Dan Melson: October 2008 Archives

Today's special treat is the October Consumer Focused Carnival of Real Estate.

I do apologize that I haven't had more up the last few days. There have been sudden demands upon my time (clients and family, both welcome!)


I informed Zillow and their Mortgages Unzipped site that I was withdrawing as a contributor more than 24 hours ago, and that they no longer have my permission or endorsement to use my image, my name, or anything about me upon their site. I gave them a more than reasonable amount of time to remove my name from their site.

In my opinion, their content and lack of control of content and lack of policing the accuracy of content reflects unfavorably upon me in a professional capacity, and I no longer desire anything to do with them.

As of this moment, they still have not complied with removing my name as a contributor, thus invoking appearance of authority to use my name and image, an authority they no longer have. I have saved the emails and screen capture image (among many other things) from several points this week.

If there are any attorneys reading this willing to take the case on a contingency basis, I am interested in pursuing legal remedies.

Today's new consumer article is Will I Qualify for the Loan to Buy Real Estate During The Market Meltdown?, which helps people answer the question of whether they will qualify for and be able to get a loan during the lender meltdown. The answer, is "Probably Yes" - especially if you are willing to exert yourself.

With prices starting to head upwards again in some ZIP codes, the time to act is now.


These are newly listed HOMESTEPS properties from Freddie Mac for the areas I work. These properties qualify for special financing.

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

La Mesa

Address: 3920 MASSACHUSETTS AVE, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 279,900.00

El Cajon

Address: 1509 E WASHINGTON AVE UNIT 10, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 144,900.00

Address: 12190 CUYAMACA COLLEGE DRIVE E, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 184,900.00

Address: 12190 CUYAMACA COLLEGE DRIVE E, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 196,100.00

Address: 294 CHAMBERS STREET 53, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 72,900.00

Address: 589 NORTH JOHNSON AVENUE 230, EL CAJON, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 92,500.00

Address: 190 CHAMBERS STREET 7, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 115,540.00

Address: 190 CHAMBERS STREET 14, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 127,200.00

Address: 830 BROADWAY UNIT 27, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 83,740.00

Address: 745 EAST BRADLEY AVENUE 37, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 99,000.00

Address: 1526 STONE EDGE CIRCLE, EL CAJON, CA
Rooms: 7 Bed: 2 Bath: 2.0 Price: 184,900.00

Lakeside

Address: 12710 LAKESHORE DR M, LAKESIDE, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 67,500.00

Address: 8126 WINTER GARDENS ROAD, LAKESIDE, CA
Rooms: 4 Bed: 2 Bath: 1.5 Price: 106,000.00

Santee

Address: 7895 RANCHO FANITA DR E, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.5 Price: 229,000.00

Address: 8803 APPLE BLOSSOM CT 5, SANTEE, CA
Rooms: 8 Bed: 4 Bath: 4.0 Price: 299,000.00

Address: 10235 BRIGHTWOOD LANE 3, SANTEE, CA
Rooms: 6 Bed: 3 Bath: 3.5 Price: 318,900.00

San Diego City

Address: 4209 45TH STREET 7, SAN DIEGO, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 79,500.00

Address: 4570 54TH UNIT 116, SAN DIEGO, CA
Rooms: 5 Bed: 1 Bath: 1.0 Price: 126,405.00

Address: 4775 SEMINOLE DRIVE 207, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.5 Price: 159,500.00

Address: 4287 48TH STREET, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 199,000.00

Address: 1441 CAMINO ZALCE, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 2.5 Price: 292,500.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425


Having had two separate very qualified buyers ask me if they could get a loan in the last two days was kind of an eye opener to all of the hype out there about how difficult it is to get a loan currently.

Things have swung just as far the opposite direction to how they were at the top of the market. Instead of far too easy, lenders are making it significantly harder to qualify for a loan than they really should. This won't be permanent, but right now with mortgage investors in "panic meltdown" mode, the lenders have to show them that every loan they give out really is a good loan. Therefore, the underwriting standards have been tightened - I believe over-tightened. But there are still loans available.

