Burlingame, CA

Burlingame AYSO has its opening weekend this Saturday and Sunday, September 12th and 13th. Festivities start off with the annual parade at Burlingame High School. If you haven't been to the parade, you are in for a treat!

Burlingame AYSO brings in local dignitaries, such as the mayor, council members, and local religious leaders to kick off the parade with speeches. The Burlingame High School cheerleaders are present to cheer on the young soccer players. There's a lot of action happening on and around the football field. However, the real action is behind the football field, where our young athletes line up for the parade!

Kids chasing their buddies, dogs chasing kids, and coffee drinking parents trying to keep 6 year olds lined up in a straight line while they wait there turn to enter the stadium are just some of the sights you will see on the softball field. I consider the Burlingame AYSO soccer parade a right of passage into Burlingameparenthood!

Once you and your kids enter the stadium, you will see a flood of players and banners marching around the field. Burlingame AYSO has given the kids the chance to choose their team name. Blue Hobos, Fashion Police, Swimming Salmons, and Pink Booomerangs are the names of some of the teams my kids have played on.

Once the parade is over, if you want to smile and chuckle, stick around and watch the 6 year olds and under play on the softball field. Burlingame AYSO has a league for kids of all ages!

Fields all over the town are used by Burlingame AYSO. If memory serves me correctly, the 8 year olds and under play at Washington Park. BIS Osberg field, Franklin Field, Cuernavaca Park, Bayside Park, and Jim Murray field (named after the former AYSO President) are also used.

The Burlingame AYSO opening weekend usually consists of a game on Saturday and a game on Sunday. Make sure you bring your lawn chairs and sunscreen - it's supposed to be pretty hot!

One of the staples of the Burlingame AYSO soccer season is every parent's favorite, the snack schedule. The kids love to have oranges and water at halftime, and a drink and snack after the game. Don't forget to mark your snack day on your calendar. God help you if you forget, with 12 sad faces looking right at you!

As the season winds down, the competition ends with the Burlingame Cup. I have seen some of the most exciting soccer games in Burlingame AYSO during the Cup playoffs.

If a Cup game ends tied, overtime is played. If no one scores during the overtime, players are taken off of each side. I have seen some playoff games end up in two on two! Imagine running all the way up and down the field after four overtimes! Burlingame AYSO really makes it exciting with this format to determine a winner!

Burlingame AYSO does a great job teaching the kids about teamwork, competition, and athleticism. Most of all, it's just a lot of fun! See you on the field.

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A Burlingame business networking group was recently formed in June, 2009. It is under the auspices of BNI, the largest business networking group in the world. The goal of this group is to pass referrals to business owners that we know, like, and trust.

If you are unfamiliar with BNI, here is a little bit of information for you. The networking group meets weekly. During the meeting there is an opportunity to network with members and guests. Each person is also allowed to give a 30 to 60 second "infomercial" about their business and the type of people they would like to meet.

Only one person per occupation is allowed in each chapter. There is an intial fee to join, and monthly dues are charged to cover the costs of the meeting room and meals.

Guests are encouraged to attend our networking group. Guests are allowed to attend two meetings before deciding to make a commitment to join our group.

The Burlingame BNI networking group meets every Thursday from 7:30 AM to 9 AM at Sapore Italiano restaurant. The restaurant is located at 1447 Burlingame Avenue in Burlingame.

If you are looking to grow your business, please come as my guest to see if this networking group would be of benefit to you. We are looking for owners or representatives of all types of businesses. If your occupation has been committed to in our group, we may be able to refer you to another local group.

I look forward to meeting you!

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Are you looking at homes for sale in Burlingame? Burlingame is a very desirable area to live. Here are some tips for you if you are planning on financing with a loan the purchase of one of the Burlingame homes for sale.

Although many of the homes for sale in Burlingame are valued for more than one million dollars, there are plenty of homes that sell for less than this amount. A 10% down payment is required for conventional financing with a purchase price up to $810,833. This sale price will allow an agency jumbo loan of up to $729,750. An agency jumbo loan is a loan that can be purchased from the lender by Freddie Mac or Fannie Mae.

If you need to borrow more than $729,750, then you will need to obtain a jumbo loan. Here in August, 2009, the jumbo loan market has become more accessible than it has been in the last two years. This accessibility is great news for homebuyers that are looking at homes for sale in Burlingame.

Here are the maximum loan amounts for a fully documented loan to purchase one of the homes for sale in Burlingame with a jumbo loan:

• 80% with a maximum loan amount of $1,100,000
• 75% with a maximum loan amount of $5,000,000

These maximum loan amounts require certain credit scores. If you do not have the minimum credit score required, then you will have to make a larger down payment.

On the subject of credit scores, some lenders will reduce the points charged based on certain credit scores of the borrower. If you have submitted an application to purchase one of the homes for sale in Burlingame, ask your loan agent if you qualify to have the points charged reduced.

Suppose you need to stretch your budget because the homes for sale in Burlingame are expensive. Here is a strategy that can help you maximize the loan amount and sale price that you are comfortable with - it's called the "buydown strategy".

Here is the buydown strategy in a nutshell: instead of insulting the seller of one of the homes for sale in Burlingame with a lowball offer, try this: make an attractive offer to the seller on the sale price, and ask the seller to credit you at closing up to 6% of the loan amount toward non-recurring closing costs. With this credit toward closing costs, you can use these funds to buy down your interest rate. This strategy will increase your purchasing power by roughly 14%.

For example, if you thought your monthly budget would allow you to purchase one of the homes for sale in Burlingame for $1,000,000, the monthly equivalent budget would be up to $1,140,000 with the buydown strategy, more or less.

