| |
ed brophy: San Diego: Relocate America’s Top 100 Places To Live (2010 Edition) - 05/18/10 01:50 PM
Relocate America recently released its 2010 list of Top 100 Places To Live In America. The rankings are topped by some cities you may expect, and some you may not. Los Angeles did not make the list.
According to Relocate America, the rankings highlight communities “moving in the right direction”, defined as having a combination of strong leadership, job opportunities, improving real estate markets, recreational options and a good quality of life.
It’s not a bad formula and coming in at number 4 on the list of Top 10 Places To Live In America is San Diego. San Diego was chosen for its … (2 comments)
|
ed brophy: Foreclosure Activity Slows For The First Time In Several Years - 05/18/10 01:42 PM
The national foreclosure rate is finally falling.
According to foreclosure-tracking firm RealtyTrac.com, the number of foreclosure notices dropped 2 percent between April 2009 and April 2010.
Two percent may not seem like much, but it’s the first time in the history of the RealtyTrac report that the annual foreclosure rate has dropped.
To be sure, foreclosure rates remain elevated — more than 300,000 were reported last month, but default notices appear to be approaching a plateau.
Read More....
… (2 comments)
|
ed brophy: Homeownership After Short Sale, Is It Possible? - 05/16/10 03:36 PM
Recently I’ve been receiving a number of questions asking Homeownership After Short Sale, Is It Possible. Many people who through no fault of their own had to sell were blocked from repurchasing a house for four years or longer, even though they’d rebuilt their credit, had qualifying incomes and were fully capable of handling a mortgage responsibly.
We are short selling our home, the mortgage company would not do a loan mod. Although we could not afford this house, we can afford a cheaper one – our credit scores are in the 640s. Will we be able to get another loan … (4 comments)
|
ed brophy: California's 2010 Tax Credit for New Home Owners Update 05/14/2010 - 05/14/10 02:39 PM
As of 05/13/2010 California has received 2,470 applications for the $10,000 tax credit for new home owners totaling $13,283,000. So it's not too late to get your application in. Remember submitting an application does not guarantee you'll get the tax credit.
For more information e-mail or call me today:
E-Mail: e...@e....com
… (0 comments)
|
ed brophy: Some People Take the Cake - An honest to goodness phone call - 04/29/07 03:08 AM
I'm sitting here minding my own business when the phone rings, Sally Shopper is on the other end. Sally want's to refinance her current 30 year fixed 5% mortgage to take out $100,000 to purchase an investment property.
Sally would like to remain at a 5% fixed rate and not pay any points, and also purchase her investment property with the same 5% fixed rate. After asking all the obligatory questions, I get around to qouting Sally rates.
Sally: Ed I know there are 5% 30 year fixed loans available because I have one, are they just all sold out?Me: No, Sally they're … (86 comments)
|
ed brophy: The Imploding Housing Bubble, Who’s Responsible? - 04/03/07 06:45 PM
By Ed BrophyApril 3, 2007Yesterday’s news of New Century’s bankruptcy filing got me thinking, who’s responsible for the imploding bubble that is the housing market? Are the lenders, the FED, borrowers, Realtors® mortgage brokers, appraisers or loan officers responsible? Who’s ultimately responsible for the real estate debacle we now find ourselves in? The answer to this tough question is that everyone is responsible to some degree or another.Ultimate responsibility can be laid squarely at the feet of former Federal Reserve Chairman Alan Greenspan. Greenspan lowered rates and encouraged borrowers to...(more)
Copyright © 2007 The Brophy Chronicle All Rights Reserved
… (6 comments)
|
ed brophy: Countrywide Foreclosures As of 03/31/2007 - 04/01/07 11:35 PM
California and Michigan in the top 2 followed by Texas. Who would have thought?
