The official blog of Coastal Premier Properties

Title Insurance When Refinancing Your Loan

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Lower interest rates have motivated you to refinance your home loan. The lower rate may save you a tremendous amount of money over the life of the loan, but you should also expect to pay the lender the typical closing costs associated with any new loan, including service fees, points, title insurance protection and other expenses.

Why do I need to purchase a new title insurance policy on a refinanced loan?

To the lender, a refinance loan is no different than any other home loan. So, your lender will want to insure that their new loan is protected by title insurance, just as the original lender required. Therefore, when you refinance you are buying a title policy to protect your lender.

Why does a Lender need title insurance?

Most lenders generate loans and then immediately sell those loans to secondary market investors, such as FannieMae.

FannieMae, in order to protect its security interest in the loan, requires title insurance coverage. Even those lenders who keep original loans in their portfolio are wise to get a lenders policy to protect their investment against title related defects.

When I purchased my home, didn’t I also buy a lender’s policy?

Perhaps. Who pays for the lender’s policy on a purchase loan varies regionally and by the terms of individual contracts.

However, even if you did buy a lender’s policy when you purchased your home, the lender’s policy remains in force only during the life of the loan that was insured. If you refinance, the old loan is paid off (the “life” of the loan expires) and a new loan is issued for which the lender will require a new title insurance policy.

What about my original title insurance policy?

When you bought your home, you purchased a Homeowners title policy. The Homeowners’ policy stays in force as long as you or your heirs own the home. When you refinance, your lender will often require that you purchase a new lender’s policy to protect their new security interest in the property. Thus, you are buying a policy to protect your lender, not a new Homeowner’s policy.

What could possibly have happened since I purchased my home which warrants a new lender’s policy?

Since the time that the original loan was made, you may have taken out a second trust deed on the house or had mechanic’s liens, child support liens or legal judgments recorded against you – events that could result in serious financial losses to an unprotected lender. Regardless if it has been only 6 months or less since you purchased or refinanced your home, a myriad of title defects could have occurred. While you may not have any title defects, many Homeowners do. The only way for a lender to adequately protect itself is to get a new lender’s policy each time you purchase or refinance your home.

Are there any discounts available for title insurance on a refinance transaction?

Yes. Title companies offer a refinance transaction discount or a short-term rate. Discounts may also be available if you use the same lender for your refinance loan and your original loan. Be sure to ask your title company how they can save you money.

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Recipe: Sausage Polenta with Nestled Eggs

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Ingredients

  • 2 1/2 cups vegetable broth
  • 1 1/4 cups milk
  • cup quick-cooking polenta mix
  • 1 1/4 cups shredded Mexican-style four-cheese blend
  • 4 – ounce can diced green chiles
  • ounces bulk pork sausage
  • cups sliced fresh mushrooms
  • cup finely chopped onion
  • Nonstick cooking spray
  • eggs
  • Freshly ground black pepper (optional)
  • Snipped fresh cilantro (optional)
  • Bottled hot pepper sauce (optional)

Directions

  1. In a large saucepan, bring vegetable broth to boiling. Meanwhile, in a small bowl or large glass measuring cup, stir together milk and polenta. Add polenta mixture in a slow, steady stream to vegetable broth, stirring constantly; reduce heat. Cook and stir until bubbly; cook and stir for 3 to 5 minutes more until polenta is thickened. Stir in cheese and diced green chlles until well mixed; set aside.
  2. In an extra-large skillet, cook sausage, mushrooms and onion over medium-high heat until meat browns and onion is tender. Drain and discard liquid. Stir in polenta mixture until well mixed.
  3. Evenly spread polenta-meat mixture into a greased 3-quart oval or rectangular baking dish. Cover baking dish with a sheet of greased or nonstick foil; store overnight in the refrigerator.
  4. While oven preheats to 375 degrees , use the bottom of a 1/3-cup measuring cup coated with cooking spray to make eight indentations in the polenta mixture. Bake, covered, for 35 minutes. Reduce oven temperature to 325 degrees F. Remove baking dish from oven; remove foil. Break one egg into a small dish. Carefully slide the egg into an indentation. Repeat with remaining eggs. Return to oven.
  5. Bake, uncovered, in the 325 degrees F oven for 25 minutes more or until the eggs are almost set. Let stand on wire rack 5 to 10 minutes (eggs will continue to cook). If you like, sprinkle with pepper and snipped cilantro and serve with hot pepper sauce.

