Lisa Vomero Inouye: Welcome to this week's episode of: Did You Know San Diego? Today, I have the honor and privilege of speaking with my preferred lender, Jon Nalbandian. He's with Arbor Financial Group in Carlsbad. He is a mortgage broker. Do you know what that means to you? Well, with only one loan application, he will shop for you all the 41 wholesale places for your loan, compare rates, terms, and points, and give you options on which loan to select. That is full service! That's why he is my preferred lender. Come on, let's go talk to Jon and see what he has to say!
Well, for those of you that missed the presentation, I'd like to introduce you to my preferred lender, Jon Nalbandian.
Jon Nalbandian: Hi.
Lisa Vomero Inouye: He has some great tips to think about if you're thinking about making a move or you just want more money to be able to afford to stay in your existing home.
Lisa Vomero Inouye: So Jon, with that, thank you so much for coming.
Jon Nalbandian: Thank you, Lisa.
Lisa Vomero Inouye: Now, if you would like to give us your three things to consider when you're either thinking about rightsizing or making the decision to stay in the home. What would you recommend folks do?
Jon Nalbandian: Well, I think that the key is to find out if the place that you're in right now is really where you want to be. If you really love that house, the analysis that's going to happen is really finding out if you need to improve the house to make it more livable for yourself. We want to talk about really your income stream to qualify for the loan that you need to make upgrades or improvements in the home.
Jon Nalbandian: If you do want to leave and you want to move to a different place and potentially transfer your tax base or just move out of state and have lower overall costs, then we want to discuss your options of either using a traditional loan versus a reverse mortgage, which will eliminate your payment. So basically, you can take equity on the sale of your home and put that down without having to make any payments moving forward. That's…the analysis that you go through.
Lisa Vomero Inouye: Okay, and the other option might be to do a cash-out refi if you need to retrofit the home to stay in it, say you had a health challenge or something like that. And Jon, do you want to speak to that at all or things they might need to consider before applying for any of the items that you talked about?
Jon Nalbandian: Well, on the cash out refinance, the biggest questions that people often run into is, "Will I be able to qualify?" So, that's where you need to get with a mortgage expert to understand the qualifications. The cash out piece as well, there's a negative aspect in that the new amount that you take out is not tax deductible. So it's also something you need to consider. But it is great if you're going to need to do home improvement. It's still the cheapest money out there.
Lisa Vomero Inouye: Good point.
Jon Nalbandian: Okay, perfect.
Lisa Vomero Inouye: All right! Anything else you'd like to add, Jon, to my clients thinking about making a move?
Jon Nalbandian: I just think that it's really great to sit down and think about exactly what you want. So many people are on that fence of trying to figure out, "Do I want to stay or do I want to move?" But having someone like you that can explain tax benefits, especially in the State of California with that transfer tax on (state propositions) 60 and 90, it's so wise to use someone that's an expert to help you make that real decision, because it's tough.
Lisa Vomero Inouye: It is. Well, thank you, Jon. And for those of you not aware, there's Proposition 60 and 90 that allows a one-time transfer of your existing property tax base if you're 55 or older, to a home of less or equal value.
Lisa Vomero Inouye: So to find out more, please watch the whole video we'll be uploading soon. Thank you.
Jon Nalbandian: Thank you.
Lisa Vomero Inouye: Thank you again for tuning into this week's episode of: Did You Know San Diego? Was an honor to sit down and talk to Jon, my preferred lender, and I hope you learned something too. I will put Jon's contact information on the screen, or you can call me, and I can give you a personal introduction. Jon has also done our own personal loan, so I highly recommend him!
Lisa Vomero Inouye: So thank you so much for tuning in. This is Lisa Vomero Inouye reporting live for YOU!. Thank you. See you next week. Bye.