Friday, June 23, 2017

Fannie Mae's 3 new rules on student debt, what it means for you....

Friends and Clients —

If you have a student loan or you are a cosigner on one, there is some good news on the horizon.

Fannie Mae, the nation's largest underwriter of mortgages, recently introduced three new rules that affect those with student debt.

These new rules can make it easier to get a mortgage, and they can make it easier to pay off your (or your kids’) student loans.

Here's more detail on all three of the recent changes:

1. For those on income-based repayment plans

Having a high debt-to-income ratio is the No. 1 reason for not being approved for a mortgage.

Now, Fannie Mae is changing how it calculates this number for those who have an income-dependent student loan, which is typically renegotiated every year.

Because of this changing payment schedule, Fannie Mae previously used a very conservative 1% of the total loan instead of the actual monthly payment.

From now on, it will calculate the debt-to-income ratio using the monthly payment, which could easily be several times lower.

If you have an income-based loan, this can drastically lower your debt-to-income ratio, and give you a much better chance of qualifying for a mortgage.

2. In case of third-party student-debt payments

Some folks are lucky enough to have their student debt paid by their parents or even by their employer.

The trouble so far has been that Fannie Mae didn't take this into account when calculating the debt-to-income ratio.

Well, that's the second new change.

If your employer or your parents have been paying off your student debt, and you can show evidence of this for the past 12 months, then this debt won’t be counted in your debt-to-income ratio.

Again, this makes it more likely you will qualify for a mortgage.

And if you can qualify for a mortgage right now, you definitely should. Rates are still at a historical low, and lots of great houses have recently come on the Denver market.

You can check them all out here:

Search here to see all Denver homes for sale

3. Refinancing a mortgage to pay off student debt

Fannie Mae makes it possible to refinance your mortgage for more than the value of your home.

Normally, there is a 0.25% fee that applies to any cash you take out in this way.

The third big change is that Fannie Mae will now waive that fee when you use this cash to pay off a student loan.

This applies whether the loan is yours, or you're a cosigner.

It's important to point out that there are often benefits to education loans which you won't get with a mortgage, such as deferment or income-driven repayment plans.

However, if the mortgage rate is significantly lower than the student loan rate, it can make sense to refinance in this way, and the new rule makes it cheaper to do so.

These three new rules from Fannie Mae can be a big money saver for the right person.

If you have any questions about a loan options please call Ronnie King 858.519.7091 or Diana Gomez-McGurk 310.986.1901

Have a wonderful weekend!

Patrick Patterson 
President 
Cell: 760.566.8544
Office: 619.477.6330
Fax: 619.477.1882
Ca Lic # 0K08985

Auto, Home, Commercial, Motorcycle, Boat, Business, and Renters
Licensed to sell insurance in the following states: CA
The highest compliment you can pay me is to recommend my services to your friends and associates.
If you know of someone who would appreciate my services, simply call, text or email me with their contact details

Monday, June 5, 2017

Tips for an accident free year!



Keeping your family safe doesn't happen by accident. It requires an awareness of potential risks and a focus on prevention. In observance of National Safety Month, here are a handful of tips to help you and your loved ones stay safe in a variety of settings.
Safety on the Road
The causes of car accidents are numerous and varied. Some, like distracted or drunk driving, are preventable, while others such as inclement weather or unexpected animal crossings may be out your control. To avoid an accident in any situation, take it slow, remain focused on the road and abide by all laws and signage. As a driver, you can also enforce that your passengers wear seat-belts and emphasize these rules when teaching others to drive.
Staying Safe at Home
Though our houses serve as personal safe havens, they also come with their own potential hazards, particularly for younger and older individuals. Small actions like baby-proofing cabinets, installing bathtub safety rails and learning the Heimlich maneuver can protect everyone from the most common unintentional-injury-related deaths.
Avoiding Injury at Work 
From overexertion to slips and falls, work hazards threaten everyone regardless of industry or position. To keep yourself as safe as possible while you're on the clock, take short breaks throughout your workday to help you stay alert and be aware of your surroundings at all times. If you spend large chunks of your day at a desk, add occasional stretches to your routine to avoid long-term muscle damage.
Life is risky, no matter the setting. Use this list of safety precautions to help you make smart decisions that prioritize your family's well-being.
Patrick Patterson 
President 
Cell: 760.566.8544
Office: 619.477.6330
Fax: 619.477.1882
Ca Lic # 0K08985

