Tax Credit Extended By Senatefor First Time Home BuyersIt looks like the bill is very getting close to the President's desk.  As of Wednesday November 4, 2009 the Senate officially passed the extension of the first time home buyer tax credit. The bill will now move into the House, and then to the President's desk for a signature. The Senate has passed a 6 months extension on the first time home buyer tax credit of $8,000. Hopefully this extension will encourage more people to buy homes and help the housing industry bounce back quicker. There is an $800,000 maximum for the purchase price of the home, and 2 income caps which have been set. First, if the couple makes a joint income of $225,000 or higher they will not be eligible for the first time buyer credit, and if an individual makes a... 11/05/2009

Rate Lock Advice and Mortgage Market Update November 4, 2009, 1:15 PT RATE LOCK ADVISORY Lock Advice:  FLOATAs expected, the Fed made no change in the fed funds rate. There was also no change in the language indicating when the Fed would begin to raise rates. MBS prices closed down -2/32, above 9:45 ET pricing of -5/32.  RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage Unchanged at 5.08% on Nov.4 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.743% Up 0.044%. 10 Year Treasury Currently 3.520% Up 0.02% DJI Stocks closed the day at $9,802.14,  Up 30.23, 0.31% European and Asian Markets Up 1.483% Nymex Crude Oil Currently $80.14 Up $0.54 Rates 11-04-09, 8:15 AM PT 30 Year ... 11/04/2009

Rate Lock Advice and Mortgage Market Update November 4, 2009, 11:00 PT RATE LOCK ADVISORY Lock Advice:  FLOATMBS prices are Up 1/32.  ISM Services came in weaker than expected, helping MBS markets. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage Unchanged at 5.08% on Nov.3 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.743% Up 0.044%. 10 Year Treasury currently 3.510% Up 0.01% DJI Stocks $9,874.76,  Up 102.85, 1.05% European and Asian Markets Up 1.483% Nymex Crude Oil currently $79.90 Up $0.30    Rates 11-04-09, 8:15 AM PT  30 Year Fixed to $417,000Rate 4.875%  Point 0.75,  APR 5.001%APR Based on $350,000 Loan at 80% LTVAbove Rate can be locked  for 30 days.Call for Q... 11/04/2009

Rate Lock Advice and Mortgage Market Update November 3, 2009, 8:20 PT RATE LOCK ADVISORY Lock Advice:  LOCKThere is a chance of increased rates from investors that priced early. MBS prices are down -3/32, below 9:45 ET pricing of +2/32. With major economic news later this week, volatility may remain high during the week. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage Down 0.01% at 5.08% on Nov.2 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.699% Up 0.026%. 10 Year Treasury currently 3.450% Down 0% DJI Stocks $9,741.00,  Down -48.44, -0.49% European and Asian Markets Down -1.135% Nymex Crude Oil currently $78.13 Down $0.00 Rates 11-03-09, 8:15 AM PT  30 Year Fixed to... 11/03/2009

Rate Lock Advice and Mortgage Market Update November 1, 2009, 7:00 PT RATE LOCK ADVISORY Lock Advice:  LOCKMBS prices are down 5/32.  Construction Spending, ISM Manufacturing, and Pending Home Sales will be released at 10:00 et. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage UP 0.02% at 5.09% on Oct.30 10 Year Treasury currently 3.390% Down -0.02% DJI Stocks $9,743.57,  Up 30.84, 0.32% European and Asian Markets Down -0.58% Nymex Crude Oil currently $76.92 Down $0.08     Rates 10-30-09, 8:00 AM PT 30 Year Fixed to $417,000Rate 4.875% Point 1.000, APR 5.023%APR Based on $350,000 Loan at 80% LTVAbove Rate can be locked for 30 days.Call for Quotes on FHA and VA loans With Det... 11/02/2009

If you live in the gorgeous Hidden Trails Community in East Escondido and you purchased your home in approximately 2004, you may find that you are "upside down" or that you owe more to the bank than your home is worth. If you can afford to make the mortgage payments and you plan to stay in your home for awhile, then that is okay. But, if you need to sell, then you sell in a transaction called a short sale. So, if you live in Hidden Trails, East Escondido, and beyond, and need to participate in a short sale, read on. What Is a Short Sale? A short sale is a real estate transaction where the lender agrees to a accept a payoff for less than the full amount of the mortgage, and possibly forgive the remaining balance, pay the seller's closing costs, and pay the Realtor's commission. The loss ... 11/01/2009

California AG Wants Pay Option ARM Answers HOUSING WIRE By AUSTIN KILGORE October 29, 2009 4:26 PM CST California attorney general Edmund Brown Jr. today sent a letter to 10 major bank and loan servicers in the state calling for the disclosure of their detailed plans to help certain homeowners manage the drastic payment increases on their pay option adjustable rate mortgages (ARMs). California homeowners hold nearly 60% of the nation's pay option ARMs originated between 2004 and 2008, the attorney general's office said. Nationally, about 1m of these loans are schedule to reset in the next four years, creating higher payments for many loans on the brink of negative equity. The Rest of the Story   Your Fha Guru Bill Ladewig800.664.SAVE (7283)Bill@yourfhaguru.com     The Mortgage Markets a... 10/30/2009

