Dan Melson: February 2009 Archives

Once per month, I link the best articles that are submitted containing information for the consumer. February's Consumer Focused Carnival of Real Estate is now live. My favorite article has to do with spot approval of property for FHA loans.


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

After the previous one being four days late, this one came in right on time, I just didn't get to it until this morning.

If you have questions, Contact me

La Mesa

Address: 4985 WILLIAMS AVE, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 241,150.00

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

Address: 6970 ALAMO WAY, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 307,000.00

Address: 5714 BALTIMORE DRIVE 505, LA MESA, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 129,850.00

El Cajon

Address: 589 NORTH JOHNSON AVENUE 230, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 66,500.00

Address: 228 ROANOKE ROAD, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 89,900.00

Address: 174 CHAMBERS STREET 11, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 111,300.00

Address: 652 SKYVIEW STREET, EL CAJON, CA
Rooms: 4 Bed: 3 Bath: 1.0 Price: 201,400.00

Address: 587 DOWNER AVENUE, EL CAJON, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 265,000.00

Address: 1266 FINCH STREEET, EL CAJON, CA
Rooms: 8 Bed: 4 Bath: 1.5 Price: 337,500.00

Address: 830 BROADWAY UNIT 27, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 64,990.00

Address: 1423 GRAVES AVENUE 129, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 87,500.00

Address: 1723 SUMMERTIME DRIVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 112,900.00

Address: 1174 PERSIMMON AVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 177,000.00

Address: 1526 STONE EDGE CIRCLE, EL CAJON, CA
Rooms: 7 Bed: 2 Bath: 2.0 Price: 162,500.00

Address: 1272 PERSIMMON AVENUE 1, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.5 Price: 189,900.00

Lakeside

Address: 9719 WINTER GARDENS BLVD 159, LAKESIDE, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 48,900.00

Address: 13106 LAUREL ST, LAKESIDE, CA
Rooms: 7 Bed: 3 Bath: 2.0 Price: 294,900.00

Santee

Address: 9139 FANITA RANCHO ROAD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 10507 FLORA AZALEA COURT, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 332,500.00

San Diego City

Address: 4570 54TH UNIT 116, SAN DIEGO, CA
Rooms: 5 Bed: 1 Bath: 1.0 Price: 114,500.00

Address: 4323 51ST ST, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 176,000.00

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

The Best Loans Right NOW

(based upon "real people credit", not absolutely perfect credit)

Conforming Rates

Thirty Year Fixed Rate Loans

4.875% 30 Year fixed rate loan, with only one point (that's a total 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 4.375 percent (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

5/1 ARMs are only starting to fall to approximately the same as a 30 year fixed. Given that, there is no reason to prefer them.

Super-Conforming Rates

($417,001 to $546,250 in San Diego)

5.375% 30 Year fixed rate loan, with one point (total discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $500,000 loan, Payment $2800, APR 5.506! 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 4.625 percent (But you'd have to be crazy to pay that many points!)

VA Rates

5.00% 30 Year fixed rate loan, with only three tenths of one point (total discount and origination) from the lender to the consumer and NO PREPAYMENT PENALTIES (Standard Veterans Administration government generated charges to borrowers apply)!. Assuming a $400,000 loan, Payment $2147, APR 5.129! 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

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

Thirty Year Fixed Rate Loans

6.375% "Jumbo" 30 Year fixed rate loan, with ONE point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4367, APR 6.507! 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 (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

JUMBO 5/1s are more than a full percent lower than 30 year fixed

5.00% "Jumbo" 5/1 ARM, with one point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $3758, APR 5.122! 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 (But you'd have to be crazy to pay that many points!)

