Real Loans For Real People October 14, 2008

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I have to own up to the huge hike in rates we had. I wrote why it happened here. I would not refinance now, given a choice, but if you want to buy properties while the price is this far below the long term affordability curve, chances are you'll need a loan now. The general idea is get into the property now, then when rates drop in some future time, refinance then.

The Best Loans Right NOW

6.25% 30 Year fixed rate loan, with one point cost to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2463, APR 6.389! 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 5.375 percent (But you'd have to be crazy to pay that many points!)

Yes, rates are up half a percent for the same cost since last week. Unless refinancing now is the best way out of a bad situation, I wouldn't. But by the same token, right now the prices to purchase real estate and the payments necessary are so cheap even by pre-bubble standards that it isn't funny, and rates aren't bad by historical standards. We can get you a survivable sustainable purchase loan, then refinance later. And I'm seeing properties that would have commanded more than $500,000 two years ago going for under $300,000. Would you rather make the monthly payments on $500,000 at 5.75% ($2918) or $300,000 at 6.25% ($1848)?

Better hurry, before everyone else figures it out.

5/1 Rates

Right now, 5/1 ARMs are essentially at the same rate/cost tradeoff as 30 year fixed rate loans. Given that difference, why would you want a 5/1?

10 year interest only payments available on 30 year fixed rate loans!

Great Rates on temporary conforming, jumbo and super-jumbo loans also available!

Zero closing costs and zero points loans also available!

Yes, I still have low to zero down payment and stated income loans available!

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 have enough information from you 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, stated income, 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!

Call me. Clarion Mortgage Capital at 619-300-7425, ask for Dan. Or email me: danmelson (at) danmelson (dot) com


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About this Entry

This page contains a single entry by Dan Melson published on October 14, 2008 11:10 AM.

New Consumer Article: Offers Where The Buyer Knows About A Problem With Your Property was the previous entry in this blog.

Mortgage Loan Modification is the next entry in this blog.

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