Tri-Valley Mortgage News

I've never posted a photo on Wordless Wednesday before. I guess I've never felt I had a relevant photo to share. Since Spring is officially here, I thought I'd post my latest organizing project: our entry hall coat closet. I put away all the winter stuff to make room for the summer stuff. I started storing my son's socks in a plastic shoe box here because his shoes are kept here too. Storage is all about function - think about storing things where you use them the most, which may not necessarily be where you *think* they should be stored. Get creative and save yourself some time!

East Bay Mortgage News Mid Week Update

Economic News:  The S&P/Case-Shiller home price index figures revealed continued weakness in the pricing component of the housing sector.  This certainly is a bit conflicting with certain regional markets.  As they say..."all real estate is local".

Mortgage Markets:  A wild ride for all in the debt markets yesterday.  S&P downgraded the sovereign debt of Greece to "Junk Status" and sent global markets to a flight to quality.  The 10 Year Note is yielding 3.75 (after getting down to 3.69 yesterday) and is giving back some of yesterday's large gains.  Rates are a touch higher than Tuesday's closing levels.  The Mortgage Backed Securities are giving back too.  Now is an excellent time to consider locking if your loan is set to close in the next 21 days.

Upcoming This Week:  Thursday:  Weekly Jobless Claims.   Friday:  Gross Domestic Product (GDP) & Consumer Sentiment.

Current Mortgage Rates

Stay tuned for the East Bay Mortgage Update This Coming Friday...Enjoy the week!

Economic News:  The Federal Open Market Committee announcement could give us some activity in the debt markets this week.  It is anticipated that the FED will continue their outlook that the economy is slowly improving and inflation is subdued but that challenges remain.  This would most likely continue their outlook that rates will remain low for an extended period of time.

Mortgage Markets:  The 10 Year Note is yielding a "tick" above 3.80 and rates are a touch better than the levels seen at the end of last week.  The Mortgage Backed Securities are doing o.k. but still trading in a tight range.  Now is an excellent time to consider locking if your loan is set to close in the next 21 days.

Upcoming This Week:  Tuesday:  Case-Shiller Home Price Index & Consumer Confidence.  Wednesday:  Federal Open Market Committee (FOMC) Announcement.  Thursday:   Weekly Jobless Claims.   Friday:  Gross Domestic Product (GDP) & Consumer Sentiment.

Current Mortgage Rates

Stay tuned for the East Bay Mortgage Update This Coming Wednesday...Enjoy the week!

San Jose, Ca Real Estate-Fannie Mae HomePath Listings and Loan Info, Cari Anderson, Diversified Mortgage Group

The Fannie Mae HomePath Loan is for homes currently owned by Fannie Mae. The biggest draw to this type of financing is that there is no appraisal required since Fannie Mae already owns the property and has set the sales price. Also to the buyers advantage is the fact that many of these homes are priced under market value, so purchasing such a property gives the buyer built-in equity immediately!

You can find current listings in your area at www.homepath.com

Currently there are 21 active HomePath listings in San Jose, CA and 2 properties "coming soon."  There are 21 properties under contract. The home prices range from $119,900 to $506,000.

If you are interested in HomePath Financing, I can help you get fully approved before you start your home search. With no appraisal required Diversified Mortgage Group can close your loan in as few as 15 days!

For more info on the HomePath loan, see my previous post here.

Mission City 5k Fun Run at California's Great America this Sunday!

This Sunday, April 25^th I will be participating in the Mission City 5k Fun Run at California's Great America park in Santa Clara for the 2^nd year. Last year was their first race and it was a blast - the route is a short run through the amusement park (early morning before opening of course!) and out around the parking lots to finish again inside Great America.

There is also a quick 1 mile kid's fun run which my 6-year-old son and husband will be doing with hubby pushing our 2-year-old daughter in the jogger.

The best part is that you get free admission to the park for the day with your registration.

The last race I ran (The Santa Cruz Half Marathon and 10k) the weather did not cooperate - it was cold and windy and it rained (luckily AFTER I had finished!) but this Sunday is supposed to be beautiful and I am excited. It's a short race (3.1 miles), it's for a good cause, and I get to spend the rest of the day hanging out at Great America. I grew up in Sunnyvale so I spent many, many days there throughout my life.

Unfortunately, I've noticed they've done away with their Nickelodeon theme which will be a huge let-down for my Sponge Bob fanatic son and my Dora lovin' daughter but they've got Snoopy now and a whole new kid's park which should be fun.

If you'd like to join me in this race, here is the info below. Packet pick-up is tomorrow afternoon at Key Point Credit Union in Santa Clara. I'd advise to pre-register rather than wait till the day of as last year the line was long. Have a fantastic weekend!

Link to registration.

Jumbo FHA loans, San Ramon, CA, Danville, CA

Are you looking for a great deal on a loan that is above the $417,000 conforming loan limit? Do you have limited down payment funds? Or perhaps you'd rather retain the majority of your savings for reserves or home improvements.

The FHA High Balance (sometimes referred to as Jumbo FHA) loan may be a terrific solution for your home purchase. You can finance up to 96.5% of the homes purchase price! The loan amount can range from $417,001 to $729,250 in the Bay Area. (Click here to find the maximum loan amount for your area)

While rates have been fluctuating a bit lately, I have access to some fabulous pricing on these loans right now!

