for $726,200 or less was 6.23% for the week ending January 13. That’s down from 6.42% the week before, the MBA said. 
For homes sold for over $726,200, the average rate for the 30-year was 6.08%.  

The big picture: All those buyers and homeowners waiting on the sidelines found their moment this past week, as a dip in rates provided an opportunity.
With rates expected to come down further, this trend of mortgage demand running hot may continue in the meantime. 
What are they saying? “Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall,” Mike Fratantoni, senior vice president and chief economist at the MBA, said.
“As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers,” he added.

2593 Aberdeen Lane, El Dorado Hills, CA 95762

Exceptional quality Highland View residence on a .55 acre private greenbelt lot, just a short stroll away from Murphy Park and across the street from an 8-mile hiking trail. Built by Signature Properties in 2001, this 3,371 square foot home showcases a main level master, an office, and three upstairs bedrooms. Over $100k was recently invested in energy-efficient upgrades, including solar, 3 Tesla Powerwall home batteries, solar heating for the pool, a new water heater, recirculating pump, and more.

As you enter, you are welcomed by the executive office (with up to 1 GBPS internet) and an elegant formal living and dining room with wood floors. The great room concept is ideal for entertaining and includes the kitchen, dining nook, and family room with vaulted ceilings. The gourmet kitchen offers a spacious prep island and top-of-the-line stainless appliances, including a Wolf gas cooktop, dual ovens, and a Bosch dishwasher.

The luxurious and relaxing main-level master suite features a sliding glass door to access the backyard, a spa-like bathroom, and two walk-in closets. The laundry room is conveniently located near the master bedroom, guest bathroom, and a 3-car garage (with EV wiring). Upstairs, a full bathroom is centrally located near the remaining bedrooms. All three bedrooms boast large walk-in closets.

Retreat to the exceptional backyard that showcases a stunning swimming pool with a water feature, expansive concrete patio, mature landscaping, planting beds, fruit trees, a covered pergola, space for possible RV parking, and a deck that overlooks the horseshoe/bocce ball court. The home is adjacent to a greenbelt with a seasonal creek, ensuring a feeling of privacy while enjoying the backyard.

Highland View is a highly desirable neighborhood that allows for an ideal El Dorado Hills lifestyle, with low HOA dues, no Mello Roos, and award-winning schools (Oak Ridge High School).