The first thing we need to go over is that stated income is essentially dead - if it were in a hospital, there would be no nervous activity, and the body would be relying upon artificial life support to keep the heart and lungs going. Freddie Mac is still theoretically willing to buy them for self-employed borrowers, but it's very hard finding a lender willing to fund it in the first place, and both them and NINA (aka "no ratio" loans) are going to be regulated completely out of business very soon. For those who are not self-employed, they are already gone. If you want to talk about there being lots of folks who will be unable to get real estate loans, despite having good credit, a good income, and a substantial down payment, I would have to agree with you that the situation is bad. Unfortunately, we have seen proof that there is just too much abuse.

Now my clients have always been 95% full documentation. But if you're someone who relied upon "liar's loans" to make the whole real estate process seem painless and easy in order to enable people to stretch for properties that they cannot really afford, or any of a number of other problems, this is the apocalypse. I think that it's a good thing these folks are complaining so much - it's a red flag about the way they do business, telling you to stay away. If you want to know why it's a red flag, ask them for a list of their clients during the period the market was hot, and see how many of them have had a Notice of Default (or worse) recorded against the property. As of right now, my total is zero.

There is one thing you can say about full documentation loans: They prevent people from stretching to buy properties that they cannot really afford. Before I move on, I should say that there are non-residential alternatives - but the down payment and interest rates will be much higher.

To counter-balance the demise of stated income, the allowable debt to income ratio has not moved at all. A paper is still looking at 45% back end debt to income ratio, FHA will accept 43%, with waivers for higher if there are decent reserves pretty easy up to 49%. So you can still afford a loan that is just as many dollars as ever, but you'll have to have a bit more in other departments.

A 640 to 680 credit score is very attainable quickly (and usually cheaply) if only you will work at it - pay your bills on time, use credit responsibly, and maybe clean up some past problems. I have seen a guy less than three weeks out of Chapter 7 bankruptcy with a 686 credit score. I keep telling people this, but it doesn't seem to be getting through: Your credit score is worth obsessing over, and any instances where you may think you got away without paying for something are likely to cost you far more than you think you got away with. These days, it may be the difference between getting a home loan during what is almost certainly the best buying opportunity there will ever be again (at least here in San Diego, and probably in most other high cost areas), and not being able to get a home loan at all.

Lenders are very skittish about low down payments. The only ways that I'm certain I can get a less than ten percent down payment through is with a government guarantee on it - either VA or FHA. On the plus side, the government has finally acted to increase the FHA loan limits, and lenders are deciding to accept the VA guarantee for larger loans as well, the limits that made these programs useless in higher cost areas have now been amended to the point that they are useful. Now, once upon a time, VA and FHA loans did not require a credit score, but lenders have now instituted minimum credit scores, even with the government guarantees these loans carry. They want to see anywhere between a 580 and 640 minimum credit score, depending upon the lender, in order to fund these loans. Note that even a 640 credit score is still eighty points below the national median credit score of 720. They're not trying to cut folks off from home loans. They are trying to cut off the worst credit risks, as just because there's a government guarantee does not absolve them of their responsibility to deny credit for applicants that have a history of bad credit and are therefore a good bet to repeat the performance. In financial circles, this is called "due diligence."

A 640 to 680 credit score is very attainable quickly (and usually cheaply) if only you will work at it - pay your bills on time, use credit responsibly, and maybe clean up some past problems. I keep telling people this, but it doesn't seem to be getting through: Your credit score is worth obsessing over, and any instances where you may think you got away without paying for something are likely to cost you far more than you think you got away with. These days, it may be the difference between getting a home loan during what is almost certainly the best buying opportunity there will ever be again (at least here in San Diego, and probably in most other high cost areas), and not being able to get a home loan at all.