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 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


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

I don't know what they're doing. Instead of bright and early Thursday, I didn't get this until Monday evening, and yesterday was One Of Those Days. I apologize for not putting it out earlier

If you have questions, Contact me

La Mesa

Address: 4985 WILLIAMS AVE, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 241,150.00

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

Address: 6970 ALAMO WAY, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 307,000.00

Address: 5714 BALTIMORE DRIVE 505, LA MESA, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 129,850.00

El Cajon

Address: 589 NORTH JOHNSON AVENUE 230, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 66,500.00

Address: 228 ROANOKE ROAD, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 89,900.00

Address: 908 SOUTH SUNSHINE AVENUE UNIT, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 99,000.00

Address: 174 CHAMBERS STREET 11, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 111,300.00

Address: 652 SKYVIEW STREET, EL CAJON, CA
Rooms: 4 Bed: 3 Bath: 1.0 Price: 201,400.00

Address: 587 DOWNER AVENUE, EL CAJON, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 265,000.00

Address: 1266 FINCH STREEET, EL CAJON, CA
Rooms: 8 Bed: 4 Bath: 1.5 Price: 337,500.00

Address: 830 BROADWAY UNIT 27, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 64,990.00

Address: 1423 GRAVES AVENUE 129, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 87,500.00

Address: 1723 SUMMERTIME DRIVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 112,900.00

Address: 1174 PERSIMMON AVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 177,000.00

Address: 1526 STONE EDGE CIRCLE, EL CAJON, CA
Rooms: 7 Bed: 2 Bath: 2.0 Price: 162,500.00

Address: 1272 PERSIMMON AVENUE 1, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.5 Price: 189,900.00

Lakeside

Address: 9719 WINTER GARDENS BLVD 159, LAKESIDE, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 48,900.00

Address: 13106 LAUREL ST, LAKESIDE, CA
Rooms: 7 Bed: 3 Bath: 2.0 Price: 294,900.00

Santee

Address: 9139 FANITA RANCHO ROAD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 10507 FLORA AZALEA COURT, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 332,500.00

San Diego City

Address: 4570 54TH UNIT 116, SAN DIEGO, CA
Rooms: 5 Bed: 1 Bath: 1.0 Price: 114,500.00

Address: 4323 51ST ST, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 176,000.00

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

The new consumer article for today is Why It May Be Costly to Reject Paying Points. The advice "never pay points" actually started out as misleading advertising intending to keep consumers away from what in fact were better loans, but it has taken on a life of its own since.

The new consumer article for today is Title Deeds And The Form They Should Take, which discusses the mechanism of the title transfer deed and the form it should take.

The new consumer article for today is Confusing Past Performance and the Present Situation with Future Planning.

If you are sitting on the sidelines thinking about buying property, you need to read it. If you have a property you're thinking about selling or walking away from, you also need to read it, albeit for the exact opposite reason.

The new consumer article for today is Lipstick on a Pig: Selling the Property You Should Never Have Bought. It talks about general techniques for selling properties with issues that make them less attractive to buyers.

Been a while since I posted this: In California, your property taxes are based upon your purchase price (plus no more than 2% per year, compounded). But if values fall, you can get your assessment lowered by appealing your assessment. It's really pretty easy - I appealed two years after I bought. One form and my assessment went down.

San Diego County Assessment Appeals Board has the forms necessary. If you're in some other county, use their form.

The new consumer article for today is Games with Mortgage Loan Rate Locks (Games Lenders Play Part 10), talking about how you can be told your rate is locked when it isn't, what the benefits of playing this game are to the lender, and the effects upon consumers.

The Best Loans Right NOW

Conforming Rates

Thirty Year Fixed Rate Loans

5.125% 30 Year fixed rate loan, with only one quarter of a point (that's a total discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2178, APR 5.187! 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.

Super-Conforming Rates

($417,001 to $546,250 in San Diego)

5.125% 30 Year fixed rate loan, with one point (total discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $500,000 loan, Payment $2722, APR 5.252! 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!)

