Palos Verdes Home Loans ::13 Credit Score Myths

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Qualifying for a home loan for Palos Verdes Homes

You can reach Bob Jones at Wells Fargo by using the Contact tab on the lower left side of this screen; send me a message and I will put you in touch

  1. “Free” credit report scores are accurate and reflect mortgage report scores. No. For the purposes of obtaining a mortgage; free credit reports are literally worthless.
  2. A foreclosure sale damages credit scores worse than short sale. NO. What affects credit scores are the number of “times” the borrower is late (30-60-90 days); not the actual “event”.
  3. A loan mod is viewed the same as a foreclosure/short sale. Yes. If a borrower is granted a loan mod (despite never being late)…Fannie and Freddie (VA and FHA) view loan mods as a default/ short sale. It will be a minimum of 3 years from the date of the modification before a borrower qualifies for a FHA Loan and 4 years for conventional financing. There are some extenuating circumstances so click here for a complete list of wait times for both short sales and BK’s.
  4. Every derogatory item hurts your credit score. No. Items more than 4 years old do not affect your score. California law deems debts over 4 years old are not collectable / enforceable. Collection accounts are often “sold and resold” (creating a “rolling” effect) initially affecting credit scores long after the original debt has long since expired. However disputing debt over 7 years old with the 3 credit bureaus will cause the bureaus to remove the item(s) and bar collection agencies from re-reporting the debt. A rapid “re- score” is quickly accomplished by an experienced loan officer. The cost is typically $50 to $150 per derogatory item.Also a borrower can file a complaint (on line) with the Attorney General of Calif.
  5. Every collection account needs to be paid off to obtain a loan. No. Do not pay off collection accounts (or any old “derogs”) before the COE. Old derogs paid before COE will result in lower credit scores! I know that’s counter intuitive but that’s the way the system is rigged. Whether the item needs to paid at COE, is at an underwriter’s discretion when the loan is approved.It will depend on the amount and how old the item is.
  6. A divorce decree legally discharges a spouse from the responsibility for a debt that was incurred by both parties. Wrong!! A divorce court can’t absolve either spouse form a joint debt.
  7. Co-signing for a loan / credit report will be counted against the debt to income ratios when qualifying for a new mortgage. The answer is mixed. If the “CO SIGNEE” (“child”) makes 12 loan payments directly FROM THEIR OWN PERSONAL ACCOUNTS… directly TO THE CREDITOR…the debt will (usually) not count against CO SIGNER (parent). If a consignee is paying the cosigner directly with cash (or by check) endorsed to the co-signer, the payment WILL count against the co-signers DTI.
  8. Credit scores can be improved quickly if the loan applicant is added to another person’s account(s) with a superior credit score. TRUE. However if a co-signee misses a payment or goes on a shopping binge at Nordstrom’s, both borrowers credit scores will suffer.
  9. Court judgments are only reported for 7 years. The answer is mixed. Judgments are reported for 7 years BUT are valid for 10 years. Judgments can be renewed for another 10 years by refiling the judgement by the prevailing party (winner). Typically after 7 years the judgment drops of the buyer’s credit report BUT the judgment has “morphed” into an “abstract” judgment and attaches to their home after the grant deed is recorded at the county courthouse. Often the homeowner will not discover the “abstract” until they sell (or refi) the home (years later) and the abstract appears on the title report.
  10. Closing credit lines and accounts will raise credit scores. Wrong! Wrong! Wrong! It’s just another misconception that’s killing transactions. Don’t close any accounts with a positive payment history PERIOD!!!!!!!!!!!!
  11. Past debts (not listed) on a credit report, do not have to be paid before the close of escrow. Wrong. If your borrower HAS EVER defaulted on a government debt (state/federal/county),it will come back to bite them at the very last moment just before loan docs are drawn. This includes: child support, student loans, unpaid county hospital bills etc. IF the borrower has funds to pay off this long overdue debt (how likely is that?), this can be fixed easily. If not, the deal dies. At best your escrow will probably close late.
  12. You can have “too much credit”. No. Just keep your balances as low as possible. Older “open” credit lines (even if not being used) contribute to higher FICO scores. Never close a credit line that has a good payment history!
  13. Borrowers should spread out their unpaid balances so that no card has more than a 1/3 balance on any given account. Not really . It is better to have all balances consolidated onto one credit line (at the lowest APR) than to have many small balances spread out over different account. Underwriters may view the latter as credit abuse and it’s much easy for a borrower to to overlook and miss a payment if there are multiple billing cycles being juggled.

