tri valley real estate: I’m A Mortgage Broker – And Proud Of It! - 03/24/10 01:18 PM
"Broker or banker?" That's usually a question I get from others in the industry when I introduce myself as a lender. I proudly answer that I am part of one of the largest privately held mortgage brokers in Northern California. That gets some eyebrows raised. Wouldn't I feel more secure aligned with a banker that has in-house underwriting and closing? Aren't brokers going the way of the dinosaurs?
I have no problem answering that I am very happy right where I am. I believe being a broker is actually quite an advantage in today's market. I recently received a phone call … (2 comments)
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tri valley real estate: Random St Patrick’s Day Facts - 03/17/10 01:03 PM
Green has always been my favorite color. I am a quarter Irish. I don't like corned beef or cooked cabbage or ale so I'm not a very good Irish I guess....
Okay, that's enough about me. Here are some St. Paddy's Day facts that are actually interesting! Have a happy, festive day (and go easy on the green beer!)
March 17th is the feast of St. Patrick, the patron saint of Ireland who is believed to have died on that date in the year 461AD. According to the last US Census, 34 million Americans have Irish ancestry. That's nearly nine times … (12 comments)
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tri valley real estate: East Bay Mortgage Update for March 5th - 03/05/10 10:58 AM
End of the Week Update
Economic News: The data for the end of the week was all about JOBS, JOBS, JOBS. The unemployment rate came in at 9.7% and non-farm payrolls were down 36,000 versus an expected 50,000. This was on the back of the ADP report Wednesday on Jobless Claims on Thursday. All this taken together was considered good news on the employment front.
Mortgage Markets: Mortgage rates are losing ground today with a rally in the equity markets. Across the board rates are worse by about .125%. Overall the rates today are at the same level as … (0 comments)
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tri valley real estate: East Bay Mortgage Update for February 22nd - 02/22/10 10:34 AM
Mortgage Update for the beginning of the week
Economic News: A quiet day is in store for the markets today. No real economic reports are due but as the week rolls on there will be a bevy of reporting which will give us a glimpse on how well the economic recovery is doing. Here is what is in the pipeline for the rest of the week. Tuesday: Case-Shiller Home Price Index & Consumer Confidence. Wednesday: New Home Sales. Thursday: Durable Goods Orders. Friday: Gross Domestic Product, Consumer Sentiment & Existing Home Sales.
Mortgage Markets: Mortgage rates are unchanged over … (0 comments)
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tri valley real estate: Tame Your Inbox & Reduce Email Clutter! - 02/20/10 11:59 AM
If you've read any of my previous posts, it's obvious my passion lies in organizing and streamlining pretty much everything to make life more manageable. One thing I see again and again is an overflowing inbox. It's fairly simple to devise a process for taming your inbox. Here are some suggestions:
One word: Unsubscribe. Today I dove in and unsubscribed to every unsolicited email that hit my inbox. I have the feeling that within the next few weeks, I'll have a lot fewer emails to wade through.
For all other emails I use folders to categorize them. Since I work in … (11 comments)
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tri valley real estate: East Bay Mortgage Update for February 19th - 02/19/10 01:29 PM
End of Week Briefing
Economic News: On top of the FED announcement to raise the Discount Rate (discussed here & here) we were greeted yesterday with the Producer Price Index (PPI) & Jobless Numbers. The PPI came in much higher than anticipated signaling inflationary areas in certain segments of the economy. Jobless Claims came in well above sentiment at 473,000 new claims versus the expected 440,000. This somewhat offset the effects of the PPI. Today the release of the Consumer Price Index (CPI) came in within tolerance and also dampened the stronger PPI data from yesterday.
… (0 comments)
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tri valley real estate: The Federal Reserve Announcement on the Increase in the Discount Rate - 02/19/10 11:11 AM
As I briefly discussed earlier today the Federal Reserve increased the Discount Rate by .25% after the market close yesterday. The full press release is available here. As mentioned in the statement, the FED "anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period". This should keep a lid on an aggressive upward movement of interest rates in the near term. It is good news that that they are trying to remain "ahead of the curve" on the inflation front while keeping in mind that the economic recovery is fragile.
Those … (3 comments)
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tri valley real estate: The Fed Made a Surprise Move After The Bell Yesterday – But What Does It Mean? - 02/19/10 08:55 AM
Recently the Federal Reserve has been taking steps to unwind the fiscal stimulus programs which were put in place during the financial crisis which came on full force in the fall of 2008. We are all aware that the Fed intends to cease its 1.25 trillion dollar Mortgage Backed Security purchase program at the end of March. The commercial paper program (liquidity provided to some of the largest companies) to smooth out short-term cash requirements is over. In addition, the home buyer tax credits passed by Congress are set to expire soon.
But, after the closing bell yesterday the FED announced (apart from a … (3 comments)
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tri valley real estate: Outlook Notes: the Coolest Tool You’re Not Using! - 02/17/10 11:03 AM
If you are a Microsoft Outlook user I'm willing to bet you use it mainly for Mail and maybe to keep track of your appointments in the Calendar. Perhaps you put your Contacts in there and if you're really cooking, you make use of the Tasks manager. But I want to introduce you to a really nifty function that most people know nothing about: the Notes feature.
Open Outlook right now and take a look at the left side of your screen...oh, you've got mail! Okay, wait to read it and look to the left towards the bottom. You'll either see … (10 comments)
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tri valley real estate: East Bay Mortgage Update - 02/17/10 10:25 AM
Mid Week Report
Economic News: The two major economic reports for the day were the Housing Start figures as well as Industrial Production numbers. January's housing figures came in above the annualized consensus estimate of 580K units at 591K. This was a 21% increase on a year over year basis. The majority of the gains came in the multifamily sector while single family housing was relatively flat. Industrial production came in at the high end of estimates and signaled a very positive growth trend in the manufacturing sector.
