Bill Ladewig's Blog

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 01 Dec 2009 17:33:05 -0600

Rate Lock Advice and Mortgage Market Update

December 1, 2009, 3:10 PT

RATE LOCK ADVISORY

Lock Advice: LOCK

MBS prices are currently down -21/32
Rate change for worse may be a risk from early investors.. It has been a volatile day in MBS Land.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.85% on Dec.1

10 Year Treasury Currently 3.280% Up 0.07%

DJI Stocks $10,471.58, Up 126.74, 1.23%

European and Asian Markets Up 2.162%

Nymex Crude Oil Currently $78.21 Up $0.93

Free NAMB FHA Webinar:
I was five minutes early and the seminar was already filled up. If you also missed the Free FHA seminar there is supposed to be a recorded version. As soon as it is available a link will be posted here.

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer ... just in a nick of time for them, but not for us. See TBWS Video

Rates 12-01-09, 3:00 PT
30 Year Fixed to $417,000
Rate 4.500% Point 0.875, APR 4.636%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR

Are Home Inspections for Renegotiation or Buyer Protection

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 01 Dec 2009 12:42:43 -0600

Via Rick Schwartz (William Raveis Real Estate):

It's fairly ubiquitous today to hire a licensed home inspector when purchasing a home. This is a good thing. For most folks a home purchase represents the largest amount of money to be spent in their lifetime. The home inspection contingency is typically one of the "big three" contingencies in an offer to purchase.

While specific language and format will vary, the basis of a home purchase agreement has, in essence, three components from the buyer's point of view.

We will purchase your home if...

You agree to our price

We can acquire appropriate financing

Upon inspection(s) the home has no defects which we deem unacceptable

If any of those contingencies are not met, the buyer has an out and will likely be able to recoup any money paid into an escrow or trust as a deposit.

I guess this is where I should put my disclaimers.

I am neither an attorney nor a home inspector - this post is to be construed neither as legal advice nor specific recommendations on any construction, structural, etc issues regarding a home you wish to purchase. Any similarities to actual persons living or dead is purely coincidental. One offer per household and finally - employees of Rick Schwartz Homes, any affiliates, wholly or partially owned subsidiaries or related companies are not eligible.

The question I'm posing, as a Realtor is this: Should it be assumed, by the buyer, that the seller should bear the cost of repairing any and all defects uncovered during a home inspection?

My purpose in this discussion is to raise the issue for thought as to why we do home inspections and should the buyer plan to use this moment to renegotiate the purchase price of the home.

We do home inspections in order to uncover defects in the home that might not be noticed during the shopping process. Things that might not be visible during a routine walk-through. Most defects are fixable. There is obviously, a cost involved in any remedy. The key point, in my opinion is one of expectations. The purpose of the inspection is to uncover things that were not likely to be apparent when you are in "shopping" mode. Examples:

If you see water dripping into a large puddle in the center of the basement directly under the kitchen, you should not be surprised when a home inspector reports a plumbing issue.

If you see scores of rodent traps on the floor in several rooms, you should not be surprise if the inspector hints that there might mice present.

If there is black tape across the front of several electrical outlets, you should not be surprised if the inspector recommends that an electrician check the place out.

If the front view of the house looks more like the one on the left in the image below, rather then the one on the right, you shouldn't be surprised at anything the inspector finds.

Serious point here is that your own walkthrough which happens long before you negotiate price should give you a general idea of the condition of the house. If you have a feeling that there are issues yet to be discovered, say so early on. Have your Realtor let the listing Realtor know that you are making a lower offer because you saw, this or that or the other. Take the condition of the house into account before you decide what you want to pay.

Your home inspection is, without a doubt, going to reveal some items that need to be corrected. If they are minor, put them on your list of things to work on when you move in. If they are major safety, health or structural issues, then either ask the seller to pay for repairs, split it with them or use your contingency to pull out.

Find Home Listings

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Fannie Mae Guidelines are Changing on December 12

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 01 Dec 2009 12:25:21 -0600

Fannie is following behind the MI companies.

Via Paul Warkow-loan officer-Nationwide Equities Corp.:

Please beware! On December 12, Fannie Mae is toughening its underwriting criteria. The borrower must have a 620 and an DTI of less than 45%. It will approve a DTI of up to 50% if there are other compensating factors such as low LTV, good credit or a large amount of liquid assets. If your client's DTI is 50.01%, it will not be approved.

