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california home loans: Important Notes on Short Sales - 05/14/08 12:25 PM
"Short Sales" are a hot topic right now, as homeowners, homebuyers, real estate professionals and lenders simply can't avoid them in today's real estate market. Existing homeowners are calling their lender to see if a short sale is the right "exit-strategy" for them, with little money left to make the mortgage payments. On the flipside, homebuyers are calling lenders daily to find out what financing options are available to purchase one.
Lets start with a good definition of a short sale, as people often mix the concept up with a foreclosure, REO, etc...
Short Sale: The sale of … (3 comments)
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california home loans: President Bush to Sign "Economic Stimulus Package" Today! - 02/13/08 10:38 AM
Conforming Loan Amounts Will Increase...
This is great news for California Homeowners!!!
President Bush will sign the "Economic Stimulus Package" Bill today, after Congress and the Senate have agreed to temporarily increase the Conforming Loan Limit in 2008 as a part of its "Economic Stimulus Package", up to $729,750 in "High Cost Housing Areas!"
As you can imagine, most of California consists of "High Cost Housing" areas!
I say up to $729,750 for a reason. The Conforming Loan Limit will be determined by marking up the area median sales price by 125%.
As home values remain shaky and underwriting guidelines get stricter, the time to refinance out of … (4 comments)
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california home loans: Conforming Loan Limit to $725,000 For California? - 01/25/08 05:38 PM
I can't stress the importance of increasing the Conforming Loan Limits in high cost areas, such as California.
Below is a letter to California Association of REALTORS® members, on behalf of it's President, William E. Brown.
Please get the word out there on the importance of this matter, as it will help the California housing market recover much faster!
As rates are in the 7% range on Non-Conforming loans right now, all of those homeowers in adjustable rate mortgages would be able to refinance into a Conforming loan amount in the 5-6% range!
Let your voicees be heard!
Scott Gormley
Broker/Owner
Oak Valley Mortgage
Direct: 530-592-8362
Email: Scott@OakValleyMortgage.com
Here's the letter:
Dear C.A.R. Member:
Congressional leaders and … (3 comments)
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california home loans: Great News on Wallstreet with Non-Conforming Loans! - 09/08/07 09:17 AM
We got some great news yesterday afternoon. Wallstreet is now purchasing Non-Conforming Loans again! That must put smile on the faces of lenders,mortgage brokers, loan officers, real estate agents and homeowners across the country! Expect for pricing to get much better on short-term 2,3,5,7 and 10 year adjustables, fully amortized and interest only next week!
As of Friday morning, most non-conforming loans had little to no rebate pricing on any lender's rate sheet! That should be gone soon and this will free up more of the "liquidity" issues that lenders are having across the United States. Afterall, the old saying, "It takes money … (5 comments)
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california home loans: Behind All The Negatives Are Some Great Positives In Real Estate RIGHT NOW! - 08/29/07 10:30 AM
I'm a firm believer that behind every action, there is a reaction. Many, including myself, have addressed the negative things taking place in the current Mortgage and Real Estate Industries. Certainly, it is splashed all over the media and hard to miss. In this article, I would like to take a different approach and focus on the positives that can be found in the light of negatives in today's Lending and Real Estate Market.
Negative: Less homebuyers are qualifying for home purchases, due to tightening lending guidelines.
Positive: The serious and better qualified home buyers are coming out. That's right! The wishy-washy buyers … (35 comments)
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california home loans: The "Countrywide Controversy" - 08/29/07 08:10 AM
What a perfect time for an update..Right after I posted this blog, this message came in from Countrywide's President this morning. Read it here!
The Countrywide® Controversy
First and foremost, Countrywide is one of my favorite lenders in the mortgage industry to use. Countrywide has been innovative in their products, offering many families across the United States the opportunity of realizing "The American Dream" of home ownership.
Obviously, the Mortgage Industry is having problems. But, the #1 company in terms of loan production is now in question? According to Inside Mortgage Finance , Countrywide is the top originator thus far for the first half of … (11 comments)
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california home loans: Real Estate Versus Other Investments - 07/15/07 11:58 AM
Statistics, News Flashes and blah blah blah......................
