West LA Real Estate | Santa Monica Houses For Sale | Brentwood | Pacific Palisades
Keller Williams
Robert & Barbara Schmalz
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Loans

MORTGAGE RATES AGAIN HITS HISTORICAL LOWS — FORECASTS????

2011/09/08 – 5:32 pm

Latest Mortgage New for So Cal

Following taken from Inman News, an industry daily

“Mortgage giant Freddie Mac reports that mortgage rates set new record lows this week, as concerns over the European debt crisis and a weak U.S. employment report for August sent investors fleeing to the relative safety of Treasuries and mortgage-backed securities that fund most home loans…Rates on 30-year fixed-rate mortgages averaged 4.12 percent with an average 0.7 point for the week ending Sept. 8 — a new low in records dating to 1971, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey [2]. That’s down from 4.22 percent last week and a 2011 high of 5.05 percent in February…Rates on 15-year fixed-rate mortgages averaged 3.33 percent with an average 0.6 point, down from 3.39 percent last week and a 2011 high of 4.29 percent seen in February. That’s a new low in records dating to 1991.

For 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.96 percent with an average 0.6 point, unchanged from last week’s record low of 2.96 percent. That’s down from 3.56 percent at the same time last year and a 2011 high of 3.92 percent in February..an Aug. 19 forecast [4], MBA economists predicted rates on 30-year fixed-rate mortgages will rise to an average of 4.6 percent during the final three months of this year, and continue a gradual rise next year to an average of 5.2 percent during the fourth quarter of 2012…”


By Bob | Also posted in Blog, interest rates forecast, Lender, lending loan, loan amount, loan discount, loan interest rates, mortage loan, mortgage, mortgage broker, mortgage brokers, mortgage current rates, mortgage fixed rates, mortgage interest, mortgage interest rate, mortgage lenders, mortgage loan, mortgage payment, mortgage rates, mortgage rates forecast, mortgage refinancing, mortgages interest rates, mortgages loan, mortgages rates | Tagged , , , , , | Comments (0)

LOW INTEREST RATES ARE A GOOD THING, OR ARE THEY?

2011/08/30 – 3:59 pm

Earlier this month the fed said that they were going to hold interest rates at historical lows. So naturally borrowers were over joyed but who was forgotten were the people who are saving.

The Fed’s move was to make business and consumers look to investing in the economy in the form of leverage by buying expensive items like cars and houses for consumers or new systems and equipment for businesses.

The Fed is hoping that by keeping interests low it will push and move people and business to spend. So lets see how that is working for the Real Estate Industry — NOT!!!! Also I see more and more capital expenditures and investments going outside the country then are being made here.

Low interest rates also have contributed to 50-year troughs in mortgage rates, which are determined by a variety of interest-rate benchmarks. Freddie Mac reported average fixed mortgage rates rose modestly last week to 4.22%, after seven straight weeks of declines. A year ago, the 30-year fixed-rate mortgage stood at 4.36%. The 5-1 ARM slipped to 3.07%, setting a record low. Has this moved the Real Estate Market???  I have not seen any tremendous upsurge in sales, or Real Estate Prices.

If you’re on a fixed income facing rising costs for energy and food, or if you’re so wary of your money disappearing in the stock market that you’re sitting on a bank savings account full of cash. Most bank savings rates are below 1%.

Low interest rates hurt, too, if your retirement is dependent on interest income from certificates of deposit. Interest rates on a one-year CD have plunged to 0.42% from 2.38% just three years ago. Most money-market mutual-fund yields are at 0.01%.

The list of negatives goes on and on when it comes to low interest rate but the positives do not seem like they are really positive.

By Bob | Also posted in Blog, INTEREST, interest only mortgage, interest rates, interest rates today, low interest, lowest interest rates, mortage loan, mortgage, mortgage best rates, mortgage broker, mortgage current rates, mortgage fixed rates, mortgage interest, mortgage interest rate, mortgage interest rates, mortgage lenders, mortgage loan, mortgage payment, mortgage rates | Comments (0)

30 YEAR CONVENTIONAL LOAN GOES OVER 5%

2010/12/16 – 5:01 pm

Not much to say here but this is one  fastest up turns in interest rates I have seen. It has gone up a full basis point, 1.0%,  in three weeks. I have spoken to many and I am getting the same answer no one knows what it will go to but it wont get back to 4% anytime soon.

