Today we have the final installment in the series on the new Good Faith Estimate formThe 2010 Good Faith Estimate (Page Three). Your government that should be protecting you from the worst sort of mortgage provider lies is now actively enabling those lies by allowing/making a false statement that the numbers quoted at sign up cannot change.
The second installment in the series The 2010 Good Faith Estimate (Page Two) is now up. Read it and weep - for consumers nationwide who were hoping the government would provide the solution to their troubles. Didn't happen. Instead, it's same old game of low-ball the consumer to get them to sign up, only now the lender is supposed to come clean at a point which is too late for anyone to change loans. Exactly how does that benefit consumers?
The third and final installment will publish tomorrow.
It's been a while, but the most recent Transaction From Hell (seller's tenants didn't want to move out - or even let inspectors in) is finally over and I've had a little bit of chance to recover. Today's new consumer article is The 2010 Good Faith Estimate (Page One). Read it and weep - for consumers nationwide who were hoping the government would provide the solution to their troubles
I intend to have more for tomorrow.
(This will remain on top through Veteran's Day. Scroll down for newer posts)
I think that one charitable fund raiser per year is both reasonable and an absolute limit, so I have to be very picky as to which one I choose. I could choose the San Diego Zoo, American Red Cross or many other worthy charities.
The one I have chosen is more important than that.
Project VALOUR-IT helps disabled troops who have lost the use of one or both hands in action. It can't replace those hands; what it does is enable them to connect to the internet and use a computer, both of which are becoming ever more essential parts of daily life. They stepped up to the line to defend you, your family, and even the jerk who runs this website, and for the rest of their life they are going to suffer a disability that is becoming more important to all aspects of living a normal life. I believe that helping these people live a life that is as normal as practical is the absolute minimum we can do.
There are NO ADMINISTRATIVE COSTS to this program. Every penny goes to buy these laptops, which the manufacturer sells at cost or even a touch below.
Prevent this shame from happening to us. Please.
There were thirty million English who talked of England's might,
There were twenty broken troopers who lacked a bed for the night.
They had neither food nor money, they had neither service nor trade;
They were only shiftless soldiers, the last of the Light Brigade.
They felt that life was fleeting; they knew not that art was long,
That though they were dying of famine, they lived in deathless song.
They asked for a little money to keep the wolf from the door;
And the thirty million English sent twenty pounds and four!
They laid their heads together that were scarred and lined and grey;
Keen were the Russian sabres, but want was keener than they;
And an old Troop-Sergeant muttered, "Let us go to the man who writes
The things on Balaclava the kiddies at school recites."
They went without bands or colours, a regiment ten-file strong,
To look for the Master-singer who had crowned them all in his song;
And, waiting his servant's order, by the garden gate they stayed,
A desolate little cluster, the last of the Light Brigade.
They strove to stand to attention, to straighten the toil-bowed back;
They drilled on an empty stomach, the loose-knit files fell slack;
With stooping of weary shoulders, in garments tattered and frayed,
They shambled into his presence, the last of the Light Brigade.
The old Troop-Sergeant was spokesman, and "Beggin' your pardon," he said,
"You wrote o' the Light Brigade, sir. Here's all that isn't dead.
An' it's all come true what you wrote, sir, regardin' the mouth of hell;
For we're all of us nigh to the workhouse, an, we thought we'd call an' tell.
"No, thank you, we don't want food, sir; but couldn't you take an' write
A sort of 'to be continued' and 'see next page' o' the fight?
We think that someone has blundered, an' couldn't you tell 'em how?
You wrote we were heroes once, sir. Please, write we are starving now."
The poor little army departed, limping and lean and forlorn.
And the heart of the Master-singer grew hot with "the scorn of scorn."
And he wrote for them wonderful verses that swept the land like flame,
Till the fatted souls of the English were scourged with the thing called Shame.
O thirty million English that babble of England's might,
Behold there are twenty heroes who lack their food to-night;
Our children's children are lisping to "honour the charge they made-"
And we leave to the streets and the workhouse the charge of the Light Brigade!
Rudyard Kipling
Please help if you are in a position to do so
It's been a while because I've been both busy and depressed over dis-improvements in the market and their effects upon consumers, but yesterday I found time to write a new article Changes In The Mortgage Market And Transparency Since 2005. It explains a lot of changes in the mortgage market and why savvy consumers have lost a lot of control over the process in just the last few months.
This is the new list of HOMESTEPS properties from Freddie Mac for the areas I specialize in. These properties qualify for special financing. I can get the list for other areas. Be aware that Freddie Mac does not remove properties from this list (even though they may be Pending) until they actually sell!