Auto, Home, Commercial, Motorcycle, Boat, Business, and Renters
Licensed to sell insurance in the following states: CA
The highest compliment you can pay me is to recommend my services to your friends and associates.
If you know of someone who would appreciate my services, simply call, text or email me with their contact details

Monday, May 15, 2017

Summer is coming, HVAC tips for optimal performance


Though it may not seem like it but summer is just around the corner. With the inevitable California heat so close now is a good time to look at your HVAC (air conditioning) unit(s) maintenance. The last thing you want to happen is your HVAC goes out in mid-summer which will cause a lot of uncomfortable nights and much higher cost to repair during peak season. 



Here are 3 ways to boost your HVAC system performance.

Don't Neglect Preventive Maintenance
Just like with your vehicle, regularly scheduled maintenance on HVAC systems can help prevent problems and extend the life of your unit. To keep everything running smoothly, stay on track with a checklist of monthly and annual tasks. Start by diligently changing air filters at least every three months or more frequently if you have pets or severe allergies.
Keep an Eye on Landscaping 
Some homeowners may be tempted to camouflage outdoor HVAC equipment with shrubs, grass or flowers to increase a property's curb appeal. If you're not thoughtful about landscaping around the unit, you could be compromising its effectiveness. Regularly clear away debris, including leaves and grass clippings, from the top and sides to avoid damage, and maintain a 2-foot clearance around the machinery so airflow isn't restricted.
Perform Preseason Inspections
Before seasons change, give the system a once-over and pay attention to what you see, feel and hear. Excessive noise, minimal airflow and high humidity can all be problematic. A qualified expert can identify issues as well as remove debris from air conditioner coils, show you how to clean the condensate drain and more.
Ultimately, your HVAC system's ability to perform throughout the year will largely depend on how well you maintain it. With a little time and effort, you can lower summer energy costs and keep your heating and cooling system in top shape.
Patrick Patterson 
President 
Cell: 760.566.8544
Office: 619.477.6330
Fax: 619.477.1882
Ca Lic # 0K08985

Auto, Home, Commercial, Motorcycle, Boat, Business, and Renters
Licensed to sell insurance in the following states: CA
The highest compliment you can pay me is to recommend my services to your friends and associates.
If you know of someone who would appreciate my services, simply call, text or email me with their contact details

Thursday, May 4, 2017

Car Maintenance tips to prevent accidents

Maintenance tips to prevent accidents
To ensure a poorly maintained vehicle doesn't contribute to an accident, we've put together a few ways you and your customers can keep your cars in top condition. Feel free to share this information with your customers.

Tires
According to the National Highway and Traffic Safety Administration, 9% of all car crashes in the United States were preceded by some sort of issue with the tires of the vehicle (e.g. tread separation, under-inflation, or blowouts). Properly maintained tires improve gas mileage, stopping ability and handling of the vehicle.

Check the air pressure in your tires (including the spare) at least once a month. This will also give you the chance to check for cracks in the sidewall and the amount of tread on the tires. Rotate your tires every 6,000 miles, or as often as the vehicle's manufacturer recommends. A periodic alignment of the tires will ensure even wear and extend the life of your tires. Check your owner's manual for specific information about tire pressure, rotation and alignment.

Brakes
Fewer accidents are completely attributed to failure or degradation of brakes than tires, but poorly maintained brakes still contribute to thousands of accidents every year. When brake pads wear down too far, they can damage the rotors, leading to costly repairs and possible brake failure. Inspect the pads and rotors for wear annually. Take your vehicle in for repairs if you start hearing squeaking or scraping, your vehicle veers to one side or the brake pedal pulses when braking. These are signs of worn brakes and will lead to diminished braking capability.