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Meanwhile, here are the homes now for sale in the highest in demand price range for Palos Verdes homes

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3828 Via Palomino Palos Verdes Estates, CA 90274

$1,200,000
3 Beds
2 Baths
1,758 SqFt
Status Active Under Contract
MLS # PV17091585
Property Type Single Family Residence
Rare opportunity to own a house on this beautiful street in Valmonte. Your options are endless - live in it, remodel, or build your dream house. Highly sought after Via Palomino location on a large, flat lot. This is a Trust Sale and does not require court approval. Home is being sold As Is and no repairs, termite work, or Seller Inspections of any kind. Trustee has never lived in the property and they will not do any Disclosure Statements. Buyer to verify conditions, permits, and accuracy of all information. Submit all offers with POF and pre qual letter. See agent comments.

2821 Calle Aventura Rancho Palos Verdes, CA 90275

$1,200,000
3 Beds
2 Baths
1,954 SqFt
Status Active
MLS # SB17070604
Property Type Single Family Residence
Great opportunity in Rancho Palos Verdes near Marymount University! Newly remodeled home with an open floor plan. Front and back porches with OCEAN VIEWS. Brand new hardwood floors throughout. Upgraded kitchen, living room, bathrooms, and laundry room. Front living room with brick fireplace and Catalina view! Three large bedrooms with closets. Master suite with newly remodeled bathroom. Large 2+ car garage. Newly landscaped back yard with patio and deck. Award winning Palos Verdes School district. Walk to park and trails at the end of the street.

26856 Eastvale Road Palos Verdes Peninsula, CA 90274

$1,200,000
3 Beds
2 Baths
1,694 SqFt
Status Active
MLS # PV17081931
Property Type Single Family Residence
Extraordinary opportunity! Remodel this original, unique one level home or build your own custom home. It's all about the land. This property is on over 1/2 acre of a beautifully landscaped lot and is zoned for up to 4 horses. Fruit trees. Much of the land has been leveled and there is a horse trail at the bottom of the canyon. This 3 bedroom, 2 bathroom ranch with hardwood floors sits in the heart of Palos Verdes Peninsula offering privacy and amenities such as miles of equestrian trails, community tennis courts and a horse ring. This prestigious neighborhood offers a prime location on the hill, providing easy access to schools, shopping, parks and freeway. Perfect for those looking to enjoy the serenity, privacy and beauty of their land.

26316 Dunwood Rd Rolling Hills Estates, CA 90274

$1,220,000
4 Beds
2 Baths
1,776 SqFt
Status Active
MLS # WS17064872
Property Type Single Family Residence
Most AFFORDABLE REMODELED Rolling Hills Estates home with an amazing potential. 1776 sq ft. 4bd/2ba with a large lot of 30076 sq ft. Very open floor plan with 2 bedrooms on each side and a specious living/dining rooms that are open to a private back yard. Remodeled kitchen with black granite counter tops and stainless steel appliances. Remodeled 2 bathrooms. large dining room with a fire place, gorgeous solid hardwood flooring throughout! New windows and doors throughout. landscape in front and backyard with large green trees. Located in the highly rated Palos Verdes School District. Best schools: Silver Spur & Cornerstone Elementary and Peninsula High are all within one mile. Easy on/off hill access. Minutes from ocean. Buyer to verify land usage possibility with the City.