It is apparent that an increasing amount of our country's financial power is being consolidated into the big four banks; Bank of America, Chase, Citibank and Wells Fargo making these guys absolutely To Big To Fail, what's next? Will there be further consolidations... maybe big bank inspired elimination of mortgage brokers?  Whoops, it's happening now unless you take action,  Big Banking Buddy FDIC is helping big banks eliminate one of their largest competitors leaving consumers with even fewer choices as early as 2010 unless you take immediate action.  Read how For those of you who do not subscribe to the lending and real estate site Think Big Works Small you might enjoy their humorous take on banks to big to fail.  See Video 10/29/2009

Rate Lock Advice and Mortgage Market Update October 29, 2009, 9:50 PT RATE LOCK ADVISORY Lock Advice:  LOCKUnfavorable repricing is a risk. MBS prices are down -8/32  below 9:45 ET pricing of -4/32. The Dow is now up 150 plus points, putting pressure on MBS markets. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage Down 0.01% at 5.07% on Oct.29 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.678% Down 0.078%. 10 Year Treasury currently 3.50% Up 0.06% DJI Stocks $9,927.67,  Up 164.98, 1.69% European and Asian Markets Up 0.666% Nymex Crude Oil currently $80.28 Up $2.82 Rates 10-29-09, 9:50 AM PT 30 Year Fixed to $417,000Rate 4.875% Point 1.000, APR 5.023%APR Based on $350,... 10/29/2009

Rate Lock Advice and Mortgage Market Update October 28, 2009, 6:30 AM PT RATE LOCK ADVISORY Lock Advice:  FLOATMBS prices are up +1/32. Durable Orders came in right on target and produced little reaction. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage UP 0.04% at 5.1% on Oct.27 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.756% Down 0.053%. 10 Year Treasury currently 3.450% Down -0.04% DJI Stocks $9,843.70,  Down -38.47, -0.39% European and Asian Markets Down -1.332% Nymex Crude Oil currently $78.75 Down $0.80 Rates 10-27-09, 10:45 AM PT 30 Year Fixed to $417,000Rate 5.00% Point 0.875, APR 5.142%APR Based on $350,000 Loan at 80% LTVAbove Rate can be locked for 30 da... 10/28/2009

Rate Lock Advice and Mortgage Market Update October 27, 2009, 11:00 AM PT RATE LOCK ADVISORY Lock Advice:  FLOATMBS prices are up +11/32, above 9:45 AM ET pricing of +2/32, and at the high for the day.  Several lenders have reposted improved rates.  Demand was very strong for the 2-yr auction and  weaker than expected Consumer Confidence data helped MBS markets. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage UP 0.04% at 5.1% on Oct.27 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.808% Up 0.034%. 10 Year Treasury currently 3.470% Down -0.12% DJI Stocks $9,868.57,  Up 0.61, 0.01% European and Asian Markets Down -0.311% Nymex Crude Oil currently $78.98 Up $0.30 Rates 1... 10/27/2009

Although FHA has no minimum credit score requirement for FHA loans, currently many FHA lenders do impose a minimum score.  Most lenders have already moved their minimum credit score requirements to 620 or 640.  While there may be others, at this moment I am only aware of two wholesale lenders accepting between 550 and 580 with compensating factors and recent good credit.  After December 12, it looks like all lenders will move to a minimum of 620 unless they have a special investor tucked away somewhere.  Fannie Mae, announced that it "is revising the eligibility, underwriting, and pricing policy to support housing market liquidity and sustainability." In a statement released on Tuesday, September 24, 2009 Fannie said that starting December 12, 2009, the minimum credit score will be incr... 10/25/2009

If you are a homeowner in Escondido, San Marcos or beyond who needs to sell, and if you owe more to the bank(s) than your property is worth, than you may need to participate in a short sale. In a short sale transaction, your real estate agent or a designated negotiator will negotiate with the bank(s) to forgive the difference between what you owe and the buyer's purchase price. Homeowners who are "Upside down" commonly ask, "How much does this cost?" Surprisingly, the answer is "Absolutely nothing." Homeowners become very surprised and dubious when they hear this response, but the explanation for this is very simple. In a traditional real estate transaction, the seller pays the Realtor® a commission to sell the property. If another Realtor® represents the buyer, then that commission is ... 10/23/2009