Keep in mind that this applies to all loans that have not funded before December 12. If the loan does not close by this date, all prior approvals are meaningless. It would seem that more and more loans will now have to FHA. This would apply to buyers with excellent credit. If you have a buyer with an 800 FICO and an LTV at 60% but the DTI is 50.01%, guess what, it is an FHA loan.

If your buyers already have been approved for a conventional loan, I would try to get the purchase closed before December 12. If it cannot close before December 12, I would have the buyer check with the loan officer to make sure the loan is still qualified. Otherwise, there may be massive delays because the buyer has to reapply for a FHA loan.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Just TRUST ME and Don't Ask Questions

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 01 Dec 2009 10:45:16 -0600

Unfortunately, there are many ways to fleese a trusting buyer.

Who can you trust? Probably not the sleazy guy pictured but there are others who appear trustworthy who could be picking your pockets.

Most of us, when shopping, search for someone we can trust for good advice and a fair deal. Consequently, there are those who fulfill that need with a trustworthy appearance.

Often advertisements show them holding a cute child or pet.

Some appear trustworthy by company association, like starting a credit union or even better a military credit union.

On Friday, 11/27, I noticed a military federal credit union (FCU) advertising a Zero Point loan for 4.875% with an APR of 4.963% and the FCU would even pay lender fees.

Hmmmm... on Friday, at that rate, they should be paying their borrower's fees and a signing bonus.

The Zero Point APR seemed high to me so I used my APR calculator to find the fees.

The calculation required a loan amount and there was no loan amount disclosed beside the advertised rate and APR so I scrolled down to their detailed disclosure to see what I could see.

Below, in lots of small print, the FCU disclosed a $300,000 loan with a rate of 5.000%, 1-Point and an APR of 5.089. Hmmm... In this example, the APR contained 1 Point but no lender fees or prepaid interest.

So, based on their small print disclosure I also used a $300,000 loan amount and zero allowance for prepaid interest to find the fees on their Zero point 4.875% Rate.

Wow, based on the advertised Rate and APR, lender fees are a whopping $3,000. BUT WAIT.... There's more! Leave us not forget the small matter of 1.75% undisclosed yield spread premium (YSP) that, translated to dollars, is an additional $5,250. How do I know there is 1.75 Point YSP, you ask. Since you asked, on Friday, I know of at least two wholesale lenders offering their approved brokers 1.75 YSP on a 4.875% Rate. If a small, local mortgage broker can find that much YSP then a national FCU should be able to do that or better.

Did I mention that credit unions are not required to disclose yield spread premium?

To recap, let me count the ways this Military Federal Credit Union pissed me off.

Credit Unions are supposed to be Non-Profit clubs which implies their rates and fees will at least be competitive with other lenders.
A "military" CU implies it is a private club where our military will receive better deals than elsewhere. In reality, this Federal CU is even more expensive than any of the expensive four big banks.
$8,250 is a lot of profit on a $300,000 loan; especially from a company that lulls it's customers into a false sense of security that may prevent their "club members" from aggressively shopping elsewhere.
This CS CU is targeting our young military personnel which is typically an unsophisticated market and that dear readers is a load of BS.
The APR in their small print disclosure failed to include prepaid interest. Never trust a lender that does not include at least 15 days prepaid interest in their APR when the closing date is unknown. The dollar amount for 15 days interest on a $300,000 loan at 5.000% is $625 and that is a large Whoops at closing.
This Federal CU may disclose prepaid interest in their good faith estimates but I don't know that because a GFE could not be obtained until the borrower completed a loan application... more BS.

The moral of this story? Let education, facts and figures be your guide... NEVER buy anything based solely on trust. You may choose a lender because you trust them for one reason or another but do not fail to always verify your trust.

