HotelDel DownTown Sunset

Greetings from Jennifer Ross -  Realtor
Torrey PinesThis weekend I set out with a couple of girlfriends to hike Torrey Pines State Park. The park has 2000 acres of undeveloped chaparral land and Torrey Pine trees. The many different hiking trails wind through the park and have spectacular views!  We parked at "The Lodge" parking lot near the driving range and walked down the paved path to the cliffs and the beach below.  The hike down was pleasant but the hike up the cliffs a little more challenging!   I suggest tackling it early morning before it gets too hot and before Blacks Beach sun worshipers come out to bake :-).
Pandigital Digital Photo FrameLinda Crout-Hamel!

Linda has won an 8" Digital Photo Frame - congratulations, Linda.

The next drawing will be in a few weeks.
News and Views  
Fannie Mae Tightens Underwriting Guidelines
Although lenders for years have routinely pulled second credit reports on borrowers in underwriting, as of June 1, all lenders who sell loans to Fannie Mae will now be required to obtain a second credit report before closing. This new procedure is an effort to tighten underwriting guidelines.
Generally, lenders pull a credit report when a home buyer applies for a loan. A lot can happen between the preapproval letter and closing. For example, a borrower might shop for a loan by calling a number of lenders and comparing rates. Those inquiries will show up on a credit report. If a lender spots an inquiry after its approval, that inquiry could cause a red flag and delay closing.
In addition, sometimes home buyers change their financial situation while they're waiting to close on a loan. They might buy a car, figuring the credit report won't be updated. Any new debt will be reflected on an updated credit report. New financial obligations could change the borrower's ability to qualify to buy that home.
Your best bet is to charge absolutely nothing. Don't put any new charges on your credit cards or open up any new accounts between the time you apply for a loan and the time you close.
 A new report from Manpower claims that the San Diego region has the fifth best jobs outlook out of the 100 regions in the country it monitors. The survey found that 24 percent of employers plan to increase hiring in the third quarter of 2009.
Dollar SignWatch Out For 'Free' Credit Reports 
You've probably seen the television commercials featuring the young musicians working in a seafood restaurant and singing the blues about not getting a "free" credit report.
As most people who responded to the commercial found out, the report wasn't exactly free because it came with the requirement that you sign up for a credit protection service, something that is almost impossible to opt out of.
Flash back to 2004. That was the year that the Fair Credit Reporting Act was created to provide all consumers with free copies of their credit reports each year from Equifax, Experian and TransUnion.

This wasn't done out of the kindness of their corporate hearts and the desire to make sure people get all the information they need to protect their credit information. Rather, it was because the credit reporting companies were abusing privacy rules and often selling personal information to credit card companies and other businesses that would use it to market their product and services.

At that time the Federal Trade Commission created a Web site where people can go to get the free reports, Consumers can also get the reports by calling 1-877-322-8228.

But, as you might imagine, it didn't take long for a rash of imposter Web sites to pop up that suggested they were offering a free service but, if you didn't cancel during the trial period, would begin to carry a fee.

Well, a new set of rules has gone into effect that will take big steps in preventing these clone sites from offering something free that really carries a hefty price tag.

It's all part of the new Fair and Accurate Credit Transaction Act that was adopted earlier this year. The new rules require that "free" credit ads clearly disclose that they are not part of the federally mandated free reports program.

In Congressional testimony earlier this year, David Vladeck, director of the Bureau of Consumer Protection at the FTC, said the new rules prohibit nationwide credit reporting agencies "to delay advertising for other products and services until after consumers have received their free annual credit report, and prohibits other practices that may interfere with a consumer's ability to obtain a free annual file disclosure."
There's also another reason you may want to pass on the TV ads for credit reports and use the official Web site listed above.
When you request a credit report through one of these agencies it can impact your credit score. The companies that calculate scores include every time you "pull" a report and the consequences drive down the score, reducing your ability to qualify for a loan.

However, if you get the information through, it will have absolutely no effect on your credit score.
Checking your credit records for mistakes and errors -- it's estimated that 25 percent of all reports have inaccurate items -- is a smart thing to do. But make sure to do it the right way.
Courtesy of SDDT.
Famous Quotes
Fear of failure and fear of the unknown are always defeated by faith. Having faith in yourself, in the process of change, and in the new direction that change sets will reveal your own inner core of steel.
Georgette Mosbacher
Fascinating Video 
World champion ocean freediver completes a special dive at the deepest blue hole in the world, filmed entirely on breath hold.
Can you imagine even attempting this feat, let alone without oxygen?
As always, feel free to give me a call 800-913-7677 with your real estate needs.  I appreciate your referrals.   

Acedemic Earth 

Jennifer Ross

Experience Counts!
Over 21 years in
Real Estate sales
Serving all of San Diego
Office: 800.913.7677
Direct: 619.985.7340

Current Mortage Rates

 ( weekly avg)
 30 yr fixed: 4.95%
15 yr fixed: 4.36%

Join My Mailing List
Subscribe Button