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home loans: 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
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home loans: 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)
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home loans: 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)
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home loans: 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)
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home loans: 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)
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home loans: Great Interest Rate News - 30 Year Mortgage Rates Fall - 02/08/07 05:58 PM
By: Ed BrophySynergy Mortgage
Interest Rates on 30 Year Fixed Mortgages fell for the first time since December 2006 due to lower than expect job growth. 30-year fixed-rate mortgages averaged 6.28 percent this week, down from 6.34 percent last week. Last week's level had been the highest for mortgages since October as reported by Freddie Mac.
This rate drop is due in part to less than the expected job growth, experts were expecting some 100,000 new jobs to be created, this edged the unemployment rate up by almost 5%. This increase in unemployment eased concerns that the economy was growing so strongly that … (1 comments)
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home loans: Mortgage Lender Files Chapter 11 - 02/06/07 07:06 PM
Another sub-prime lender bites the dust. With the instability of rates and the slow down in home sales it makes you wonder if we're headed for a late 80's early 90's market. I guess it all depends on which expert you listen too. Expert: "ex" as has been - "pert": a drop of water - "expert" a has been drop of water!
"Mortgage Lenders Network USA Inc. filed for Chapter 11 bankruptcy protection Monday, becoming one of the largest casualties among so-called sub-prime lenders as the U.S. housing market slows. The Middletown, Conn.-based company, which had been the 15th-largest U.S. sub-prime lender, … (3 comments)
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home loans: How do You Handle Rejection or Denial? - 01/21/07 07:04 PM
I am beginning to develop a pet peeve due to the actions of other loan officers/mortgage brokers. So, I'm asking how you explain to your clients that they don't qualify for a loan.
I have a referral partner Norman who owns a pool design and construction company here in Riverside County, CA. Norman refers me an average of 2 to 3 clients a week. Most of these clients have gone to direct lenders and have been told by the loan officer that their loan has been denied. In the most recent case the reason given was they're 2 years out of bankruptcy, … (9 comments)
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home loans: Don't Get Stuck in the Contingency Wasteland! - 01/19/07 01:26 PM
Mathew Ryan recently wrote Backup offer for more than original contract. In a nutshell he and his client accepted an offer with a 20 day finance contingency, and then received a backup offer for $11,000 higher. My 1st question is why one would accept a 20 day finance contingency in today's day and age of almost automatic approvals.
When I worked as a Realtor (Listing Agent) I always required a potential Buyer to be pre-approved with the Mortgage Broker I had developed a strong relationship with. I'm not saying we required the Buyer to use our Mortgage Broker, what I'm saying … (7 comments)
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home loans: NAMB Criticizes Licensing Initiative - 01/18/07 03:08 PM
A regulatory initiative that would establish a nationwide licensing standard for mortgage originators is "fatally flawed," according to the National Association of Mortgage Brokers. According to NAMB, the registration system sponsored by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators is deficient because it focuses on the mortgage broker community and excludes originators at banks and federally regulated financial institutions.
"We support a nationwide license registry only if it includes all mortgage originators," said NAMB President Harry Dinham. "It just doesn't make sense to include some and not others because all consumers should benefit regardless … (8 comments)
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home loans: I've Fallen and I Can't Get Up - Bond Prices Last Week - 01/17/07 01:58 PM
When Bond prices fall, home loan rates are on the rise. But could Bonds get to their feet this week and help home loan rates improve? This coming week will certainly provide some "juice" to trade on, and likely cause some motion - but the direction of that movement will fully depend on the flavor of the news.
Remember that Bonds and home loan rates hate inflation...and some big inflation news is in store with the Producer Price Index (PPI) on Wednesday and the Consumer Price Index (CPI) on Thursday. There will also be news from the Manufacturing sector sprinkled throughout the … (1 comments)
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home loans: Six Ways to Make People Like You - Start by Liking Them! - 01/15/07 11:11 PM
The book, How to Win Friends &I nfluence People*, consistently makes the top five whenever there is a survey of most influential or inspiring books, and is often second only to the Bible. Dale Carnegie outlines - in very simple steps and examples - how to be nice without letting yourself get walked on.