I also have a list of upcoming HOMESTEPS properties not on the market yet
If you have questions, Contact me
La Mesa
Address: 5088 122 GUAVA AVENUE, LA MESA, CA
Rooms: 6 Bed: 3 Bath: 3.0 Price: 275,600.00
Address: 8232 LEMON AVENUE, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 2.5 Price: 304,900.00
El Cajon
Address: 656 BALLARD STREET 13, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 132,500.00
Address: 1544 EAST WASHINGTON, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 227,900.00
Address: 792 AVOCADO AVE UNIT 36, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 93,545.00
Address: 792 AVOCADO AVE UNIT 60, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 98,580.00
Address: 447 AVOCADO AVE, EL CAJON, CA
Rooms: 7 Bed: 3 Bath: 2.5 Price: 307,400.00
Address: 1499 BROADWAY 6, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 137,747.00
Address: 800 N MOLLISON AVE UNIT 34, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 78,970.00
Address: 1423 GRAVES AVENUE 136, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 117,660.00
Address: 13703 GATEWAY VIEW DRIVE, EL CAJON, CA
Rooms: 7 Bed: 4 Bath: 2.5 Price: 356,160.00
Lakeside
None currently
Santee
Address: 9216 NORTHCOTE RD, SANTEE, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 206,500.00
San Diego City
Address: 5511 ADELAIDE AVENUE, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 120,575.00
Address: 43504 352 56TH STREET, SAN DIEGO, CA
Rooms: 11 Bed: 6 Bath: 3.0 Price: 328,600.00
Address: 8745 LAKE MURRAY BLVD 3, SAN DIEGO, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 144,160.00
Address: 6812 COWLES MOUNTAIN BLVD, SAN DIEGO, CA
Rooms: 7 Bed: 3 Bath: 2.0 Price: 374,000.00
Address: 7730 MARGERUM AVE 149, SAN DIEGO, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 129,000.00
Address: 4550 GLACIER AVE 2, SAN DIEGO, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 179,140.00
Dan Melson, Agent
Clarity Real Estate Network
619-300-7425
The Best Loans Right NOW
Based upon "average credit", not absolutely perfect credit. People who do have better credit get even better rates!
Conforming Rates
Thirty Year Fixed Rate Loans
4.875% 30 Year fixed rate loan, with one total point (that covers both discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2117, APR 5.003! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate loans as low as 4.25 percent (If I wanted to pretend buying the rate down that far wasn't a waste of your money!)
5/1 Hybrid ARM Rates
5/1 ARMs have now fallen to levels below 30 year fixed by over a full percent for the same cost!
3.75% 5/1 ARM, with one total point (that covers both discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $1852, APR 3.870! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 ARM rates as low as 2.625% - If I wanted to advertise a rate that wastes thousands of dollars of your money!
Jumbo Conforming Rates (aka Super Conforming)
(NOW $417,001 to $697,500 in San Diego))
5.125% 30 Year fixed rate loan, with one total point (that covers both discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $500,000 loan, Payment $2722, APR 5.254! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate loans as low as 4.375 percent if I was trying to get my clients to waste thousands of dollars!
VA Rates
4.875% 30 Year fixed rate loan,with one total point (that covers both discount and origination) to the consumer and NO PREPAYMENT PENALTIES (Standard Veterans Administration government generated charges to borrowers apply)!. Assuming a $400,000 loan, Payment $2117, APR 5.003! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! 30 year fixed rate VA loans as low as 4.5 percent (But you'd have to be crazy to pay that many points!)
NONCONFORMING ("JUMBO") RATES
(NOW $697,501 and above in San Diego)
These numbers assume a 70% loan to value ratio, not 80.
Thirty Year Fixed Rate Loans
5.875% "Jumbo" 30 Year fixed rate loan, with one total point (that covers both discount and origination) and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4141, APR 6.002! This is a thirty year fixed rate loan. The payment and interest rate will stay the same on this loan until it is paid off! Jumbo 30 year fixed rate loans as low as 5.125 percent if you want to probably waste thousands of dollars you'll never get back!
5/1 Hybrid ARM Rates
JUMBO 5/1s are about one percent lower than 30 year fixed for the same cost
4.75% "Jumbo" 5/1 ARM, with one total point (that covers both discount and origination), and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $3652, APR 4.869! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 Jumbo ARMs as low as 4.00 percent - I could advertise those if I didn't care about my clients wasting money!
On the hypothetical $700,000 loan, a 5/1 saves over $650 per month in cost of interest over a thirty year fixed at the same cost!
All rates above are intended for San Diego County today, and include a 30 day lock. Loan prices will vary every day. Loan pricing in the rest of California will be similar. Conforming loan pricing will be similar between about $150,000 and the conforming limit in your area. Nonconforming loan pricing will be similar from the conforming limit up to about $1 million dollars in loan amount.
10 year interest only payments available on 30 year fixed rate loans!
Great Rates on super-jumbo loans also available!
Zero closing costs and zero points loans also available!
Portfolio lenders! Need something special most lenders can't do? Portfolio lenders may be the key! I have portfolio lenders!
Yes, I still have low to zero down payment purchase programs.
