Mike’s Real Estate Show

30yr fixed to $662,250 . . . .  5.75% at 1 pt    30 yr fixed to $2,000,000 . . . . . 7.0% at 1 pt   7/1 , fixed rate for 7 years  5.375% at  1 pt to $662,250 

   FHA loans  6.0% at 1 pt  . . . .  up to 97% of the value of the home

   Appraisal fees refunded in escrow, for Mike Kelly’s Keller Williams Real Estate referrals 

 Pete Phillippe your lending advisor, at 707-535-1263 and cell at 707-481-2737

  Currently, seniors age 65 and above own more than $2 trillion in home equity. Yet less than 1% of this total has been engaged by a reverse mortgage. That’s untapped money that seniors on limited budgets could use to meet daily expenses, pay off bills, travel, remodel, fund a new property purchase or a grandchild’s college education, or use in dozens of other discretionary ways.* Read the rest of this entry »

Up to $417,000  30 yr fixed  5.75% At 1 pt cost   

7/1 program  5.5% at1 pt              FHA up to $362,790    6% at 1 pt    $417,000 to $662,500  30 yr fixed  6.25% at 1 pt
$662,500 to $1,000,000   30 yr fixed 6.875 % at 1 pt
Pete Phillippe your lending advisor, at 707-535-1263 and cell at 707-481-2737

The Commerce Department got the month off to a good start when it reported on May 1 that consumer spending in March was up 0.4%, double the increase that economists had predicted. Consumer spending, which accounts for 70% of U.S. economic activity, is vital to the nation’s long-term economic health.

Further economic stimulus came from the Federal Reserve, which announced on April 30 that it was pushing down the federal funds rate — the rate at which banks lend money to one another — to 2%, the lowest level since late 2004. The reduction marked the seventh rate cut by the central bank since it began easing credit conditions last September. On the heels of the Fed’s action, many commercial banks announced they were cutting their prime lending rate to 5%. Read the rest of this entry »

Here are Pete’s rates as of Thursday.  if you have any questions please feel free to give him a call at: Cell 707-481-2737 or 707-535-1263 direct
 Up to $417,000  30 yr fixed is 5.875 at 1 pt  The 30/7 programs are at 5.5% with 1 pt, the 30/10 is at 5.626% at 1pt.

FHA 30yr  fixed 6.0% 1 pt. . . . easier to qualify with FHA. .up to $362,790 . . . . . to $662,500  rate at 6.125% At 1 pt . . . refinances  to 90% ltv with no 5% reduction in loan amount due to “declining  market “ if noted by appraiser . FHA is always full documents and NO STATED INCOME! Read the rest of this entry »