Are you thinking about doing some remodeling? If so, for the best return on investment, go green. The new term is “eco-renovations” and some homebuyers are paying a premium for the added value of energy-efficient houses.

• Light Bulbs – Sounds too easy, but CFL florescent light bulbs use a quarter of the electricity as regular light bulbs. Since lighting on average accounts for 20% of your home energy use, this is a quick fix.
• Recycling -If your neighborhood doesn’t have curbside recycling, you can now recycle #5 plastics (cottage cheese, prescription drug and yogurt containers) at most Whole Foods locations.
• Energy Efficient Appliances – EPA’s Energy Star appliances may be 10% to 50% more energy efficient. Installing a programmable thermostat and motion detectors are advised. Visit the Department of Energy’s site for more information: www.eia.doe.gov
• Paints – Use new “low-VOC” paints, which stand for low “volatile organic compounds.” Many people with allergies, asthma and chemical sensitivities ask about this now.
• Tax Credits – With eco-remodeling, you may qualify for federal, state or local tax credits given for green projects. Search on www.thedailygreen.com for updates. Remember – green may bring more gold (money) when you decide to sell. So keep track of your improvements and document how your monthly energy bills change over time.

• There is currently a “rate rally” going on, which means that rates are very low (5.75% jumbo non-conforming; 5.25% $471-$729.95 K; and 5.0% >$417 K) and it is a great time to refinance and/or buy a home in Saratoga.
• Jumbo rates have come down as well and guidelines will be loosening especially with regard to down payment requirements.
• The last piece of really good news is Santa Clara County is being reclassified by Wells Fargo’s home equity group to where a 25% down will now be accepted. That is important because that allows a 25% down using a $729 K first and a $417 K 2nd up to a $1.5 M+ purchase price.  This is very important for Saratoga home buyers and sellers!
• All these things are being driven by continuing stability in the housing market per the economic indicators and low rates due to uncertainty about the economic recovery.
• John believes “we will be seeing some clarity on the timing of the economic recovery by the end of the year and that rates will increase in that time-frame”, but “for the time being there is a golden opportunity out there.“

Private Mortgage Advisors offers the following:

Single Source® lending capabilities – connections to lending specialists who can deliver a full complement of sales and service solutions in most home-buying situations.

PriorityBuyer® preapprovals from Wells Fargo that let buyers know how much house they can purchase.

The Wells Fargo Closing Guarantee helps keep buyers home purchase on schedule (available on all qualified purchase transactions. Other terms and conditions apply. See a home mortgage consultant for details).

John can be reached at 408-913-7933.  Private Mortgage Advisors is affiliated with Wells Fargo Home Mortgage and Alain Pinel Realtors.

Private Mortgage Advisors, an affiliate of Wells Fargo Home Mortgage and Alain Pinel Realtors has a temporary rate buydown option that can lower home buyer’s initial mortgage payments. That means turning lookers into home buyers.

This eases them into their mortgage. With the buydown program, qualified borrowers purchase a temporary rate discount as much as 3% below the established note rate. This discount can be offered by the home seller up to maximum allowable contributions.

Homebuyers like the temporary buydown option because it may give them an opportunity to purchase a Saratoga home right now—and the time to ease into their full payment schedule during the first few years of ownership.  Homebuyers also like knowing that while their initial payments are lower, they are still reducing their mortgage balance because they’re paying both principal and interest each month.

Buydowns work with a variety of mortgage products, including FHA, VA, and other conventional loans offered by Wells Fargo Home Mortgage.

Including this option in your Realtor’s listings, internet presence and other real estate marketing will give a home seller one more way to differentiate themself in today’s competitive market. Since most Saratoga homes start over $1 million and most mortgages are non-conforming jumbo loans, financing is very important in making the sale.