Response Information
Question Answer
1. What was the purpose of your loan? Refinance
2. What made you consider us for your loan? b. Knowledge of Loan Officer
Loan Officer – 3. Using a scale of 0 to 10, where “0″ is “Unacceptable” and “10″ is “Outstanding,” please rate the performance of your Loan Officer, William Conrad, in the following areas: Listened to my needs and concerns: 10
Was courteous and professional: 10
Always returned my phone calls/emails promptly: 10
Was knowledgeable about loan options: 10
Offered competitive rates, points and fees: 9
Notified me up front of what documentation was needed: 10
Provided answers to my questions: 10
Loan Processing and Closing 4. Using a scale of 0 to 10, where “0″ is “Unacceptable” and “10″ is “Outstanding,” please rate your level of satisfaction with us for loan processing and closing: Processed loan within expected timeframe: 10
Closed on time: 10
Documents were accurate at closing: 10
Other Prospect Employee Prospect Employee Name (please specify): William Conrad,Jr.
6. Using a scale of 0 to 10, where “0″ is “Unacceptable” and “10″ is “Outstanding,” please rate your level of satisfaction with your Processor or other Prospect employee: Overall Satisfaction: 10
Overall Experience 7. Using a scale of 0 to 10, where “0″ is “Unacceptable” and “10″ is “Outstanding,” please rate your overall experience with Prospect: Overall Satisfaction: 10
9. Is there anything we can improve upon? The process was seamless, stressless and all the professionals involved were extraordinary.
10. How likely are you to consider us for your next loan or refinance? 10
11. How likely are you to recommend us to a family member or friend? 10

The Rating agency that dropped the credit rating from AAA to AA+ is Standard and Poor’s and is only one of three of the rating agencies. It takes two out of the three to actually effect the credit rating of the country’s debt. In addition my opinion of these agencies is not really very high because they are the same ones that rated AAA the tranches that were at the bottom of all the trouble we now face. In additon many believe that the rating drop was done to send a political message to the politicians
That said, we have all expected Sonoma County Real estate mortgage rates to rise by now. We fully expected that we would be experiencing a certain amount of inflation putting pressure on rates but that has just not been the case. In fact what has happened is that we are seeing a flight to safety to the US bond market pushing the yields down to their third lowest level ever. Obviously, every investor out there believes that the likely hood of America defaulting on their debt is lower than any other available option out there.

So today, the effect of the drop by S&P’s mortgage rating I think has little to do with the mortgage rates but the global economic worries are causing rates to drop because of the dramatic interest in the US bond market. Right now we are in a very low real estate mortgage rate cycle that most likely won’t last very long. I would expect rates to rise very moderately over the next couple of weeks but overall stay low through the end of the next quarter. For whatever that is worth.

I still think that Sonoma County Real Estate is the best long term protection against inflation.

The FNMA High Balance loan limits for Sonoma County Real Estate Mortgages will be dropped to $520,700 from the previous loan limit of $660,200 in the next month. This 20% drop in borrowing power through the GSA’s could prove to be another hit for the struggling Sonoma County Mortgage industry. Many of the loans we do in Sonoma County, or used to do, were in that 400k to 650k range. Now those loans over the 520,000 threshold will need to be financed by Jumbo investors which typically have even tougher restrictions and guidelines than the FNMA guidelines. There isn’t much anyone can do but acknowledge that interest rates, regardless of whether they are a high Balance loan amount or Jumbo loan amount are still tremendously low. One option for some may be to obtain a high balance 1st deed of trust in the maximum loan amount and couple that with a smaller 2nd deed of trust that could be paid off in a shorter amount of time. If you are seeking more information and/or Mortgage Strategies for a Sonoma County Mortgage please make calling a Local Mortgage expert with 20 years experience a first choice. I am not affiliated with a “Big Bank” and I don’t have the “Big Bank” mentality. I care about you and your loan!

Hunt For Your Loan
707-328-1233

Check out my new mortgage calculator. It really gives you everything you need to make an informed decision regarding your purchase. It is very similar to the one I use. The big difference is that you can run as many “what if” scenarios as you like with out feeling that you have bothered anyone. Pick a program, FHA, VA or Conventional and just plug in the purchase price and the rest of the fields will be populated with the information you need. Bear in mind that while I have done my best to provide you with the most current Mortgage rates, rates change hourly and your indivisual circumstances may influence the rates as well. This is meant as a guide to get you started. Please call me back or email me if you have any questions.