So what is available? I'm holding these rates overnight so that they're no longer current quotes, but without any points, I had a 30 year fixed rate loan at 5.90 percent while I was writing this. Keeping in mind that there is always a tradeoff between rate and costs of a mortgage loan, the best thirty year fixed rate loan that I could do for one point or less was at 5.75 percent (0.8 points), and if you were crazy enough to want to pay four points, you could have gotten a rate as low as 5.25%. I'm going to publish these without looking at the rates in the morning beforehand - they won't be identical, but should be within the same ballpark. This was for an 80% loan to value ratio, loan amount between $110,000 and $417,000, credit score of 720: right on the national median credit score, in the range of loan amounts that are what most folks want, and right on the traditional loan to value ratio. There are adjustments and such if you want a higher loan to value ratio, as well as PMI, but loans are very obtainable so long as you limit yourself to buying property you can prove you can afford, as is required by full documentation. FHA loans have a different structure and go to 96.5% loan to value ratio, and VA loans go to 103% loan to value ratio (a well earned benefit for those who serve honorably in our military).

My point is this: There's a lot of Chicken Littles out there right now, running around squawking about the sky falling, and the economy does have problems (the magnitude of which was largely caused by those Chicken Littles running around telling people how awful things were - I'm looking at you, Charles Schumer, among others). But on the level of one buyer of real estate who needs a loan, loans are very obtainable. Indeed, if lenders weren't willing to write new loans, they might as well close their doors and dissolve their loan programs. They wouldn't have to keep paying their loan folks in that case. However, lenders want very much to make good loans that have a good chance of being repaid.

Caveat Emptor

Today's new consumer article is Why You Should Not Walk Away From Upside-Down Real Estate. You shouldn't, if there is any alternative. Doing so takes a theoretical loss on paper and turns it into something concrete with real world consequences. If there is any way to hang on for a couple of years (and that includes Loan Modification), your pocketbook will thank you for it later.


Rates have fallen since last week!

The Best Loans Right NOW

5.75% 30 Year fixed rate loan, with one point cost to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2334, APR 5.885! 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 5.25 percent (But you'd have to be crazy to pay that many points!)

5/1 Rates

5.5% 30 Year fixed rate loan, with one point cost to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2271, APR 5.633! This is a thirty year fixed rate loan. This is a fully amortized thirty year loan with a 5 year fixed period. 5/1 year fixed rate loans as low as 5.25 percent (But you'd have to be crazy to pay that many points!)

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

Today's new consumer article is When Loan Modification Will Not Help, or Is Not Appropriate, in which I write about the major situations where trying for a mortgage loan modification will not help you.


Newly Written Articles


APR vs APY: What The Difference Between Note Rate and APR Tells You: APR, by itself, is useless. But the difference between APR and the note rate tells you about how high their fees are - or at least what they're willing to admit

Offers Where The Buyer Knows About A Problem With Your Property Think about it: They know, and they want it anyway. If they didn't know, what would happen when they found out?

Mortgage Loan Modification talks about one of the best tools to mitigate the fact that many people are upside down on adjustable mortgages.

How Loan Modification Benefits The Real Estate Markets tells about the good loan modification does for the market as a whole, even those who did their research, and didn't stretch to buy too much property.

Updated Articles

Builder's Incentives To Use Their Lender

Why You Should Not Refinance Just to Lower Your Payment

When Selling, ALWAYS Be Willing to Show Your Property

Today's new consumer article is How Loan Modification Benefits The Real Estate Markets, in which I discuss the benefits that everyone, even those who aren't in trouble, get out of the loan modification program. A lot of people get upset because folks who weren't careful are getting rewarded for reckless behavior. To tell the truth, I have quite a bit of understanding for that viewpoint. However, even the people who didn't overstretch will be getting benefits from not having as many forced sale properties on the market.


