Free VA Home Loan Guide

Veterans sacrifice so much. The VA Home Loan is a fantastic benefit that only Veterans get. Click here to download your Free VA Home Loan Guide

THANK YOU FOR YOUR SERVICE!

You may not have been aware that there are programs that don’t even require an appraisal or income verification. If you’re an active duty military personnel or a veteran you owe it to yourself to take advantage of the home loan benefits that are available to you. Download this free VA Home Loan Guide and learn it all today. If you have any questions feel free to call Chris Reese, the California Mortgage Hero at 916-502-1656. You can also ask your questions online by clicking here http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Free VA Home Loan Guide

Guess Who"s Back? 3% Down!

It’s Baaaaaaaaaa-aaaaaack!

97% LTV is back everybody! That’s a 3% down payment on a conventional loan. With FHA loans having permanent MI, this is an outstanding alternative for low down payment mortgage loans. This change has been a long time coming and it’s available starting Monday! Contact Chris Reese, Certified Mortgage Planner in Roseville to see what you qualify for with only a 3% down payment at 916-502-1656 or visit http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Guess Who"s Back? 3% Down!

Jumbo Mortgage 10 Percent Down, No MI, SS and BK Okay!

Chris Reese, California Mortgage Hero & Certified Mortgage Planner explains a unique, Jumbo Loan that has some very cool features that aren’t available with any other type of loan. Watch the video to find out more.

Want to take advantage of this Jumbo Loan Product? Call Chris Reese today at 916-502-1656. You can also inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Jumbo Mortgage 10 Percent Down, No MI, SS and BK Okay!

The Best and Most Beautiful Things in the World....Inspirational Quote

The best and most beautiful things in the world must be felt with the heart. If you’ve ever been in love or had children you definitely understand that. Please go out and see the world with your heart and allow yourself to truly feel. However, When it comes to big decisions such as those regarding mortgage and real estate, you have to do the opposite. You must make logical, sound decisions. Emotions will cost you. Don’t let yourself be overcome with emotion during a Mortgage Refinance or Home Purchase. Make sure you’re working with a solid mortgage planner and real estate agent that will advise and guide you to making a decision that is best for you and your family. Pick up the phone and call Chris Reese, California Mortgage Hero and Certified Mortgage Planning Specialist® in Roseville California 916-502-1656 or inquire on line at http://www.sacramentohomeloanspecialist.com/home.html

The Best and Most Beautiful Things in the World....Inspirational Quote

From 30 Year Fixed Rates to 10 Year Fixed Rate Mortgages and Staying Informed

Rates have been really low now for over a year. Most recently we’ve had some add’l improvement giving us the lowest levels the industry has seen all year. In spite of rates being so low, many people are turning to a shorter, 10 year mortgage loan because those rates of course are even lower. Check out this article http://www.thisismoney.co.uk/money/mortgageshome/article-2858084/Lock-mortgage-decade-record-low-rate-number-10-year-fixed-rate-mortgage-deals-increases-fourfold-one-year.html
The article discusses how rates have no where to go but up. I definitely agree. While I said above that we’re at the lowest levels we’ve seen all year, that was actually last week and those rates still pale in comparison with the rates available in January 2013. Take a look at this picture:

What it shows is a candlestick chart of the mortgage backed securities chart. Its showing the price of the 3.5% FNMA 30 year coupon bond. In other words, the bonds that are driving the mortgage rates on the 30 year fixed. Without getting too technical, some basic understanding of how to read this chart will help the explanation. The dates are along the bottom and the price of the bond is on the left. Mortgage rates have an inverse or opposite relationship to the mortgage backed securities that they are derived from. So the higher the price of the Bond, the lower the interest rates. The far right of the graph is now, and the far left is December 2012. So by the time the article I’ve referenced was written, rates had already risen from the lowest rates of the year. But if you look to the left, you can see that in both December of 2012 & April of 2013 that the MBS were much in price, the 106.5 range and today we’re at a modest 103.75. That is quite a bit of difference.

So while the article is talking about people locking in 10 year fixed rates, my take away is that they are confirming that rates have really nowhere else to go but up. So what do you do then? How do you get the best rate? The best Deal? You have to painstakingly monitor the market and do your research but more importantly you have to time your application with the market as well.

