America's #1 Mortgage Rates Report: June 30, 2008 - 06/30/08 03:57 PM
Mortgage rates in San Diego for June 30, 2008.  Loan amounts up to $417,000:
3/1 ARM              5.250%5/1 ARM              5.500%7/1 ARM              5.750%10/1 ARM            5.875% 
All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and fixed rate mortgages are available by calling the number below.
AMERICA's  MORTGAGE RATE TREND:
Next 7 days:       Slightly Lower
Next 30 days:     Slightly Higher
… (1 comments)

America's #1 Mortgage Rates Report: June 25, 2008 - 06/25/08 11:24 AM
No recommendation until tomorrow.  All eyes are on the Federal Reserve Open Market Committee today.  At 2:15PM (EDT), 11:15 (PDT), they will release their interest rate decision and statement.  The fixed income securities market believe there is a 43% chance that the Fed will RAISE rates, to stifle inflation, in August and that there is a 61% chance that the hike will come in November.
The eyes will be on the Fed's commentary, though:
"We expect the Fed to keep the funds rate at 2% today but to shift to a more hawkish statement by placing more emphasis on inflation over … (5 comments)

Oceanside Real Estate Investments: Consider the "Hard Working" 92057 Zip Code - 06/24/08 10:28 PM
Have you considered the 92057 zip code in Oceanside for your next investment property?  We think there is a compelling argument for the long-term property investor.  Consider this question on Trulia Voices:
How is San Diego market doing now? Is it good time to buy investment/rental properties?Which zip codes have best potential if I plan to keep the properties for long term (5/10 years)?
I said:
Do a home search for properties in the 92057 Zip code, on Trulia- keep it to under $225,000.  Most of these properties sold north of $400K, in 2005. While that was overblown, you can see … (1 comments)

Are Lead Vendors a Bunch Of Tools? - 06/23/08 11:28 PM
I think a little bit differently about marketing than Greg Swann does.  Not much, but we’re of slightly different mindsets.  I’m not scared to call a name a lead, a voice on the phone a prospect, a loan applicant a borrower, and a funded loan recipient a client.  I KNOW they’re people because I’ve always treated them as people. I don’t need a rip off of a Nike ad to tell me that.   Ain’t nuttin’ original about treating people who inquire about your services with respect;  Sister Brigid taught me that back in 1972.
Greg and I think a bit differently … (0 comments)

Who Wants To be a Better Blogger? - 06/22/08 10:48 PM
Last year, Active Rain sponsored a contest called Project Blogger.  It was a fantastic idea where the A-list bloggers tutored some of the newer bloggers.  A competition was held and the winner was given a check for $5,000 to give to her charity. Mary Pope-Handy was awarded that prize; a worthy champion indeed. Ever the gracious winner, Mary shared an analysis of her experience with the community last April.
I mentioned that Greg Swann was looking for his apprentice, and Teri Lussier jumped at the chance.  Project Bloodhound focused on building a weblog for Teri and  "The Brick Ranch" was created.  … (10 comments)

No Fee Mortgage PLUS Points - 06/21/08 01:15 PM
I actually went into the bank lobby yesterday and noticed an advertisement for a "No Fee Plus Mortgage".  After reading the terms and conditions of the offering, I realized that it was no great bargain but a pretty smart marketing ploy.  Here's what I saw (the date was partially  cut off but it was June 20, 2008):
 

 
This means that the bank is absorbing some $3,500 in costs, on a $320,000 loan but charging a discount fee of 1.312 % (or in this case, some $4198.40).  So, the total charges for the bank's "no fee mortgage plus", at … (10 comments)

America's #1 Mortgage Rates Report: June 19, 2008 - 06/19/08 04:54 PM
We're still advising all borrowers to lock all mortgage rates at application. The risk of the Fed raising rates far exceeds the opportunity for lower term rates. Watch this one minute video to understand what exactly has been happening in the mortgage markets, since May 2, 2008 and what I think WILL happen in the near term future. Brian Brady Mortgage Planner 858-777-9751 … (8 comments)

Redfin Projected To Be Profitable This Year - 06/19/08 12:45 AM
Glenn Kelman, Redin CEO, likened what Redfin is doing in real estate brokerage to what Amazon did in book retailing in a USA Today article, published earlier today.  The Seattle-based company has attracted some $20 million in venture capital and projects itself to be profitable in all of the markets it serves.
Founded six years ago, Redfin rattled traditional brokers' cages when it hired Glenn Kelman as CEO.  Glenn adopted a "maverick" posture, debating Move.com's Allen Dalton and appearing on TV program 60 Minutes.  I met the man last summer, in the speakers' lounge at the Inman Connect San Francisco conference; … (15 comments)

America's #1 Mortgage Rates Report: June 12, 2008 - 06/12/08 08:44 AM
Mortgage rates are headed higher.  Lock all rates at application, regardless of closing date.
The trend is clear; the Fed believes it has done all it can to stave off the banking crises and is now focusing its efforts on inflation.  This morning, retail sales were up and the dollar is strengthening.  If stagflation is the fear, the current strategy of targeting core inflation may be abandoned for the more radical Paul Volcker-style approach to tame inflation. 
While I believe the higher mortgage rate cycle will be shorter than the 80-s style interest rate hikes, it's clear to me that Bernanke … (6 comments)