By Bob | Also posted in Blog, INTEREST, interest only mortgage, interest rates, interest rates today, loan amount, loan applications, loan calc, loan calculation, loan disclosure, loan discount, loan funding, loan interest rates, loan principal, low interest, lowest interest rates, mortage loan, mortgage, mortgage agreement, mortgage broker, mortgage brokers, mortgage current rates, mortgage fixed rates, mortgage interest, mortgage interest rate, mortgage interest rates, mortgage lenders, mortgage loan, mortgage payment, mortgage rates, mortgages interest rates, mortgages loan, mortgages rates | Comments (0)

HAVE YOU LOST MONEY BECAUSE THE SELLER DIDNT DISCLOSE ALL LIENS

2010/11/30 – 7:37 pm

HAVE YOU ENTERED INTO A CONTRACT, GONE INTO ESCROW ONLY TO FIND OUT THE ACCEPTED AMOUNT DOES NOT PAY ALL THE LIENS?

HAVE YOU WASTED 3 OR 4 MONTHS TRYING TO BUY A SHORT SALE AND DID NOT GET THE HOME?

THIS POST IS FOR YOU

In today’s Real Estate Market Short Sales have become a very popular vehicle for buyers to purchase a house at below market value. However there are two things to look at. The premise is not always true, you do not always get a great deal compared to market value. I truly believe the better deals are with an owner that has equity but is in a distressed position and wants to sell.  Also buying  a short sale can mean a lot of work and you still not get the house you bid on. You need to know Short Sales and work with a specialist that knows this intricate and complex way of buying a house.

I have been asked by a few people if they have any recourse where they entered  into a contract to buy a house, went into escrow and sold there house only for it to be shown that the liens on the house is more than the purchase price they agreed to pay. The lien holders would not accept the contract price which amounted to a short sale. A recent court ruling shows a buyer does have recourse not only against the seller but the sellers broker/agent. A seller must disclose that the liens are more that the price being offered and that it would be a short sale.

So don’t let anyone tell you that you have no rights, they may try either as trickery or stupidity on the part of your buyers agent. Always work with a buyers agent that knows distressed sales and more important make sure your buyers agent has checked out that the listing agent is knowledgeable in this field. Do not get involved with a selling agent who will waste your time for months and you have nothing to show for it.

To learn more about Short Sales please click on Facts You Should Know About Short Sales

By Bob | Also posted in Bank, Bank Approval, Bank Loan, Bank Mortgage, Blog, disclosure agreement, Disteressed Houses, distressed Condo, Distressed Houses, Distressed Real Estate, lien, lien amount, lien disclosure, loan amount, loan disclosure, Sell, Selling, short pay, Short Sale, Short Sale Buyer, Short Sale Facts, Short Sale Seller, Short Sales, Short Sales Facts, Short Sales Selling | Comments (12)

SHORT SALE – ARE YOU INVOLVED? – KNOW WHO REPRESENTS YOU!

2010/11/25 – 12:19 pm

I just read through a pretty lengthy article that was written for Realtors but I feel that anyone who is involved in a short sale should read it. Sellers this is a must for you, it is what you should expect and demand from a Real Estate Broker who represents you in the Short Sale Transaction. Buyers there are a lot of points being made that you should know about what the seller is looking for and what the buyer should be aware of.  So many agents or Brokers think they need to please the bank and represent the bank in negotiations this is so wrong. It is an eye opening article putting some sort of control back in the sellers hands rather then the banks.

 Here is the link  WHO REPRESENTS YOU IN A SHORT SALE?

By Bob | Also posted in Bank, Bank Approval, bank foreclosure, bank foreclosures, Bank Loan, Bank Mortgage, bankruptcy debt, bankruptcy discharge, bankruptcy forms, bankruptcy help, bankruptcy order, Blog, Loan Approval, loan default, loan discount, loan modification, Short Sale, Short Sale Buyer, Short Sale Facts, Short Sale Seller, Short Sales, Short Sales Facts, Short Sales Selling | Comments (4)

Follow UP To China Post

2010/11/20 – 5:36 pm

 I wanted to follow up my post about China, I originally wrote this as a comment but wanted to have it stand alone. When we are talking equal playing fields so we could compete and have free trade it occurrd to me;

We are borrowing money from China , paying interest on this money , China uses this money to subsidize
there companies and this in turn takes business from our companies so we need to bail these companies out and borrow more money from China!

I have no idea how we can get out of this cycle but we have really gotten ourselves into a mess.

By Bob | Also posted in Blog, China, China debt, China Economy, economy, free market economy, Free Trade, trade, trade barriers, trade debt, Unfair Trade | Comments (6)