If you wait until rates are the “lowest they’ve ever been…” you’ve already missed them mark. First because by the time you call your mortgage lender to get the application in, rates are already back up as I’ve shown you in the graph from last week to this week. The second reason is that most of the news and information that is available doesn’t make it to the market until its too late. The article I referenced above came out yesterday. Rates were better the week before. By the time the news and the writers get this info, digest it, and then make it available it’s already outdated. I can help you with that. I provide real time information on where the mortgage rate market is moving. You can have that information arrive in your inbox either weekly or daily by signing up at this link http://www.rate-mastery.com/LoOptin.aspx?id=Chris_Reese_9165021656&p=WidgetTiny1 This is just my way of helping you keep your thumb on the pulse of the mortgage market.

If you have questions about your mortgage, refinancing, or purchasing another home don’t hesitate to contact Chris Reese, Certified Mortgage Planner at 916-502-1656 or inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html The answer to all your mortgage and real estate questions are just a phone call or a click away.

From 30 Year Fixed Rates to 10 Year Fixed Rate Mortgages and Staying Informed

Where are Mortgage Rates Heading?

Where are Mortgage Rates Headed Tomorrow and every day after that?

Mortgage Rate Shoppers are always asking what are rates? Where are they headed? By following this link http://www.rate-mastery.com/LoOptin.aspx?id=Chris_Reese_9165021656 you can sign up to receive weekly or even daily updates on exactly that. As a Certified Mortgage Planner I use lock planning strategies and analyze the mortgage backed securities market along w/various economic factors to help clients decide if now is the time to lock in their rate. I really like to explain to my clients “the Why” and “the When” and providing this type of information and analysis is a given for my clients. Even if you’re not one of my clients you still have access to this information. Just sign up at the link above. If you need a more detailed analysis and explanation you can always call in to 916-502-1656 or inquire online here http://www.sacramentohomeloanspecialist.com/home.html

Contact Chris Reese for all your Mortgage and Real Estate Needs. Whether its just time to simply take advantage of the free mortgage review & rate quote, get a fast and free mortgage pre-approval to purchase a home, Analyze and determine the best deal between multiple Real Estate Investment opportunities, or just need a property value analysis to determine your home’s worth you’re in the right place. Call Chris Reese the California Mortgage Hero & Certified Mortgage Planner at 916-502-1656 make an online inquiry at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Where are Mortgage Rates Heading?

I"ll Take it! Check Out Bruce Willis"s New Home!

We can all dream can’t we? Check out Bruce Willis’s new home in New York.

This place is phenomenal and I’m truly envious. The river, the endless trees, the privacy, & I guess the house is pretty cool too. Here’s a link to Zillow’s blog post http://www.zillow.com/blog/bruce-willis-bedford-properties-163023/ where you can read all about the wonderful amenities and become as jealous as I am. I bet financing this property was tough! This is a super duper jumbo loan. Many lenders cannot even touch a loan of this size or anything anywhere near it. If you need help securing financing for a luxury home or any other type of real estate don’t hesitate to give Chris Reese, The California Mortgage Hero a call at 916-502-1656. You can also apply for a mortgage loan and/or get pre-approved to purchase a home at http://www.sacramentohomeloanspecialist.com/applyNow.html

 

I"ll Take it! Check Out Bruce Willis"s New Home!

Money Can"t Buy You Happiness.....Inspirational Quote

David Lee Roth is right! Money cannot buy you happiness. Love, Family, Friends, Experiences….These are the things that truly make us happy. We often find ourselves being forced to choose between happiness and financial gain or improvement. It doesn’t have to be that way though. Let Chris Reese CMPS®, The California Mortgage Hero focus on putting you in a better financial position through Mortgage Planning so you can focus on happiness…your loved ones…and making memories. Call today for your free mortgage review consultation or free property value analysis at 916-502-1656. You can also inquire on line at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Money Can"t Buy You Happiness.....Inspirational Quote

Rates are Falling - Mortgage Tip

Rates are falling, Rates are Falling, and Rates are Falling!  Rates are falling guys but this could turn on a dime and rates could shoot up. There’s a lot going on right now which is driving rates or the cost of rates down. Take a look a the summary below:

What you have are 3 columns; A proposed Current Situation, a 30 Year Fixed Option, & a 5/1 ARM Option. The two options offer quite a bit of benefit to this hypothetical borrower. In addition to showing the difference in total payments, the refinance options also show the savings over time (5 years) and the freedom point of the new mortgage if the monthly savings were applied toward the principal balance each month. 