Windows and lights
Clear visibility gives you the extra time needed to react in an emergency situation. Keep your windows (both inside and outside), mirrors and lights clear of obstructions and as clean as possible. Try to walk around your car once a month to check that all of your lights still work. You should also change your wiper blades every six months, earlier if they begin streaking. If you are having trouble seeing the road at night, there is a possibility that your headlights are out of alignment. Luckily, this is generally a cheap and easy fix.

Fluids
A fluid leak can cause the steering wheel or brakes to stop working or even cause the entire engine to suddenly lock up or overheat. Check the following fluids to keep a vehicle running smoothly and prevent an unexpected mechanical failure while on the road:
  • Engine Oil - Check once a month - Contrary to popular belief, most modern vehicles don't require an oil change every 3,000 miles. Check the owner's manual for the recommended frequency. Because oil lubricates all of the moving parts of the engine, if not changed at the recommended interval, the engine could seize and cause catastrophic damage.
  • Brake Fluid - Check during oil change - Typically needs to be changed every two years. If there is a sudden drop in brake fluid levels from a leak, the brakes will no longer work. If unchanged for a long period of time, the entire braking system could be damaged from rust, overheating or corrosion.
  • Power Steering Fluid - Check once a month - Check the owner's manual, but most models do not require power steering fluid be replaced, but a leak can cause the steering wheel to stop responding.
  • Coolant - Check twice a year - Generally needs to be changed every two to three years. Coolant keeps a car from overheating during the warmer months and freezing during the colder months. Never check coolant levels when the engine is hot.
  • Transmission Fluid - Check once a month - Transmission fluid should be changed according to the manufacturer's guidelines. Transmission fluid will only be low if there is a leak and should be taken to a mechanic immediately if low in order to prevent damage to the transmission.

In addition to preventing potential accidents, routine maintenance will save thousands in expensive repairs. If your customers are ever involved in an accident, National General's claim team will guide them through the entire claim process and get them back on the road as soon as possible.


Patrick Patterson 
President 
Cell: 760.566.8544
Office: 619.477.6330
Fax: 619.477.1882
Ca Lic # 0K08985

Auto, Home, Commercial, Motorcycle, Boat, Business, and Renters
Licensed to sell insurance in the following states: CA
The highest compliment you can pay me is to recommend my services to your friends and associates.
If you know of someone who would appreciate my services, simply call, text or email me with their contact details

Wednesday, March 22, 2017

State Minimum Limits - California Auto Insurance Short Falls

State Minimum Limits - California Auto Insurance Short Falls

As I was driving to work today down the beautiful 5 freeway, I encountered 3 multi-vehicle accidents within a span of 10 miles. The first one was a head on collision at slow speeds but both cars were totaled, all the passengers were ok and walking around. The second one was a car that side swiped another taking off the door, fender, etc. The third was a full size work truck that rear-ended a Maserati which is a $200k+, not uncommon is San Diego. 

Many people are uneducated when it comes to the basics of Auto insurance which is why we do NOT use the term "FULL COVERAGE" in my office. Using the term "FULL COVERAGE" creates a very-very false sense of security that is far from the truth. I'm going to explain how....

California State Minimum Liability Limits: 
$15k/30k/5k 

The first number, $15,000, is the maximum amount your coverage will pay per person in an accident. The second number, $30,000, is the maximum your car insurance will pay for the total accident. The third number $5,000 is Property damage liability limit, the maximum amount your insurer would pay for damage to another party's property or car.