These are actual retail rates at actual costs available to real people with average credit scores! I always guarantee the loan type, rate, and total cost as soon as I am able to lock the loan (subject to underwriting approval of the loan). I pay any difference, not you. If your loan provider doesn't do this, you need a new loan provider!
All of the above loans are on approved credit, not all borrowers will qualify, based upon an 80% loan to value and a median credit score on a full documentation loan. Rates subject to change until rate lock.
Interest only, bad credit and other options also available. If you need a mortgage, chances are I can do it faster and on better terms than you'll actually get from anyone else in the business.
Designing transactions for low to zero down payment a specialty
Please ask me about first time buyer programs, including the Mortgage Credit Certificate, which gives you a tax credit for mortgage interest, and can be combined with any of the above loans!
Owe more than the property is currently worth? Ask about the 125% refinance with no PMI
Call me. Clarion Mortgage Capital at 619-300-7425, ask for Dan. Or email me: danmelson (at) danmelson (dot) com
This is the new list of HOMESTEPS properties from Freddie Mac for the areas I specialize in. These properties qualify for special financing. I can get the list for other areas. Be aware that Freddie Mac does not remove properties from this list (even though they may be Pending) until they actually sell!
I also have a list of upcoming HOMESTEPS properties not on the market yet
If you have questions, Contact me
La Mesa
Address: 4438 68TH STREET, LA MESA, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 299,900.00
Address: 8232 LEMON AVENUE, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 2.5 Price: 304,900.00
Address: 4645 MUNROE ST, LA MESA, CA
Rooms: 7 Bed: 4 Bath: 3.0 Price: 470,000.00
Address: 5700 BALTIMORE DR 218, LA MESA, CA
Rooms: 4 Bed: 2 Bath: 2.5 Price: 185,500.00
El Cajon
Address: 1692 BARTRAM WAY, EL CAJON, CA
Rooms: 7 Bed: 4 Bath: 2.0 Price: 267,650.00
Address: 1086 WEST CHASE AVENUE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 211,470.00
Address: 206 NODEN ST, EL CAJON, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 257,845.00
Address: 792 N MOLLISON 1, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 92,500.00
Address: 1499 BROADWAY 6, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 137,747.00
Address: 1386 GREENFIELD DR, EL CAJON, CA
Rooms: 7 Bed: 4 Bath: 2.0 Price: 269,900.00
Address: 1533 SOUVENIR DR, EL CAJON, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 328,600.00
Lakeside
None currently
Santee
Address: 9771 RAMO ROAD, SANTEE, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 194,900.00
San Diego City
Address: 4424 ALTADENA AVENUE 8, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 112,500.00
Address: 5995 DANRIDGE LANE 147, SAN DIEGO, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 139,900.00
Address: 6710 AMHERST STREET, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 271,360.00
Address: 8693 JACKIE DRIVE, SAN DIEGO, CA
Rooms: 6 Bed: 4 Bath: 2.0 Price: 363,500.00
Dan Melson, Agent
Clarity Real Estate Network
619-300-7425
This is the new list of HOMESTEPS properties from Freddie Mac for the areas I specialize in. These properties qualify for special financing. I can get the list for other areas. Be aware that Freddie Mac does not remove properties from this list (even though they may be Pending) until they actually sell!
I also have a list of upcoming HOMESTEPS properties not on the market yet
If you have questions, Contact me
La Mesa
Address: 8232 LEMON AVENUE, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 2.5 Price: 304,900.00
Address: 4645 MUNROE ST, LA MESA, CA
Rooms: 7 Bed: 4 Bath: 3.0 Price: 470,000.00
Address: 5700 BALTIMORE DR 218, LA MESA, CA
Rooms: 4 Bed: 2 Bath: 2.5 Price: 185,500.00
5419 LAKE MURRAY BLVD 11, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 204,050.00
El Cajon
Address: 1692 BARTRAM WAY, EL CAJON, CA
Rooms: 7 Bed: 4 Bath: 2.0 Price: 267,650.00
Address: 1086 WEST CHASE AVENUE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 211,470.00
Address: 792 N MOLLISON 1, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 92,500.00
Address: 1045 PEACH AVENUE 24, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 1.5 Price: 133,000.00
Address: 1499 BROADWAY 6, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 137,747.00
Address: 1533 SOUVENIR DR, EL CAJON, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 328,600.00
Lakeside
Address: 12651 JULIAN AVE, LAKESIDE, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 185,500.00
Santee
Address: 9771 RAMO ROAD, SANTEE, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 194,900.00
San Diego City
Address: 4424 ALTADENA AVENUE 8, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 112,500.00
Address: 6710 AMHERST STREET, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 271,360.00
Dan Melson, Agent
Clarity Real Estate Network
619-300-7425
The new consumer article for today is Low Asking Price on Unfinanceable Properties. Almost always, the reason for an asking price well below other equivalent properties is the presence of some factor that means you cannot obtain a regular real estate loan on the property. If you have the cash, however, you can do what you like with it and such properties are a potential business opportunity.
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