September 2020 Residential Lending Successes and News

Good morning to School in September – Maybe;

Mortgage Rates: Time is Now

Don’t Miss Out

Points of interest – Critical information this month !!

Good News: Overall, home sales remain healthy and for refi’s – incredibly strong. The good news: Sellers continue selling and Buyers are ready for action. This increasing confidence let’s everyone know that fake fears cannot stop us. What is important and real to us: Our homes are far more than simple numbers. It’s about people and families and neighborhoods.

Points of interest:

  • Refi mortgage rates are nudging up. As of the middle of last month, a “mark-up” fee of ½ point was added to refinance loans. This to cover “direct” costs associated with the expected troubles to come from those in forebearance. It is called an ‘adverse market fee’ and there is some logic. Now the Good News: Consumer response rescinded the fee, for now. After December 1st, this fee is back! So between now and then, it will be interesting to see how the free market will respond to the add-on. It will likely only equate to a 1/8 to 1/4 % move in rates, to you, beginning with refinance loans locked in October. There is still a window of time without this fee.
  • Interest Rates: Rates continue great. VA rates and FHA rates are still in the 2’s. Refinance for Veterans: 1) Refi from conventional into a VA loan, and 2) Rate reduction refi’s have NO income, NO asset documentation. If a Vet? Call today.
  • CA Jumbo: We still do self-employed, we still do 80/10/10, in addition to all the conventional Jumbo loans. Call. Let make it happen.
  • Underwriting: Purchases – first priority of the underwriter. Turn around time can be a quick couple of days. Amen. How about Refinance? Patience wins.

Key to Success: Start the paperwork today. Let talk.

  • Housing: Trying to wait out Sellers? Hoping for new easing in price – due to the virus scare? Such days seem over. Seller’s are confident and holding steady. They recognize these are great rates and a big benefit for Buyers – each month. Don’t miss out !!
  • Stock market: Fed and DC policy have successfully lifted differing stock exchanges from lows to highs.

Market News

1) US Economy: Worries remain. Yet, resilience is our hallmark! One challenge is in the hands of Congress. Will it re-supply short-term money needed for business to keep employees hired and employed? The second challenge is to families with school-aged children. Open our schools. They will be safe. The tens of thousands of small business owners need our help and need our schools to be opened. Time will heal, but the struggles will continue, for a short while.

2) Employment: Often numbers touted as ‘great’ are often said from a relative perspective. For instance, new un-employment claims did drop to 800 K. However, the PUA – Pandemic Unemployment Assistance – increased 2 M. There maybe a lag, yet the number of people receiving some type of unemployment help, ticked up near 28 M. Amen for supporting our working Americans – but Congress needs to act now, not after elections. Voters need detail, precise information and our hope is to be of some help. Let’s act intelligently and choose wisely, putting people first.

3) CoVid shutdowns: Santa Clara County remains on a most restrictive level. Yet important news is just now being revealed. 1) These restrictive measures may not be as effective, as first considered. Latest CDC report suggest up to 94% of all death – tied to CoVid 19 – in fact involve other medical pre-conditions – especially respiratory or diabetic. 2) There are also indication the swab testing, used to identify Co-Vid, was over sampled. Result: Up to 90% of claimed “positive” tests, would be considered negative, with appropriate testing procedures.

Good News: CDC is hopeful for a possible vaccine by end of October, early November.

Residential Success Stories

Refinancing: With 80 % + of the economy working – and those with homes, nearing 92 % – we are running full speed. Are you a homeowner? These very low interest rates are for you! Call today. With dozens of lending partners, we are ready – today – to meet many types of financing needs – even those others call impossible. Call Now !!

What if one has a great rate from previous lows of 2012 or 2016? Have you considered a 15-year loan? It is a great time and excellent opportunity to pay-off of your loan sooner and save big money. Keep in mind, a free and clear home, means opportunities and more choices.

Here are numbers from a recent client. By moving to a 15-year loan, they shaved 7 years of monthly payments – 84 months off. The great news: Only a 20% increase in payment. Yet before you decide – “yes or no” – I suggest we first talk. Here, we can scope out your specifics and review the comparative numbers. Here, we can discuss your expectations before you decide. My first concern is what fits your needs today and for tomorrow. For many, the benefits are tough to ignore. Let’s talk while the rates are excellent. A good choice, no matter what.

The Good News: Rates are Awesome – for more than just Refinances

Purchasing: Purchases are again possible for those who lost homes in the big financial melt-down. It was a rough and ugly time, yet the Good News: With the passing of time, one’s past financials and credit troubles, are no more. Home buying is again possible and now is the time.

Reverse mortgages: With rising home values, a reverse mortgage is a great tool for staying in one’s loved home and favored neighborhood. Though our grandparents seldom thought past living into their 70’s. Today, most are thinking well past 80. Our Goal: Help each person remain pro-active in celebrating life – family, friends – and enjoy all they have accomplished.

Self-employed: These can be difficult times. So please. Let’s talk and review your unique situations and lay out workable options and best possibilities. I firmly believe in Small Business and respect those daring to be self-employed. This is the backbone of America and confirmed by business volume. We ARE getting it done for our Self-employed clients !

Buying your next home: Two very helpful “tools”. 1) A client uses their old home, as collateral for their new home!! 2) A tool whereby one’s current payment on the “old” home, does not count against your client, while settling into their new home. Excellent. You need options, tools, and alternative ideas? We have them. Call today.

*** Keep Your Cash & Defer Taxes ***

Tax Deferral: Desire a major shift in your life? Want to? But taxes are preventing you from taking charge? Such concerns can include: Closely held stock, owner occupied real estate, or a small business. If this is you we have excellent strategies to reduce or defer capital gains taxes. This means keeping more of YOUR hard earned investment dollars, working for you. You have questions? Please ask. We love finding answers that meet your specific need. Call today.

Renting but wanting to Buy?

We offer market-based calculations comparing renting vs. the benefits of owning. Answers can be rewarding. Good news: We look beyond boiler plate, typical big numbers. We understand ‘affordability’ is unique for each and every individual, and family. Our focus is to understand you, asking pertinent questions to help guide your financial future. Our concern is more about “live-ability”, than the industry standard of, ‘what you qualify for’.

Because You Matter

Let’s talk. You matter: At the heart of my 30-plus year career is the priority of keeping my clients (YOU) first – my top priority. It is why I offer each the best of my detailed know-how, tested skills, and practical experience. It is key to finding you a safe, sound, and secure loan – best fit for you. Keeping you informed and up-to-date, makes for better decisions. Call today.

Call us – We know success

Thank you for trusting me with yourself and your friends and family. Referrals are appreciated.

Call me – Your success is our priority.