Mortgage Rates Report

In response to: Going Directly To The Bank Does Not Save You Money

You're right, Rob. I'm "banking" on the honesty of our nation's banks.

Naive little boy, aren't I?

In response to: 2008 Housing Market Outlook For U.S. Investors

Starting to see a light at the end of the tunnel here in Long Beach. Buyers are out shopping and buying, lots of multiple offers on properties that are priced to sell as they hit the market. Putting one into escrow tomorrow, hit the market priced to sell, wrote offer then showed the property same day it was listed. 2 offers came in as my offer was accepted.

In response to: HR 5830- Short Refinances: Saving the US Mortgage Industry?

I have negototiated a short refinance with Loan Servicing but it was not easy and it took time.

We tried to refi these homeowners in January when there ARM adjusted and went up to 10.25%. The property appraised for $284K and the homeowner was going to have to bring 9k to closing. There property had declined in value and they did not have the funds to close. They decided to wait until the FHA limits would be increased. In March 2008 the nlimits in VOlusia county Florida went up to over 300k and NOw these homeowners should be able to get an FHA insured loan. However, the property values went down even further now. Their proerty now was valued at 239K! The payoff on the 1st and 2nd mortgage was $265K. We needed 55k principle reduction to make this happen. Loan servicing was not working with us and we soliticed the help of Congressman TOm Fenney. Congressman Fenney called HUD and we all contacted Loan Servicing. FINALLY Loan servicing approved the short refinance and we closed July 3, 2008.

YES WE CAN MAKE A DIFFERENCE!

These lenders need to work with distressed homeowners and keep them in their homes! Every time a lender forces a homeowner into the street with a short sale, we all lose.

In response to: Online Marketing Conference For Realtors Scheduled November 7, 2008, in Orlando (During the NAR Convention)

Brian,

Thanks for the mention. I'm making my plans for Orlando this weekend - it's already on my calendar!

In response to: Going Directly To The Bank Does Not Save You Money

Brian,

I agree completely the specious nature of the "cut out the middleman" bank argument against brokers.

Also the marketing of ploy of those who use the deceptive "no cost" is commonly reserved for banks and they get the well deserved shame for that as well.

I wrote a post on another bank who uses a non-stop radio campaign to peddle this bogus offer in California Lenox Financial, called "No Cost Mortgage Advertisers Prey On Unsophisticated Borrower".

In your analysis of the BoA "no cost" offer you omit one thing. The fact that a "lobby rates" are just that...lobby rates. The rates folks will close at will be significantly higher. "Bait-n-switch" is alive and well at our nations banks.

Good post..

Rob

In response to: Long Beach Mortgage Rates Report: June 30, 2008

I have been meaning to take a loan but I am in doubt as to the reality of online loans,can i be assured that i will not come up against fraud like i did the last time leading me to a breakdown and abuse.

..............................................

mani kanna

http://www.addictionrecovery.net/california

In response to: What Are Mello-Roos Fees?

Hello Brian,

We had a breif email chat a couple weeks ago. I am a Canadian planning on purchasing multiple US revenue properties. Do you have a minimum amount you will loan on a per property basis? Earlier you mentioned that you can not lend to corporations US or Canadian. Out of curiousity does this include LLCs? Since I see from your many internet postings that you have a pretty broad understanding of wealth creation, do you have any advice for me on how to protect myself and business in case of a lawsuit? I am not interested in protetion from banks if I default etc, what I am interested in is protection from litigation from an injury on/in one of my properties in the US etc.

Thank you for your time,

Curtis Sambrook

(306) 270-4640

In response to: Going Directly To The Bank Does Not Save You Money

Brian,

Interesting analysis. As we don't have B of A around us (yet), I've often wondered how their rates compared.

You're absolutely correct in that we all get our money from the same place. I think a more interesting analysis would be to compare traditional fee "bank" quotes vs. your quotes.

Have a good day!

Tom