These are newly listed HOMESTEPS properties from Freddie Mac for the areas I work

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

El Cajon

Address: 1509 E WASHINGTON AVE UNIT 10, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 144,900.00

Address: 294 CHAMBERS STREET 53, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 72,900.00

Address: 589 NORTH JOHNSON AVENUE 230, EL CAJON, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 92,500.00

Address: 190 CHAMBERS STREET 14, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 127,200.00

Address: 190 CHAMBERS STREET APT 13, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 127,500.00

Address: 1797 WOODBURN STREET, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 349,900.00

Address: 830 BROADWAY UNIT 27, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 83,740.00

Address: 745 EAST BRADLEY AVENUE 37, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 99,000.00

Address: 1526 STONE EDGE CIRCLE, EL CAJON, CA
Rooms: 7 Bed: 2 Bath: 2.0 Price: 184,900.00

Address: 584 BROCKWOOD DRIVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 227,900.00

Lakeside

Address: 12710 LAKESHORE DR M, LAKESIDE, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 67,500.00

Address: 8126 WINTER GARDENS ROAD, LAKESIDE, CA
Rooms: 4 Bed: 2 Bath: 1.5 Price: 106,000.00

Santee

Address: 7895 RANCHO FANITA DR E, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.5 Price: 259,900.00

Address: 8803 APPLE BLOSSOM CT 5, SANTEE, CA
Rooms: 8 Bed: 4 Bath: 4.0 Price: 299,000.00

Address: 10235 BRIGHTWOOD LANE 3, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 3.5 Price: 318,900.00

San Diego City

Address: 4209 45TH STREET 7, SAN DIEGO, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 79,500.00

Address: 4775 SEMINOLE DRIVE 207, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.5 Price: 159,500.00

Address: 4287 48TH STREET, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 199,000.00

Address: 1441 CAMINO ZALCE, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 2.5 Price: 292,500.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

Today's new consumer article is Mortgage Loan Modification, in which I discuss the basics of a program that lenders are cooperating with that keeps people in their homes and prevents the lender from losing money they don't have to.

I am excited about this. I will have two or three more articles in the next few days about this concept. I will be offering it myself to clients within a week.

Mortgage Loan Modification

| | Comments (0)

I have just attended an initial introductory briefing on Mortgage Loan Modifications.

I still have a lot to learn, but over the next few days, I will be writing on my understanding of the program - what is likely and unlikely to fly, etcetera. I have training scheduled to learn all of the nuts and bolts a professional needs to know in order to participate meaningfully, at which point I will be offering one such program.

For now, I have a "What the consumer needs to know plus the executive summary of what a professional needs to know" level of knowledge.

But the important thing for consumers to know right now is that for the first time, I am going to have a tool that I can use to keep people from being foreclosed upon.

I can't stay in business doing Loan Modifications. But it is a tool that I can use to make the problem better without suffering through a year or more of problems and short sale or foreclosure first.

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

Today's new consumer article is Offers Where The Buyer Knows About A Problem With Your Property, in which I consider the differences between an offer where the buyer knows about a defect with the property, versus an offer where they do not, and what happens when - not if - that buyer finds out.

Today's new consumer article is APR vs APY: What The Difference Between Note Rate and APR Tells You. I advise people to ignore APR as a means of shopping a loan. But there is some information in the difference between the alleged note rate and the APR.

One of those moments you can't plan and can't stage: Ramona was taking her bath last night when Julia (our dachshund) evidently decided that she was dirty. Either that, or she just wanted into the bubble bath to play with Ramona!

Julia Jumps In 1


These are newly listed HOMESTEPS properties from Freddie Mac for the areas I work

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

El Cajon

Address: 1509 E WASHINGTON AVE UNIT 10, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 144,900.00

Address: 294 CHAMBERS STREET 53, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 72,900.00

Address: 589 NORTH JOHNSON AVENUE 230, EL CAJON, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 92,500.00

Address: 190 CHAMBERS STREET APT 13, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 127,500.00

Address: 1797 WOODBURN STREET, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 349,900.00

Address: 830 BROADWAY UNIT 27, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 83,740.00

Address: 745 EAST BRADLEY AVENUE 37, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 99,000.00

Address: 1321 OAKDALE AVENUE, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.5 Price: 109,900.00

