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sacramento mortgage: Sacramento Mortgage Rate Update: Mr. Toad’s Wild Ride - 02/02/08 01:00 PM
After what can only be described as a two-week roller coaster ride, we are back at the platform we left two Mondays ago. Freddie Mac reports a weekly average 30 year fixed rate of 5.65% at .5 pts and a 15-year rate of 5.16% at .5 pt.
The chart above shows the price movement of the Fannie Mae MBS 5.5% coupon over the past 10 days. Remember that bond prices move inversely to rates. Thus the spike on the 22nd shows the steep price increase (drop in rates), followed by the immediate and violent drop in price (rise in rates).
(read the … (0 comments)

sacramento mortgage: Preventing Fallout: 5 Questions Every Agent Should Ask (Part I) - 06/20/07 06:14 PM
Preventing fallout is a high priority right now in this shakey market.  Escrows are falling apart at unusually high rates.  The usual issues, repairs, property values, and buyer’s remorse, are now coupled with short-sales, bank REOs, and contingent offers.  These are professional realities for those of us in the business, and much of this stuff lies beyond our control. 
But one factor within every agent’s control is buyer pre-qualification. 
Over the past few years we successfully taught buyers to get pre-qualified before they go home shopping.  Then we kicked back, thinking the job was done.  Today, buyers show up already pre-qualified, and … (0 comments)

sacramento mortgage: Sacramento Mortgage Rate Update: What the hell happened? - 06/19/07 07:21 PM
I came back from two weeks vacation last Tuesday to find rates half a point higher than when I left.  You just can’t take your eye off things for a minute anymore.  But seriously, 6.625% at one point.  That’s a serious increase for a two week period.
So What Happened?(read the answer) 
… (0 comments)

sacramento mortgage: The Last Gasp for 100% Stated Income/Stated Asset Prime Mortgages - 05/22/07 01:56 PM
My Chase rep called this morning to tell me that Chase is pulling their 100% SISA (stated income/stated asset) loans at the end of the month.   I can’t say this is unexpected, since the noose had been slowly tightening.  The 100% SISAs for prime A paper borrowers had survived until now only in the rarified atmosphere of 740+ Fico scores.  
Chase was one of the few left with a low enough default rate to find buyers on Wall Street.  Apparently the numbers are in, and Chase got its butt kicked on 100% loans originated in 2006, particularly on the 2nds that are … (1 comments)

sacramento mortgage: Raiding the Nursery: How Quickly Will Sacramento Real Estate Recover? - 05/21/07 07:27 PM

What will it take to shock the Sacramento real estate market back to life?
Behind the mask of false bravado and feeble optimism worn by industry insiders who think wishing can make things true, there is an undercurrent of worry. Let’s face it. The patient is ill. What will turn things around? In a word, affordability.
It’s pretty clear that we chucked the idea of affordability in the early 2000’s as home prices and incomes parted company. People bought homes they couldn’t afford with loans that offered low initial payment but blew up after a couple of years. The speculative … (0 comments)

sacramento mortgage: Credibility in a Can, Just Add Water - 05/17/07 11:58 PM
Like every other lender and Realtor today, I am the target of a daily assault of emails pitching seminars, webinars, CDs, coaching programs, mortgage leads, and the secret map to instant riches.  It seems like refugees from our industry have fashioned new careers selling the secrets of the overwhelming success that apparently drove them out of the business. 
This one is so good I just had to share it with you.
The Newly Discovered Secret Weapon That Builds Instant Trust And Credibility With Your Prospects And Turns Shoppers Into Closed Deals For Less Than The Price Of A Grande Latte, … (2 comments)

sacramento mortgage: The 5-year, Fixed-Payment, Option ARM–Meeting the Devil at the Crossroads - 02/10/07 12:13 PM

There is a famous story about legendary Bluesman Robert Johnson. It is said that while travelling up and down the Mississippi Delta, he met the Devil at a crossroads and sold his soul in exchange for musical genius. Taking an Option ARM—a neg am loan by its former name—is like selling your soul for a low mortgage payment. But what happens when it’s time to pay up?
The Good Don’t get me wrong. In the right circumstances—a client with fluctuating income or a business owner with unpredictable cash flow—a neg am loan is a great tool. As a former financial … (7 comments)

 

Marc Brinitzer

Sacramento, CA

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Big Valley Mortgage

Office Phone: (916) 791-3760 x 340

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