Are you looking for an estate planning attorney in San Mateo? Harry Pedigo is an estate planning attorney that I have met through our mutual membership in the Burlingame chapter of BNI.
Harry Pedigo is a Bay Area native with a global interest. He received a BA degree from San Jose State and a JD from Santa Clara University. In the upper quarter of his law class, he passed the California Bar in 1980 and was admitted to practice law. Twenty one years later, he sat for the Hawaii bar and passed that.
Mr. Pedigo’s personal theory has always been to help the client and have the client come out of the representation in better shape that when he or she came in with a problem. Mr. Pedigo has worked for law firms and in his own business, and has many years of experience in personal injury, probate, trusts and estate planning, bankruptcy, family law, corporate formation, real estate and business law. He has the knowledge and expertise to take a matter to trial, tempered by the wisdom to keep his client’s interests first in mind. This always includes leaving the door open to settlement when to the client’s advantage.
In Mr. Pedigo’s life outside the law, Mr. Pedigo has traveled widely and lived both in India and Japan. As a result of these experiences, Mr. Pedigo is sensitive to cultural differences and bridging this gap when a client with a different background is caught up in a legal problem. Mr. Pedigo was a teacher and counselor before becoming a lawyer, and he believes it very important to keep a client informed not only about the status of a case but what options are possible and the likely risks and benefits of those options.
In addition to being a member and past president of the Burlingame Lions Club, he is active in church and community affairs and, in addition to attending Indian and Japanese cultural events, is active in the Bay Area Hawaiian community. He has two grown daughters, a granddaughter and a grandson.
Mr. Pedigo continues to practice in probate, trusts and estate planning, bankruptcy, family law, corporate formation, real estate and business law. Since regular hourly fees can be expensive, he usually charges a special minimal rate for the first consultation and, depending upon the type of case and length of consultation, he may not charge at all for the first consultation. If the legal problem is something which Mr. Pedigo cannot handle for some reason, he can usually refer the client to someone who does practice in that area or explain how to go about finding the proper attorney.
If you would like to contact an estate planning attorney in San Mateo who puts your interest first, you can e-mail him, or call him at (650) 344-7641.
A Reverse Mortgage Alternative
Many homeowners and home buyers in California have probably heard of a bridge loan but do not know what it is or who should obtain one.
A bridge loan is usually a short-term loan (usually written for three months to three years) that provides funds to buy real estate from a piece of real property that an owner has an intention of selling, but will not close before escrow closes on the new property.
This transaction is called a bridge loan because these funds "bridge the gap" between the closing of two transactions.
Let's look at an example of a bridge loan. Bill and Betty Buyer would like to purchase their California dream home for $800,000. The down payment required is 20%. They have enough money saved for the closing costs and cash reserves, but little else saved.
Their current home is worth $500,000. The existing balance on their mortgage is $50,000. They have $450,000 in equity.
Bill and Betty would like to make an offer on the new home non-contingent on the sale of their current home. How, they wonder, can they make this offer?
Enter Bob the Bridge Loan Guy. He tells Bob and Betty that he can help them obtain a $210,000 loan on their current home ($160,000 for the down payment plus $50,000 to pay off their current mortgage). Bob the Bridge Loan Guy has figured out that the Buyers can qualify for both the bridge loan and the purchase loan because their debts on both the current home with the bridge loan and the new purchase loan are less than the maximum amount of debts to qualify.
The Buyers successfully make their offer and close escrow 30 days later. Another 30 days later they close escrow on the home they listed for $500,000. They use $210,000 from the proceeds of the sale to pay off the bridge loan, and use the other $290,000 in proceeds to pay down the new mortgage.
A few important tips you should know if you are considering a bridge loan:
Stated income loans are still available in Lake Tahoe. As of October 1, the rules have been changed regarding stated income loans. However, Lake Tahoe has many homes that are either second homes or rental properties. Second homes and rental properties are exempt from the new laws regarding stated income loans.