Education is the Consumer's Only Real Protection.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 01 Dec 2009 10:28:43 -0600

Rate Lock Advice and Mortgage Market Update

December 1, 2009, 8:20 PT

RATE LOCK ADVISORY

Lock Advice: LOCK
MBS prices are down -7/32
Rate change for worse may be a risk from early investors.. It has been a volatile morning.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.86% on Nov.30

10 Year Treasury Currently 3.230% Up 0.02%

DJI Stocks $10,477.70, Up 132.86, 1.28%

European and Asian Markets Up 1.769%

Nymex Crude Oil Currently $78.63 Up $1.35

Free NAMB Webinar:
FHA/HUD - What Originators Need to Know about RESPA, FHA Broker Approval and Appraisal Reform December 1, 2009 2:00 PM - 3:00 PM EST Click to Register

Rates 12-01-09, 8:00 PT
30 Year Fixed to $417,000
Rate 4.375% Point 1.125, APR 4.527%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

On Home Pricing is the sky the limit?

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 30 Nov 2009 20:08:59 -0600

Joe Pryor added a new word to my vocabulary today, "Skybusting". He proves that smart people learn from all their experiences.

Way to go Joe.

Via Joe Pryor.com Realtor Oklahoma Investment Properties (Redbud Realty):

When I was a younger man I used to hunt ducks and geese with my older brother. He is one of those people who was born 300 years too late, otherwise he would be pushing west into unknown territory. I used to call him Natty Bumppo. We had a leased property that was right next to the refuge around Tishomingo Oklahoma where tens of thousands of geese would stop on their way south. We would get up at 4 in the morning to go have breakfast with farmers and other hunters, then go out and set up decoys before dawn, get down in a blind and wait for them to fly into our land. With all this preparation and the deafening noise of thousands of geese honking I was nervous in anticipation. We would see the geese rise like in the picture and head our way. My brother would act like Radar in Mash and say softly, wait for it. As the geese approached someone in another blind would fire at them when they were well over one hundred yards away. My brother would growl, damn skybusters, why couldn't they wait until they were in range. John, who has been a professional hunting anf fishing guide for over 20 years was a true sportsman. He knew that at best you might wound one of these birds and that was not right. I haven't hunted for decades, but I always remembered my brothers hunting lessons and I have applied it to real estate.

First, get up early and prepare meticulously. As Seth Grodin says in Purple Cow, you need to have exceptional marketing applied to an exceptional product. Skybusting with a price beyond range wounds the house at best, and cancels out your marketing no matter how exceptional it may be. The other lesson from observing those skybusters was wait for it. When a client with or without a Realtor comes within range, price is the last thing you talk about. If the home does not meet their emotional needs then it doesn't matter what the price is. If it is right they will make the price work. So take a lesson from my brother John, get your decoys out before the crack of dawn, stay down in the blind, and wait until the geese or your clients try to land right in front of you. At that point the only gun you will need is a pen with blue ink.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Owning a Home Has Its Benefits

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 30 Nov 2009 18:39:44 -0600

Brandi has given first time buyers some great reasons to buy a home and for present home owners to be thankful they own their home even if it has dropped in value.

Via Brandi Wells (Prudential Colony Realty):

Opportunity is knocking for those considering homeownership for the first time. Historically low interest rates, lower home prices in most markets and the first-time homebuyer tax credit - part of the American Recovery and Reinvestment Act of 2009 - brought first-timers to the market in droves throughout the year.

In fact, these consumers represented about half of home sales logged during 2009, according to the National Association of REALTORS®, a significant increase from historic levels. And the favorable conditions that prompted many of these first-time buyers are likely to continue. President Obama in early November signed into law a five-month extension of the first-time homebuyer tax credit of up to $8,000, as well as a new tax credit of up to $6,500 for existing homeowners who want to purchase a home to be their primary residence (see your real estate professional and tax advisor for details). Both credits will be available through April 30, 2010.

Today's opportunities aside, here are eight time-honored reasons why those considering homeownership for the first time should make their move.

1. Pride of Ownership - Owning your own home adds to your own sense of self-esteem and personal pride. The satisfaction that comes from feeling connected to the land you occupy and the home in which you live is ages-old.

2. Security of Tenancy - With homeownership comes stability. When renting, you never know when you may have to move because of new ownership, rent increases or other changes. As a homeowner, you decide when and if you want to move.

3. Privacy - While there are usually some limits on the access landlords have to property, almost all landlords can access your property for necessary inspections and maintenance. For many renters, this lack of privacy is a significant discomfort. Homeowners on the other hand generally have much stronger property rights and experience an increase in perceived and actual privacy.

