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california mortgage: 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 mortgage: "Conforming Jumbo Loan" Information Released Today! - 03/07/08 03:31 PM
Are you wondering what is going on with the expected increase in the Conforming Loan Limit set to take place through the " Economic Stimulus Package" signed by President Bush last month?
A chock full of information was released today as to how the "Economic Stimulus Package" and increase in Conforming Loan Amounts for "High Cost Housing Areas" will be implemented into the banking system, which will affect banks offerings to consumers.
If you are wondering what areas HUD has distinguished as "High Cost Housing Areas" within your state on a county by county basis, check out this link (put in the state, without … (3 comments)
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california mortgage: Conforming Loan Limits to Temporarily Rise over $700,000 in California?! - 02/05/08 10:39 AM
Don't miss the boat when the Conforming Loan Limit increase comes, as it will be temporary! Call me or your mortgage broker to go through your current mortgage scenario, so you can be prepared when the time comes to take advantage of the temporary rise and lower your interest rate into much better terms in 2008!
The current conforming loan limit in California stands at $417,000, which is the maximum loan amount that government-sponsored enterprises like Fannie Mae and Freddie Mac may purchase or guarantee loans on the secondary market.
Under the terms of the "economic stimulus package", the conforming loan limit would … (3 comments)
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california mortgage: Learning to Love Your Mortgage! - 12/17/07 12:04 PM
Many hate their mortgage. They hate working hard everyday, only to make that BIG PAYMENT at the beginning of the month. For the millions of homes in adjustable rate mortgages, they hate not knowing how much their mortgage is set to increase on a month to month or yearly basis. So, "What typically happens when a person hates something?" They avoid it! I'm not talking about avoiding their mortgage payments, although some do that. I'm talking about how many homeowners avoid having an intimate relationship and understanding with the type of mortgage they currently have and whether it is still (or … (5 comments)
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california mortgage: Warning! Sensative Mortgage Topic - 09/22/07 01:28 PM
This is a warning as it is a sensative mortgage topic. But, you can always count on me to "open up a can of worms" and stress my opinion. I received a disturbing email on Friday, informing me that a few MAJOR BANKS are rolling out new home loan guidelines to protect their ASSets...Or are they?
I saw the new guidelines in Black and White.
Like many other areas in the United States, California has been experiencing a higher level of forclosures and notices of default. As a result, these MAJOR BANKS are now rolling out new home loan guidelines, which give "RISK … (36 comments)
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california mortgage: 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 mortgage: 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 mortgage: 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!"
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california mortgage: 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 mortgage: 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 mortgage: 18 Reasons Why Scott Gormley Should Be Used For Your Next California Home Loan! - 05/11/07 10:56 AM
When choosing a Mortgage Broker to work with in California, you must choose someone that holds certain qualities. Making a wrong decision can be costly on a financial and emotional level. Purchasing or refinancing a home is typically the largest investment and decision that the average person makes. Be sure to surround yourself with good people! Here are 18 reasons to choose me as YOUR California Real Estate Mortgage Broker.
1. I'm a Homeowner! Dealing with someone that can relate with your thoughts and emotions is important!
2. I keep clear lines of communication throughout the entire loan process with ALL parties involved.
3. I will structure your loan for the best opportunity … (6 comments)
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california mortgage: Fake It Till You Make It...The Aftermath of the First Refi Boom! - 05/01/07 04:28 PM
I don't need to refinance...I have a 30-year fixed!
After looking at your Promissory Note, you may be suprised!
With the craziness of the "Refi Boom" and the historical levels of appreciation in Real Estate an influx of loan officers came into the mortgage industry to make a QUICK BIG BUCK! Mortgage companies were hiring people left and right to simply keep up with the phone call demand and in most places there was a revolving door...If the new guy didn't make it as a salesperson...the next one was hired. I witnessed mortgage brokers giving their loan officers incentives to get deals closed on the phone, such … (11 comments)
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california mortgage: Comparing "Apples to Apples" when shopping for your home loan! - 04/28/07 10:44 AM
I was offered a 5% fixed for 30 years, can you beat it?
More often than not, borrowers get so caught up in the "rate" that they fail to look at the actual product being offered to them. My goal is to help you avoid this pitfall to save time and money. There are virtually hundreds of loan products that are offered on the market today. More often than not, receiving a "rate quote" on the Internet or over the phone is meaningless if you don't understand the terms that apply to that rate. I always tell my clients to make … (3 comments)
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california mortgage: 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 mortgage: 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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california mortgage: Podcast? - 09/05/06 12:12 PM
Are you thinking of a new way to reach out to your clients? After doing some research, I have found that doing a podcast is one of the newest forms of technology that you can use to inform your clients and form a stronger relationship with them and your target market. What is a podcast? A podcast allows you to use a microphone and record anything that you want to talk about, kind of like a radio show! By placing a podcast link onto your site and allowing your clients to "tune in" to this week's topic, you are bound to … (1 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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