18 Stallion Road Rancho Palos Verdes, CA 90275

$1,249,000
3 Beds
3 Baths
2,019 SqFt
Status Active
MLS # SB17107212
Property Type Single Family Residence
HARBOR, MOUNTAIN & CITY LIGHT VIEWS CAN BE SEEN FROM THE LIVING ROOM OF THIS CLASSIC RANCH-STYLE HOME. NESTLED ON A PRIVATE STREET. THE HOME BOASTS A CONTEMPORARY OPEN FLOORPLAN WITH WALLS OF WINDOWS TO ENJOY INDOOR/OUTDOOR LIVING AND THE FABULOUS VIEWS. THE SPACIOUS MASTER SUITE HAS HARDWOOD FLOORS WITH FRENCH DOORS LEADING TO THE PATIO. THE MASTER BATH HAS A CONTEMPORY STYLE WITH AN OVERSIZED TUB, DOUBLE SINKS AND A DRESSING AREA. THE OUTDOOR SPACE IS PERFECT FOR ENTERTAINING WITH A BUILT-IN BBQ, DINING AREA FOR EL FRESCO DINNERS AND A BUILT-IN FIRE PIT FOR CHILLY NIGHTS. THE HORSE PROPERTY INCLUDES A BARN WITH SPACE FOR 2 HORSES ON A LOWER PAD. DON’T MISS THIS OPPORTNITY TO HAVE THE BEST OF WHAT RANCHO PALOS VERDES HAS TO OFFER!

4158 Roessler Court Palos Verdes Peninsula, CA 90274

$1,250,000
3 Beds
2 Baths
2,063 SqFt
Status Active Under Contract
MLS # PV17065777
Property Type Single Family Residence
Pride of Ownership is Understated in this marvelous 2,063 Sq. foot, 3-bedroom home in Academy Hills. One level home with a 3-car garage. The kitchen and bathrooms were remodeled in 2008, with granite counter tops and attractive cabinetry. The dining room is designed for social gatherings; or, you can have a leisure breakfast in the kitchen and enjoy the peace and tranquility of your large back yard. Please view the video. Offers must be presented by Monday evening, April 24th. Thank you

2215 Potrillo Road Rolling Hills Estates, CA 90274

$1,250,000
3 Beds
2 Baths
1,816 SqFt
Status Active
MLS # SB17073978
Property Type Single Family Residence
Ranch style property with pool, private backyard and a horse stable in a quite neighborhood. This 3 bedroom, 2 bath has a living room flow out to the back yard with the view of the pool. This is a light and roomy home with two fireplaces located in the office/Den and the family room. The kitchen, flooring and plumbing have been updated just a few years ago and it has a newer roof. The side yard has mature Citrus trees. There is a lot of potential in this flat large lot to make it your own. Make sure to check the wide and open side yard with mature trees perfect for playground.

28341 Trailriders Drive Rancho Palos Verdes, CA 90275

$1,250,000
5 Beds
3 Baths
2,733 SqFt
Status Active Under Contract
MLS # PV17057850
Property Type Single Family Residence
Ocean view home for a great value in Palos Verdes! With over 2700 square feet of living space and 5 bedrooms, this house has a lot of potential. Every room has vaulted ceilings! The main master bedroom is on the entry level, and a second master suite is located above the garage. The backyard is very large and is a great space for kids to play and adults to entertain while watching the sunset. Come see this one!

28123 Ella Road Rancho Palos Verdes, CA 90275

$1,279,000
4 Beds
2 Baths
1,816 SqFt
Status Active Under Contract
MLS # PV17057931
Property Type Single Family Residence
PANORAMIC OCEAN, CATALINA AND COASTLINE VIEW. THIS ONE LEVEL HOME IS LOCATED ON A CUL-DE-SAC IN UPPER LOS VERDES. LARGE BACKYARD WITH AN UPPER AND LOWER GARDEN AREA. FAMILY ROOM OFF THE KITCHEN. LIVING ROOM/DINING ROOM COMBINATION. LARGE LAUNDRY ROOM. NEW FURNACE AND DUCTING. DIRECT ACCESS TO THE GARAGE. CLOSE TO PARKS, DINING, SHOPPING AND ENTERTAINMENT. THIS HOME HAS TONS OF POTENTIAL. MAKE THIS YOUR DREAM HOME!

