Where readers ask and we (the community) try to answer: Hi I have been looking at your blog, quite a while, very useful. Thanks for all the work. I have a question regarding refinancing, and hopefully you or your readers can help me. I am refinancing with Wells Fargo with a locked 30 year fixed … Continue reading Ask Us: Modifying Condo Insurance Policy For Refinancing
Where readers ask and we (the community) try to answer: Question for any mortgage experts out there. I have a large heloc line. If I don’t use the line, I am at risk that the bank will decide to take it away. If I use the line (even if I keep it in cash), can … Continue reading Ask Us: Can The Bank Take My HELOC?
Where readers ask and we (the community) try to answer. Can you have someone, maybe “the banker”, speak to the loan environment and requirements for loans on homes over 1 million dollars? Thanks. Banker? You reading? You can either send us your answer via email, or post in the comments and we’ll cut/paste to the … Continue reading Ask Us: Lending On Homes Over $1,000,000
With the recent dip in interest rates many homeowners are rushing to refinance only to come upon a very large obstacle, appraised values of their homes are coming in low…very low. The biggest reason being that there are not enough comparable property sales in the past 3 months to set lenders nerves at ease. Perhaps … Continue reading The Appraisal Conundrum
Where readers ask and we (the community, because Lord knows we don’t know everything) try to answer: Hey there, Wondering if anyone else there has gotten wind of a problem we’ve been running into: My partner and I put in an offer on a 2 bed/1 bath condo in the Mission in mid-November. Offer price … Continue reading Ask Us: Your Mortgage Insurance Company Drop The Ball Too?
If you’ve been wondering what all of this Government takeover of Fannie and Freddie means, you’re hardly alone, so we just went ahead and copied what we just read to give you some different perspectives of what is being said in the real estate world. We take zero credit for this, it all came from … Continue reading Taking Over Fannie Mae and Freddie Mac, Some Clarification
Did we read that headline correctly? Is that quite possibly the first headline in over two years about the housing/mortgage market that doesn’t spell disaster? Or is it the shot of Tequila and can of Tecate (a bit of lime squeezed in and a touch of salt on the rim) talking? Home loan applications are … Continue reading “Mortgage market weathers storms” – SFGate
Kelly McCray comes through with a comment that will be heard around the world! I was at the east bay CAMB [California Association of Mortgage Brokers] legislative update meeting yesterday. It is becoming quite clear that there will be little, if any, impact with the raise in conforming loan limits. This news is disappointing to … Continue reading Comment du Jour: Little impact from raising conforming loan limits, and the end of Stated Income Loans
Where readers ask and we try to answer. Kelly are you listening!? Why would a [mortgage] broker be better than a bank at this point in the market. I am an investor and have used brokers and bankers, both have been of great service to me in the past. But, I have relationships on both … Continue reading Ask Us: Why choose a mortgage broker over a bank?
3 Oceans Real Estate provides some answers: Raising the conforming loan limit has the following benefits: 1. It does in fact greatly stimulate the economy 2. Many consumers who got in over their head will now be able to afford their mortgage 3. Greater affordability for housing is created 4. It will influence a portion … Continue reading Still confused about Conforming Loan Limits?
by Kelly McCray H.R. 5140, the economic stimulus plan, was signed into law by President Bush, among other things; the bill raises conforming loan limits for the Bay Area. The Bay Area for years has had no help, we pay premiums for our real estate, and we have, for so long, been subject to the … Continue reading Bush signs higher conforming loan limits into law
We’ve received a lot of emails regarding both the amount of the conforming loan limit increase ($729,750 max), and the time this increase will be effective (July 31st 2007 to Dec 31st of 2008). So if you’re confused, you’re not alone. Kelly McCray provides the following: “The information coming out on this issue is confusing … Continue reading Confused about the conforming loan limit increase? You’re not alone.
Where readers ask and we try to answer: I’m wondering if anyone has some up-to-date information on where individual TIC loans are headed? I bought in 7/06, my interest rate is 7%. With mortgage rates dropping, are we likely to see corresponding drops in these individual TIC loan rates? I went to an open house … Continue reading Ask Us: Where are individual TIC loans headed?
Where readers ask and we try to answer: I am 75 about to refinance with Bank of America. What is a 30 year conforming fix rate mean? That word conforming scares me as we are on a small income. Tim Wood answers: A conforming loan is one backed by Fannie May or Freddie Mac with … Continue reading Ask Us: What does Conforming fix rate mean?
“Fed Cuts Rate by Half-Point; 2nd Reduction in 8 Days” [New York Times] In lowering its benchmark Federal funds rate by half a point, to 3 percent, the central bank acknowledged that it is now far more worried about an economic slowdown than rising inflation, and it left open the possibility of additional rate reductions. … Continue reading Chop go the rates…again! (Feds cutting rates makes us queezy)
Where readers ask and we try to answer: How do you think this new economic plan will affect Californian’s second-home purchases in 2008? Damn good question. Anyone?