For example, today (4/22/10) a 30 year fixed Jumbo FHA loan is at 5.0%. Even better, this interest rate is for a no point loan - meaning I would not be charging an origination fee. On top of that, I will also credit you the cost of our processing fee (a $650 value!). Depending on your loan amount, that can be a total savings of up to $7900!*

One thing to be aware of with Jumbo FHA loans is that they do require mortgage insurance due to the fact that you are borrowing well over 80% of the home's value which is the limit to get a loan without any mortgage insurance.

However, if you are looking for a loan above the conforming limit of $417,000 and you have less than 20% for a down payment, the Jumbo FHA  loan is one program you should consider.

Of course it is always wise to compare your options. I can give you a side-by-side cost comparison between all your options so you can make an informed decision.

I have been in the home loan business for over 15 years and 13 of those years I spent as a mortgage underwriter which means I made the decisions as to whether your loan was approved or not. I can guide you through this process and ensure that if you qualify, your loan process will be smooth and timely.

*rates and credits subject to change daily; rate based on a 15 day lock period and representative FICO score of over 700; not a commitment to lend.

The Fannie Mae HomePath Loan is for homes currently owned by Fannie Mae. The biggest draw to this type of financing is that there is no appraisal required since Fannie Mae already owns the property and has set the sales price. Also to the buyers advantage is the fact that many of these homes are priced under market value, so purchasing such a property gives the buyer built-in equity immediately!

You can find current listings in your area at www.homepath.com

Currently there are just 2 active HomePath listings in Pleasanton, CA.  As you can see below they range from $299,900 to $399,900. If you are looking for a great deal in Pleasanton, CA it may be worth checking the HomePath website periodically to see if more properties have been recently listed. The general consensus is that there should be a great deal more properties released by Fannie Mae in the near future for sale.

If you are interested in HomePath Financing, I can help you get fully approved before you start your home search. With no appraisal required Diversified Mortgage Group can close your loan in as few as 15 days!

For more info on the HomePath loan, see my previous post here.

Mid Week Update

Economic News:  There is not much in the way of reports until tomorrow and Friday.  At that point we will get a read on the inflation trends as well as a look at the health of the labor market.  These reports could have a near term impact on interest rates in either direction depending on any surprises outside of consensus.

Mortgage Markets:  The 10 Year Note is yielding 3.76 and rates are improving over yesterdays levels.  The Mortgage Backed Securities are doing well but still running up against resistance levels.  Now is an excellent time to consider locking if your loan is set to close in the next 21 days.

Upcoming This Week:  Thursday:  Producer Price Index (PPI), Jobless Claims, Existing Home Sales.  Friday:  Durable Goods Orders & New Home Sales

Current Mortgage Rates

Stay tuned for the East Bay Mortgage Update This Coming Friday...Enjoy the rest of the week!

Year after year one of the most prolific homeowner property insurance claims is due to water damage. Follow these time-tested tips to keep your home safe and dry!

1. Check your water pressure regularly: At least once a year check to make sure your water pressure is in the optimal range of 45 to 65 pounds per square inch (psi). You can do this by purchasing a pressure gauge and attaching it to the faucet. If your reading is above 65 psi this could mean trouble down the line. For more on how to test water pressure, check out this article.
2. Fix leaks: This may sound obvious but leaks can go unnoticed until damage is already done. Look for stains around areas where water is used. Check in cabinets under sinks for water spots. Also, if there are unusually warm spots in the floor, it could indicate hidden water damage.
3. Check out your water bill: Normally I just pay my water bill without really looking it over and I know I'm not alone. But try to get in the habit of periodically inspecting your charges to get an idea of your normal water usage. Major fluctuations may indicate a problem. Of course, you may use more water in the hotter months but if you check your usage regularly, you'll get a feeling for what is normal and what is cause for concern.
4. Replace old or worn parts: Periodically check your appliances' hoses and/or seals as well as the caulking around them. The time investment is minor compared to the potential hazard if left unchecked.
5. When you're away for an extended period of time it may be a good idea to shut off your water to prevent any hazards while you are gone. See if your home has a water shut off valve for the home only so that your yard irrigation isn't affected.
6. Doing laundry? Stay present. One of the best pieces of advice I've ever gotten from a damage restoration professional is to never, ever leave the house while your washing machine is running.  If the machine malfunctions and starts to leak water your presence or absence can mean the difference between small nuisance and major water damage. I know this is a tough one (it has been for me) but just being aware of the potential hazard can motivate you to follow this advice

Do you have any other good tips to prevent water damage? Please feel free to comment below! Stay dry!

The Fannie Mae HomePath Loan is for homes currently owned by Fannie Mae. The biggest draw to this type of financing is that there is no appraisal required since Fannie Mae already owns the property and has set the sales price. Also to the buyers advantage is the fact that many of these homes are priced under market value, so purchasing such a property gives the buyer built-in equity immediately!

You can find current listings in your area at www.homepath.com

Currently there are 4 active HomePath listings in Martinez, CA and 1 property "coming soon."  There are 4 properties under contract. The home prices range from $79,900 to $399,900. 

If you are interested in HomePath Financing, I can help you get fully approved before you start your home search. With no appraisal required Diversified Mortgage Group can close your loan in as few as 15 days!

For more info on the HomePath loan, see my previous post here.