6608 Eddinghill Drive Rancho Palos Verdes, CA 90275

$1,288,000
3 Beds
2 Baths
1,617 SqFt
Status Active Under Contract
MLS # PV17070182
Property Type Single Family Residence
One enters this one level bright home enjoying amazing ocean views and forever sunsets with views of Catalina and St. Nicholas Islands. Beautifully remodeled home with hardwood floors throughout. Kitchen with granite counter tops and white cabinetry. Granite gas fireplace in great room.Generous size yard with custom pavers and trellis. Security system. New landscaping - lots of privacy. Desirable Los Verdes neighborhood in Rancho Palos Verdes. Close to parks, schools and shopping. A very peaceful setting...

29132 Warnick Road Rancho Palos Verdes, CA 90275

$1,288,000
4 Beds
2 Baths
2,247 SqFt
Status Active Under Contract
MLS # PV17099212
Property Type Single Family Residence
Welcome to this Warm and Inviting Rancho Palos Verdes Home with a Modern Floor Plan and Renovated Condition. This Tastefully updated 4 Bedroom Home with 2 Full Remodeled Baths and a Remodeled Kitchen features a Spacious and Flexible 2,247 SF Floor Plan with a Gigantic Great Room! The Open Floor Plan with Soaring Smooth Vaulted Ceilings, Floor to Ceiling glass and a newly remodeled Stacked Stone Fireplace embraces a comfortable family lifestyle. Featuring New wide plank White Oak distressed Floors on the Main Floor with Neutral Carpeting & New Paint in the 4 Bedrooms; Granite Counters, Crown Molding; Recessed Lighting and Dual Pane Windows. Upstairs features a private Master Retreat with a Remodeled Full Bath. The 4th Bedroom is currently used as an Office and Master Den creating a private oasis. There is also a partial Ocean view from the Upstairs Bedrooms. The Tranquil, Professionally landscaped backyard and Patio is the perfect spot to relax and entertain friends and family. Conveniently located to 3 Award Winning Palos Verdes Schools, Hesse & Ryan Parks, Peninsula Center and the Beach; this home is close to everything! Homes like this are rarely found at this price in the popular, family friendly New Los Verdes neighborhood! This is a GREAT HOME VALUE in Rancho Palos Verdes.

29243 Whitley Collins Drive Rancho Palos Verdes, CA 90275

$1,289,000
4 Beds
2.5 Baths
2,506 SqFt
Status Active Under Contract
MLS # SB17057070
Property Type Single Family Residence
Fantastic tri-level family home located in the Mesa area of Palos Verdes. This beautifully maintained single-family residence features a wonderful layout with kitchen, adjacent breakfast nook, and formal living room on the entry level. It’s just a couple of steps down to a family room and half bath with direct access to the attached two-car garage. Top level has two bathrooms and all four bedrooms including the master suite, which features Catalina and peekaboo ocean views. Step out one of the two rear entries to a patio and spacious backyard that includes several fruit trees. This property is conveniently close to great schools, shopping and dining.

4 Pepper Tree Lane Rolling Hills Estates, CA 90274

$1,294,000
3 Beds
3.5 Baths
2,482 SqFt
Status Active
MLS # TR17106461
Property Type Single Family Residence
Rare opportunity to own a newer two-story home in a beautiful Pepper Tree Lane community. Distinguished PV unified school district. All bedrooms upstairs: 1 master and 2 suites with separate restrooms. View of canyon, 9 feet ceiling height, natural light throughout the house, convenient laundry room on upper level. Beautiful hardwood floor throughout the 1st floor and carpet on the 2nd floor. Living room with cozy fireplace, dining area next to the kitchen, custom shutters. Gourmet kitchen with granite countertops, stainless steel appliances, and center island for breakfast area. Open floor plan and large beautiful backyard with many flowers and tress. 2 attached garage parking and 1 on-site designated parking in front. There is an option to turn a closet to an elevator. A small private park with kid playground across the street. Located near Ralph market, Chase Bank, Hesse Community Park, Los Verdes Golf Club, etc. The best value in the area 172 (the lowest priced detached home and per sqft).

