home loan: Refinance or Purchase Why Not Wait? - 01/15/09 03:39 AM
Every month the mortgage industry and also the federal government report whether mortgage applications have increased or decreased. Since the government has started purchasing loans, interest rates have fallen into the mid 4 to 5% range. This has brought about the opportunity many have been waiting for to refinance out from under their option arm mortgage or those that have high interest 30 year fixed loan. It has also given many potential borrowers the chance to buy that dream home they have been eying for months.
So why not wait a little longer to see if rates will drop further? What … (0 comments)

home loan: Interest Rates Lower Due To Fed Intervention Time to Purchase or Refinance - 12/03/08 06:21 AM
Many of you may remember or many of you may have not even known that months ago when the Fed issued the statement that they would be taking over Fannie Mae and Freddie Mac that interest rates dropped 5/8 to 3/4 of a point over night.  That had been a drop from 6.50% to 5.25%. Unfortunately, it only lasted 4 days and many borrowers felt they had missed out on the short lived opportunity.
However, last week when the Fed announced they were going to buy up to $100 billion in Fannie/Freddie debt and $500 billion of mortgage backed securities backed by Fannie, Freddie and GNMA, interest … (0 comments)

home loan: What Could It Hurt? - 11/13/08 06:50 AM
Everyday one can't pass a TV or newspaper stand without seeing a story on the spiraling economy, home prices, employees losing their jobs. You here it on the radio, standing in line for a coffee and even in restaurants.  The latter is what provoked this blog being written.
As I sat enjoying my lunch at a local restaurant here in Santa Rosa, I couldn't help but overhear 3 businessmen at the table behind me expressing their opinions about the economy and what they might do with their stock investments and 401 K's. All three must have been friends for sometime being that they were freely passing information … (0 comments)

home loan: VA Jumbo Loans, Who Knew - 08/04/08 06:59 AM
There has been much hoopla about the changes that have been made for the past year in regards to Fannie Mae, Freddie Mac and FHA. Freddie and Fannie have created Agency Jumbos along with FHA creating it's own FHA Jumbo loan program. Loan limits have been raised to help struggling borrowers refinance out their adjustable loan programs into 30 year fixed. But even though the stimulus package signed back in March of this year was passed to help current and first time home buyers, it missed the mark in helping out one of the most important citizens of our country. The … (1 comments)

home loan: Who Sets Interest Rates? - 06/02/08 06:56 AM
Over the past few months I have had both current clients and potential clients calling and asking why haven't the interest rates dropped more. "The Fed Funds Rate is really low." "How long will it take for mortgage rates to go down also?" "I'm going to wait a little longer, I know they will drop because of the Fed Funds Rate."
Unfortunately, many borrowers and even some loan officers get confused when is comes down to who actually sets the mortgage interest rates. First of all, the Fed Funds Rate has actually nothing to do with where mortgage interest rates are. … (0 comments)

home loan: Competition Is Tough Prepare in Advance to Sell - 02/17/08 06:06 AM
With the passing of the stimulus bill now behind us, in a few short weeks Fannie Mae, Freddie Mac and FHA will release their new guidelines on loans above the conforming loan limit of $417,000. Although this will help to stimulate refinances and home sales, there are two things that homeowners looking to sell during this time must remember. The first is the bill is only effective until the end of the year, and second you will be competing with 1000's of other homes on the market. 
Now is the time you must sit down and create a plan of action on … (0 comments)