VA Rates

4.875% 30 Year fixed rate loan, with one point (total discount and origination) from the lender 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

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

Thirty Year Fixed Rate Loans

6.5% "Jumbo" 30 Year fixed rate loan, with ONE point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4424, APR 6.632! 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 5.375 percent (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

JUMBO 5/1s are more than a full percent lower than 30 year fixed

5.375% "Jumbo" 5/1 ARM, with one point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $3920, APR 5.498! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 Jumbo ARMs as low as 4.5 percent (But you'd have to be crazy to pay that many points!)

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 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

The new consumer article for today is Finding a Good Buyer's Agent (And Eliminating Bad Ones). It really is easy to get yourself a good buyer's agent, but many people don't know how important it is, or won't make the effort.


Newly Written Articles

Getting A Loan In A Paranoid Lending Environment talks about steps you can take to make it more likely your loan will be approved.

Investment Property and Loan Qualification talks about what it takes to qualify for a loan if you happen to have investment property.

Transaction Coordinator: For The Agent's Benefit, Not The Consumers. There's nothing really wrong with a transaction coordinator, as long as the agent doesn't use their existence as an excuse to vanish, and so long as they don't ask you to pay for the transaction coordinator in addition to the agent.


Updated Articles


Incorrect Legal Descriptions on a Trust Deed talks about the practical effects of making a mistake in the title description.

Deadlines in Real Estate Transactions are deadly serious, and extending them is never a slam dunk.

What is Loan Amortization? translates a five dollar word and some associated phrases into everyday english.

Missing a Deadline to Counter discusses how it gives the other side an advantage to delay responding to them.


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: 4985 WILLIAMS AVE, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 241,150.00

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

Address: 6970 ALAMO WAY, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 307,000.00

Address: 5714 BALTIMORE DRIVE 505, LA MESA, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 129,850.00

El Cajon

Address: 1509 E WASHINGTON AVE UNIT 10, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 109,900.00

Address: 589 NORTH JOHNSON AVENUE 230, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 66,500.00

Address: 589 NORTH JOHNSON AVENUE UNIT, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 87,450.00

Address: 228 ROANOKE ROAD, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 89,900.00

Address: 908 SOUTH SUNSHINE AVENUE UNIT, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 99,000.00

Address: 174 CHAMBERS STREET 11, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 111,300.00

Address: 652 SKYVIEW STREET, EL CAJON, CA
Rooms: 4 Bed: 3 Bath: 1.0 Price: 201,400.00

Address: 587 DOWNER AVENUE, EL CAJON, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 265,000.00

Address: 1266 FINCH STREEET, EL CAJON, CA
Rooms: 8 Bed: 4 Bath: 1.5 Price: 337,500.00

Address: 830 BROADWAY UNIT 27, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 64,990.00

Address: 1423 GRAVES AVENUE 129, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 87,500.00

Address: 1723 SUMMERTIME DRIVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 112,900.00

Address: 1526 STONE EDGE CIRCLE, EL CAJON, CA
Rooms: 7 Bed: 2 Bath: 2.0 Price: 162,500.00

Address: 1174 PERSIMMON AVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 177,000.00

Address: 1272 PERSIMMON AVENUE 1, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.5 Price: 189,900.00

Lakeside

Address: 9719 WINTER GARDENS BLVD 159, LAKESIDE, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 48,900.00

Address: 12923 MAPLEVIEW ST, LAKESIDE, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 67,840.00

Address: 12741 LAUREL ST UNIT 53, LAKESIDE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 122,500.00

Address: 13106 LAUREL ST, LAKESIDE, CA
Rooms: 7 Bed: 3 Bath: 2.0 Price: 294,900.00

Santee

Address: 9139 FANITA RANCHO ROAD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 10507 FLORA AZALEA COURT, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 332,500.00

San Diego City

Address: 5252 ORANGE AVE 332, SAN DIEGO, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 66,500.00

Address: 4570 54TH UNIT 116, SAN DIEGO, CA
Rooms: 5 Bed: 1 Bath: 1.0 Price: 114,500.00

Address: 4323 51ST ST, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 176,000.00

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

The Best Loans Right NOW

Conforming Rates

Thirty Year Fixed Rate Loans

4.875% 30 Year fixed rate loan, with half a point (total discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2117, APR 4.958! 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.

