30 Year Mortgage Rates...On The Rise?

Average 30-year mortgage rate rises to 3.93 percent! Been a long time since we’ve seen headlines like this.

Average 30 Year Mortgage Rates

Mortgage rates have been so low for so long that we’ve all been pretty spoiled. Rates rising is inevitable. They’ve been held down artifically by goverment and Fed interaction. Now finally the tone is set for some improvement in the economy and interest rates will have to rise, in fact they already are. Check out this article from the LA times website http://www.latimes.com/business/la-fi-mortgage-rates-20141212-story.html One thing is for certain, if you haven’t taken advantage of this low interest rate market yet, you really need to look into refinancing as soon as possible before these historically low rates are gone. Call Chris Reese, Certified Mortgage Planner for your free mortgage review and mortgage rate quote at 916-502-1656 or visit http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

30 Year Mortgage Rates...On The Rise?

Zillow Kicking Butt and Taking Names! Q3 Released

Zillow is a household name at this point. So I guess it shouldn’t come at such a shock to see how well they did in the third quarter 2014. Zillow reported they increased revenue by 66% over Q3 2013! I would have to say that a major contribution to that is advertising by Real Estate Agents. With the improving real estate market comes increased funds available for advertising. Check out the Article here http://www.zillow.com/blog/q3-2014-earnings-163781/

If you have questions regarding mortgage or real estate pick up the phone and call Chris Reese, the California Mortgage Hero and Certified MOrtgage Planner at 916-502-1656 or visit http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Zillow Kicking Butt and Taking Names! Q3 Released

Accept Only The Best

“If you refuse to accept anythning but the best you very often get it” -Somerset Maugham

It’s true that if you refuse to accept anything but the best that you’ll likely end up with it. Don’t sell yourself short and always strive for the best. When it comes to Mortgage Loans and Real Estate, work only with the best. Contact Chris Reese the California Mortgage Hero and Certified Mortgage Planner for all your mortgage and real estate needs, 916-502-1656, http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Accept Only The Best

30-Year Fixed Mortgage Rates Fall Below 4 Percent

The headlines make you want to pick up the phone and call your loan officer to get this super low rate offered. In this article on Zillow Blog titled 30 Year Fixed Mortgage Rates Fall Below 4 Percent is pretty compelling right? The fact is that this is an average of rates taken from what appears to lead us to believe that the actual rate is 3.96% down from an actual rate of 4.06% the previous week. There are 2 very big problems with this however that will leave you feeling confused.

Average 30 Year Mortgage Rates

 

First, those are averages taken from what appears to be “Quotes on Zillow Mortgages”. So it’s unclear; are these actual locked in applications or are these actually just advertiser quotes being averaged? Regardless of which it is, the data or statistics is are extremely biased. If they are actual Zillow Mortgage Applications, they are taken only from a website that has advertisers publishing the lowest rates available to mankind and even if they locked those rates in, there’s no way to know if the applicants actually will close those loans or if they were even approved or locked. While this would be the case for any and all advertised rates, the fact that these are exclusively quoted from Zillow, which exists by selling advertising, it’s not a good cross sample of rates being offered by lenders to everyone. Now if they are in deed just quotes being advertised to the public, even worse! You can almost rest assured that those rates are being quoted with assumptions about credit and loan to value that most clients don’t actually have. A 30 year fixed for example at 30% Loan To Value with an 835 FICO score is pretty unrealistic, but there is still a faint possibility so they can publish it.

The other problem w/these averages is that they don’t quote the cost or discount points associated with these interest rates.  They don’t even show the Annual Percentage Rate (APR) which shows that there is some cost being associated for that interest rate. I’m not a huge fan of the APR calculation as it allows various lenders to skew those numbers as well based on including or omitting certain costs from the calculation to make it appear lower. It can be quite confusing at times and if you were to have 5 different underwriters take the same file independently and disclose the APR, you’d probably find them to all have some variation. This isn’t on purpose, it’s because its a calculation that you have to manually determine what should be included. While APR calculations are required, I think a much better way to compare rates is to simply state what the points are for a particular rate. I rarely see an article or blog post that does that though. Read the Article for yourself at http://www.zillow.com/blog/mortgage-rates-below-4-percent-2-2-161520/ Are you curious now about what 30 year rate you might qualify for? Pick up the phone and call Chris Reese, the California Mortgage Hero & Certified Mortgage Planner at 916-502-1656 or inquire online at http://www.sacramentohomeloanspecialist.com/forms/rateTracker.html

30-Year Fixed Mortgage Rates Fall Below 4 Percent

Our Aspirations are our Possibilities - Inspirational Quote

I think we all sometimes forget that we can achieve our aspirations not just dream about them. If you want to become something great or do something great you must take action. That is how an aspiration becomes an achievement.

