March 30th, 2007 . by Mike Kelly
Rates as of 3/30/07
Don’t forget to ask me about the Community Commitment Lending Program. Great option for first time buyers with little cash down, and even no cash down! Very competitive rates, some restrictions, but credit scores aren’t an issue.
Seller credits can be used to buy down the clients rate – Ask me how that can help your clients!
Conforming fully amortized interest only
30 year fixed 6.125 % 6.25%
3/1 ARM 6.125% 6.375%
5/1 ARM 6.125% 6.375%
7/1 ARM 6.125% 6.5%
10/1 ARM 6.25% 6.50%
fully amortized interest only
JUMBO – up to $650,000; add .25 point for loans up to $1mil
30 year fixed 6.5% 6.625%
3/1 ARM 6.25% 6.375%
5/1 ARM 6.375% 6.5%
7/1 ARM 6.50% 6.625%
10/1 ARM 6.75% 6.875%
100% financing: Due to the many changes in the 100% and 100% blended options, I recommend you contact me directly to inquire about rates and options. For fully documented borrowers there are still many options, as well as stated borrowers with credit scores greater than 700.
Here’s the fine print:
Conforming limit is $417,000.00. Rates assume impound account set up and except for 100% financing, assumes loan to value (LTV) no more than 80%. Funds to be used for purchase. Cash out refinances may incur higher rates. Rats quoted with a 30 day lock. Subject to qualifying borrowers and properties. Rates quoted for fully documented loans. Rates are as of 3/30/07 and are subject to change. Rates are quoted WITHOUT points. Borrowers may buy down the rate. Each application is evaluated on an individual basis. There may be better suited programs for borrowers the may offer better rates/terms as well as options for non-qualifying borrowers.
Alicia Hodenfield
Investors Trust Mortgage
(707) 284-2718 direct line
alicia@investorstrust.com
www.aliciahodenfield.com
Posted in Interest Rate Update | Please post a response »
March 25th, 2007 . by Mike Kelly
We have 2 goals:
Collect $100,000 for scholarship funding by March 31, 2007.
Listeners,
Rusty Simmons, of Simmons Real Estate in Solano County, is heading up this worthwhile project. If you’ve some funds directed towards non-profits, what better way than to help a young student advance their education. Please give it a look. Rusty’s contact information is at the end of this post.
Award 50 scholarships of $2000.00 each to Northern Solano County graduating high school students by June 2007.
To be instrumental in assisting graduating high school seniors in their exciting and challenging pursuit of college education by providing financial assistance for their introduction and transition into the college environment.
Scholarship recipients and their families are inspired and motivated upon notification of a scholarship award. Recipients are excited and honored and feel a sense of accomplishment and acceptance. These awards will help to relieve some of the financial and emotional burdens these students have while preparing for and entering into their chosen colleges.
Our hope and anticipation is that these awards will be instrumental in providing the students with additional opportunities to realize a successful college experience.
Project Coordinator: Rusty Simmons [707-449-4663].
40 volunteer members from the local real estate industry are involved in the project, and are actively identifying and locating scholarship fund donors.
Volunteers locate 5 people each that are touched and moved by the project cause and inspired to participate with a minimum donation of $500 each.
Volunteers attend weekly meetings and work in committee groups of between 5-6 people.
Scholarship recipients will be determined through an application and interview process.
Public relations and marketing tools have been developed to assist the volunteers with their efforts to obtain donations.
All donations to be received by March 31, 2007.
Donations are to be made payable to the Solano Community Foundation (1261 Travis Blvd., Fairfield, CA 94533), a non-profit 501 (C)(3) organization. Fund Code “REAL” . See: I want to Donate for the donation form
All donations are tax deductible and can be paid by check, Mastercard, Visa, Discover Card and American Express.
Rusty Simmons
707-449-4663 x420
707-410-7701 cell
707-452-1711 fax
Posted in Community Alerts! | 1 Comment »
March 25th, 2007 . by Mike Kelly
Rates as of 3/23/07
Don’t forget the Buyers Advantage Program! Buyers can have up to 6 months of their principal and interest payments made – Please call me for details!