4. Decorating - Homeowners are free to decorate, remodel and accessorize a home any way they want. Not only do you have the right to make improvements, but the value of those improvements becomes yours as well. Having your living space and exteriors just the way you want them can significantly increase your satisfaction with your living environment.

5. Financial Predictability - When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes. Financial planning and credit are more easily managed with a fixed-rate mortgage compared to renting.

6. Building Equity - When you own your own home, you pay rent to yourself instead of a landlord. Most homeowners pay for their purchase by obtaining a mortgage. As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. Over time, that asset can work for you in many ways, such as home equity lines of credit. And of course, a home is a wonderful asset to pass along in an estate.

7. Investment Appreciation - There are certainly no guarantees of property value appreciation. In the long-term, however, real estate valuations almost always increase. This means that when you decide to sell your home, its value may be significantly higher than when you purchased it. The difference in value is called appreciation. You can reinvest that appreciation in other real estate or you may wish to downsize and keep the value of that appreciation for retirement or other purposes.

8. Tax Benefits - In the United States, the cost of home mortgage interest and property taxes are usually tax-deductible. Depending on your circumstances, thousands of dollars in taxes can be saved each year. These tax savings are not limited to federal taxes either. Many states and localities either base their tax system on the federal system or offer similar incentives to homeownership. Some additional benefits are designed specifically for first-time homebuyers. (See your tax advisor for additional information.

If you still have doubts, contact a real estate professional in your community. He or she can answer questions you may have about homeownership and explain the buying process to you.

Brandi Wells can be reached at 404-402-1489. Prudential Colony Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Brandi Wells ~ Prudential Colony Realty ~ 404-402-1489 Direct ~ www.BrandiWells.com

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 30 Nov 2009 15:36:33 -0600

Rate Lock Advice and Mortgage Market Update

November 30, 2009, 1:30 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices are up 2/32.
This morning, the November Chicago PMI national manufacturing index rose to 56.1, the consensus forecast was 53.0

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.86% on Nov.30

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.339% Down 0.018%.

10 Year Treasury Currently 3.20% Down -0.01%

DJI Stocks $10,344.84, Up 34.92, 0.34%

European and Asian Markets Down -0.156%

Nymex Crude Oil Currently $77.19 Up $1.14

Rates 11-30-09, 12:50AM PT
30 Year Fixed to $417,000
Rate 4.375% Point 0.875, APR 4.507%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 30 Nov 2009 10:22:20 -0600

Rate Lock Advice and Mortgage Market Update

November 30, 2009, 8:15 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices are down -1/32.
This morning, the November Chicago PMI national manufacturing index rose to 56.1, above the consensus forecast of 53.0

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 4.87% on Nov.27

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.339% Down 0.018%.

10 Year Treasury Currently 3.220% Up 0.01%

DJI Stocks $10,294.05, Down -15.87, -0.15%

European and Asian Markets Up 0.377%

Nymex Crude Oil Currently $76.61 Up $0.56

Rates 11-30-09, 12:50 PT
30 Year Fixed to $417,000
Rate 4.375% Point 0.875, APR 4.507%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 27 Nov 2009 19:44:14 -0600

Rate Lock Advice and Mortgage Market Update

November 27, 2009, 5:00 PT

RATE LOCK ADVISORY

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 4.87% on Nov.27

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.356% Down 0.033%.

10 Year Treasury Currently 3.210% Down 0%

DJI Stocks closed Friday $10,309.92, Down -154.48, -1.48%

European and Asian Markets Down -0.082%

Nymex Crude Oil Currently $76.05 Down $1.91

Rates 11-27-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.375% Point 1.250, APR 4.541%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 27 Nov 2009 12:56:14 -0600

Rate Lock Advice and Mortgage Market Update

November 27, 2009, 10:35 PT

RATE LOCK ADVISORY

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 4.87% on Nov.26

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.356% Down 0.033%.

10 Year Treasury Currently 3.20% Down -0.08%

DJI Stocks $10,309.92, Down -154.48, -1.48%

European and Asian Markets Down -0.082%

Nymex Crude Oil Currently $76.01 Down $1.95

Rates 11-27-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.375% Point 1.250, APR 4.543%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 25 Nov 2009 17:01:27 -0600

Rate Lock Advice and Mortgage Market Update

November 25, 2009, 2:55 PT

RATE LOCK ADVISORY

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.08% at 4.87% on Nov.25

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.39% Down 0.058%.