Let’s dissect the 30 year fixed option.  The proposed rate is fixed for 30 years at 3.75% with APR of 3.845%. The total payment including taxes and insurance drops by $170/month from $1,565 down to $1,395. That $170/month is $2,040 in savings per year. The closing costs and impound account came to about $4,816. Now let’s compute the cash on cash rate of return on spending this $4800 to save $2,046/year. The way to do that is to divide your annual savings, in this case the $2,046, by the cost of the investment (2,040/4,816 = .423) which equals 42%. WOW! Read that again, an ROR of 42%! Seriously? Yes! This is a concept known to Certified Mortgage Planners as a “Cash in Refinance”. While the borrower in this example is tying their closing costs into the loan amount, they are still costs that they incur so we can calculate a cash on cash rate of return. Can you imagine what your financial planner would do if you could earn an ROR of 42%?

Now let’s look at the 2nd example. Because its an adjustable rate mortgage we can’t predict what will happen after the five year fixed period so the freedom point makes an assumption that the payment will remain constant. This will not be the case but there’s no way to calculate a freedom point with a variable payment.  Having said that, individuals that take out adjustable rate mortgages as opposed to those that took out a fixed rate mortgage, all other things being equal, will pay less in interest over the life of the loan. This is due to not only the initial fixed period being at a lower rate than what is offered on fixed rate loans but also because when the rate does go adjustable, it can actually go lower than the note rate. This is because the payment during the adjustment period is based on a fixed margin, usually 2.25, and some index such as the 1 year LIBOR. The floor on the rate is typically the margin. So the 5/1 ARM option offers savings of $337 per month. If that savings were applied to the principal balance the client would save over $25,500 in just 5 years in interest taking into account the closing costs paid. The loan would be paid off in about 22 1/2 years (assuming a constant payment). 

Either option is a fantastic way to save money and put yourself in a better financial position. Whether you would choose a fixed rate mortgage or an adjustable rate mortgage largely depends on your adversity to risk. Regardless of whether a fixed loan or ARM is right for you, saving money is right for everyone. You owe it to yourself and your family to see if you can save money every month and over time. Pick up the phone and call Chris Reese, CMPS® at 916-502-1656 for your free mortgage review or home purchase pre-approval. You can also inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Rates are Falling - Mortgage Tip

Mortgage Rates Hit New 2014 Lows

Mortgage Rates seem to hit new lows about every other day now. Well its actually true. Check out the latest article from RIS Media released on 10/20/14.

The author discusses the average rates and points on loans from Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). Here’s the link again to the RIS Media Article http://rismedia.com/2014-10-20/mortgage-rates-hit-new-2014-lows/. If you have a rate of 4.5% or more, a refinance may very well save you a lot of money. Even if your rate is lower than 4.5% it makes sense to inquire. We recently blogged about a recent article regarding Ben Bernanke being turned down for a loan. That article, http://www.theguardian.com/money/us-money-blog/2014/oct/06/if-ben-bernanke-cant-refinance-his-mortgage-what-hope-for-the-rest-of-us, from the Guardian  talks about how Mr. Bernanke was attempting to lower his rate by less than a 1/4 point. He definitely understands the market, interest rates, and saving money & wanted to refinance but was turned down because his loan amount was outside guidelines. You may very well be able to do something that will put you and your family in a better financial position. You owe it to yourself and your loved ones so pick up the phone and call Chris Reese, Certified Mortgage Planning Specialist® in Roseville, California today for your Free Mortgage Review. These rates will not last! You can also inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

Mortgage Rates Hit New 2014 Lows

The Great Pleasure in Life....Inspirational Quote

“The great pleasure in life is doing what people say you cannot do.”

                                            – Walter Bagehot

www.CaliforniaMortgageHero.com

 

Chris Reese, The California Mortgage Hero and Certified Mortgage Planner from Roseville, California often gets things done that other lenders could not.  Call 916-502-1656 for all your mortgage and real estate needs. You can also inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

The Great Pleasure in Life....Inspirational Quote

How You Can Pay Off Your 30 Year Fixed Mortgage Early - Mortgage Tip

As a Certified Mortgage Planning Specialist I get asked this question all the time. “How can I pay off my 30 year fixed mortgage early?” Well there is a very easy and inexpensive way to do this!