America's #1 Mortgage Rates Report: June 9, 2008 - 06/09/08 05:40 PM
America's mortgage rates are behaving exactly as I expected they would when I reissued my lock recommendation on May 29, 2008.  What then for June, 2008 mortgage rates? 
Expect more volatility.  The Fed's in a weird spot.  The economy is tanking under the pressure of high gas prices and the real estate recession.  The tax rebates are mailed and that money's been spent.  Gasoline is at $4.00/gallon.  Food costs are spiraling from the dumb ethanol energy policy. Ben Bernanke doesn't know if he should be fighting inflation on Monday or preventing a depression on Tuesday.  His mixed signals are being perceived … (7 comments)

Will Canada's Housing Market Crash? - 06/07/08 11:42 PM
Yesterday, I wrote about the possibility of a Canadian mortgage crisis akin to the American mortgage crisis.  It would have been less controversial to side with the CBC decision to cancel its renewal of "Hockey Night In Canada" theme song.  To my brothers and sisters in The Great North:  It was a warning, not a criticism.
I'm not alone in my warning.  Here are some articles offering caution:
The Canada Mortgage and Housing Corporation (CMHC) warns of slowed housing starts:
"Strong economic fundamentals such as continuing high employment levels, rising incomes and low mortgage rates will provide a solid foundation for … (5 comments)

You're BUYING in Phoenix? Are You Nuts? - 06/07/08 10:05 PM
Every day is a great day to buy a single family home, even in Phoenix. That ought to rile up the analytical types here. Of course, that same principle applies to the stock market, as well.
I started my career as a “Financial Consultant” but was mentored by some fellas who preferred to be called “Customer’s Man” (title preserved with apologies to the fairer gender). My tutors would buy me a scotch in Penn Central Station, then ride the Paoli local home with me. I’d receive a 70-minute lesson about how and when to buy stocks for clients. The first lesson … (0 comments)

Why Are San Diego Condo Prices Dropping? - 06/07/08 12:39 AM
The San Diego condo market experienced a significant decline before the mortgage credit crunch started.  In fact, San Diego was one of the markets that promulgated the credit crunch with its higher than normal foreclosure rate.  On August 2, 2007, American Home Mortgage went belly-up, sparking a chain reaction of A paper lenders to close their doors, permanently.  262 lending institutions have "imploded" since the sub-prime mortgage decline in late 2006. The mortgage industry contraction has exacerbated the San Diego housing market decline, especially the condominium market.
It doesn't have to stay like this.
Condominium management associations are dealing with stressed … (8 comments)

Guess Who's Going To Be in Orlando For the NAR Convention (but not AT the NAR Convention)? - 06/05/08 09:20 PM
Here's a wrap up video from an interview I did with Mark from BrokerIPTV.com.
The important announcemnet comes from the transcript:
BrokerIPTV: So rumor has it there is a BloodHound 2 Unchained too in the works?
Brian Brady: Absolutely, by popular demand, BloodHound will be in Florida, in Orlando in November.
BrokerIPTV: Conveniently around the same time say as NAR.
Brian Brady: Exactly planned to be around the same time as NAR. It will either be the day before or the first day of, we will be putting on Unchained 2 in Orlando, Florida at the same time … (12 comments)

Why Mortgage Brokers Love Countrywide - 06/02/08 08:59 PM
Countrywide isn't going under.  Bank of America's going to buy them.  They're a mess right now but they'll be here in 5- 6 months...and that's a good thing.  It's a good thing because I love Countrywide.
Say What, Brian Brady?  You hammered Countrywide, all of last year. You told people to short the stock, last April and were one of the first to call for a merger with B of A, last August. 
Not true.  It wasn't the company I was hammering, it was their CEO, Angelo Mozilo.  I became frustrated with his greedy behavior, towards the end of last … (10 comments)

Mortgage Pro Week-In Review: June 1, 2008 - 06/02/08 01:27 AM
I'm honored to offer the ActiveRain community a compendium of mortgage advice from the week of May 25- June 1, 2008.  I approached it a little differently than my predecessors; I tried to limit the offering to advice-based articles rather than opinion pieces.  I attempted to find some of the lesser-known mortage pros on Active Rain.
The result may be bland but the content is solid.  If you're hungry for good mortgage advice, this week's mortgage pro week-in-review will satiate your appetite:
We started the week off on Memorial Day.  A fitting tribute to an American Hero was offered by a … (10 comments)

Negative Amortization Loans: Relevant Now More Than Ever - 06/01/08 03:33 AM
Remember the "sleazy Option ARM advertisements"?
They're back but with a whole new twist:
This is why I never did option arms.  This is part of the reason why we are in the housing mess we are in.  Yes, borrowers have to claim responsibility, but every Bank that pushed neg am as a financing alternative deserves the billions in write downs and losses in stock options that they are mired in.  I have no sympathy for them...only contempt!
Oh, brother!  If I see one more loan hack Monday morning quarterbacking this mess I'm gonna puke.  There is nothing wrong with negative … (78 comments)