10 Year Treasury Currently 3.270% Down -0.05%

DJI Stocks closed the day at $10,464.40, Up 30.69, 0.29%

European and Asian Markets Up 0.595%

Nymex Crude Oil Currently $77.80 Up $1.78

Rates 11-25-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.375% Point 1.250, APR 4.541%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 25 Nov 2009 11:37:59 -0600

Rate Lock Advice and Mortgage Market Update

November 25, 2009, 9:30 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.
Midmorning Rate increases are a risk from some investors. MBS prices are down -2/32 below 9:45 ET pricing of +3/32. It has been a volatile session, and investors may have priced at different levels.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.07% at 4.88% on Nov.25

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.39% Down 0.058%.

10 Year Treasury Currently 3.340% Up 0.02%

DJI Stocks $10,456.46, Up 22.75, 0.22%

European and Asian Markets Up 0.595%

Nymex Crude Oil Currently $76.77 Up $0.75

Rates 11-25-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.375% Point 1.250, APR 4.543%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Tue, 24 Nov 2009 13:16:42 -0600

Rate Lock Advice and Mortgage Market Update

November 24, 2009, 11:10 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices are up +6/32 and it is possible to see some rate improvement this morning.
Consumer Confidence came in higher than expected.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.96% on Nov.24

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.447% Down 0.074%.

10 Year Treasury Currently 3.330% Down -0.04%

DJI Stocks $10,419.88, Down -31.07, -0.3%

European and Asian Markets Down -0.733%

Nymex Crude Oil Currently $75.92 Down $1.64

Rates 11-24-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.000, APR 4.647%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 23 Nov 2009 11:17:18 -0600

Rate Lock Advice and Mortgage Market Update

November 23, 2009, 9:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices are Up 4/32. Some rate improvements may be possible.
Existing Home Sales were stronger than expected.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.521% Up 0.009%.

10 Year Treasury Currently 3.380% Up 0.02%

DJI Stocks $10,452.91, Up 134.75, 1.31%

European and Asian Markets Up 1.773%

Nymex Crude Oil Currently $78.85 Up $1.38

Rates 11-23-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.250, APR 4.665%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Elimination of FHA Condominium Spot Approval Delayed Again

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 23 Nov 2009 10:23:01 -0600

Elimination of FHA Condominium Spot Approval Delayed Again.

Lender spot approval was scheduled to end after several delays on December 7, 2009, the elimination of condominium spot approval has been delayed until February 1, 2010. FHA Mortgagee Letter 2009-46 B

Implementation of FHA new condominium project approval process will be in effect December 7, 2009. It was originally to go into effect on October 1 then delayed until November 2, 2009. So if December 7, (an auspicious date indeed) is the date then at that time certain individual lenders will begin to approve condominium projects.

FHA Mortgagee Letters 2009-46 A describe the new approval process in detail.

Below are the questions needed for a FHA condo spot approval up to February 1, 2010

FHA Condo Spot Approval Check List

_______ 1. The legal documents of the homeowners association do not contain a right of first refusal or restrictive covenant.

_______ 2. The unit is part of a condominium regime that provides for common and undivided ownership of common areas by unit owners.

_______ 3. The project, including the common elements, and those of any Master Association, are complete, and the project is not subject to additional phasing or annexation.

______ 4. (a) There are no special assessments pending.

______      (b) No legal action is pending against the condominium association, or its officers or directors.

______ 5. The common areas have been under the control of the homeowners association for at least one year.

______ 6. At least 90 percent of the total units in the project have been sold.

______ 7. At least 51 percent of the total units in the project are owner-occupied.

______ 8. There are no adverse environmental factors affecting the project as a whole or individual units .

______ 9. No single entity owns more than 10 percent of the total units in the project.

______ 10. The units in the project are owned in fee simple or the units are held under a leasehold acceptable to FHA.Leasehold in file.

______ 11. The owners association has adequate common area insurance coverage. General liability, replacement coverage, etc. reflects the character, amenities and risks of the particular development. Flood and other insurances carried, when applicable.

______ 12. General maintenance level of common elements is acceptable and there is no deferred maintenance, based on the comments by the Appraiser and/or the pictures.