Here's where the very-false sense of security comes to play. Yes you may have what people consider "FULL COVERAGE" which are the state minimum requirements with comprehensive and collision coverage to repair your car with let's say a $500 deducible (amount paid to file a claim). Let's use the real life example from this morning with the work truck rear-ending the Maserati. The owner/driver of the work truck has $15k/30k/5k, the entire Maserati rear end needs to be replaced with frame damage to this exotic luxury sports car. Repair estimates are $50,000, your "FULL COVERAGE" policy has $5,000 in Property Damage coverage guess what you are personally on the hook for $45,000 out of pocket!! WHAAAT!?!? Oh and did we mention the driver of the Maserati has fairly serious medical bills of $50,000, your "FULL COVERAGE" has $30,000 max to cover these bills you are personally on the hook for the remaining $20,000!!! So your total personal out of pocket liability has just totaled $75,000 from a medium speed rear-end accident!! 

These are the types of things I think while commuting daily down the 5 freeway and seeing these types of circumstances happen literally daily. Many times you can increase your coverage's 4x for $20-40 month, or as I like to say for the price of 6 Starbucks coffees ;-)

So please do a policy review with your trusted insurance agent or call us for a free, no obligation review to make sure your properly covered!

Respectfully,

Taylor Company Insurance & Financial Services
Patrick Patterson
President 
Cell: 760.566.8544
Office: 619.477.6330
Fax: 619.477.1882

Friday, January 6, 2017

Did you know majority of Homeowners insurance will NOT cover Flood claims?

Majority of Homeowners insurance policies do NOT cover Flood. With the large winter storms pounding the western United States now is a good time to get a policy review and see if Flood insurance is right for you.




A series of powerful storms is set to soak California over the next week, bringing heavy rains, flooding risk in some creeks and 10 feet or more of new snow to the Sierra Nevada — the latest sign that the stranglehold of the state’s five-year drought is significantly weakening.

Related Articles

Storm soaks Bay Area, and more rain is on the way
Bay Area storm: How much did it rain in your city?
California storm tracker maps: Weather updates for Bay Area and statewide
At least three storms are forecast to crash in from the Pacific Ocean, weather forecasters said Tuesday, dumping 3 to 4 inches of rain on most Bay Area cities by next Monday, and 8 to 10 inches in the Santa Cruz Mountains, Marin hills and Big Sur coast. Friday may provide one dry day, but otherwise, every day this week should be wet, with the hardest rain on Saturday, forecasters said.
“It’s not a lot of little storms,” said Jan Null, a meteorologist with Golden Gate Weather Services in Saratoga. “These are significant rain producers.”

Steady rains since October, combined with near-normal rainfall last winter, have all but ended the drought in some Northern California areas, particularly on the coast.

SJM-DROUGHT-0104-90As of last Thursday, 58 percent of California was classified as being in “severe drought,” down from 88 percent a year ago, according to the U.S. Drought Monitor, a weekly report issued by the U.S. Department of Agriculture, the National Oceanic and Atmospheric Administration and the University of Nebraska.

Much of Northern California, including San Mateo, San Francisco, Marin and every coastal county to the Oregon border, along with northern Santa Clara and northern Santa Cruz counties, are no longer classified as being in drought conditions at all for the first time in four years, according to the Drought Monitor, which analyzes precipitation, soil moisture and other factors.

But other parts of California, notably Santa Barbara and Ventura counties, and the southern San Joaquin Valley, which have not seen consistent rain in recent years, are still classified as being in exceptional or extreme drought.

Reading this on your phone? Stay up to date on the drought, winter storms and other news with our free mobile app. Get it from the Apple app store or the Google Play store.

How stark is the difference? All seven reservoirs owned by the Marin Municipal Water District were full to the top Tuesday. But 350 miles to the south, Lake Cachuma, a primary source of water for the city of Santa Barbara, was only 8 percent full. On Jan. 1, the Santa Barbara City Council imposed a ban on all lawn watering to conserve dwindling supplies, even after residents cut water use 35 percent last year. Construction to reopen Santa Barbara’s ocean desalination plant, which closed 25 years ago after the last severe drought ended and its water costs were too high, is set to be complete by March, which will help boost the city’s perilous water outlook.


The northern part of the state is in much better shape.