Reposted with permission. Originally posted a: http://countrywide-foreclosures.blogspot.com/
About the guy who put this all together: I started this blog/site to show a couple of friends the total count of foreclosures by Countrywide. I kept going to Countrywide's website (along with other places) looking for an REO and was frustrated by the way the listings were presented. After noticing a rapid rate of acceleration in foreclosure inventory, I decided to crawl their site and organize the listings. I'd like to thank everyone blogging about the housing bubble who literally saved … (10 comments)
|
ed brophy: The Financial Ruin of Americans - Part Three Holding Yourself Accountable - 03/31/07 12:45 PM
By: Ed BrophyMarch 28, 2007
This is part three of a series. Read: Part One, Part TwoIn part two I promised you a few ways to keep yourself on track and accountable for your spending.My biggest problem was that I had no one other than the puppies to hold me accountable on my journey to becoming debt free. Let me tell you folks I fudged the wants into needs on many an occasion. I soon started to notice a pattern in my spending. Stress equaled spend, boredom equated to more spending, nothing on TV let’s go shopping for some new music on … (0 comments)
|
ed brophy: The Financial Ruin of Americans - Part Two Working Your Way to Becoming Debt Free - 03/31/07 12:40 PM
By: Ed BrophyMarch 27, 2007This is part two of a series. Read part one here.I promised you a few tips and tricks to use to help on your way to becoming debt free.
If you are one of the millions of Americans who find yourself living paycheck to paycheck don’t despair you’re not alone, recent figures suggest that over 75% of Americans are turning to prostitution to make ends meet one paycheck away from financial ruin. The goal of this article is much the same as the goal I have personally achieved and the goal I try to get my mortgage clients … (1 comments)
|
ed brophy: The Financial Ruin of Americans - Part One - 03/26/07 05:57 PM
By: Ed BrophyMarch 26, 2007
This entry is inspired by Dad Gone Mad’s entry “Brother Can You Spare a Dime?” Dad Gone Mad has broken a social taboo in his blog by discussing his financial status. The number of comments he received topped out at 80, all from people who find themselves in similar situations.As a Mortgage Broker I speak with people daily who have over extended themselves in their quest to keep up with the Joneses. Who are the Joneses, has anyone ever met them? If you have will you please give them a swift kick in the ass or … (0 comments)
|
ed brophy: The Booming Foreclosure Market, What’s Going to Happen? - 03/20/07 05:02 PM
By: Ed BrophyMarch 20, 2007Face it folks all the indicators are pointing toward a substantial increase in the number of homes that are going to be foreclosed upon. As one account executive from a national lender put it “There’s a tidal wave coming and lenders are preparing for the worst.”
An Associated Press article on March 13, 2007, reported that late mortgage payments and foreclosures have reached a 3 1⁄2 year high. This alarming news even made the front page of the New York Times March 11, 2007, when “Crisis Looms in Mortgages,” an article by Gretchen Morgenson, described some startling realities.
Read … (4 comments)
|
ed brophy: Financing Your Home? An Easy Way Not to Get Caught Short at the Closing Table - 03/20/07 03:51 PM
By: Ed BrophyMarch 20, 2007
When shopping for a refinance or purchase loan I can’t stress enough the importance of comparison-shopping. This past weekend I held an open house for a Realtor®, a couple spoke to me about their mortgage needs, during this discussion they advised me they were working with two lenders one was putting them in a 2 year adjustable rate loan at 7.25% with 2 points charged up front. This seemed a little aggressive even in today’s market. With a credit score in the 800’s and a conforming loan this couple easily qualified for a 30 year fixed rate … (2 comments)
|
ed brophy: Mortgage Gougers Beware - 03/18/07 04:03 PM
Alright Gougers here's a warning for you.
While holding my own house open today I had a nice Greek couple come in who are out shopping for a home and also looking to refinance their current home which they'll keep as an investment.
They've been talking with Quicken Loans and Amerisave; Quicken Loans calls them everyday and Amerisave let's just say they're gouging the hell out of the client.
On the refinance of $372,000 Quicken Loans is charging them 2 points for a rate of 6.500%, Amerisave is charging them 2 points for a rate of 7.250% both extremely high rates for a couple … (5 comments)
|
ed brophy: New Century Served With Cease and Desist Orders in Four States - 03/15/07 11:47 AM
By: Ed BrophyMarch 15, 2007
Bank regulators in New York, New Hampshire, New Jersey, and Massachusetts have all served Irvine California based New Century Financial Corporation one of the nations sub-prime lenders with cease and desist orders claiming some of their subsidiaries have violated state laws.
In their letters, the state regulators claim New Century subsidiaries have failed to fund mortgages that closed and didn't notify the states in a timely manner of its financial woes.