______ 13. The owners association has a reserve plan and a reserve fund, separate from the operating account, that is adequate to prevent deferred maintenance. The amount of the fund is $_________ as of __________.

_______14. (a) For projects consisting of over 30 units, no more than 10 percent of the total units are encumbered by FHA insured mortgages.

_______     (b) For projects consisting of 30 units or less, no more than 20 percent of the total units are encumbered by FHA insured mortgages.

____________________________________     ________________________
       (Mortgagee)                                            (Reviewer)
____________________________________     ________________________
       (Address)                                               (Title)
____________________________________     ________________________
                                             (Date)
__________________________________        _______________________
(Condominium Project Name)                       (FHA case number)
__________________________________
(Condominium Address)
__________________________________

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

FHA Condo Spot Approval Checklist

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Mon, 23 Nov 2009 09:10:26 -0600

Elimination of FHA Condominium Spot Approval Delayed Again.

Lender spot approval was scheduled to end after several delays on December 7, 2009, the elimination of condominium spot approval has been delayed until February 1, 2010.

Implementation of FHA new condominium project approval process is delayed again to December 7, 2009. It was originally to go into effect on October 1 then delayed until November 2, 2009. So if December 7, (an auspicious date indeed) is the date then at that time individual lenders will begin to approve each condominium project.

FHA Mortgagee Letters 2009-46 A and 2009-46 B describe the new approval process in detail.

Below are the questions needed for a FHA condo spot approval up to February 1, 2010

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Sat, 21 Nov 2009 11:13:52 -0600

Rate Lock Advice and Mortgage Market Update

November 21, 2009, 9:00 PT

Next week should be an intersting week in Mortgage Land. A wide range of economic data will be released during the shortened week ahead.

Existing Home Sales will come out on Monday. GDP, Consumer Confidence, and the FOMC Minutes from the November 4th Fed meeting will be released on Tuesday. Durable Orders, Personal Income, Core PCE inflation, New Home Sales, and Consumer Sentiment will all be packed in on Wednesday. In addition, there will be Treasury auctions on Monday, Tuesday, and Wednesday. Mortgage markets will be closed on Thursday for Thanksgiving.

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is only because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices closed +2/32.
No economic data was released Friday.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.513% Down 0.004%.

10 Year Treasury Currently 3.370% Up 0.01%

DJI Stocks closed Friday $10,318.16, Down -14.28, -0.14%

European and Asian Markets closed the week Down -0.758%

Nymex Crude Oil Currently $77.47 Down $0.58

Rates 11-20-09, 11:00AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.250, APR 4.665%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

RATE LOCK ADVISORY

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.513% Down 0.004%.

10 Year Treasury Currently 3.370% Up 0.01%

DJI Stocks closed Friday $10,318.16, Down -14.28, -0.14%

European and Asian Markets Down -0.758%

Nymex Crude Oil Currently $77.47 Down $0.58

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 20 Nov 2009 12:19:17 -0600

Rate Lock Advice and Mortgage Market Update

November 20, 2009, 10:15 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is only because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices are up +3/32.
No economic data will be released today.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.513% Down 0.004%.

10 Year Treasury Currently 3.360% Up 0.01%

DJI Stocks $10,289.52, Down -42.92, -0.42%

European and Asian Markets Down -0.758%

Nymex Crude Oil Currently $76.70 Down $0.76

Rates 11-20-09, 8:30 AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.250, APR 4.665%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Be Cautious About Giving Info to Census Workers

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Fri, 20 Nov 2009 08:25:50 -0600

Once again Larry Bettag in Arizona provides important information. This is a must read.

Via Larry Bettag - Cherry Creek Mortgage:

With the U.S. Census process beginning, the Better Business Bureau (BBB) advises people to be cautious. The major concern is that individuals don't become a victim of fraud or identity theft.

The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data.

The big question is - how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice:

** If a U.S. Census worker knocks on your door, they will have a badge, a handheld device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don't know into your home.

** Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, cre dit card or banking information to anyone, even if they claim they need it for the U.S. Census. While the Census Bureau might ask for basic financial information, such as a salary range, the Census Bureau will not ask for Social Security, bank account, or credit card numbers nor will employees solicit donations.

Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not contact you by Email, so be on the lookout for Email scams impersonating the Census.