If you own or want to buy a second home or rental property in the Lake Tahoe area, there are stated income loans available for:
In San Bruno on Wednesday October 21st from 6:30 to 8:00, Sylvan Learning Center will be hosting a free seminar about the stress of college test prep. The seminar is called "Test Stress: A Parent's Real Guide to College Test Prep".
Is your teenager about to take the SAT/ACT/PSAT/NMSQT or starting to think about college? If yes, then you should attend the session. This FREE, fun, interactive seminar will provide tips on helping your child deal with the stress and anxiety of taking the test. This fact-filled seminar delivers advice and pointers from leading college admissions experts to help navigate through the test-taking season and develop a high school action plan to be college ready.
The San Bruno Sylvan Learning Center is located at 751-A Camino Plaza. To register for this free college test prep seminar you can call or e-mail Jennifer Huckins. Her phone number is 650-636-1200, and her e-mail address is jhuckins@bayareasylvans.com
I have found that many people that many people do not understand how mortgage rates get locked here in Burlingame, California, and in many other areas.
As a mortgage broker, I receive mortgage rates from our lending partners every day (sometimes more than once, but that is a story for another post). Each lender has the mortgage rates for each of their programs (30 year fixed, 15 year fixed, etc.) published on a ratesheet.
Most people realize that there are many mortgage rates for each loan program. What they do not realize is that the points charged for the mortgage rates offered vary by the rate lock period.
Many lenders base the points charged in 15 day increments. Let's look at an example of mortgage rates for a 30 year fixed rate (these rates are for illustration purposes only, not truly a reflection of current mortgage rates).
Rate 15 Day 30 Day 45 Day 60 Day
8.00% 1.00 1.25 1.50 1.75
In this example, the 8% mortgage rate would cost a borrower 1 point for a 15 day lock, 1.25 points for a 30 day lock, 1.50 points for a 45 day lock, and 1.75 points for a 60 day lock.
This example raises two questions about mortgage rates for a homeowner or homebuyer: first, why would I lock for any longer than 15 days since the 15 day lock is cheaper than any of the other lock periods? Second, what needs to happen in order to get the 15 day rate lock?
Let's answer the first question - there are two reasons why mortgage rates should be locked in longer than 15 days. The first reason is because mortgage transactions typically take longer than 15 days. Refinances are harder to close faster than purchases because of the requirement that the borrower has three business days after signing the final loan documents to rescind the transaction. Purchases do not have this requirement.
The second reason why mortgage rates should be locked in longer than 15 days is because it is protection for the homeowner or home buyer in a rising interest rate environment. Most of my clients are happy to pay a little bit more by locking in for 30 days or 45 days to guarantee they will get the mortgage rates they have been offered, provided their application is approved.
Let's answer the second question - what needs to happen to get a 15 day rate lock? The answer to this question is to work as a team with your mortgage broker.
Mortgage rates are volatile - we often have our lenders update their mortgage rates two or three times per day. Your mortgage broker should use a rate alert service in order to stay on top of the daily activity in the mortgage market. If there is a rate change he should be alerting you about the change.
The mortgage applicant needs to do his part also in order to get the 15 day rate lock. Documentation needs to be completed in full. Most of our lending partners will not lock mortgage rates until the loan application has been approved, and all conditions for closing have been signed off by the underwriter. As you can see, speed, cooperation and teamwork is required by the applicant and mortgage broker.
Here is a strategy I advocate to get the 15 day rate lock in a declining rate environment. Let your mortgage broker know what mortgage rate and point structure you would like to target. When the mortgage rates are within .25% of your target, get your documentation submitted to your mortgage broker and try to get it approved ASAP. With an approval you can just wait until the rate targeted hits. Again, this takes great cooperation and communication
with the client and the mortgage broker. I have used this strategy with my clients here in Burlingame, California, with excellent success.
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I am a mortgage broker who has been originating since 1985. I specialize in jumbo mortgage loans, commercial, and construction loans in California. Cash out and stated income loans are available.
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