Question of the week: How far will rates drop? Answer: Over what period of time? Mortgage rates have their largest Friday to Friday rate drop since August 2009, a one-half of one-percent drop (0.500%), as determined by the WR&MU inputs (1.25 origination points, 740 FICO, 80% loan-to-value, purchase mortgage in Long Beach); and their lowest […]
Question of the week: What types of mortgages are available? Answer: Before we get into more specific types of mortgages on the residential market, almost every type of mortgage has two options, fixed rate or adjustable rate. Actually three, as there are hybrids that are a bit of both. Fixed rate mortgages have the same […]
Question of the week: How much is an area rug? Answer: Anywhere from twenty to thirty dollars to about $250,000. Two-hundred fifty thousand dollars for an area rug? Were not buying a rare Persian carpet! One of my favorite books to read to the girls when they were young was “If You Give a Pig […]
Question of the week: Do we need title insurance? Answer: Yes, no, maybe… Title insurance is in the news this week as the Biden Administration is investigating the title insurance industry and the relationship between the cost of the insurance to consumers and the risk to the insurance companies. Earlier this week a roundtable at […]
Question of the week: What is happening with home sales? Answer: Depending on the area, sales are a mixed bag. Some areas are seeing higher sales and lower prices, others showing higher sales and prices, some are showing lower sales and higher prices. Let’s dig into some data from the California Association of Realtors numbers […]
Question of the week: What does “borrower paid” mean? Answer: In the July 16, 2021 WR&MU we answered, “What are points and do we have to pay them?” For those not wanting to click, points are the upfront cost of a mortgage, the higher the points the lower the rate; conversely the lower the points […]
Question of the week: Moving? Answer: This simple question covers many areas, let’s explore a few. First, a reiteration of my moving my mortgage career from Stratis Financial to United American Mortgage—hence the new email address for the WR&MU. I am slowly settling in to new software, systems and personnel after 25 years working with […]
Question of the week: How do we pay off _______? Answer: Parent passing away, divorce, vacation home with family member, college, medical bills, credit card and other debt, are some of the scenarios when we are contacted by clients looking for assistance to obtain a large amount of funds. In the past five years home […]
Question of the week: What is a seller credit? Answer: When purchasing a new home, the amount you need to close the transaction is more than just the down payment. In addition to the down payment there are closing costs. Loan costs, escrow and title fees, inspection and appraisal, home owner’s insurance premium, if you […]
Question of the week: Where have you landed? Answer: I have affiliated my California Department of Real Estate Broker’s license and my National Mortgage Licensing System license with United American Mortgage. Based in Costa Mesa, UAM has been operating for thirty years, has excellent management and support staff for loan originators and their clients. I […]