6233 Moongate Drive Rancho Palos Verdes, CA 90275

$1,295,000
3 Beds
2 Baths
2,215 SqFt
Status Active Under Contract
MLS # PV17056728
Property Type Single Family Residence
Welcome to this meticulously maintained home with beautifully upgraded elements. This traditional home has 3 bedrooms and 2 bathrooms. A large, airy kitchen sports a Subzero refrigerator, Corian counter tops and a butcher block center island. The downstairs floor plan includes a formal dining room, formal living room, and family room. Beautiful New French Oak hardwood floors and recently remodeled bathroom are a focal point. The large master bedroom upstairs includes a bonus area for lounging and space for a desk. Enjoy the flat private backyard, lined in trees and foliage, with plenty of room for entertaining, gardening or just relaxing. This corner lot residence is located in the award winning PVPUSD and is within walking distance of schools, stores and Highridge Park.

28702 Lomo Dr Rancho Palos Verdes, CA 90505

$1,295,000 - 3Br/2Ba -  for Sale in Rancho Palos Verdes
New
$1,295,000
3 Beds
2 Baths
1,899 SqFt
Status Active
MLS # SB17114026
Property Type Single Family Residence
CUSTOM 3 BEDROOM 2 BATH HOME, GREAT CURB APPEAL, DYNAMITE LOCATION. THIS HOME WAS EXTENSIVELY REMODELED AND HAS A FANTASTIC FLOOR PLAN, CUSTOM WINDOWS AND DOORS, HARDWOOD FLOORS , STONE WORK , PERFECT FAMILY KITCHEN,ALARM SYSTEM,AIR CONDITIONED,PROFESSIONALLY LANDSCAPED FRONT AND BACK PERFECT FOR KIDS WITH LOTS OF STORAGE TOO.

4818 Elkridge Drive Rancho Palos Verdes, CA 90275

$1,299,000
5 Beds
3 Baths
2,653 SqFt
Status Active
MLS # PV17093264
Property Type Single Family Residence
Stylish, Spiffy, and Spacious 5 bedroom home with some city lights and mountain views. Situated on an exceptionally quiet and private 40,000+sf lot, centrally located on the hill, convenient to shopping and some of California's top schools. Generously sized formal living room features gorgeous stone fireplace and large picture windows. Formal dining room also has views. Family room adjoins charming kitchen with bay window. Two guest bedrooms and full bath downstairs. Upstairs are 3 bedrooms including the master suite with walk-in closet. Beautiful wood floors throughout all living areas and downstairs bedrooms, and new carpet in upstairs bedrooms. Terrazzo stone entry and solid mahagony front door welcome you to this wonderfully warm and JOYFUL home. Brand new garage door. Take a look...It is fresh, bright, and move-in ready!

2833 Calle Aventura Rancho Palos Verdes, CA 90275

$1,299,000
4 Beds
2.5 Baths
2,120 SqFt
Status Active
MLS # PV17106683
Property Type Single Family Residence
Ideally situated in the much sought after El Prado Estates neighborhood of Mira Catalina boasting an ocean & Catalina view! Sq.ft. does not include a detached approx. 350 sq.ft. rumpus room. Charming curb appeal w/stone walkways. Entryway w/hardwood floors & guest closet. Living room w/stunning ocean & Catalina view w/hardwood floors & wood burning fireplace. Spacious kitchen w/ocean view, custom solid oak cabinetry & beautiful granite counters w/tile floors which open out to family room/dining room w/wood beam cathedral ceiling, tract lighting, tile floors, & wood burning fireplace. Hallway w/skylight & remodeled 3/4 bath w/travertine tile floors & shower & a beautiful dual sink furniture console w/granite counter top. All 4 bedrooms are spacious & the master suite includes his & hers closets, full master bath including dual sinks & jacuzzi tub. The private rear yard is serene w/a sparkling pool, vinyl fencing, large bonus room, beautiful garden & fountain & stairs that lead you to a garden area. Storage area off the bonus room. Amenities include newer composition roof, all newer dual pane windows, newer central heating & air conditioning, newer Composite pool & pool tile w/brand new pool filter & 2 speed energy-efficient pump. New water heater, vinyl fencing & new blinds in bedrooms. Fruit trees. Within minutes to Elementary & Intermediate schools & Marymount college. This quaint community has an annual Easter egg hunt & summer dinner parties where all are welcome.