The section titled, Six Ways to Make People Like You, reveals six traits kind people of the world share:
Become interested in other people. Note that he doesn't say "show interest," but rather "become interested" - change yourself for real, rather than practicing handy habits. Especially in business, it's … (5 comments)
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home loans: Communication - Proactive Methods to Improve Business - 01/15/07 10:58 PM
I once heard the expression, "Communication is the lubrication in your organization." That couldn't be truer, especially in the world of business. You simply can't over-communicate when dealing with clients. I find that the best way to eliminate the constant state of reactivity in which most of us work is to employ proactive communication strategies, such as the following:
Make a list of the people with whom you correspond regularly.Take note of all the recurring questions that you have to answer time and time again. Then ask yourself how you can provide the information to these individuals in advance. For example, … (0 comments)
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home loans: Open Your Mind to Wealth - Quieting Your Critic - 01/15/07 10:43 PM
Robert Kiyosaki's bestseller, Rich Dad, Poor Dad,* has helped millions to create roadmaps to their financial goals. Central to his series is the notion of open-mindedness. Instead of sizing up a situation and saying, "I can't afford that," he suggests saying, "How can I afford that?" By reshaping the idea into an open-ended question, creativity is stimulated, which leads to inspiration.
Here's a list of critical thoughts and their positive replacements. I hope these help to prime your mind for money-making thoughts.
We can't afford it. How can we afford it?
That's too expensive. Where can I get that for less?
I don't have enough money. … (2 comments)
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home loans: Strategic Financing: The Solution to Today's Changing Market - 01/15/07 10:12 PM
Interpreting one of the main challenges of today's mortgage market isn't as difficult as it might seem. With interest rates on the rise, a lot of consumers are extremely troubled by the negative effects of increasing interest rates on their Adjustable Rate Mortgages. Each month, they are forced to watch hopelessly as their monthly payments increase and interest rates climb closer and closer to the lifetime caps of their loans. For these homeowners who are struggling, refinancing into a 30-year fixed rate mortgage may not help them right now. In fact, doing so could increase their monthly payment and further strain … (0 comments)
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home loans: Why Loan Officers Shouldn' t Work Sundays - 01/14/07 05:47 PM
I really have to stop making promises to clients and prospective clients that I'm always available by phone should they need to talk to me.
This morning the phone rings, on the other end is Nick. Nick wants a loan in the $200,000 to $1,000,000 range. Now that's a wide range for a loan and honestly I stuttered a little bit when he threw the loan range out. I'm thinking this guy is either not really picky on the type of house he wants or he has delusions of grandeur.
Once again I go through the obligatory questions that any good mortgage … (42 comments)
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home loans: How Purchase Loans Are Made - A Step−By−Step Walkthrough - 01/14/07 04:48 PM
1. Pre-qualification - Lenders are encouraging buyers to get pre-qualified for a mortgage so they'll know in advance how much house they can afford.
2. Loan Search - Although buyers often use a lender recommended by their Real Estate agent, some prefer to do their own comparisons.
3. The Hunt - The buyer begins shopping for a house. When the right one is found, the terms of the sale are negotiated, including the sale price and often the type and conditions of the loan being sought.
4. Loan Application - It's crucial to supply the lender with as much information as possible, as accurately … (0 comments)
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home loans: Write−offs to Remember - Deductions in the Loan Process - 01/14/07 01:44 PM
Write-offs are the government's way of rewarding taxpayers when they've done something the government likes. And to judge by the write-offs, the government likes it when people borrow money to buy a house. There are write-offs aplenty, many of which people often forget.
Make sure your clients take advantage of every break the IRS will give. Here are a few they tend to forget:
Points:According to the IRS, origination fees charged as points must be paid for the use of money, (for example, to obtain a lower interest rate) in order to be tax deductible. Origination fees that constitute a "service fee" are … (2 comments)
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home loans: Credit Scoring - Part IV: Credit Remediation - 01/13/07 11:38 AM
If you have clients in need of credit remediation, and especially if you live in an area where this is an overall problem within the population, you should seek to align yourself with a credible referral source for credit repair. While government web sites will suggest that self-help may be the best option, keep in mind that for the most part these people lack discipline when it comes to spending and making payments. They are not likely to have the diligence to research and remedy their own credit problems.
The Federal Trade Commission regulates credit repair services, and they provide free information … (1 comments)
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home loans: A Word on Solicitations! - Rant - 01/12/07 06:10 PM
<begin rant>
I have been a member of Active Rain for 7 days now; in these 7 days I receive 1-2 e-mails a day from commercial lenders, hard money guys and a host of other idiots trying to get me to use/buy their product or service. Some of these folks are AR members with very, I mean very basic profiles others are non-members cruising AR looking for their next client. I know what you're thinking big deal it's an extra 1 or 2 e-mails a day but, I've only been here 7 days how much worse will it get is my thought.
To … (11 comments)
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Ed Brophy - REALTOR® - DRE #01344385
Palm Springs,
CA
More about me…
Ed Brophy, REALTOR®
Address: Rancho Mirage, CA, 92270
Office Phone: (760) 844-3736
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A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.
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