January ExtraCredit Newsletter- Purchasing with a Reverse Mortgage!

Mortgage and Lending with Benchmark Fin. - Temecula Real Estate, Temecula Mortgage

Things are tough... We all know it... very few will say it out loud...values are falling and many lenders are cutting back on LTV's in our area...

But some aren't. If you still need that 100% Full Doc Purchase or 95% SISA loan for one of your clients, I can still get it done at a VERY decent rate (~ 6% for a VERY strong credit profile). Even stated Jumbo loans are getting more reasonable (7/1 I/O 70% SISA ~ 6%). I even saw something this week that we all thought we'd never see again; a rate that started with a '4' on a 7 year fixed. Together, we have to think creatively... for instance... An example of a borrower using a reverse mortgage (yep... I do those too...) to get into a new home:

Mr. M.  - is a 68 year old who just sold his home and bought another.  The transaction looked like this.               

 SOLD                                             BOUGHT  

Sale home -     $590,000                      Purchase home -  $455,000

Existing loan -  $206,000                       Reverse Loan -    $180,000  

Net proceeds - $340,000                     Cash Required -   $275,000 from sale for new purchase   \

Mr. M now has no mortgage payment on his new house and $65,000 non-taxable cash available for his use.

See you outside the box!


PS   If you are listing bank owned properties, and the bank is ready to start working with investors, touch base with me. I may be able to introduce you to some aggressive investors who buy in your area.


Go ahead. Click it...  

Fed cuts rates again
Fed Chairman Ben Bernanke borrowed a page from Alan Greenspan's crisis playbook when he promised emphatically to cut interest rates further if the weak economy needs the help.
Read the full story at Associated Press

See Which Candidate Your Views REALLY Line Up With . It might not be the one you think!

"a 5,000-pound vehicle that gets 60 miles to the gallon and does zero to 60 in five seconds!"...
This gives me hope that the future will include large, fast cars...

Best Buy posts modest sales gain
Best Buy on Friday reported a modest increase of 1.5 percent in December sales after continuing declines in sales of MP3 players and projection TVs more than offset sales increases of flat-screen TVs.
Read the full story at CNNMoney

Online Marketing making kids obese?
A new study highlights ways companies use the Web to promote unhealthy foods to youngsters and asks regulators to step in.
Read the full story at BusinessWeek

Blu-ray's High-Definition Knockout
Warner Bros. opts to back the Blu-ray high-def DVD format in a decision that could drive consumers away from the rival standard, HD DVD
Read the full story at BusinessWeek

Review:  The Bucket List
Rob Reiner's The Bucket List is another high-quality picture from one of Hollywood's underrated directors.  Jack Nicholson plays a businessman who owns a hospital corporation-one that stresses patient turnover-opposite Morgan Freeman as a middle class family man.
Read the full story at Box Office Mojo

An Oscar Boost for "There Will Be Blood"
With a strong start in the new year, Paul Thomas Anderson's new film may do well at the Academy Awards this year.
Read the full story at Entertainment Weekly

Secrets of the Nation's Top Trainers
Ten signature moves from the hottest, most innovative fitness minds (and bodies) in the country.
Read the full story at Women's Health

Change your workout plan
10 ways to supercharge a boring gym routine
Read the full article at Men's Health

Mark Zuckerberg
Read about the creator of Facebook and his start to internet stardom!
Read the full story at Wikipedia.com



With all the stuff going on; lenders going poof, foreclosures exploding, prices in free fall, etc., you would think it would be something really of earth shattering importance that's got me worked into a lather.

It isn't.

But it's just so wrong....




The most amazing 4 year old musician I've ever seen...




Did I mention that despite the tough market, or maybe more so because of it, we should all try to have a little fun every so often?...


Meanest Mom Ever. She should get an award named after her....

C'Mon... Group Clench...

Two examples of not knowing when you've been beaten...



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