Never click on a link or open any attachments in an Email that are supposedly from the U.S. Census Bureau.

For more advice on avoiding identity theft and fraud, visit http://www.bbb.org/.
Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

FHA 203K Streamline Renovation/Purchase

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 19 Nov 2009 18:09:24 -0600

Ken has written another excellent FHA 203k Blog. I urge anyone in GA that needs any type of FHA loan to call Ken.

Via Ken Cook, FHA Home Loans 678-439-8683:

So you or your client have found a home in a great area in the client's price range. Only one problem: it's in bad shape. The HVAC system is 50 years old, the roof is 40 years old and the windows may as well not even be closed. Plus the kitchen has vinyl floors in 3 different patterns and the counters are all laminate with burns and holes and scars.

Not to fear! Meet the FHA 203K Streamlined renovation loan.

Eligible Improvements Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds value.

Additions to the structure

Kitchen or bath remodels

Finished basement or attic

Patios, decks or terraces

Roofing and landscaping

Safety, energy efficiency and electrical upgrades

Handicapped accessibility improvements

Luxuryitems are not eligible

Swimming pools, hot tubs, tennis courts, gazebos, barbecue pits, saunas or alterations to support commercial use

The maximum loan amount must be within the FHA loan amount maximum for the MSA where the home is located and must include the purchase price and the renovation amount. The maximum renovation amount is $35,000 and the minimum is $5,000. Under $5,000 we can do with an escrow of repair funds. A minimum of 10% contingency reserve is required and must also fit into the FHA loan maximums for the area where the property is located. (Any balance remaining on the contingency will be applied to the principal balance and may not be used for additional repairs.)

Yes, it takes a little longer to close an FHA203k Streamline loan than it does to close a standard FHA loan. If you are an agent and you are concerned about that extra couple of weeks just think of it this way: You may make a sale you would not have otherwise made. You may help a buyer get into a home in the area where they wanted to live instead of where they "had" to live. You can be a real hero for someone.

If you are in Georgia I can help you with the necessary paperwork and give you a short class in how to use the FHA 203K Streamline Rehab loan to purchase, sell or represent homes in today's economy. Never hesitate to call me at any time and I'll be happy to answer your questions.

Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

What is Mortgage APR, Can You Explain It?

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 19 Nov 2009 17:55:26 -0600

WHAT IS MORTGAGE APR, Can You Explain It?

APR Demystified and APR Predators Exposed

First, lets demystify Annual Percentage Rate (APR).

Mortgage APR was designed to allow consumers to use one standardized number to compare each lender's rate for the same type of loan while rate shopping. It is supposed to represent the borrower's cost and it works like this.

If I lend you, $10,000 and, I charge a $500 Bump-ta-Bump Fee, you will actually receive $9,500, however you must still repay me $10,000. Mortgage APR is my real yield and your real cost on this loan.

We agreed that you will repay the loan at 8% interest on $10,000, HOWEVER you only received $9,500 therefore I will earn more than the 8.0% interest rate I charge on $10,000. In this case, my yield (APR) is 9.799% on the $9,500 you received.

APR is the lender's yield on dollars actually lent ($10,000 minus $500 = $9,500); in this case, the lender's yield (APR) on $9,500 is 9.799% (APR is computed as if the above example is a 30 year loan)

The $9,500 also represents the Amount Financed in the Truth In Lending (TIL) disclosure.

For those of you who use spreadsheets the Rate Function will find APR. Use the Amount Financed for Loan Amount and use the monthly payment on the actual loan amount.

Fees that must be subtracted from a mortgage loan to properly calculate Amount Financed for APR

Origination and Discount Points

Processing and Lender Fees

Pre-Paid Interest (Use 15 days when closing date is unknown)

Monthly Mortgage Insurance must be added to the payment of all FHA loans and Conventional loans greater than 80% loan to value.

The inclusion of Mi or MIP accounts for the large spread between Rate and APR on loans with mortgage insurance.

NOTES: Fees Not used in APR calculation; third party fees such as appraisal and credit. APR can only be compared on loans of the same type and amortization period

How Do APR Predators Work?

Many sophisticated borrowers shop interest rates by searching for lowest APR which, if property stated, is a valid way to compare similar loans. Unfortunately, APR is not always stated properly.