The Prime Rate is staying at 8.25% for now. The Federal Open Market Committee met this week and announced their position. They are still concerned about inflation, so I’ll be watching for reports that will give us a glimpse of the economy and how it relates to inflationary pressures.
The impact of the secondary financing tightening continues to make impacts on the market. Loan City has closed their doors to business.
Conforming fully amortized interest only
30 year fixed 6.125 % 6.25%
3/1 ARM 6.0% 6.25%
5/1 ARM 6.0% 6.25%
7/1 ARM 6.0% 6.25%
10/1 ARM 6.125% 6.375%
fully amortized interest only
JUMBO – up to $650,000; add .25 point for loans up to $1mil
30 year fixed 6.375% 6.5%
3/1 ARM 6.125% 6.25%
5/1 ARM 6.25% 6.375%
7/1 ARM 6.375% 6.50%
10/1 ARM 6.50% 6.625%
100% financing: Due to the many changes in the 100% and 100% blended options, I recommend you contact me directly to inquire about rates and options. For fully documented borrowers there are still options, as well as stated borrowers with credit scores greater than 700.
Be sure to ask me about the Community Commitment Lending Program I have. No minimum credit scores, and great rates on 100% financing. Some restrictions apply.
Here’s the fine print:
Conforming limit is $417,000.00. Rates assume impound account set up and except for 100% financing, assumes loan to value (LTV) no more than 80%. Funds to be used for purchase. Cash out refinances may incur higher rates. Rats quoted with a 30 day lock. Subject to qualifying borrowers and properties. Rates quoted for fully documented loans. Rates are as of 3/23/07 and are subject to change. Rates are quoted WITHOUT points. Borrowers may buy down the rate. Each application is evaluated on an individual basis. There may be better suited programs for borrowers the may offer better rates/terms as well as options for non-qualifying borrowers.
Alicia Hodenfield
Investors Trust Mortgage
(707) 284-2718 direct line
alicia@investorstrust.com
www.aliciahodenfield.com
Posted in Interest Rate Update | Please post a response »
March 21st, 2007 . by Mike Kelly
Listeners,
This comes from Ardythe Brandon of CTX Mortgage. She’s a very good mortgage person and specializes in “Land” loans for those thinking of building their own home. Land Loans have gotten very accesible to all folks thinking of building. Her contact information is at the end of the post.
The headlines are once again full of news from the mortgage and real estate front…and this time, the “subprime meltdown” is taking center stage. What exactly is going on, what does it mean to you and your clients, and what should be done now? Read the rest of this entry »
Posted in Interest Rate Update | Please post a response »
March 19th, 2007 . by Mike Kelly
I just spoke with a terrific Realtor in Bennington,VT named Brenda Jones. She has a terrific web site at www.BenningtonHomes.com. You’ll find it VERY inexpensive and affordable with NOT all that much snow! I was surprised to find they didn’t have snow until February! Brenda related the snow rarely stays ALL winter long and is very driveable and liveable. I’ve always wanted to spend a year with the traditional “seasons” of big fall, snow in the winter, spring thaw, sweltering summer (no not really the summer!) and the area she represents in Vermont gives you all these elements. Check her site out and tell her I sent ya!
