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Borrowers always ask me if I think interest rates will go up or go down. I can now tell them with 100% certainty what will happen.
Here it is......
Interest Rates will stay the same - they will never change.
Does that sound odd to you? I agree that it might.
However, it is true, and I will now explain what I mean. Many borrowers do not realize that every interest rate has a PRICE. It is the PRICE that changes, NOT the rate. So, one day...4.75% may have a price of 100.000, and the next (19 comments)
California Home Buyers: Here's a Smart Way to Buy a Home.
If you are looking to buy a home in California, you may wish to consider my "Free Wholesale Interest Rate Program*." Here's how it works. If you allow me to refer you to a Realtor Partner who has agreed to participate, then I will pass on the Wholesale Interest Rate to you. I have pre-negotiated with the Realtor so that they will pay for the Loan Origination Fee. So, the Wholesale Interest Rate is FREE to you.** This will save you thousands of dollars.
Below is a News Story that shows that Japan has now surpassed China as the number one foreign country who buys U.S. Treasuries. In case no one else has thanked them, I would like to say, "Thank You, Japan!" We need outside investors to buy our Mortgage Backed Securities if we want to keep our mortgage rates low - and believe me, if you are a Realtor or Mortgage Broker, you want this to happen to keep your business going. Also, if you are a Home Buyer or looking to Refinance, you should be interested in this too. (6 comments)
At the Vancouver Olympics, I was enjoying watching Shaun White defend his Gold Medal in the half pipe event. I regret to report that as he picked up speed and went UP the slope, he began to soar so high that he actually escaped Earth's gravity and launched into space. I hear he was awarded the Gold Medal anyway, but we are all anxiously awaiting for him to re-enter the atmosphere. Way to go Shaun! Hurry Back!
Pricing for California Wholesale Interest Rates worsened just slightly this morning from yesterday. The wholesale interest rate is just above 4.75%. (Late breaking news - pricing improved later in the day)
This was for the 30 Yr. Fixed for a Conforming Loan for Feb. 16.
The table below is the result of my daily Loansifter search to find the best wholesale interest rates for a typical scenario from my company approved lenders in California.
Note that pricing can change at anytime throughout the day, and your pricing may be different based upon your particular scenario. (0 comments)
South Fork of the Yuba River Rapids at Bridgeport - Anyone Have an Inner Tube? - 02/16/10 03:00 AM
Here is another video of the South Fork of the Yuba River - taken a few hundred yards upriver from the wooden suspension bridge at Bridgeport. This is actually two videos that have been edited together, as the 2nd half was taken after I hopped out to some rocks in the middle of the river just below the rapids to get a better view. You'll notice you can't get any closer to rapids than this.
This is a video of the South Fork of the Yuba River by the old historic gold mining town of Washington in Nevada County. Outside of Grass Valley, Washington is roughly between Sacramento and Lake Tahoe in the Sierras. Right before you get into town (population 180), there is the River Rest Campgrounds on the left, located right on the river. This video is a stretch of the river that is very swimmable, just steps from where you can camp with your RV. This river is one of the most scenic in all of Northern California.
Great Job Vancouver! - 02/13/10 12:12 AM
Great Job, Vancouver! I am watching the Opening Ceremonies and I just love hearing all the stories behind the very special athletes who are honored to compete in these Winter Olympics. It was sad and heartwarming to see the contingent from Georgia who had one of their teammates die today in practice - and the stadium gave them a standing ovation. I wish all the athletes well and hope the rest of the Olympics is as inspirational as these beginning ceremonies are. Go USA!
Loan Modification or Principal Reduction? or Both?
The topic of Loan Modifications and/or Principal ReductionPrograms is one of my favorite topics. A Loan Modification and/or Principal Reduction can significantly impactan individual's ability to keep their home - and there is also a broader impact to financial institutions, neighborhood property values, and the tax payer.
As a mortgage broker, I am personally not a fan of Loan Modification companies, as there is potential for abuse as everyone seemed to be doing them. On the other hand, there are certainly good, ethical loan modification companies out there.
Underwriters these days expect perfection in the loan file, so it is imperative that your loan officer be meticulous and oversee every single condition and issue that might pop up from over-zealous underwriters. Here is just one small example that occurred today for a refinance. I have a client who is a Senior Executive for a very large corporation, and who has made a significant bonus for many years. Because the bonus makes up a pretty fair percent of the total compensation, it was needed in order to qualify. It all came down to a form that the Human Resource (5 comments)
On January 28, RESPA published their updated FAQs, which is a 57 page document. If anyone wants a copy, just leave a comment requesting it and I will send one to the first 25 people - as I'm sure I will get 500 requests ;-)
If you look on page 25, 26, and 27, they now make it clear that YSP (Yield Spread Premium) is NOT to be included in the "Origination charge" on page 2 of the New GFE (GFE2010).
There is only one place to put YSP, and that is in Box #2 in Section (6 comments)
I predict (or shall I say "hope") that in 30 days, HUD and RESPA will finally clarify this one narrow, but very important point about how to properly fill out the Initial Fees Worksheet which drives the New GFE (Good Faith Estimate), or more properly called "GFE2010." This topic, while admittedly not of great concern to Realtors or Consumers, nevertheless is a hotly debated topic in the mortgage industry as it can impact the mortgage broker's income if filled out incorrectly. Time doesn't permit a lengthy analysis right now of how a mortgage broker should fill out the Initial Fees (3 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.