Speaking of taking action, if you own a home and would like to save some money on your payments so that you can take action towards your dreams and aspirations don’t hesitate to pick up the phone and give me a call. Even if you’re already in process of doing a refinance I may very well be able to do better. Call Chris Reese, the California Mortgage Hero at 916-502-1656 for your fast and free mortgage review, mortgage rate quote, or property value analysis. You can also inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html Let me help put you in a better financial position. Have a wonderful day!

 

Our Aspirations are our Possibilities - Inspirational Quote

Reverse Mortgages Can Solve Many Financial Problems for Seniors - Mortgage Tip

Reverse Mortgages can solve a lot of problems for Seniors but many Seniors don’t understand them or they’re afraid of them. I’m Chris Reese, The California Mortgage Hero & Certified Mortgage Planner in Roseville, California and I’m here to help you understand what a reverse mortgage is, explain some of the many problems that a reverse mortgage can solve, and to eliminate your fears. Have you yourself or somebody you have known ever dealt with any of the following issues?

1. Retirement accounts not enough to support retirement?


2. Retirement funds have not performed as expected?


3. Unable to live a comfortable lifestyle in retirement?


4. Want to be a Super Grandparent but can’t afford to spoil your grand-kids?


5. Can’t afford luxuries like eating out or traveling?


6. Find yourself overheating in the summer and freezing in the winter because it just costs too much to use the thermostat?


7. Working much longer than planned, possibly indefinitely because you just can’t afford to retire?

If you or anybody that you care about has had to face any of these or any other financial hardships don’t worry, I my very well be able to help you! A reverse mortgage is truly a life saver for many seniors. So many retirees are dealing with a lack of adequate retirement funds and those that are closing in on retirement age are coming to the reality that they won’t have enough to live on either.  Because so many people are in this position, the Reverse Mortgage can solve all the financial issues listed above and many many more.

A Reverse Mortgage is simply a mortgage against your property but you don’t have to make any payments. This is what’s called negative amortization or deferred payments. The amount you can borrow with a Reverse Mortgage is based upon the age of the youngest borrower and the value of the property. You have to be 62 years old or greater. The mortgage can be funded several different ways. Borrowers can take a fixed rate loan or an adjustable rate loan.

Borrowers can also receive the cash from the loan in several ways. They can take out a lump sum at close, take a payment for life known as tenure, and or have access to an equity line that grows each year for the borrower to access.  The thing that is really cool about seniors receiving cash from a reverse mortgage is that it is all 100% tax free! Here is a link to a recent video discussing some of the problems retirees face and how the reverse mortgage can solve them http://californiamortgagehero.com/reverse-mortgages-problems-solve-mortgage-tip/

There is a really cool example in the video that you can watch by clicking the link above but I’ll reiterate it here for you:

Two borrowers currently have a mortgage and the payments are $1,000/month. They do a reverse mortgage and they elect to receive a payment for life of $1,000 (this is the amount allotted based on age of the borrowers and value of the home). So they no longer make a payment of $1,000 plus they receive an add’l $1,000/month. That increases their cash flow by $2,000/month, or $24,000/year! What we call couldn’t do with an extra $2,000 a month right? Well for a senior citizen that can be life changing! What would you or your loved one’s do w/that kind of money? Would you qualify? Would it help you improve your life? Well stop wondering and pick up the phone and call me at 916-502-1656 or submit an inquiry online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

 

 

 