One of the most important tips I can give you if you are going to make an offer on one of the homes for sale in Burlingame is to get pre-approved for your loan. Homes for sale in Burlingame that are in a good location and priced attractively often receive multiple offers. If you are not paying cash, you will lose in a multiple offer situation without a pre-approval letter.

In order to obtain a letter of pre-approval, you will need to provide your loan agent an application, along with your income and asset documentation. Your agent will obtain a credit report, and ask you what the maximum sale price, down payment, and monthly payments you are comfortable with for your offer or offers on homes for sale in Burlingame. With this information, they will submit your file and get it pre-approved prior to making your offer(s).

If you have a difficult time proving that you can afford the monthly budget to afford one of the Burlingame homes for sale, there are programs available that do not require you to provide income documentation. Here are the maximum loan amounts for this program:

• 75% of the sale price up to a loan amount of $1,000,000
• 70% of the sale price up to a loan amount of $1,500,000
• 65% of the sale price up to a loan amount of $3,000,000
• 60% of the sale price up to a loan amount of $4,000,000

My last tip is that if you want to purchase one of the great homes for sale in Burlingame, work with a competent loan agent. Getting a low rate is important, but getting your loan approved quickly with the least amount of hassle is just as important!

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I read a blog post today on Cyberhomes blog (an excellent website and blog, by the way). It's latest post is titled "Searching For Good Mortgage Brokers" .

In the post, the author writes, "For people who worry about finding a reputable broker (e.g., one who won't steer you into a loan with hidden exorbitant fees so he can collect higher compensation), there's a website you can try." The website is called upfrontmortgagebrokers.com.

This is the website for the Upfront Mortgage Brokers Association (UMBA). The home page of the website states that it was "founded for consumer advocacy" a noble goal. It also states on the home page "Most professional associations are formed to further the interests of the individuals forming the organization. Members of UMBA are mortgage brokers whose interests are fully aligned with those of the consumer.

Association members believe that, in serving the public interest, they will be working toward a better profession, which, ultimately, will further their professional/personal goals."

I am not a member of this association. This is not an attack on the association or its members. My question is whether this association is relevant any more.

Here is why I ask this question: On the home page of their website there is a link for consumers to click on that says "Why Choose An Upfront Mortgage Broker". On this PDF, it states "the key element of the UMB commitment is the requirement that the fee for the UMB's services be negotiated and established at the start of the mortgage process."

The reason I ask if UMB's are relevant is because of the amount of disclosure that we have to do as mortgage brokers in terms of our compensation.

First, we have to send out a Good Faith Estimate with our fees disclosed. We also have to have separate forms signed that disclose our fees again before we can submit our files to our lending partners. I think by the time we have submitted the file, our clients are very clear in terms or our compensation.

Maybe I am missing something. Again, this is not an attack on upfront mortgage brokers. But it seems to me that the government and our lenders have taken care of consumers in terms of mortgage broker fee disclosures.

Here's a question for you for you mortgage bankers - how come there is no upfront mortgage banker association? Mortgage bankers don't have to disclose how much they are compensated.

I typed in "upfrontmortgagebankers.com" into my browser. It said "sorry page not found".

As a service to my mortgage banking buddies, I went on register.com to see if upfrontmortgagebankers.com is available. It is! Here's your chance to bring full disclosure to consumers!

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If you are looking for a Burlingame mortgage, I can help you. I have been originating loans since 1985. Our company, RMC Real Estate Loans, is located in the heart of downtown Burlingame, on Burlingame Avenue, which will make it convenient for you to obtain your Burlingame mortgage.

Our company is a mortgage brokerage, which means that we are not tied to the programs of just one lender. Instead, we have wholesale relationships with lenders such as Bank of America, Wells Fargo, and Citimortgage, and many others. These relationships we have will enable us to quote you attractive terms from a variety of lenders for your Burlingame mortgage.

You might be saying to yourself, "why should I call a mortgage broker to obtain a Burlingame mortgage? I can just call the banks myself." Yes, you can call the banks yourself. However, there are so many nuances that go into a rate quote, that you will be spending a lot of time and energy trying to figure out which lender is the best to apply to. If you value your time, letting us help you obtain your Burlingame mortgage is a wise decision.

The property values in Burlingame are high compared to the rest of the country. We specialize in jumbo loans and agency jumbo loans (loans purchased from lenders by Freddie Mac and Fannie Mae). The limit for an agency jumbo loan for a single family Burlingame mortgage is $729,750. Many lenders offer agency jumbo loans. Few offer jumbo loans, but we do have them available up to $10 million.

If you need a jumbo loan for your Burlingame mortgage, be prepared to make a down payment of at least 20%. Generally speaking, you will need to provide two years of tax returns to verify your income. You will also need your debts to be no more than 45% of your income. I can help you figure out how much you can qualify for to obtain your Burlingame mortgage. I always have a few tricks up my sleeve (that are perfectly legal and ethical) to help increase the amount you can qualify for.

If you are purchasing a home in Burlingame or in the surrounding area, I suggest you get pre-approved before making an offer. Burlingame homes that are for sale often wind up obtaining multiple offers. If you are not pre-approved, your offer will not be as strong. To get pre-approved for a Burlingame mortgage means that you provide me with all of your financial documents and signed disclosure forms. I then submit your package to a lender, and they will approve you to borrow up to a certain amount.

Not only do we offer residential mortgages, but we also offer commercial mortgages and a reverse mortgage alternative. My goal is to provide a wide variety of programs and terms for your Burlingame mortgage needs!

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Phil Caulfield
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