The Real Estate market is up!
The Real Estate Market is down!
We're in for a bubble crash!
All phrases we have heard as of the past year about the real estate industry and what is going on. And to be honest, typically by analysts that are not in the industry, don't have a full understanding of real estate and manipulate numbers to make a point and stir the pot!
Unfortunatly, their false pretenses and perceptions become the reality view of many...Accepting points of views and jaded figures as truth.
I'm still a firm believer that real estate is one … (2 comments)
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california home loans: Do I Need to Talk to YOUR BROKER? - 07/06/07 12:18 PM
Lender and Real Estate Agent Rules to be followed in a purchase/sales transaction:
Rule Number 1: Our clients come first
Rule Number 2: Time is of the essence
Rule Number 3: Everyone should work together as a team
One thing that I think is fascinating about Real Estate is the fact that no two transactions are alike. As much as we would like to "streamline" the process, to cut down on costs and improve efficiency...it simply never plays out that way. Why? I think it's simple...there are simply too many pieces to the puzzle in a purchase transaction.
The key is to keep each transaction on … (6 comments)
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california home loans: Oak Valley Mortgage Realtor Testimonial - 06/13/07 06:55 AM
Virgil Cole with Keller Williams in Chico, California gives a testimonial about his experience as a Realtor, working with Scott Gormley and Oak Valley Mortgage. I'm looking for great Realtors across the California that are looking for a straightforward, no hassle lender that keeps clear lines of communication open at all times. Feel free to give me a call and we'll work together to get your clients into their next home in a smooth and timely fashion!
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com
Blog: http://www.CARealEstateBlog.com
"You find the perfect home, we'll find the perfect loan!"
… (4 comments)
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california home loans: California Home Loan Client Testimonials - 06/10/07 10:59 AM
Our Client Testimonial page on Oak Valley Mortgage's website is now "Live". We feel that our clients telling new potential clients in California how their experience was through the home loan and refinance process with us goes far and beyond talking about how great we are!
If you are looking to purchase or refinance a home in California, feel free to give me a call. We'll go through your goals and objectives to match you up with the right loan product! There's literally thousands of loan products available and getting placed in the right one can make a huge difference in your … (2 comments)
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california home loans: California Home Loans and Refinance - 06/06/07 08:33 PM
Are you looking to purchase or refinance a property in California? Feel free to give us a call at Oak Valley Mortgage and we'll go through your individual loan scenario. We're straightforward lenders that have access to over 75 banks, offereing our clients the most competitive rates and offerings on the market. We believe in NO HASSLE lending, treating our clients with the respect they deserve.
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors Affiliate ChairmanDirect: 530.592.8362Fax: 530.267.5555Website: http://www.CALoan.com
Blog: http://www.CARealEstateBlog.com
"You find the perfect home, we'll find the perfect loan!"
… (5 comments)
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california home loans: California Real Estate Blog Update - 05/31/07 12:43 PM
It's time for a California Real Estate Blog Update!
As promised, Google has finally taken our website out of the "sandbox" and the California Real Estate Professionals that are participating on the network will start to see their names,listings and content showing up in the rankings at Google.com!
The California Real Estate blog has been getting great website search rankings on Yahoo,MSN,Search,Mamma,ASK and other search engines....But now...We can add GOOGLE to the list and it will only get better!
Here are a few quick searches that I did this morning on Google for the California Real Estate Blog and the results!
Search Results
California home loan blogs Page 1 with … (5 comments)
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california home loans: Non-Permanent Resident Alien Home Loans in California - 05/25/07 11:32 AM
One of the main things that I love about California is the diverse population. We have a melting pot of many individuals that are coming from outside the United States legally and seeking to make a better life for themselves and their families in the land of "Golden Opportunity!" With that being said, I'm working on a file right now that is close to closing and I feel like I learned the entire system of gaining residency status in the Unites States through it.