Super-Conforming Rates

($417,001 to $546,250 in San Diego)

5.25% 30 Year fixed rate loan, with 0.9 points (total discount and origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $500,000 loan, Payment $2761, APR 5.363! 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!)

VA Rates

5.00% 30 Year fixed rate loan, with NO POINTS from the lender to the consumer and NO PREPAYMENT PENALTIES (Standard Veterans Administration government generated charges to borrowers apply)!. Assuming a $400,000 loan, Payment $2147, APR 5.040! 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

We've seen a huge drop in Jumbo rates this week!

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

Thirty Year Fixed Rate Loans

6.875% "Jumbo" 30 Year fixed rate loan, with ONE point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4599, APR 7.001! 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

5.625% "Jumbo" 5/1 ARM, with one point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4030, APR 5.750! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 Jumbo ARMs as low as 4.5 percent (But you'd have to be crazy to pay that many points!)

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 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

The new consumer article for today is Transaction Coordinator: For The Agent's Benefit, Not The Consumers. Transaction coordinators are mostly a good thing, helping agents ensure compliance and coordinating between various parties to the transaction. But asking consumers to pay for them is asking those consumers to pay a second time for things their agent has already agree to do, and there is a danger that the agent leans too much on a transaction coordinator and disengages themselves from the transaction.

The new consumer article for today is Investment Property and Loan Qualification. It has become exceedingly difficult to get credit for rental income when you apply for a new mortgage, with the upshot being that when the lender won't agree to allow you your rental income, you don't qualify for the new loan because you don't make enough.

The new consumer article for today is Getting A Loan In A Paranoid Lending Environment. Lenders today are over-tightening lending standards in over-reaction to the losses they have taken (which were their own fault), effectively nuking the barn after one horse escapes. It's an article about how to actually get a loan funded in this environment.


Newly Written Articles

Be Careful Moving Your Down Payment Money talks about problems that can be generated when you don't have an adequate paper trail.

Jumbo Loans and The Current Market (January 2009) talks about why lenders want people with jumbo loans to pay points in the current market.

Consumer Focused Carnival of Real Estate is the once per month opportunity for people to submit their own articles.

Reasons Why You Want A Buyer's Agent discusses what having a buyer's agent let's you do and some of the downsides to not having one.

Military Housing Allowance and Loan Qualification discusses how the military housing allowance give people in the military a better chance to qualify for a home loan than if they got it all in cash.

Updated Articles

Lowballing Mortgage Quotes Versus "Junk Fees": Lots of people don't understand the difference between junk fees and legitimate expenses your mortgage provider hid from you at sign up.

When The Appraisal Is Below The Purchase Price for Real Estate discusses what the effects are and your options.

Straw Buyers and Their Liabilities talks about what you are letting yourself in for by deceiving a lender.

The Division of Labor Between Buyers and Their Agents talks about how to get some of the best use out of a buyer's agent.

Buying One Property While Selling Another talks about some of the choices involved.

Undisclosed Marriage or Domestic Partnership and Effects Upon Title : Several good reasons why you want to consider the legal arrangements for property title.

Money You Will Spend Before Your Real Estate Purchase Is Consummated Expect it, be ready for it. Real estate is a fantastic investment if you do it right, but doing it right is not what most people consider to be "cheap"

Why The Higher Rate Loan Is Often Better: Because the lower the rate, the more it costs in terms of upfront cost. Most people don't keep their loans long enough to get the extra money they spent back.