Posted in Kewl Web Sites, Housing Updates | Please post a response »
March 19th, 2007 . by Mike Kelly
Rates as of 3/19/07
Find below our interest rate update from Alicia Hodenfield of Investor’s Trust Mortgage. She talks about a ARM product (adjustable Rate Mortgage) which has NEGATIVE AMORTIZATION so you know UP FRONT this will be a by-product of using the “minimum” payment option. You must remember, this is your call!! You have the flexability of a smaller payment but also need the DISCIPLINE to know when to use this option. Don’t use selective “listening” when you work with one of these programs. There still is NO free lunch! Read the rest of this entry »
Posted in Interest Rate Update | Please post a response »
March 17th, 2007 . by Mike Kelly
Loyal listeners,
This week old friend, Harry Coffee of Investor’s Trust Mortgage, will update us on the implosion of the sub-prime loan market and what it might mean to buyers and sellers in our spring market. Much talk and ballyhoo has been heard about the possible effects of the loss of some of the big sub-prime lenders. We will try to sift through the facts and the fiction. Tune us in 9AM, Sunday morning for all the details. Once you hear what we have to say and want to chime in either call us at: 707-636-1350 or toll free: 877-636-1350 OR reply to this post and let us know your feedback or comments. Thanks!
Posted in Real Estate Radio Show, Interest Rate Update | Please post a response »
March 13th, 2007 . by Mike Kelly
Listeners,
Find below a link to the Sonoma County Assesor’s office which will help you understand Prop. 60 and 90 for taking your old Tax base with you when you do a property sales witin our County and what Counties statewide allow this special “once in a lifetime” tax deal!
http://www.sonoma-county.org/Assessor/HTML_Documents/WaystoSave/ReplacementRes.htm
Posted in Miscellaneous, Community Alerts! | Please post a response »
March 10th, 2007 . by Mike Kelly
Listeners,
Lou Barnes, one of my favorite critics and sharp observers of everything financial, especially mortgage markets, says the following about a unique web site tracking which lenders are “imploding” or going out of business. Check out this web site. The guys a “Real Estate Bubble/Bust” champion so I’m not in agreement with his overall take on real estate but the lender observations are spot on!
“For fans of black humor, the housing/mortgage meltdown is a gas. A daily visit to www.ml-implode.com will make you feel better about any pain you’re in. And if you’re not in any housing pain, this is one of the few situations in which you get to smile at others’ distress… rarely have so many people done such dumb things.”
Posted in Kewl Web Sites | Please post a response »
March 9th, 2007 . by Mike Kelly
Rates as of 3/9/07
Big changes this week! Many lenders that previously offered 100% financing have either eliminated the product or increased credit score and documentation requirements. Some have provided a maximum loan amount of 95%. The market for higher risk secondary financing is shrinking, meaning the buyers for these loans are going away, and so the lenders have had to change their policies. If you have someone who needs 100% financing, please be sure to get a pre-approval with underwriter confirmation. Files will be scrutinized and borrowers that previously would have qualified for 100% financing, may find they don’t qualify today.
Conforming fully amortized interest only
30 year fixed 6.00 % 6.125%
3/1 ARM 6.125% 6.375%
5/1 ARM 6.25% 6.375%
7/1 ARM 6.25% 6.5%
10/1 ARM 6.25% 6.5%
fully amortized interest only
JUMBO – up to $650,000; add .25 point for loans up to $1mil
30 year fixed 6.375% 6.5%
3/1 ARM 6.25% 6.375%
5/1 ARM 6.25% 6.375%
7/1 ARM 6.5% 6.625%
10/1 ARM 6.625% 6.75%
100% financing: Due to the many changes in the 100% and 100% blended options, I recommend you contact me directly to inquire about rates and options.
Here’s the fine print:
Conforming limit is $417,000.00. Rates assume impound account set up and except for 100% financing, assumes loan to value (LTV) no more than 80%. Funds to be used for purchase. Cash out refinances may incur higher rates. Rats quoted with a 30 day lock. Subject to qualifying borrowers and properties. Rates quoted for fully documented loans. Rates are as of 3/9/07 and are subject to change. Rates are quoted WITHOUT points. Borrowers may buy down the rate. Each application is evaluated on an individual basis. There may be better suited programs for borrowers the may offer better rates/terms as well as options for non-qualifying borrowers.
Alicia Hodenfield
Investors Trust Mortgage
(707) 284-2718 direct line
alicia@investorstrust.com
www.aliciahodenfield.com
Posted in Interest Rate Update | Please post a response »