The way to make this happen is to apply additional payments toward your principal balance each year. If you can make one add’l payment per year you will shave approximately 7 years off the life of your 30 year fixed rate mortgage and save a ton of interest as well. Easier sand than done right? Well here’s a way to make this a little less painful to your wallet. Take your monthly payment and divide it by 12. Whatever that result is, make sure you send in an add’l payment for that amount each and every month. If you make your payments with checks, you might even want to send 2 separate checks and write in the memo line, “Principal Payment Only” which will ensure that your mortgage servicer applies all of the add’l payments directly toward your principal balance.

Another way to accomplish this same exact thing is to make a payment every 2 weeks instead of once a month. Take your monthly payment and divide it by 2. Then when you pay it every 2 weeks, you’ll end up making 26, 1/2 payments throughout the year. This is the equivalent of 13 full payments, or 1 extra payment a year. Some lenders will actually fund the loan this way for you or you can request that they set up your servicing after the fact. Or you can just take the initiative and do it yourself.

Regardless of which route you choose, you can set these payments up to go out automatically. In many cases, you can even set it up w/your bank that a particular amount of your direct deposit automatically filters to a 2nd account which is set up for auto-pay to your mortgage servicer. This way its on automatic pilot and you don’t ever have to think about it. You know that because the 2nd account only is used to make the mortgage payment and it is automatically fed the necessary portion of your paychecks that your mortgage payments will always be made on time and most importantly, your 30 year fixed rate mortgage will be paid off about 7 years quicker. Now that makes some real financial sense. You can see a video on this very subject by clicking this link http://californiamortgagehero.com/?s=how+to+pay+off

You know what else makes financial sense? Working with a Certified Mortgage Planning Specialist and doing an annual mortgage review to ensure that you are in the best financial position possible. Even if you’re in the process of doing a refinance right now, it makes sense to call a Certified Mortgage Planner to take a 2nd look. Call Chris Reese, Certified Mortgage Planning Specialist today for your fast and free mortgage review, rate quote, and property value analysis at 916-502-1656 or visit http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

How You Can Pay Off Your 30 Year Fixed Mortgage Early - Mortgage Tip

The Sky is Falling? No Just Rates :)

Rates Dropped Massively overnight!

Watch this video to see just how much!

The mortgage market is hopping with volatility but rates dropped massively this morning. 30 year mortgage rates are very attractive. You owe it to yourself to see just how much you can save each month. Call me today for your Free Mortgage Review & Mortgage Rate Quote at 916-502-1656. You can also apply on line at http://www.sacramentohomeloanspecialist.com/applyNow.html

The Sky is Falling? No Just Rates :)

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

Opportunity is Missed by most People Because.... - Inspirational Quote

There is not a single successful person in this world that didn’t work very hard to get where they are. Sure there are those that everyone points to that are the exception. People that are born into wealth. They seem to be very successful. The truth is that those born into wealth that don’t work hard don’t feel or look very successful. They have a shallow existence and are very unhappy. This is one of the reasons why they say, “money can’t buy happiness”.

The other side of that coin is best said by David Lee Roth, “Money can’t buy you happiness, but it can buy you a yacht big enough to pull up right alongside it.” Funny yes. True? Yes! But what it doesn’t say is how hard somebody had to work to do so. As much as rock stars party and participate in debauchery, they still have to work very hard. They practice endlessly, have endlessly long tours on the road, strained personal relationships, money problems like you wouldn’t believe, & they’re always under a microscope. The price of fame is astronomical and is very hard work…at least for those that last!

So Make it Happen! Strap on your overalls, pull up your boots, and work very very hard for what you want. Learn the Rock Star’s lesson though. Have a good balance in life or you will not have longevity with your success. Speaking of working hard. Nobody works harder for you than Chris Reese, the California Mortgage Hero and Certified Mortgage Planner in Roseville, California. Pick up the phone and call me today at 916-502-1656 for your free mortgage review, home purchase pre-approval, or even a property value analysis. Let the experts work hard for you to ensure that you’re in the best possible financial position regarding your mortgage and your home so that you can work hard achieving your goals and maintaining balance in your life. You can also inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

 

 

Opportunity is Missed by most People Because.... - Inspirational Quote

Adorable Kids Sell a 4 Bed 2 Bath Family Home in Citrus Heights - Best Value in the Area

In the market for a 4 bed 2 bath family home in Citrus Heights? Check out this best price home in Citrus Heights. We decided to let the experts on this home tell you about some of the great features that make this such a steal! The best part, it’s from their point of view and you’ll find that as adults we take a lot of cool stuff for granted! Watch this video & see for yourself.