Mortgage Markets: The bond market has worsened a bit this morning … (0 comments)
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tri valley real estate: Home Tips for Maturing Households - 02/16/10 05:04 PM
Lately it seems much has been written about the aging Baby-Boomer population's desire to remain independent and living at home for as long as possible. There are several improvements that can be made to homes to accommodate a dwelling where seniors reside for both safety and comfort's sake. In fact, the AARP and the National Association of Home Builders reports that the aging population will have the second biggest impact on the remodeling industry over the next five years.
Here are some top improvements that will ensure a safe and secure home for the elderly:
Levered door handles. An intercom doorbell … (0 comments)
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tri valley real estate: Keyboard Shortcuts for Outlook - 02/10/10 05:39 PM
I hope you've been using a few of the keyboard shortcuts in the last post. Now if you're ready to really up your game, let's look at some handy shortcuts for the Microsoft Outlook interface. Many of us live in Outlook. I not only use Outlook for my email but I'm also a fan of the Tasks and Notes features which greatly help me organize my life. But even if you only use the email feature, these shortcuts are sure to help. Again, just try implementing a few at a time until they become second nature. A Post-It on your monitor … (7 comments)
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tri valley real estate: Your Winter Home Checklist - 02/10/10 02:25 PM
Winter weather can cause problems for homeowners. Keep these tips in mind and you can prevent many cold-weather mishaps. Although it would be good to tackle a few of these a week in the fall months leading up to winter, it is never a bad time to get started even though winter is in full swing.
Check flashings around roof stacks, vents, skylights and chimneys for signs of cracking, rusting and deterioration. Clear gutters and downspouts. If your downspouts are not tied into a drainage system, the ends should be routed sufficiently away from the house to prevent seepage into the … (5 comments)
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tri valley real estate: Save Time and Improve Efficiency With Keyboard Shortcuts! - 02/10/10 12:21 PM
Perhaps the number one thing we all chase is time...we need more of it right? Well time is time: we can't have more than 24 hours a day. And really we can't manage time itself. However, we can manage what we do with the time we have. Efficiency is the key and finding ways to be more efficient with our time is a worthy pursuit. To that end let's look at one way you can put efficiency to work for you today. I'm willing to bet you spend quite a bit of your day at your computer. Did you know that … (2 comments)
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tri valley real estate: "Cash In" Refinances Reach the Highest Point Since 1985 - 02/10/10 10:51 AM
A recent report issued by Freddie Mac revealed that "Cash Out" refinances (an increase in the mortgage balance by at least 5%) fell to a record low 27% during the fourth quarter down from 88% in 2006. There is another term that is not heard nearly as much but is becoming more popular. This is called a "Cash In Refinance" and it comprised 33% of the refinance market during the same quarter. A "Cash In" refinance occurs when the borrowers actually lowered their principal balance as a result of the transaction. The 33% figure is the highest on record for this … (0 comments)
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tri valley real estate: Water Saving Tips For Your Home - 02/07/10 11:39 AM
Before the Big Game today I will be replacing one of my old toilets in the Master Bath. (Fun Fun Fun!) I saw this video yesterday and decided to share. As 2010 began I began to look into making some changes around our home. I have looked at our PG&E as well as our water bill over the past couple of years and realized, that while our energy and water use has remained steady or fallen, the bills continue to rise. In order to stop this trend, and keep a little more money in our pocket, my goal is to replace … (0 comments)
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tri valley real estate: Important Update on HUDs Flipping Rule Plus Super Bowl Crab Dip Recipie - 02/06/10 11:11 AM
The recent waiver of HUD's infamous 90 Day Flipping Rule (that we previously wrote about) has brought much optimism for real estate investors and their fiduciaries. We have already had many requests for FHA financing in response to this new mandate. At Diversified Mortgage Group, we have our finger on the pulse of the lending industry and have made numerous inquiries as to which lenders are aligning themselves with HUD's waiver. We must note that although the waiver is positive news and much-needed, THE SECONDARY MARKET HAS NOT ADOPTED THE PROGRAM. If you are interested in obtaining financing on a property that … (1 comments)
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tri valley real estate: Gifts for Down Payment - 02/01/10 05:11 PM
Did you know that a monetary gift can be used for your home purchase down payment? Many conventional loan programs allow gifts to be used toward down payment only after you have put a certain amount of your own money into the transaction. However, the FHA loan program allows the entire down payment (a minimum of 3.5% of the purchase price) to come from a gift. Such gifts can also cover any or all of your closing costs to boot! The most common source of a down payment gift is from a buyer's parent(s) but FHA allows gifts to come from:
… (10 comments)
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tri valley real estate: Is The Long Term Trend For New Housing Smaller? - 01/31/10 03:35 PM
I have been hearing for the last couple of years that the days of the McMansion are limited. Is this a response to the overall economy or a long term trend? After doing the Broker Tours over the past couple of weeks we have seen everything from a 700 square foot tear down to an 11,000+ square foot mansion (this one certainly had no "Mc" in front of it). The following video is a good look into the smaller footprint being promoted today. After viewing it I began to ponder the long term ramifications.
Is the building industry adjusting to the … (4 comments)
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tri valley real estate: What to Keep and For How Long? - 01/25/10 03:12 PM
Most loan professionals have a standard checklist they give to their clients either before their initial meeting or at the meeting detailing specific financial documents they need to put together an initial loan file. In the past we've had many clients who simply cannot find last year's W2 or even their most current paystub which makes me wonder how most people keep track of these important documents.
I don't believe that you need to hang onto every piece of paper pertinent to your finances for eternity but there are some simple guidelines you can follow to ensure you have your financial … (10 comments)
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