If you believe the statistics, 90% of homeowners with a mortgage will have a home loan rate somewhere under 5% these days. And it's a safe bet to assume that a high percentage of those may be under 4% or even 3%. If you're one of these fortunate borrowers, the thought of refinancing your historically-priced mortgage to get cash out --- a.k.a., a "cash out refinance" --- is a non-starter. To quote Chaka Khan, "ain't nobody" is doing a cash-out refi unless they ain't got no better option.
On a weekend morning you wake up: A) Before 6AM. B) Before 8AM. C) Before 10AM. D) Yeah, yeah, I'm awake...
It's time to take out the trash when: A) Pickup is the following day. B) The level of trash is approaching the top of the trash can. B) The level of trash has crossed the plane of the top of the trash can. C) Expert levels of jenga skill are required to balance your trash on the top of the steaming heap.
If you answered "D" to either of the above, and you have a mortgage in California, this blog post is dedicated to … (3 comments)
"Can you tell me what your APR is?" "Sure. Can you tell me what APR is?" "Uhhhh..." So this really happened. Many times, in fact. This is your garden variety, otherwise-intelligent consumer trying to shop for a mortgage. This is someone earnestly trying to figure out the best deal on a home loan. And yet, most often, they have absolutely no idea what they are doing when it comes to the annual percentage rate, or APR, on a mortgage. But I don't blame them. The point of this blog is not to make anyone look or feel stupid. In fact, it's … (5 comments)
If Stairway to Heaven is the most overplayed song, then the 30-year fixed mortgage has got to be the most overplayed loan option. And like the iconic tune, the 30-year fixed is really great. I mean for most borrowers, it's the clear way to go. No rate changes, 360 equal payments and if you don't refinance, sell the house or kick the bucket first, the loan is fully paid off 30 years down the road. But even if the 30-year fixed is a great and popular option, is it the best option for everyone? We're seeing that more and more … (2 comments)
Qualifying. It's always harder than it looks, right? I've talked before about my erstwhile career as an Ironman triathlete and for those familiar with that sport, they'll confirm that qualifying for the race in Kona is way harder than they make it look on TV. I suppose it's the same with getting into certain colleges, but since I struggled to get out of high school, I'm going to let someone else blog about that...
No, today, we're going to talk about qualifying for a mortgage and specifically we're going to cover the payment that we lenders use … (1 comments)
If you're asking this question, I'm going to go out on a limb and say you're experiencing some anxiety right about now. But no matter how bad it gets, realize things could always be worse. You could be the Internal Revenue Service and tasked on a couple weeks' notice with retooling your shop to both comprehend and implement the Tax Cuts and Jobs Act. So whether you're a homeowner, a CPA, a Californian, an IRS employee or a blue state Democrat, let's wash down a couple of Xanax with a strong martini … (22 comments)
Do you consider yourself an ordinary or extraordinary investor?
Have you ever thought about an interest-only loan for your rental property? I'd be willing to bet that even if the ordinary investor learned of a 40-year fixed interest-only loan, he might initially think right back to the heyday of stated income loans and remind himself that there's no way he'd ever get involved in such risky business. Rest assured that this person doesn't need to change his philosophy. That's not what I'm going to cover here. But I am going to discuss the … (16 comments)
It has been said that the Golden Gate Bridge is one of the most photographed tourist attractions in the world. But before you get out your selfie stick and entertain visions of relocating to California, especially to the San Francisco Bay Area, know that the median home prices here in the middle of 201 tend to hover over one million dollars --- sometime by more than just a little.
It stands to reason that not all otherwise eligible buyers will have a full 20% down payment saved when they attempt to buy a home here in our … (2 comments)
In my life, I've originated a good number of 30-year fixed rate loans. And to this day, "a 30" remains the most popular of all loans. I would contend that it holds, and will continue to hold, this position not because most borrowers do a careful analysis of this mortgage's financial math and whether it aligns with their plans and needs, but because most homeowners simply do not want to contemplate any possibility of an adjustable rate mortgage at any time in their future.
But "life is what happens while you're busy making plans for other things" and life … (9 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)
fixed rate: California Weekly Mortgage Rate Update: 05/02/11
- 05/02/11 07:49 AM
Below are today's interest rates for RPM's loan programs. For specific pricing on your scenario, and to get pre-approved without cost or obligation for any of these loan products below, simply call 877-270-5959 or e-mail rspinosa@rpm-mtg.com. Access The Mortgage Dictionary on YouTube to view short videos that define and explain the most important terms and concepts in home financing. All pricing below is at 0 points unless otherwise noted: Conforming Loans (up to $417,000) 30-Year Fixed Rate: 4.750% APR: 4.774% 15-Year Fixed Rate: 4.000% APR: 4.034% 7/1 ARM Rate: 3.500% APR: 3.699% 5/1 ARM Rate: 3.250% APR: 3.460% FHA 30-Year Fixed (96.5% Financing) … (0 comments)
Ain't Nobody (Doing a Cash-Out Refi Right Now)
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