You can also see more information on the property website at http://6218stonehandave.bestpricedhouse.com The home is priced to sell and you won’t find a better bargain for a home in this area in this condition. It has newer wood laminate flooring throughout, a large pantry, newer oven range, a professionally built island/bar seating in the kitchen which is wired for electrical, baseboards and crown molding throughout, Ceiling fans throughout, 4 full bedrooms and 2 full bathrooms, an extra wide driveway and drive through gate into back yard, breezeway with Pergola, & a large back yard. You won’t find a better deal on a home in the area and as I mentioned above, its priced to sell! You can call for more information 916-502-1656 or you can visit the property website above. Please submit offers to CReeseHL@Gmail.com or fax them to 888-648-5686.

Would you like to be pre-approved to buy this home? Don’t hesitate to contact me at 916-502-1656 or visit http://www.sacramentohomeloanspecialist.com/applyNow.html

If you would like to know what your home would sell for in this market don’t hesitate to pick up the phone and call 916-502-1656. You can also inquire online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html We’ll provide you with a free report called a detailed home value analysis so you know exactly what your home is worth.

I hope you’ve enjoyed this video and that its given you some ideas on what you’ll do once you buy it. I’m personally a huge fan of the sliding floors and wrestling area but that’s just me. If you have rambunctious boys, this home is for you! Have a wonderful day and I look forward to hearing from you.

Adorable Kids Sell a 4 Bed 2 Bath Family Home in Citrus Heights - Best Value in the Area

30 Year Mortgage Rates Dip Again but Ben Bernanke Cannot Refinance?

Wow! I have to say it again, Wow! 30 year mortgage rates dip again but Ben Bernanke cannot refinance his own house according to the Guardian.

 

Seriously? Declined?

Relax, its not as bad as you think. According to the article, Bernanke is trying to refinance from a rate of 4.25% down to 4.19% but his mortgage is above the conforming loan limit of $625,000 in his neck of the woods. It also goes on to talk about how he commands $250,000 per speaking engagement. The first thing I see wrong with this is that you shouldn’t be refinancing from 4.25 down to only 4.19. There’s not enough benefit to you as a borrower unless the 4.25 was taken out so long ago that by doing a new 30 year fixed you reduce the payments significantly by stretching out the re-payment terms back to 30 years.

The next issue I have is that he wouldn’t be trying to get a 4.19% rate. That isn’t offered. Rates are typically offered in 1/8 point increments. Sometimes lenders will provide a rate slightly under a double zero defying that rule. For example: instead of 4%, they offer 3.99%. It’s like paying $3.99 at the pump instead of $4.00.  In addition to that, 4.19% is the average rate on a 30 year fixed mortgage currently. It’s not a target rate you would shoot for.

The last thing that I take issue with is the fact that they’re selling this lke a hardship. Bernanke is probably not in any financial trouble whatsoever so if he can’t refinance his mortgage, well that’s not ideal but not the end of the world. He was simply trying to save money. I doubt that the savings from a refinance would significantly affect his way of life.

The takeaway from the article that I get from reading between the lines is that even though a wealthy, powerful public figure doesn’t need a mortgage at all, he’s wise enough to see that a mortgage makes sense. You get the tax benefit and you don’t have the opportunity cost. If you don’t use a mortgage instrument, much of your wealth is tied up in your home and you don’t have access to it. You can’t make money on it through other financial instruments like mutual funds and IRA’s or fund some other business venture–Some alternative place to put that same money where it works for you. In Bernanke’s case, $625,000 of liquid cash that he could presumably use for some alternative venture. My opinion of course but don’t take my word for it. Read the article from the Guardian yourself at this link Ben Bernanke ran the Federal Reserve and can’t get a new mortgage. Can you?

Are you having trouble refinancing your mortgage or qualifying for a new mortgage to purchase a home? Don’g struggle any further. Let the California Mortgage Hero and Certified Mortgage Planner put his expertise to work for you. Call Chris Reese for your free mortgage review, mortgage pre-approval, or property value analysis at 916-502-1656 or inquire online at http://www.sacramentohomeloanspecialist.com/applyNow.html

 

30 Year Mortgage Rates Dip Again but Ben Bernanke Cannot Refinance?

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

Are You Really Pre-approved? - Mortgage Tip

Are you really pre-approved? The term “Pre-Approval” is used very loosely in the mortgage and real estate industry. Chris Reese, California Mortgage Hero & Certified Mortgage Planner explains what a pre-approval really is and how to get one.

