Whether or not you believe that the United States presently has a "border crisis," I'm sure most of us take comfort in the fact that our country can rely on its reservists to step in where and when needed and lend additional support to our nation's active military. And it's not too much unlike this in the lending industry when a borrower seeks to obtain some kinds of mortgages --- especially jumbo loans, which have amounts that exceeds the conforming loan limits in any area.
The active military of any loan qualification, in our example above, would be the … (7 comments)
Over the last decade there have been many opportunities for homeowners to refinance their mortgages to lower rates and, by far, that is the "go to" solution when a borrower is looking to lower his or her payments. This makes perfect sense. Let's say the homeowner has mortgage at 4.000% and can get a 3.750%, no-cost refinance. Lower rate, lower payments, no closing costs added to the balance...win/win/win.
But what about instances where current rates may not be lower or there may not be as clear a case for refinancing? How … (13 comments)
"Things may come to those who wait, but only the things left by those who hustle." ~Abraham Lincoln
Here in California, and especially the San Francisco Bay Area, we have proudly earned a strong reputation for being able to deliver jumbo mortgage options to those who are buying homes with less than a full 20% down payment. The comments and testimonials are out there on Yelp, on LinkedIn, on Zillow. Now I know there is still a camp out there that think this can't be done, so I just want to warn these folks … (1 comments)
In psychology, projection is a form of defense in which unwanted feelings are displaced onto another person, where they then appear as a threat from the external world. Now in a minute, I am going to ask you to relax and tell me a little bit about how you feel about down payments. Specifically those that equal less than 20% of a home's purchase price. We'll analyze if you're projecting your own beliefs, right or wrong, onto reality.
Just for a little background, in mortgage lending, we are not immune from projection. This happens all the … (4 comments)
Actually, I don't have impressive arms and never have. While we're on the topic of needles, no amount of iron or swimming has ever "moved the needle" in terms of adding circumference to my puny pop guns. But...
RPM is pleased to add its newest jumbo program in the form of a 15/15 ARM. How does a 15-year ARM work? It's essentially a fixed rate, 30-year loan that has only a single adjustment at the 15-year mark.
Meant to cover the borrowing needs of the vast majority --- those who will, on average, hold a loan for … (0 comments)
Calling Up Your Asset Reserves
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