How is advertised Mortgage APR is misstated?

Prepaid Interest is not included - most common deception and true on all online Rate sites i.e.: Bankrate.com, Interest.com, Mortgage101.com, ShopRate.com, etc.
Prepaid Interest is understated - must be 15 days when closing date is unknown.
MI or MIP is not included in the APR on any online rate sites, Bankrate etc.
Some lenders do not include MI or MIP on their web sites such as Amerisave.com
Lender fees are either understated or not included in the APR calculation. This is a tricky one because No or Low Lender Fees does not necessarily indicate a predatory lender. Some lenders charge a higher rate and no points or fees for their so called "Zero Cost" loan. However, the "Zero Cost" rate will always be higher than a rate with points and/or fees.
Notes to the above:
- there is no such thing as a Zero Cost loan and some states prohibit lenders from advertising Zero Cost Loans.
- The spread between Rate and APR on loans greater than 90% LTV should be at least 0.700%. When it is not... you are being scammed

Rate - Points - Fees are all interdependent

The best way I can explain this is show various Rate - Point - Fee combinations where the lender is making the same gross profit on each combination.

In the examples below, we will use a $200,000 loan amount and Lender gross profit of $1,000, on a day when the Lender's cost for a 5.000% rate is par (0 point).

Best Rate: $1,000 Lender profit in various combinations of points and fees

Rate	Fees	Points	APR	Profit
5.000%	$1,000	0	5.044%	$1,000
5.000%	$500	0.250	5.044%	$1,000
5.000%	$0	0.500	5.044%	$1,000

Lowest Fees:
You pay $0 points and fees and Lender's investor pays the lender $1,000 for the higher rate.

Rate	Fees	Points	APR	Profit
5.125%	$0	0	5.125%	$1,000

The point here is that lenders design their loans to provide talking points for their sales staff (loan officers). They all require a certain profit margin and it is not important the way the loan is structured as long as the closed loan delivers their required profit margin.

This illustration also points out the value of correctly stated APR as a way of comparing mortgage loans. For the sake of these illustrations, prepaid interest was not used. If 15 days PP was calculated it would have increased each APR by 0.019%.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 19 Nov 2009 17:09:29 -0600

Rate Lock Advice and Mortgage Market Update

November 19, 2009, 3:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
MBS prices are up +1/32.
Jobless Claims were close to expectations.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 4.99% on Nov.19

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.517% Up 0.005%.

10 Year Treasury Currently 3.340% Down -0.02%

DJI Stocks $10,332.44, Down -93.87, -0.9%

European and Asian Markets Down -1.392%

Nymex Crude Oil Currently $77.46 Down $2.12

Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. See TBWS Video

Rates 11-19-09, 11:00AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 0.875, APR 4.637%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Thu, 19 Nov 2009 13:13:57 -0600

Rate Lock Advice and Mortgage Market Update

November 19, 2009, 11:05 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
MBS prices are up +1/32.
Jobless Claims were close to expectations.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 4.99% on Nov.19

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.517% Up 0.005%.

10 Year Treasury Currently 3.350% Down -0.01%

DJI Stocks $10,284.91, Down -141.4, -1.36%

European and Asian Markets Down -1.392%

Nymex Crude Oil Currently $77.35 Down $2.23

Rates 11-19-09, 11:00 AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.000, APR 4.648%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

PM Rate Lock Advice and Mortgage Market Update

Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 — Wed, 18 Nov 2009 16:04:00 -0600

Rate Lock Advice and Mortgage Market Update

November 18, 2009, 2:00 PT

RATE LOCK ADVISORY

Lock Advice: FLOAT With CAUTION
MBS prices are -2/32 slightly above 9:45 ET pricing of -3/32. MBS prices reached a low of -5/32.
CPI came in a little higher than expected, while Housing Starts fell short of the consensus.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 4.99% on Nov.18

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.512% Up 0.042%.

10 Year Treasury Currently 3.370% Up 0.04%

DJI Stocks closed $10,426.31, Down -11.11, -0.11%

European and Asian Markets Down -0.051%

Nymex Crude Oil Currently $79.65 Up $0.51

Rates 11-18-09, 8:30 AM PT
30 Year Fixed to $417,000
Rate 4.625% Point 0.875, APR 4.763%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137