Address: 1526 STONE EDGE CIRCLE, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 1.5 Price: 184,900.00

Address: 584 BROCKWOOD DRIVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 227,900.00

Lakeside

Address: 12710 LAKESHORE DR M, LAKESIDE, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 67,500.00

Address: 8126 WINTER GARDENS ROAD, LAKESIDE, CA
Rooms: 4 Bed: 2 Bath: 1.5 Price: 106,000.00

Address: 11505 POSTHILL PLACE, LAKESIDE, CA
Rooms: 7 Bed: 4 Bath: 2.0 Price: 232,900.00

Santee

Address: 7895 RANCHO FANITA DR E, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.5 Price: 259,900.00

Address: 10235 BRIGHTWOOD LANE 3, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 3.5 Price: 318,900.00

Address: 8803 APPLE BLOSSOM CT 5, SANTEE, CA
Rooms: 8 Bed: 4 Bath: 4.0 Price: 319,900.00

San Diego City

Address: 4209 45TH STREET 7, SAN DIEGO, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 79,500.00

Address: 4287 48TH STREET, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 199,000.00

Address: 1441 CAMINO ZALCE, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 2.5 Price: 292,500.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

Rates for 30 year fixed have risen slightly, while rates for ARMs have fallen a bit.

The Best Loans Right NOW

5.75% 30 Year fixed rate loan, with one point cost to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2334, APR 5.885! 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 5.25 percent!

5/1 Rates

5.375% 5/1 ARM, with nine tenths of one point cost to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2239, APR 5.498! This is a thirty year loan, fixed for the first five years, then adjusting based upon LIBOR. 5/1 ARMs available as low as 4.75 percent!

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


This is part of a series on the neighborhoods of the area I primarily work, which includes La Mesa, San Carlos, El Cajon and Santee. For this one, we're in the northwest part of La Mesa, north of Maryland Avenue Neighborhood. The Lake Murray neighborhood is vaguely teardrop shaped, with the "point" headed south. It begins right at Baltimore and Aztec, then Lake Murray Boulevard and El Paso north right to the San Diego City Limits, and west to the reservoir. The neighborhood north of it in San Diego city is similar. The Wellesley Street neighborhood is mostly a little older.

Sunset Park Little League Field
Sunset Park field

Lake Murray is a mixed professions neighborhood. You will find everything from young professionals starting out to older working class retirees here. The main commercial area is around the intersection of Lake Murray Boulevard and Baltimore Drive, with extensions south on Baltimore Drive and north-easterly along Lake Murray Boulevard.

Mall at Lake Murray and Baltimore:
B&LM Strip mall

The Lake Murray was area was basically built in one extended period, starting in the early 1960s and stretching to the late 1970s. Physically, the houses are mostly single story three to four bedroom 1.75 bath houses from around 1500 square feet going up from there to maybe 2000 square feet, sitting on lots of anywhere from 5000 square feet up to maybe 7000. The lots are smaller, and the houses bigger, than in many parts of La Mesa. Unusually for La Mesa, great views are comparatively rare - the terrain is lightly rolling, and the majority of lots don't look up or down at much of anything, but there are exceptions. The construction is pretty much all wood frames and stucco on concrete foundations - I can't think of any exceptions off the top of my head. Originally, they were all cookie cutter tract housing, but there has been some differentiation in the last thirty to forty years as people built additions and such. There are significant concentrations of high density housing along Baltimore Drive and Cowles Mountain Boulevard just north of Lake Murray Boulevard, as well as Lake Park Drive between them - right where people are likely to notice it - but the rest of the neighborhood is pretty much single family residences.

Internal view of neighborhood on Cowles Mountain Blvd:
Cowles Mtn 1

As of this writing, asking prices in the neighborhood start at about $130,000 for condos and PUDs up to $350,000, while single family detached properties vary from $400,000 to $600,000, with most being towards the lower end of that range. Even with the people who are in distress situations, there are a total of 16 condos and PUDs, but only 3 single family residences for sale in the neighborhood. There generally is not a lot of turnover in this neighborhood.