Several of New Century's creditors have cut or halted financing in recent days and demanded the sub-prime lender buy back loans it sold to them.
New Century, … (2 comments)
|
ed brophy: Realtors 3 Points Acceptable? Lenders 3% Commission Gouging, Why? - 03/03/07 05:46 PM
By Ed BrophySynergy MortgageMarch 3, 2007
Brian Papaccio has a great post (Real Estate Commission VS. Mortgage Points) calling into question why it's acceptable for Realtors to charge a 3% commission on the sale of home and it's gouging when a mortgage broker earns 3 points on a loan? It's a great question.
As Brian states if he has the resources and expertise to obtain financing when another lender was unable, isn't he entitled to earn the value of his services as long as Section 32 isn't violated?
On the mortgage side of things the total cost of a loan can not exceed 4.99%, this includes appraisal … (11 comments)
|
ed brophy: Great Rancho Mirage Home Offered At $765,000 - 03/03/07 03:34 PM
This is really a perfect home in the perfect location.This 2,439 square foot home offers large oversized bedrooms, the master suite is exceptionally large and features a large walk-in closet, private bath and shower with direct access to the large yard.
Great curb appeal, wrap around corner lot, new desert front & side landscape, drip irrigation system, landscape lighting and custom brass patina mailbox. (View Slideshow Here)
Property has been improved with newer 18 porcelain tile floors and plantation shutters throughout.
Your new kitchen features a Fisher and Paykel double drawer dishwasher, Wolf 5 burner stove, Double wall oven, 2 pantries, large … (0 comments)
|
ed brophy: Stated Income, No Ratio and No Doc Loans Discontinued in the State of Ohio - A Sign of Things to Come? - 03/01/07 01:37 PM
By: Ed BrophySynergy MortgageMarch 1, 2007
Recent action by investors in mortgage-backed securities in response to the recently enacted Ohio Senate Bill 185 suggests that certain mortgage products originated in Ohio by non-bank entities may not be acceptable for inclusion in securitization pools. In response to this liquidity concern, effective February 26, 2007, Wells Fargo will no longer accept reduced documentation loans secured by properties located in Ohio, as outlined below. Wells Fargo will no longer accept stated income, no ratio and no doc loans for all programs and products for properties located in Ohio including those submitted through Direct ExpressSM. This applies to borrower selected and … (1 comments)
|
ed brophy: NAMB Poll Reveals 63.4% Unable to Refinance - 02/22/07 11:19 AM
By: Ed BrophySynergy MortgageFebruary 22, 2007A National Association of Mortgage Brokers recent polling of their membership reveals that 63.4% of 1,148 members poled were unable to assist homeowners wishing to refinance out of their Adjustable Rate Mortgage (ARM) due to bad credit, insufficient equity and overstated appraisals. … (5 comments)
|
ed brophy: Predatory Lending Schemes - 02/19/07 01:29 PM
By: Ed BrophySynergy MortgageFebruary 19, 2007
Before purchasing a home, research information about the prices of homes in the neighborhood.
Shop for a lender and compare costs. Beware of lenders who tell you that they are your only chance of getting a loan or owning your own home.
Beware of "No Money Down" loans. This is a gimmick used to entice consumers to purchase property that they likely cannot afford or are not qualified to purchase. Beware of the mortgage professional who falsely alters information to qualify the consumer for the loan.
Do not let anyone convince you to borrow more money … (4 comments)
|
ed brophy: Blogging Your Way Out of Debt - 02/18/07 07:10 PM
By: Ed BrophySynergy MortgageFebruary 18, 2007This morning as I logged on to the internet I saw an interesting story on my Google home page titled "Some Big Spenders Blog Down Their Debts."As a Mortgage Broker in Southern California (the home of immediate gratification), I speak with people every day who are looking to refinance their homes. It amazes me how many individuals use their home as their personal bank. There are right and wrong reasons to refinance, as an Upfront Mortgage Broker before I'll take on a potential new client it's important that not only I see the benefit but, that the … (1 comments)
|
|
|
|
|
|
Ed Brophy - REALTOR® - DRE #01344385
Palm Springs,
CA
More about me…
Ed Brophy, REALTOR®
Address: Rancho Mirage, CA, 92270
Office Phone: (760) 844-3736
Email Me
A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.
 Links
Archives
|
;)
;)
