No change to Fed Funds rate
By · CommentsThe Federal Reserve’s Open Market Committee is going to leave the key Fed Funds Rate unchanged. This rate is often talked about and watched for many reasons. This rate has more effect on credit cards and other consumer loans but the announcement sometimes affects mortgage rates if the Chairman indicates concern regarding inflation or other aspects of the economy. Today mortgage rates remain at very low levels.
Add this to your mortgage pre approval letter
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Here’s what you can add to your mortgage pre approval letter to make your offer stand out with any seller of real estate – including REO Banks.
Most often loan officers will simply issue a pre-approval letter, you’re looking at ours right here, but that’s all they typically do. The pre-approval letter is good, it’s professional and covers all the common qualification criteria but it really is just someone’s word that the buyer will get the loan. Read More→
Earthquake April 19, 2010 10:24pm
By · CommentsI just felt an earthquake here in lake forest. Did you? It was very short but I’m guessing about 5.0. Let’s see if it shows up in the news.
Purchase a short sale!
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Alright… it’s been a while since I’ve posted… but this one is worth the wait. On this deal, that funded on April 7th, four buyers came together to purchase a short sale. This required four separate applications in the loan file. I was able to do this with an FHA loan that only required a 3.5% down payment. Now here’s the cherry on top… this property was in probate and we were able to get the probate attorney to agree to the deal as well as the short sale bank! This was a win-win for everyone involved.
No Down Payment
By · CommentsWow… get this… three family members wanted to buy a house from another family member… we structured the deal with 20% gift equity as the down payment and used income from three different people to qualify for the loan. As a result this family was able to purchase the property with no down payment. This loan also closed in March.
Subordinate HELOC on Refinance
By · CommentsOn March 3rd we funded another loan for a repeat client. This client was able to get a new 30 year fixed rate mortgage at 4.875%. That’s a great rate and I was able to do it as a no point loan. Their rate prior to this refinance was 5.5%. What a no-brainer – wouldn’t you say? Also, they already had a HELOC (Home Equity Line of Credit) in place and I was able to get the company to subordinate to the new refinance so they could leave the credit line in place. No need to do a new HELOC since they were happy with the one they already had.
15 year fixed rate mortgage
By · CommentsOn March 5th we funded another loan for a repeat client. A while back I had done a 10 year loan for this client but at today’s great rates I was able to put this client into a 15 year fixed rate mortgage at 4.5%. This rate was much lower than the rate the client had on the 10 year fixed rate mortgage and no rate buy down was required. I also set this client up with a free HELOC (Home Equity Line of Credit) after we closed the new first mortgage.
Client gets 1/4 percent reduction for free
By · CommentsHere’s another closed mortgage orange county. This person refinanced with me a few years ago when he qualified for a higher rate. I was able to drop his note rate a quarter of a percent and without any increase in the loan balance – in otherwords, no fees of any kind. Now a quarter of a percent might not sound like much but this was on a loan balance over $500,000.00 so it really made sense. The property is located in Palo Alto.
Just Closed! 2/3/2010.
This is another example of how I am always looking to save you money on your mortgage orange county.
Private loan to rehabilitate property
By · CommentsHere’s a good story about mortgage lake forest. Many people don’t realize that private money is still available in certain circumstances. This is particularly valuable to people caught in a bind. For example, my client’s property was in poor condition and they needed $80,000.00 to rehabilitate the property. Well, the it’s commonly reported in the news that the only loans available today are Fannie Mae, Freddie Mac or FHA. None of these agencies would touch this loan with the property in it’s current condition. My solution? a private loan! The private loan got my client’s the cash they need to make the repairs. When the work is finished I will write them a new loan to Fannie Mae standards and at a great rate. Problem solved.
Check back for the follow up posting on this mortgage lake forest. You’ll see that I’m able to put them into a great follow up loan after getting them the cash they needed on this transaction.
Just Closed! 02/03/2010 in the city of Bell, CA.
Major bank makes error
By · CommentsHere’s another great story about a mortgage orange county. My client was told by a major bank (I will be kind and not name the bank) that he could not purchase a condo as a second home because it was within 75 miles of the house that he presently lives in. That meant the “big bank” wanted him to treat the property as an investment/rental property.
What does that mean to the client? About 1/2 – 3/4 percent higher interest rate.
In talking with the client I discovered he intended to downsize and move into the condo when he retires in just a few years. By writing a letter and explaining this to the underwriter I was able to get this client the second home interest rate and beat the “big bank” by a large margin.
The new loan was 326,400.00 at 4.875% note rate. The client was happy with the savings and did the loan with me instead of the “big bank”.
Problem solved.
Just Closed! 1/19/2010 in Carlsbad, CA.
Lesson – sometimes when you’re looking for a mortgage orange county doing business with someone that knows the guidelines is better than walking into a “big bank”.