Dan Melson's La Mesa Real Estate and Mortgage Website: Loans Available for Locking: May 2009 Archives

Real Loans for Real People May 27th, 2009

By Dan Melson on May 27, 2009 2:00 PM | Permalink | Comments (0)

The Best Loans Right NOW

(based upon "average credit", not absolutely perfect credit. People who do have better credit get even better rates)

I do fear that rates have risen due to inflation fears and government spending. If you've been waiting to refinance for rates to hit bottom, treasury auctions aren't being very successful. I suggest you stop putting it off. In the last few days, I've gone from 4.75 without any points to 5.125 with a point on conforming 30 year fixed rate loans.

Conforming Rates

Thirty Year Fixed Rate Loans

5.125% 30 Year fixed rate loan, with one total point (discount plus origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2178, APR 5.255! 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 now fallen to levels below 30 year fixed by about a full percent!

4.00% 5/1 ARM, with one total point (discount plus origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $1910, APR 4.121! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 ARM rates as low as 3.5 percent (But you'd have to be crazy to pay that many points!)

Jumbo Conforming Rates (aka Super Conforming)

(NOW $417,001 to $697,500 in San Diego))

5.25% 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 $2761, APR 5.380! 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

5.375% 30 Year fixed rate loan, with one total point (discount plus 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 $2240, APR 5.507! 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! 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

6.05% "Jumbo" 30 Year fixed rate loan, with ONE point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4219, APR 6.178! 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 a full percent lower than 30 year fixed

4.70% "Jumbo" 5/1 ARM, with one point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $3630, APR 4.818! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 Jumbo ARMs as low as 3.75 percent (But you'd have to be crazy to pay that many points!) On the hypothetical $700,000 loan, a 5/1 saves over $780 per month in cost of interest over a thirty year fixed!

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 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!

Ask about the 105% refinance with no PMI

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

Real Loans for Real People May 21st, 2009

By Dan Melson on May 21, 2009 8:30 AM | Permalink | Comments (0)

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

4.75% 30 Year fixed rate loan, with NO points (discount or origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $2087, APR 4.789! 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 3.75 percent (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

5/1 ARMs have now fallen to levels below 30 year fixed by about half a percent!

4.125% 5/1 ARM, with NO POINTS (discount or origination) to the consumer and NO PREPAYMENT PENALTIES!. Assuming a $400,000 loan, Payment $1939, APR 4.163! 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 percent (But you'd have to be crazy to pay that many points!)

Jumbo Conforming Rates (aka Super Conforming)

(NOW $417,001 to $697,500 in San Diego))

4.625% 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 $2571, APR 4.750! 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 3.875 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 (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 5.040! 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 4.25 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

5.625% "Jumbo" 30 Year fixed rate loan, with ONE point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $4030, APR 5.750! 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 4.625 percent (But you'd have to be crazy to pay that many points!)

5/1 Hybrid ARM Rates

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

4.75% "Jumbo" 5/1 ARM, with one point total discount and origination, and NO PREPAYMENT PENALTIES!. Assuming a $700,000 loan, Payment $3599, APR 4.743! This is a fully amortized thirty year loan with the interest rate fixed for five years. 5/1 Jumbo ARMs as low as 3.5 percent (But you'd have to be crazy to pay that many points!) On the hypothetical $700,000 loan, a 5/1 saves over $650 per month in cost of interest over a thirty year fixed!