Real Loans for Real People January 27th, 2009

The Best Loans Right NOW

Conforming Rates

Thirty Year Fixed Rate Loans

4.75% 30 Year fixed rate loan, with one point (total discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2087, APR 4.877! 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 (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

5/1 ARMs have not seen the same drop as thirty year fixed rate loans (over half a percent at the same cost) so they are actually more expensive right now than the 30 year fixed. Given that, there is no reason to prefer them.

NONCONFORMING ("JUMBO") RATES

These numbers assume a 70% loan to value ratio, not 80.

I should mention that nobody is offering "no points" rates or even close to it on jumbo loans. Two points total seems to be about as low as anyone is offering on anything jumbo (I take it back - there's one lender offering a "no points" rate - at ten percent). The only silver lining seems to be that if you're willing to go three points, you seem to get a rate that is more than worth the difference in most cases.

Thirty Year Fixed Rate Loans

6.375% "Jumbo" 30 Year fixed rate loan, with 3 points total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4367, APR 6.704! 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 5.75 percent (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

5.75% "Jumbo" 5/1 ARM, with three points total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4085, APR 6.067! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 Jumbo ARMs as low as 4.875 percent (But you'd have to be crazy to pay that many points!)

All rates above are intended for San Diego County, and include a 30 day lock. 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!

Yes, I still have low to zero down payment and some stated income programs 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