Reverse Mortgages Can Solve Many Financial Problems for Seniors - Mortgage Tip

"It Ain"t Over Till it"s Over" - Inspirational Quotes

A Motivational Quote from the California Mortgage Hero

Everyone Loves a Comeback! As Yogi said, “it’s ain’t over til it’s over” and you just can’t give up on anything that is worth accomplishing or achieving. That goes for your financial well being too. As a Certified Mortgage Planner I help my clients achieve their financial goals through the use of various mortgage planning strategies. You never know if you could be better off until you pick up the phone and call. Give me a call today at 916-502-1656 for a free mortgage review and property value analysis or inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

"It Ain"t Over Till it"s Over" - Inspirational Quotes

Reverse Mortgages FAQ"s

I get a lot of questions regarding Reverse Mortgages. As a Certified Mortgage Planning Specialist® I use various mortgage planning strategies to help my clients achieve their financial goals. Because of this unique, advisory role I take, I work with  financial planners, advisers, and CPA’s to help their clients achieve their financial goals. Much of what their clients are concerned about is retirement. What will their standard of living be like? How much money will they have to spend each month? Will they be able to afford a happy retirement?

In answering these questions and solving these problems a Reverse Mortgage is often an option that can work but people have many questions about this type of loan. I always take the time to candidly answer any and all questions but here is a link to HUD’s very well written Frequently Asked Questions list about reverse mortgages. You may find the answers to many of your questions there.

A reverse mortgage can be a real life saver but they aren’t for everyone. There is a jumbo loan option for reverse mortgage as well. If you don’t find your answers to your questions at the link above please don’t hesitate to give me a call at 916-502-1656 and I’d be more than happy to answer those questions for you. You can also submit an online inquiry at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html and we’ll be get right back to you.

Reverse Mortgages FAQ"s

Keep The Faith - Inspirational Quote

Inspirational Quote from the California Mortgage Hero!


“Keep the Faith” is often assumed to be a religious and spiritual mantra. While it definitely can mean that I challenge you to think about this in a different way. Yes you can have faith in a higher power, an organized religion, or in spirituality at its most basic level.

You can also have faith in many other things and people. Many people have a blind faith that their particular sports team will be champs this year in light of reality, lack of talent on the team, and even expert’s opinions. You can have faith that you will succeed in your career. But my favorite type of faith is that which we have in each other. Having faith that your friends and family will come though for you…that your children will do the right thing….That those we care about will not let us fall…That the stranger on the street will drop everything to pull you from a burning car…It is faith in people…in each other and I believe that this type of faith that ultimately allows us to be happy.

So please, in all avenues of your life, Keep the Faith! If you have any questions regarding mortgage or real estate, have faith that Chris Reese, The California Mortgage Hero will take the time to candidly answer all yoru questions. Call 916-502-1656 or inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Keep The Faith - Inspirational Quote

What Happened With Mortgage Rates This Week? Insider"s Report!

What’s the rate on a 30 year fixed these days? We all here that question in the industry quite often. But right now the mortgage backed securities market and in turn the mortgage rate market has been pretty volatile.

Every time we see a slight improvement in rates people are shouting from the skies that rates have improved again. Without the broader picture and some context however, this type of spouting off misleads the public into thinking rates are much lower than they actually are. For instance, we’ve seen rates decrease in cost by about 25 basis points only to give that back the following day and then some. This happens all the time and has been happening quite a bit lately.

Here’s the twist though. People only shout from the rooftops when rates improve. They ignore when they get worse.  When this happens a couple of times a week up and down and the talking heads and mortgage marketers tell you about rates improving several times a week at about 25 basis points or .25% in cost.  The public assumes that those improvements are cumulative.  You might think rates are a full point lower than where they were just a couple of weeks ago based on this type of misinformation. Read the full weekly rate insider for yourself.

The truth of the matter is that rates are higher than they were a week or so ago. You have much more to risk than to gain by not locking in a great rate today. I tell my clients not to be greedy. The bond market was at the top of the trading range today and I advised my clients to act accordingly. Some individuals have a much greater risk threshold and they like the idea of gambling for another 10, 15, 20 basis point improvement which is literally only $100, $150, or $200 per $100,000 loan amount in spite of risking loosing that same amount and much more. My philosophy is that this is your mortgage and your life. This isn’t simply risking your winnings on the craps table after you started w/just $50. This is not something to be taken lightly. If it were my personal loan and I were given the choice in this market I would go ahead and lock in and sleep easy. The choice is your, I just want you to be fully informed so that you can make a great decision. If you’re not getting this type of advice from your loan officer don’t hesitate to give me a call at 916-502-1656 and I’ll help you plan your locking strategy, provide a free Mortgage Review, mortgage rate quote, or pre-approval to purchase a home. You can also inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

What Happened With Mortgage Rates This Week? Insider"s Report!