3428 Palos Verdes Drive North Drive N Palos Verdes Estates, CA 90274

$1,299,900
3 Beds
2 Baths
1,672 SqFt
Status Active
MLS # PV17014067
Property Type Single Family Residence
Beautiful turnkey home with great curb appeal on the legendary Palos Verdes Drive North. This beautiful tree lined street is just amazing. This 3 bedroom 2 bath home has a 2 car detached garage and can fit 6-8 cars in the back yard parking area. The inside has an updated kitchen with grey quartz counters, tile flooring, Kitchen Aid stainless steel appliances and recessed lighting throughout the living areas. There is a formal dining room and extra large living room with a cozy fireplace. The laundry area is near the kitchen in the rear of the house. The bathrooms are updated with granite counters and tile. The entire home has hardwood floors in grey tones. All interior/exterior lighting fixtures are new. New: crown molding, mirror sliding closet doors, baseboards, interior and exterior paint, plumbing fixtures, sprinkler system and front yard with new lawn. The garage floor is epoxy coated. The woodsy back yard is very private and backs up to the running/walking trail. There is a gate in the back yard that takes you right on to the trail. The home is walking distance to the Palos Verdes Golf course and tennis club and owners qualify for membership in the PV country club and PV beach club. The school system is the excellent Palos Verdes district and Peninsula High. The home is available now and a quick escrow is fine.

28610 Leacrest Drive Rancho Palos Verdes, CA 90275

$1,314,000
4 Beds
3 Baths
2,152 SqFt
Status Active Under Contract
MLS # PV17050378
Property Type Single Family Residence
This two-level home, nestled in Seamount Estates, is a dream family home, complete with brand new roof. Two skylights make a bright impression upon entrance. The open layout showcases a large family room and elegant dining room. Make your way to the luxurious kitchen and you'll find updated cabinets, granite countertops, stainless steel appliances, and windows overlooking the garden. Three spacious bedrooms are located on the upper level, while the downstairs bedroom is perfect as a guest room or office. The lower level and stairway feature high-quality engineered wood flooring while the upstairs is luxuriously carpeted. The details are lovely, from the double-pane windows to crown moulding to recessed lighting. The yard is designed to accommodate everything from playtime to entertaining. This turnkey home has been lovingly maintained and is a can't miss! 2152 sq ft home / 8156 sq ft lot.

3721 Palos Verdes Drive North Palos Verdes Estates, CA 90274

$1,325,000
3 Beds
2 Baths
1,717 SqFt
Status Active
MLS # PV17019894
Property Type Single Family Residence
The Best of Both Worlds - A Charming Traditional Valmonte Home that your Family can effortlessly Enjoy from Day 1: - Enter a spacious, sunlit living room with warm red oak floors, a wood burning fireplace, beamed ceiling and adjacent dining room - Enjoy meal preparation in the thoroughly modern kitchen (granite countertops, stainless appliances, new cabinets and storage pantry) with breakfast nook - Flagstone patio just outside the kitchen is perfect for entertaining and opens onto a sunny, landscaped back yard lawn and garden - Bathrooms feature marble tile and frameless glass shower doors - Central A/C and heat, dual-paned windows and ceiling fans add to comfort - 200 Amp electric service, whole-house rewiring, outdoor security lighting, and newer plumbing throughout - Electric driveway gate leads to a 2-car garage with 3 additional exterior parking spaces -Family-friendly neighborhood; a 5 minute walk brings you to the Little League field, Valmonte Early Learning Academy, and playground; and with a 5 minute drive you arrive at the award-winning Silver Spur Elementary or Peninsula High, or the PV Country Club/Tennis courts or Beach Club; also just minutes away is the beach, and a wide range of entertainment, dining and shopping. This Inviting Valmonte Home is Not to be Missed.

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