Hello, and welcome to Real Estate Reality Radio. The most important half hour of radio every Friday from 9 to 9:30 on WBCB 1490 am. Thank you for joining us. For those of you who are new to the show I have spent the last 40 years in the real estate industry both as a realtor and a mortgage banker. The show is dedicated to dispelling the myths associated with Real Estate and finance in your marketplace.
Within every market there are obstacles and solutions on the path to tremendous opportunities. I believe that most people are looking for practical advice. Please feel free to call 215-740-8999 or visit peterbuchsbaum.com.
Please join us live on the web at www.wbcb1490.com or on your FREE app Tune In Radio from 9:00am to 10:00 am every Friday.
So last week we were on our own discussing the new normal in real estate.
This week’s news has been virtually non-existent regarding real estate and mortgages again. There was one article that expressed that rich people are getting cheaper mortgages. I found the article interest on several levels. First the article suggested that rates on loans over $417,000 are being advertised at lower rates than loans upto $417,000. I have not seen “jumbo” loans for less than conforming loans but the next comment from the bankers in the article really bothered me. The bankers stated that the rates on higher loans are more competitive because the lenders cross sell to the borrowers and they want the wealthier clients. I am not a dreamer I understand the need to make money but how much money is enough? The rest of the news has been about Janet Yellen and her Senate confirmation hearings for her appointment to the Federal Reserve. She is an advocate for more stimuli so the stock market seems to make new records every day.
Today I are on my own to discuss the new normal again. I just saw a new opportunity to help underwater homeowners and look forward to being able to help more people.
Please join us live at www.wbcb1490.com for the open discussion about Fannie Mae and Freddie Mac requiring 5% down.
Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.