If you were born in the United States, you probably don't know all of the hoops a person (let alone family) must jump through in order … (9 comments)
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california home loans: I've been Meebo'd! - 05/24/07 03:25 PM
That's right. I found a great little tool that I think will help communication between potential California Home Loan clients and my Mortgage Companies...and it's called Meebo! What is Meebo? Meebo allows you to create an Instant Message widget that can be placed on any of your websites. I intend to be logged into their website throughout business hours. If a person has a question, they can simply send me an IM on Active Rain or my company websites and I can reply to them via Instant Messanger..Pretty Cool!
And the best part....It's FREE!
Want to get yours? Just click on Get Meebo at the … (1 comments)
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california home loans: Street...Lane...Drive...Who Cares!? - 05/21/07 06:40 PM
I had a loan recently that closed, but we ran into an issue with the property address. The preliminary title report reflected that the home was sitting on XYZ Lane. But, the County Records showed that the property was sitting on XYZ Drive. With that, the title company wanted to have the changes made to the loan documents in order to insure proper title to my new clients. Afterall, that is what the Title company does. They insure the buyer that she/he is getting what they think they are, without any discrepencies in the chain of Title and/or property issues. Well...the … (3 comments)
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california home loans: Joining In On the American Dream! - 04/28/07 11:08 AM
Joining in on the American Dream!
Well, it's official! I have officially purchased my first home and begun to take part in the American Dream of owning my own home. So, I figured, "What better topic to talk about this week than my own personal experience with purchasing a home?" Was it stressful? Yes.... Is it worth it? You Bet! I can not describe the joy one gets out of owning your own home. To talk to your last property manager and hand over the keys in exchange for the keys to your own home is awesome! I'm getting more joy out … (7 comments)
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california home loans: We Hate Our Mortgage Servicer and Want to Refinance NOW! - 03/29/07 01:52 PM
I don't know why, but I've had several clients over the past few months that have had bad experiences with the mortgage companies that are servicing their existing home loans. So, these borrowers contact me, wanting to refinance and get away from the headache. They then tell me to obviously not refinance it with the original lender or existing lender. But, many borrowers fail to realize that when you go to escrow to sign your paperwork for a new home loan, the original lender will almost always reserve the right to sell your loan to another lender to service the debt.
What … (16 comments)
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california home loans: Movin and Shakin - 03/05/07 03:36 PM
There's been a whole lot of movin and shakin goin on in the mortgage industry since the beginning of 2006 and homeowners and those in the Real Estate business are going to be feeling the effects of it soon. To date, 31 major mortgage lenders across the United States have gone out of business or put the brakes on their wholesale lending divisions. Do you want to keep track of what is going on? Visit http://mortgageimplode.com/
Most recently, the hit has taken place on the "sub prime market."
Sub prime mortgages are extended at rates at least 2 or 3 percentage pointsabove the … (1 comments)
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california home loans: California Only Real Estate Blog~Want to participate? - 02/27/07 11:36 AM
DON'T MISS OUT ON THIS CALIFORNIA ONLY REAL ESTATE BLOG OPPORTUNITY!!!! CALL ME TODAY at 530-592-8362 or email me at Scott@OakValleyMortgage.com!
Hello Everyone,
As you may have noticed, I've been taking some time off of Active Rain to embark on an adventure. Over the past month, I've been putting a website together, which will feature California Real Estate Blogs by City. The concept is to direct the blogs and content directly to the consumer. I have several real estate agents that have already jumped on board in California on the project and I'm looking for more that are interested! Here's the scoop...
The domain name … (10 comments)
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california home loans: Are You Feeling Lost With Your Current California Home Loan? - 12/26/06 11:56 AM
Are you feeling lost with your current California Home Loan? You don't know when your home loan is about to adjust...But, you know it's soon! You don't know when it is going to "flip to an adjustable rate." You don't know when the prepayment penalty is over from your previous refinance.
Don't feel alone! There are thousands of California home owners that are going to refinance their homes in 2008, getting out of their adjustable rate mortgages and back into a "fixed loan." Why? They are recognizing an increase in their monthly payments and it is putting pressure on their monthly budgets. … (0 comments)
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Scott Gormley
Chico,
CA
More about me…
Oak Valley Mortgage-California Home Loans and Refinancing
Cell Phone: (530) 592-8362
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