Nutrition Facts:

Servings Per Recipe 8, Fat, total (g) 19, vit. C (mg) 2, cal. (kcal) 392, vit. A (IU) 714, iron (mg) 2, Riboflavin (mg) 0, sat. fat (g) 8, Thiamin (mg) 0, chol. (mg) 225, Monounsaturated fat (g) 5, Pyridoxine (Vit. B6) (mg) 0, carb. (g) 34, Niacin (mg) 2, Cobalamin (Vit. B12) (µg) 1, Trans fatty acid (g) 0, Folate (µg) 34, Polyunsaturated fat (g) 2, sodium (mg) 686, calcium (mg) 213, pro. (g) 20, Potassium (mg) 308, sugar (g) 4, fiber (g) 4

Click HERE for more information about the recipe.

The Pinteresting Five: Moody Blues

Chances are that you’re already using blue in your home’s color scheme since we live in coastal San Diego! But if you’re looking a trendy way to update your home, think dark and moody. Check out these rooms for a little inspiration!

All images via our Pinterest

99258b70fa097739d34ed99a220e0a02Home Tour | Mixing feminine + masculine — The Decorista: Blue bedroom wall - via Coco Lapine Design: Emily Henderson Golden Hive House Tour #home #styleCouleur de peinture 2015 - le bleu pétrole, le vert canard et le sarcelle fabuleuxTop Knobs TK883PC - Devon 3-3/4" (96mm) c.c. Brixton Cabinet Pull (Polished Chrome) - The Hardware HutMimic- lights, tile, colors, rug #kitchendesignely

Restaurant of the Moment: Searsucker

12995 El Camino Real Suite #121

San Diego, CA 92130

www.searsucker.com

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Searsucker has made a statement in the San Diego dining community. This restaurant is a social dining destination with coastal flare where the surf meets the turf in sunny Del Mar. Boasting a large outdoor patio, koi pond, fire pit, and sprawling back bar, Searsucker is the perfect place to gather with friends for happy hour, enjoy a weekend family brunch, or indulge in an intimate date night in the heart of North County. Our favorite dishes here have to be the Wonton Poke to start, then finishing strong with the Short Rib plate! Check this place out for a incredible dining experience!

Searsucker has two locations – Del Mar & Downtown.

January 2019 Real Estate Market in Review

January San Diego real estate market in review: As of January 2019, the median detached home in San Diego County sold for $647,500 up 6.1% from the previous year.

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As of  January 2019, the median attached home (including condos, townhomes, and twinhomes in San Diego County sold for $421,000, up 5.0% from last year.

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The average detached home in San Diego spent 34 days on the market.

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Condos, twinhomes, and townhomes in San Diego spent an average of 28 days on the market.

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As of January 2019, the average seller of a detached home in San Diego County receives 97.3% of the original list price at the close of the sale.

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As of January 2019, the owners of attached properties (condos, twinhomes, and townhomes) retained 98.0% of the original list price.

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The inventory of homes in San Diego County is still very low.

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The supply of attached properties is also quite low.

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Are you interested in seeing this breakdown for your San Diego community or zip-code? Let us know!

The Ultimate San Diego Bucket List | Restaurants, Attractions, Landmarks and More!

San Diego is home to a variety of cultural attractions, fabulous restaurants and bars, a staggering number of breweries, fantastic museums, and a vibrant arts scene. The list of things to explore in San Diego goes on and on. The weather is positively blissful year-round and the beaches are obscenely beautiful. What’s not to love? It’s tough to narrow down our San Diego bucket list, but these places definitely make the cut:

Stroll around Balboa Park

The beating heart of San Diego, Balboa Park is chock-full of local cultural attractions, charming boutique shops, and world-class museums. Covering over 1,000 acres of lush greenery, the park is the epicenter of the city’s culture and home to some absolute must-visit attractions.

It’s here that you’ll find the San Diego Zoo, the San Diego Natural History Museum, the Ruben H. Fleet Science Center, and the San Diego Museum of Art. You could wander around for hours here and never grow bored. In the city where you can spend hours sitting in traffic, it’s nice to get out of your vehicle and stretch your legs.

Pro-tip: Consider buying the Balboa Park Explorer Pass if you want to visit multiple museums. It saves money and time.

Hike in Torrey Pines State Natural Reserve

If you love being outdoors – hiking and relaxing at the beach – a trip to Torrey Pines State Natural Reserve is in order. Spend the day climbing up challenging cliffs, gazing out at the sparkling blue water, or walking along leisurely seafront walking paths.

Torrey Pines is a slice of pure paradise. As you hike, you’ll notice tons of cool rock formations and patches of pine forest, in addition to unbeatable panoramic views. Just be sure to pack plenty of sunscreen and water!