Rate Lock Advice and Mortgage Market Update October 23, 2009, 8:20 AM PT RATE LOCK ADVISORY Lock Advice:  LOCKMBS prices are down -7/32For the third straight day, MBS markets faced early downward pressure.  The last two days, MBS markets recovered their losses by the end of the session although today's early losses are the largest. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage Unchanged at 5.04% on Oct.22 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.737% Up 0.02%. 10 Year Treasury currently 3.460% Up 0.02% DJI Stocks $9,975.58,  Down -105.73, -1.05% European and Asian Markets Up 0.203% Nymex Crude Oil currently $80.35 Down $0.84 Rates 10-23-09, 8:10 PM PT  30 Year... 10/23/2009

Rate Lock Advice and Mortgage Market Update October 21, 2009, 10:45 AM ET RATE LOCK ADVISORY Lock Advice:  LOCKUnfavorable repricing is a risk. MBS prices are down -12/32 below 9:45 AM ET initial lender pricing of -6/32. Investors continue to react to comments from global central bankers about tighter monetary policy. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage Unchanged at 5.04% on Oct.21 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.696% Down 0.016%. 10 Year Treasury currently 3.390% Up 0.04% DJI Stocks $10,076.09,  Up 34.61, 0.34% European and Asian Markets Up 0.095% Nymex Crude Oil currently $81.74 Up $2.62   Rates 10-21-09, 10:50 AM PT  30 Year Fixed to $417... 10/21/2009

Rate Lock Advice and Mortgage Market Update October 20, 2009, 9:25 AM ET RATE LOCK ADVISORY Lock Advice:  FLOAT with CautionMBS prices are up +6/32 after both PPI and Housing Starts came in lower than expected. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage Down 0.01% at 5.04% on Oct.19 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.712% Down 0.022%. 10 Year Treasury currently 3.320% Down -0.09% DJI Stocks $10,012.01,  Down -80.18, -0.79% European and Asian Markets Down -0.174% Nymex Crude Oil currently $78.52 Down $1.09   Rates 10-19-09, 8:30 PM PT  30 Year Fixed to $417,000Rate 4.750%  Point 0.875,  APR 4.885%APR Based on $350,000 Loan at 80% LTVAbove Rates can be ... 10/20/2009

Rate Lock Advice and Mortgage Market Update October 19, 2009, 7:45 AM ET RATE LOCK ADVISORY Lock Advice:  FLOATMBS prices are down -2/32. No economic data will be released today. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage UP 0.01% at 5.05% on Oct.16 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.734% Down 0.022%. 10 Year Treasury currently 3.390% Down -0.04% DJI Stocks $10,067.63,  Up 71.72, 0.72% European and Asian Markets Up 0.968% Nymex Crude Oil currently $78.58 Up $0.05   Rates 10-19-09, 8:00 PM PT  30 Year Fixed to $417,000Rate 4.750%  Point 1.000,  APR 4.896%APR Based on $350,000 Loan at 80% LTVAbove Rates can be locked  for 30 days.Call for Quotes on FHA ... 10/19/2009

The Escondido Street Faire is going to be held tomorrow, October 18, 2009 between Grand Avenue between Centre City and Ivy. The Street Faire is sponsored by the Escondido Chamber of Commerce and the Downtown Business Association. It will begin at 11:00 a.m. and continue until 7:00 p.m. This is the second largest street fair in California with over 700 booths, arts & crafts, a farmer's market, international foods, and all sorts of fun for the whole family. Flu shots will also be available. Broadpoint Properties, an independent brokerage located at the corner of Broadway and Grand, will also have a booth where qualified pre-foreclosure experts will be available to answer any questions that you may have about the real estate and mortgage market in our local area. Hope to see you there! 10/17/2009

If you are a seller who is considering a short sale in Escondido, San Diego County, and beyond, then you have probably heard all sorts of horror stores and short sales. No doubt you have heard that the banks are tough to deal with and that the transaction can be lengthy. There is good news, however! Most short sales actually close escrow-just as long as everyone is vested in the transaction. This past month our office closed two short sales where the process took over a year to complete. In neither case was the bank to blame. Here is what happened in one of those cases: A short sale in Oceanside, California was listed in August of last year. It received multiple offers, and the best offer was submitted to the bank. The bank approved the short sale in October of 2008. In November, the bu... 10/17/2009

PM Rate Lock Advice and Mortgage Market Update October 16, 2009, 8:28 PM ET RATE LOCK ADVISORY Lock Advice:  FLOATMBS Prices are currently up 2/32.This morning, the stock decline market helped MBS markets. September Industrial Production rose 0.7%, above the consensus forecast of 0.1%. RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News. National Average Fixed Rate Mortgage UP 0.03% at 5.04% on Oct.15 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.756% Up 0.063%. 10 Year Treasury currently 3.430% Down -0.06% DJI Stocks $9,964.62,  Down -98.32, -0.98% European and Asian Markets Down -0.772% Nymex Crude Oil currently $77.28 Down $0.30 Rate Survey Where you will find the best rates Rates 10-15-09, 8:00 AM PT30 Y... 10/16/2009