How to Get Pre-approved for a Mortgage Loan - Mortgage Tips

Mortgage Pre-approval is a hot topic! Loan Officers and Real Estate Agents often disagree on what constitutes a pre-approval. Chris Reese, California Mortgage Hero and Certified Mortgage Planner explains not only what a pre-approval is but also how to get one and what you need in order to get one. Watch this video and learn how.

Watch for future mortgage tips at California Mortgage Hero. Contact the Chris Reese Mortgage Team for a fast, free home loan pre-approval, free mortgage review and or property value analysis 916-502-1656.

How to Get Pre-approved for a Mortgage Loan - Mortgage Tips

Mortgage Loan Pre-Approval: Required Documents

The documentation required for a Mortgage Loan Pre-approval can vary greatly depending on the type of financing you’re applying for (List for you below).

Government loans often require more documentation than conventional mortgages do. Borrowers that are self employed or own multiple businesses and investment properties will have to provide more documentation. When working with a competent mortgage planner we’ll let you know which documents we need based on your application and the type of property that the loan is for. But if you’re as thorough as I am, you’ll want to have those documents ready with the application because it makes things go so much quicker.  So I’ve prepared this list for you so that you can get an idea of what is required.  Your situation may not require everything on the list but at least you have a good idea of what may be asked for.

1. 
   

   2 years Fed Tax Returns incl. all schedules, w2’s, 1099’s & business returns & K-1’s if applicable (3 years for VA Loans or in some cases if Down Payment Assistance is needed)

   
   


2. 
   

   30 days most recent, consecutive pay stubs w/YTD earnings

   
   


3. 
   

   2 months most recent Assets all pages even if blank

   
   


4. 
   

   Copies of Most recent Mtg Statements for all loans on financed properties

   
   


5. 
   

   Hazard insurance declaration pages on all Real Estate owned

   
   


6. 
   

   Copy of CADL & SS Card

   
   

To apply for a mortgage loan, get a free mortgage review, or a free property value analysis call 916-502-1656. Have a Super Day!

Mortgage Loan Pre-Approval: Required Documents

Mortgage Tips - Home Owner"s Insurance

Closing on time is EVERYTHING in the Real Estate Business. How important it is to work with a competent insurance professional to help meet your closing deadline? Watch the video to find out.

Chris Reese the California Mortgage Hero, and Certified Mortgage Planner based right here in Roseville, California talks about a recent loan he closed where this was essential! With the help of his friend Bobby Peterson, they discuss what Bobby did and how he was able to save the day for Chris’s clients. If you’re going through a transaction right now or will be in the future, I encourage you to give me a call so that we can review your situation and make sure that you are working with competent professionals. It doesn’t matter if its your insurance agent, your Mortgage Planner (most mortgage people are just loan officers), your Realtor, or even your movers, you deserve the best….great service and competent professionals. Let us work for you. Contact the Chris Reese Mortgage Team today for a free review, rate quote, or property value analysis at 916-502-1656 or visit Sacramento Home Loan Specialist.

Mortgage Tips - Home Owner"s Insurance

World"s Greatest Grilled Cheese Sandwich, CA Mortgage Hero

Chris Reese, The California Mortgage Hero gives the recipe for the World’s Greatest Grilled Cheese Sandwich. This recipe is from a simpler time before “Foodie” was such a thing.  Back when we only had three channels on TV to choose from and we still looked up our shows in the “TV Guide”.  I think you’ll find that this is a refreshingly simple, yet extremely delicious recipe.  If you have any questions about this video, grilled cheese sandwiches, or any of my other recipes don’t hesitate to comment or give me a call.  In addition, if you have any questions about Real Estate, the market, or home loans pick up the phone and call me right away at 916-502-1656. I hope you enjoy my video and please check back for future weekly tips.

World"s Greatest Grilled Cheese Sandwich, CA Mortgage Hero