 

It’s very important that you understand the distinction between a pre-approval and a pre-qualification. What you need is a pre-approval but many people will call and refer to a pre-qualification as a pre-approval but they are quite different. When you’re shopping for a home to live in, a 2nd home/vacation home, or looking for an investment property you’re going to need a solid pre-approval letter from a competent loan professional, preferably a Certified Mortgage Planning Specialist.

 

Let’s explain what a pre-approval actually is. It’s a thorough analysis of a loan applicant’s income, assets, credit, and ability to repay the loan. It can sometimes be very quick and sometimes borrowers have very complicated situations that require a longer more thorough analysis to determine if they can borrow the money to buy or refinance a real estate property. This means that the borrower will complete an application providing all their personal and financial information including social security numbers & dates of birth. The applicant’s credit will be pulled and thoroughly examined for payment history to creditors, number of accounts, collections, public records, erroneous information, red flags etc…

The applicant’s will also submit documentation to support what the information in the loan application. Income will be calculated according to the guidelines of the particular type of loan the borrower is applying for. Even ID’s are checked to verify an applicant’s information but also to ensure that the forms of identification are valid and not expired. I know that this sounds like a painstaking process but its quite necessary to ensure that you can truly qualify for the loan you’re applying for. The last thing anybody wants is for a borrower to not be fully pre-approved and then during the escrow period the loan get’s denied. This costs the agents their time and energy and expenses that go with being an agent. More importantly it costs the borrower time and money for inspections and quite possibly their deposit money. The worst part though, the borrower doesn’t get the house and they are typically heart broken at this point!  Don’t let this be you!

 

Now that I’ve explained what a real pre-approval is I can easily explain what a pre-qualification is. Anything less than what I’ve described above is only a pre-qualification and can really leave you hung out to dr. A pre-qualification can involve anything from just verbally asking a potential borrower what their income is and how their credit looks all the way to just shy of 1 or 2 of the steps I illustrated above. So why would anybody do only a pre-qualification? Simple, two reasons: Inexperience and Time/Money! Inexperienced loan officers that just play the numbers game and don’t have any real advisory relationship to their clients. This is why I always recommend a Certified Mortgage Planner as they typically always go the extra mile and also have the experience and take an advisory role.

 

If you’re looking to purchase a home or investment property or you’re simply just looking to refinance it, do yourself a favor and pick up the phone and give me a call. As a Certified Mortgage Planning Specialist I’ll personally analyze your situation and use an appropriate mortgage planning strategy that helps you accomplish exactly that. You can reach me, Chris Reese, The California Mortgage hero at 916-502-1656 and you can apply online at http://www.sacramentohomeloanspecialist.com/applyNow.html

Are You Really Pre-approved? - Mortgage Tip

30 Year Mortgage Rates Dip Again!

30 year mortgage rates just keep surprising us. Check out this article from USA today http://www.usatoday.com/story/money/business/2014/10/02/ap-average-us-30-year-mortgage-rate-at-419-percent/16585341/ It explains how average 30 year mortgage rates have dropped again from last week of about 4.2 down to 4.19. The mortgage backed securities market has had extreme highs and lows over the last 30 days as you can see by this candlestick chart of the Fannie Mae 3.5% coupon bond.  The price was as high as nearly 103, fell to as low as 101.4, and now its doing its best to test those higher levels near 103 again. We’re talking about a price swing of 150 basis points!

With pricing swinging that wildly you have to plan your locking strategy accordingly. If you’re trying to do a refinance, be smart about it. Get your application in ASAP and then discuss your locking strategy. You may chose to lock your loan in immediately or w/some technical analysis from your mortgage planner you may decide to float for a bit.  Don’t wait to get your application in until you think that the rates are perfect you could really miss the boat. You never know that we’ve seen the lowest rates until they go back up.  Then you can reflect and say to yourself, “yep, should have locked our loan 3 days ago…”   Many borrowers that waited are kicking themselves for that choice. If you still haven’t even put your application in, you’re even further behind.

So please be wise and make sure that you are working with a competent Certified Mortgage Planner that will go over a locking strategy with you and help you figure out what is best for you. For your Fast & Free Mortgage Review, contact Chris Reese, California Mortgage Hero & Certified Mortgage Planner at 916-502-1656 or inquire on line at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html

30 Year Mortgage Rates Dip Again!