Try to surf

You can’t go to San Diego, Surf Capital USA, without trying your hand at riding the waves. That would be like going to Paris without seeing the Eiffel Tower or exploring Barcelona and never seeing the Sagrada Familia.

Book a lesson with a reputable surf school in advance—like Pacific Surf School or Mission Beach Surfing School—and get ready to hang ten with the best of them. Even if you can’t get up on your board, you’ll have a whole lot of fun trying.

Check out the nightlife in the Gaslamp Quarter

Thanks to the clusters of historic Victorian-era buildings in the Gaslamp Quarter, this area is as pretty as a postcard, and there’s so much to do that you’ll likely need at least a full day or two to experience everything. You’ll find every type of cuisine imaginable here, in addition to dozens of unique shops. The top restaurants on the Gaslamp Quarter should definitely be on your bucket list.

The Gaslamp Quarter is always buzzing on the weekends, and it’s the best place to be if you’re a nightlife-lover: Have a blast dancing at one of the many trendy clubs that line the streets, enjoy craft cocktails under the moonlight, or check out live music in one of any number of bars. Keep in mind that if you’re dining out in the Gaslamp Quarter, you’ll need to make a reservation well in advance—this is a very popular destination for fine dining.

Explore La Jolla Cove

Located just a quick 20 minutes from downtown San Diego, La Jolla Cove is simply gorgeous. Wander through Prospect Street to look at shops (don’t miss Warwick’s, which is the country’s oldest family-run bookstore!), pack a picnic and watch the sunset at Ellen Browning Scripps Park, and be sure to keep an eye out for the adorable La Jolla sea lions. For the adventurous souls out there, La Jolla is also one of the best places in the area for sea kayaking and snorkeling; La Jolla Kayak offers great guided experiences.

Watch a baseball game at Petco Park

One of the only stadiums in the States with a water view, Petco Park is the perfect place to spend a sunny afternoon. Home to the San Diego Padres, this beloved ballpark also has fantastic food and craft brews (there are more than 40 types of local beer offered here alone!)—think hometown faves like Lucha Libre, Cardiff Market, and AleSmith—so be sure to come hungry and thirsty.

Enjoy a romantic evening at Sunset Cliffs

Perhaps the most aptly named cliffs ever, the Sunset Cliffs area is the place to be if you want to enjoy a truly romantic view when the sun goes down. This is easily one of the prettiest spots in the city, so we recommend packing the car snacks and drinks and coming here to catch a magnificent sunset with your sweetheart.

While decidedly not as popular as some other major cities in California, San Diego is just as charming—if not more so—than places like L.A. or San Francisco. In fact, we’d venture to say that, because it’s more of an off-the-beaten-path destination, San Diego has a distinctive charm and loveliness all its own.

Are you on the fence about making San Diego your next home? There are endless reasons to buy a home in San Diego. Contact our experts today to learn more about San Diego real estate!

Adjustable Rate Mortgages – The Basics

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An adjustable rate mortgage (ARM) has an interest rate that fluctuates periodically. This is in contrast to a fixed rate mortgage, which always has the same interest rate.

Every ARM has basic components:

  1. An index
  2. A margin
  3. Adjustment Period
  4. An interest rate cap
  5. An initial interest rate

The Index

Image result for cost of funds indexAn ARM’s interest rate is tied to one of many economic indices, some examples of which are the 1-year constant maturity Treasury security, the Cost of Funds Index, or the London Interbank Offered Rate. Different indices move at different rates so know the characteristics of the index used for your ARM.

The Margin

The interest rate for your ARM will be calculated by adding a margin to the interest rate from the index. The margin is basically the markup charged by the lender that allows them to make a profit off of your loan, such as adding 2% to the index, where the 2% is the margin. The margin of your loan usually does not fluctuate.

The Adjustment Period

The Adjustment Period controls when and how often your interest rate changes. For example, if your ARM has an adjustment period of 1 year, your interest rate will be subject to change at the end of each year and your monthly mortgage payment will be recalculated to reflect this change.

The Interest Rate Cap

Interest rate caps are built into the loan to protect the borrower from drastic interest rate fluctuations. The caps limit how much the interest rate or monthly payment can change at the end of each adjustment period. An ARM can also have a cap for the life of the loan. For example, during the life of a loan, the interest rate can only be increased by 5%.

The Initial Interest Rate

The Initial Interest Rate is the interest rate that you start with at the beginning of your loan period. The length of time your loan stays at this rate is built into the loan. For example, you may stay at the initial interest rate for 1 year, 5 years, or another length of time depending on your specific mortgage. This type of ARM is generally referred to as a Hybrid ARM. The initial interest rate for an adjustable rate mortgage is generally lower than that of a fixed rate mortgage.

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