Top of El Paso, looking East, one of the good views in the neighborhood
El Paso hill east

The neighborhood elementary school is Maryland Avenue School. Contrary to what many people try to tell me, the Middle School is La Mesa Middle School (formerly La Mesa Junior High) an SDSU partnership school, and the high school is Helix Charter (the boundary between Helix and Grossmont is closer to Jackson Drive than Interstate 8). Helix, in particular, has a long record of academic achievement. Here's the most recent account Helix Accountability Report Card

Maryland Avenue School
Maryland Ave school 2

La Mesa Middle School, an SDSU partnership school
Picture 012

The closest community college is Grossmont, the closest four year college is San Diego State University, which is mostly closer as far as this neighborhood is concerned.

Looking north on Baltimore to the San Diego City Limits
Baltimore north

The Lake Murray neighborhood is a pretty nice place to live. Transportation access is pretty good. Interstate 8 can be accessed via Lake Murray Boulevard and Fletcher Parkway via Baltimore Drive, and CA 125 is also easy to get to. Lake Murray and Baltimore are both bus feeder routes, and the San Diego Trolley is just south of Interstate 8 with a stop just east of Lake Murray, as well as at Grossmont Center. You have your choice of several major supermarkets within a mile or so. You can get to Mission Valley in fifteen minutes, downtown about twenty, door to door. Major shopping centers are found at Grossmont Center (Target, Wal-Mart, Macy's, Theaters and dining), Parkway Plaza (Sears) and College Grove (WalMart, Sam's Club). There is also a major commercial strip along Fletcher Parkway between Interstate 8 and Grossmont Center.

Looking down on the reservoir itself from Baltimore Drive
Lake Murray from Balt

If you'd like to talk more about Lake Murray or any other neighborhood of La Mesa, Contact me. I will be happy to discuss which neighborhoods might be right for you, or the marketing of your current property for an advantageous sale.

Aztec Park:
Aztec Park


These are newly listed HOMESTEPS properties from Freddie Mac for the areas I work

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

El Cajon

Address: 1509 E WASHINGTON AVE UNIT 10, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 144,900.00

Address: 294 CHAMBERS STREET 53, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 72,900.00

Address: 589 NORTH JOHNSON AVENUE 230, EL CAJON, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 92,500.00

Address: 190 CHAMBERS STREET APT 13, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 127,500.00

Address: 1797 WOODBURN STREET, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 349,900.00

Address: 745 EAST BRADLEY AVENUE 37, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 99,000.00

Address: 1321 OAKDALE AVENUE, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.5 Price: 109,900.00

Address: 551 WAYNE AVENUE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 177,000.00

Address: 1526 STONE EDGE CIRCLE, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 1.5 Price: 209,500.00

Address: 584 BROCKWOOD DRIVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 227,900.00

Lakeside

Address: 11505 POSTHILL PLACE, LAKESIDE, CA
Rooms: 7 Bed: 4 Bath: 2.0 Price: 232,900.0

Santee

Address: 7895 RANCHO FANITA DR E, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.5 Price: 259,900.00

Address: 10235 BRIGHTWOOD LANE 3, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 3.5 Price: 318,900.00

Address: 8803 APPLE BLOSSOM CT 5, SANTEE, CA
Rooms: 8 Bed: 4 Bath: 4.0 Price: 319,900.00

San Diego City

Address: 4287 48TH STREET, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 199,000.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

Today's new consumer article is Advertising a Sold Property As Available on MLS, talking about the basics of what forms that these loans take, the Home Equity Loan and Home Equity Line of Credit.

Had some kind of stomach flu or food poisoning going on today, so I don't yet have anything new for tomorrow. Probably will be a reprint, at this point. Sorry.

Copyright 2005-2017 Dan Melson. All Rights Reserved

 



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This page is a archive of recent entries written by Dan Melson in October 2008.

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