There's No Real Way to Take The Complexity Out of Real Estate Not unless you want to hang on to a paper stick and be known as The All Day Sucker


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: 4985 WILLIAMS AVE, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 241,150.00

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

Address: 6970 ALAMO WAY, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 307,000.00

El Cajon

Address: 1509 E WASHINGTON AVE UNIT 10, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 109,900.00

Address: 589 NORTH JOHNSON AVENUE 230, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 66,500.00

Address: 589 NORTH JOHNSON AVENUE UNIT, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 87,450.00

Address: 228 ROANOKE ROAD, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 89,900.00

Address: 908 SOUTH SUNSHINE AVENUE UNIT, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 99,000.00

Address: 174 CHAMBERS STREET 11, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 111,300.00

Address: 652 SKYVIEW STREET, EL CAJON, CA
Rooms: 4 Bed: 3 Bath: 1.0 Price: 201,400.00

Address: 587 DOWNER AVENUE, EL CAJON, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 265,000.00

Address: 1266 FINCH STREEET, EL CAJON, CA
Rooms: 8 Bed: 4 Bath: 1.5 Price: 337,500.00

Address: 830 BROADWAY UNIT 27, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 64,990.00

Address: 1423 GRAVES AVENUE 129, EL CAJON, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 87,500.00

Address: 1723 SUMMERTIME DRIVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 112,900.00

Address: 1174 PERSIMMON AVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 177,000.00

Address: 1272 PERSIMMON AVENUE 1, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.5 Price: 189,900.00

Lakeside

Address: 9719 WINTER GARDENS BLVD 159, LAKESIDE, CA
Rooms: 4 Bed: 1 Bath: 1.0 Price: 48,900.00

Address: 12923 MAPLEVIEW ST, LAKESIDE, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 67,840.00

Address: 12741 LAUREL ST UNIT 53, LAKESIDE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 122,500.00

Address: 13106 LAUREL ST, LAKESIDE, CA
Rooms: 7 Bed: 3 Bath: 2.0 Price: 294,900.00

Santee

Address: 9139 FANITA RANCHO ROAD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 9556 ABBEYFIELD ROAD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 214,900.00

Address: 10507 FLORA AZALEA COURT, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 332,500.00

San Diego City

Address: 5252 ORANGE AVE 332, SAN DIEGO, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 66,500.00

Address: 4570 54TH UNIT 116, SAN DIEGO, CA
Rooms: 5 Bed: 1 Bath: 1.0 Price: 114,500.00

Address: 4323 51ST ST, SAN DIEGO, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 176,000.00

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

The new consumer article for today is Military Housing Allowance and Loan Qualification. For all the nonsense the military puts up with, this is one instance where the government treats them better than just about any other employer.

The Best Loans Right NOW

Conforming Rates

Thirty Year Fixed Rate Loans

4.875% 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 $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 (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.

Thirty Year Fixed Rate Loans

I should mention that there is a very shallow "slope" to the rate/cost tradeoff for 30 year fixed rate jumbo loans. Two points total seems to be about as low as anyone is offering on anything for a reasonable rate. The only "no points" rates I can find are around ten percent.

7.00% "Jumbo" 30 Year fixed rate loan, with 2.2 points total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4657, APR 7.259! 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 6.125 percent (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

6.25% "Jumbo" 5/1 ARM, with one point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4310, APR 6.380! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 Jumbo ARMs as low as 5.00 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!

Portfolio lenders! Need something special most lenders can't do? Portfolio lenders may be the key!

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

The new consumer article for today is Reasons Why You Want A Buyer's Agent. Lots of people don't believe how much difference it makes, but it does. My goal on every transaction is to make a difference of ten percent or more. Haven't missed it in quite a while, and that doesn't count the turkeys I talk people out of buying.

Copyright 2005-2017 Dan Melson. All Rights Reserved

 



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About this Archive

This page is a archive of recent entries written by Dan Melson in February 2009.

Dan Melson: January 2009 is the previous archive.

Dan Melson: March 2009 is the next archive.

Find recent content on the main index or look in the archives to find all content.



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