The Hollywood Sentinel had the opportunity to sit down and talk with leading single home California real estate expert Alba M. Quezada this week, and we asked her some very precise questions that homeowners should know before buying a home, or once they do own one. The following is what we learned from Alba M. Quezada (fluent in both English and Spanish), who considers it a part of her job to educate buyers and sellers.
Hollywood Sentinel: How important is a good credit rating in buying a home with you, in relation to cash?
Alba Quezada: 640 and up is considered a good rating and is preferred. A good credit rating is- not surprisingly- very important. it is the number one thing that people need in their favor in order to qualify. The other thing is having worked at least two years on the job they have.
Hollywood Sentinel: I see. so you can you work with buyers who have problem credit ratings and / or little cash?
Alba Quezada: No, definitely not. If they have a lot of cash but bad credit, that is no problem, that is the only way they can buy, if they have bad credit. Now if they have no cash, but good credit, then they can submit for a qualification which I help people to do, so they can get a loan. So no money is O.K. up front if that is the case, but they need an income, and they do in fact still need money for the closing cost.
Hollywood Sentinel: I appreciate your honesty, and I am sure others will too. So, what is the percent that needs put down for the cost of closing? I am sure it can vary, but what is the average if there is one?
Alba Quezada: 3 and a half percent of the money is the general average that is needed to be put down to buy a house. Three and a half percent of the cost of the home needs paid for in advance generally, although it does depend on the value of the home. As a general rule, for each 100k, approximately $700 dollars needs put down, but this can fluctuate, some are more and some are less. The standard is around three percent but again it varies. It varies depending on the mortgage and the loan. It can also depend on the credit rating.
Hollywood Sentinel: That is good to know. We hear about banks taking over people’s homes, of those that cannot make payments. What can people do to protect their homes once they buy?
Alba Quezada: Don’t get behind in payments! Get the right person to help you get the right loan, and do get a fixed loan, not an arm.(An arm is the abbreviation A.R. M., which is an adjustable rate mortgage, which means that the price of payments can increase over time, unlike a fixed loan, which stays the same price regardless of any shift in the economy). Alba also helps buyers find trustworthy and expert loan officers to get a mortgage if needed.
Hollywood Sentinel: What is the condition of the housing market in Los Angeles today?
Alba Quezada: I am happy to say that it is really good for buyers. There are a lot of great opportunities out there right now. There are a lot of lenders, and a lot of great mortgage deals are still being given, which is creating a greater incentive to buy homes.
Hollywood Sentinel: That’s great news! What is the best area in Los Angeles to buy in today, that has the lowest prices, but that have some of the best homes in an area that is going to become more affluent?
Alba Quezada: West Hollywood and Hollywood proper are good. Every city area varies a lot, but there are some really hot prices right now in South Central, and some really beautiful homes for great prices right now in Fontana, Lancaster, Moreno Valley, Rancho Cucomonga, and Farmdale to name a few.
Hollywood Sentinel: That’s interesting. If some one wants to learn more about real estate and buying a home, is there a cost to talk with you? Are there any surprises they should know about?
Alba Quezada: There is no charge to talk with me and no charge to see if I can get you pre-qualified to buy a home. I like educated buyers, and I provide free education. There are no secrets when working with me.
Hollywood Sentinel: That’s great! Now, if someone wants to get a free consultation with you to buy or sell their home here in Los Angeles County, how can they reach you?
Alba Quezada: They can call me on my direct line or even e-mail me.
Alba M. Quezada Prudential California Realty Realtor Lic #01747855