As of Tuesday afternoon, San Francisco was at 102 percent of the historic average rainfall for this date, with Sacramento at 150 percent, Eureka at 163 and Oakland at 110 percent. San Jose was still at 84 percent, after missing some of the big October storm action. On Tuesday, the heaviest rains were in the North Bay, where many communities received an inch or more. Parts of the Santa Cruz Mountains received up to 2 inches.

All the rain has boosted reservoir levels. The 154 reservoirs tracked by the State Department of Water Resources held 21.5 million acre-feet of water at the end of December — 98 percent of their historic average for Dec. 31.

“Precipitation and storage are doing quite well compared to the past five years of historic drought conditions,” said Bill Croyle, acting director of the state Department of Water Resources. “That makes us cautiously optimistic about water conditions, although some areas in California are still hit hard by the drought and require a response.”

The turnaround from a year ago is breathtaking. Shasta Lake, California’s biggest reservoir, near Redding, is at 118 percent of its historic average, up from 50 percent this time last year. And Lake Oroville in Butte County, the second largest in the state, is at 91 percent of historic capacity, up from 47 percent a year ago.

Because of the significantly different conditions around the state, the administration of Gov. Jerry Brown is expected to ease drought rules in the next two weeks, releasing new rules that will assign a water conservation target to each city, water company and water district, based on the amount of rainfall it has received, along with other factors, such as groundwater and reservoir levels.

“We’re seeing vast improvement in water supply conditions over much of the state this winter,” said Max Gomberg, a climate and conservation manager for the State Water Resources Control Board. “It’s a really promising sign of recovery from this drought. However, there are parts of the state that are still feeling the effects of the drought, and are still short of water.”

Gomberg said that it’s likely the new rules, which the state water board is scheduled to vote on Feb. 7, will permanently lock in some conservation measures that grew out of the drought. Those likely will include a requirement that the 410 largest cities, water companies and water districts in California continue to publicly report their water use to the state every month, and that wasteful water practices, such as hosing down sidewalks or washing cars without nozzles on the hose, are permanently banned.

Some cities with ample water supplies will have no numerical conservation target from the state, he said, while others in drier areas will.

This week’s rainy weather is already affecting the Sierra Nevada mountains, where the snowpack makes up about one-third of California’s water supply.

Between Sunday and Tuesday afternoon, 3 feet of new snow fell at Squaw Valley ski area near Lake Tahoe, and 2 feet had blanketed the ground at Sugar Bowl and Heavenly resorts.

State officials held their first manual snow survey of the year on Tuesday. And although the snowpack in the Sierra totaled just 70 percent of the historic average for Jan. 3 — due to warm storms in weeks past — those totals are expected to jump significantly in the days ahead as the new storms dump up to four feet of snow by Thursday at higher elevations and perhaps 5 more feet over the weekend.

“It’s early days. We still have three really solid months of winter remaining and a wet prognosis for at least a week,” said Frank Gehrke, chief of snow surveys for the California Department of Water Resources.

http://www.mercurynews.com/2017/01/03/california-drought-first-snow-survey-of-the-year-tuesday-as-big-storms-forecast/

Taylor Company Insurance & Financial Services
Division of Auto & Property Insurance Solutions
Patrick Patterson
President 
Cell: 760.566.8544
Office: 619.477.6330
Fax: 619.477.1882

Tuesday, November 22, 2016

Being thankful on Thanksgiving.....

One of my primary joys of being an insurance broker is the relationship building. Every day I meet new people, learn about them and their journey. I get to listen to stories of travel, family, hobbies, which are all exciting and refreshing. Over time we get to see everyone's family grow, prosper, and listen to new adventurers.

Another part of my job that is gratifying is being able to protect our customers from financial challenges during a car accident, fire, flood, etc. Getting phone calls and emails from our clients letting us know how happy they are when the claims check pays out for the damages incurred is a great feeling!

At the end of the day the things I am the MOST grateful for is my family, friends and health!

From us to you,



Taylor Company Insurance & Financial Services
Patrick Patterson
President 
Cell: 760.566.8544
Office: 619.477.6330
Fax: 619.477.1882