Good luck with your House Hunting and remember….
HUNT FOR YOUR LOAN707-431-9715

It is really amazing to me. Almost every economic pundit had expected mortgage interst rates to rise by now and yet we are still looking at mid to high 4′s for 30 year fixed conforming interest rates. Bottom line is that the economic recovery picture is not as bright as some would like to believe. Foreclosures cotinue to hamper real estate appreciation. It isn’t fair but the truth. Buying right now is still an amazing opportunity and with all the tremendous loan programs out there and the amount of low priced property in Sonoma County, Now is the time! If you are renting right now, I am almost sure I can show you how you can own for the same price or lower than the rent you are paying. Give me a call to day. I am really happy to sit down with you and go through the numbers process.

“Hunt For Your Loan”
707-431-9715

Part II of our series on the elements needed to qualify for a home loan revolves around the notion that you need to be able to prove that you can repay the debt or make the house payments you are about to incur. We no longer have the Stated(wink wink) income loan. Income documentation has become one of the biggest stumbling blocks for people getting approved for mortgages.

If you are W-2 employed for at least two years in the same line of work or profession then you have nothing to fear. Your paystubs coupled with your w-2′s for the last two years will be all the proof you need. However if you have changed jobs recently or have breaks in your employment history then things will be appreciably harder for you.

If you are Retired, then proving all of your income sources will be more difficult because you are probaly receiving money form a variety of sources including Social Security, Pension, annuities and the like that aren’t necessarily showing up on your tax retuns. If you are drawing on an existing retirement plan for example, you will need to document the consitent withdrawls from the account and show the deposits going into your checking account. A lot of retirees also do a little work on the side. But unless you pay taxes and can prove it with tax retunrns then that income will not be used for qualigying purposes.

Self Employed borrowers have the hardest time qualifying for loans becuase often the income that they make is not necarrily reflected in their tax returns. Often a Self employed borrower will write off a lot of expeneses needed to make the money but that adjusted income is now what is used to qualify and is quite a bit lower. Often the most affluent of our society is self employed, has a great credit credit history and money in the bank, but becasue of the way our tax system works, they can’t qulaify for a home loan.

I have helped all sorts of borrowers figure out ways to qualify for mortgages. Call or email me today and let me answer all your mortgage questions. Dealing with a seasoned professional will often save you a lot of headaches in the long run. 707-328-1233. Hunt For Your Loan

Pending home sales of existing US homes jumped up an unexpected record 10 % in October indicating that the economy is not falling of a cliff as many have predicted and that the industry which is at the center of and recovery is on its way back. The increase in the number of Americans signing contracts to buy previously owned homes followed a 1.8 percent drop in September, the National Association of Realtors said today in Washington. Another report showed claims for jobless benefits over the past month on average dropped to a two-year low. Combined with figures showing chain-store sales topped estimates last month, the reports added to evidence the world’s largest economy is strengthening, sending stocks up for a second day. Cheaper borrowing costs, lower prices and more jobs may entice homebuyers in coming months, helping the real-estate market regain its footing after the end of a tax credit caused demand to slump.

“The fundamentals that are driving home sales are low mortgage rates combined with job and income growth and that’s why housing should be expected to grow in coming months,” said Dean Maki, chief economist at Barclays Capital Inc. in New York. “Housing activity will still look low relative to the boom years, but we expect a solid growth rate to occur.”

Are you going to get in the market NOW or wait a little longer while interest rates rise, demand increase and properties appreciate? It is a simple question. Call me now to get pre-approved for a Mortgage loan and put yourelf in a posittion to take advantage of the rising market. 707-328-1233

Treasuries and mortgages advance this morning on economic growth concerns. The data this morning was better than expected, however in the bigger picture rather lackluster to sustain significant recovery. Retail sales advanced 0.4% in August after a downwardly revised 0.3% increase in the previous month, slightly better than the 0.3% forecast. Business inventories increased 1% in July, more than the 0.7% investors had expected. Inventories expanded by a revised 0.5% in June. Currently mortgages are roughly an 0.125 better in price from yesterday afternoon reprice. Mortgage rates continue to trade in a fairly narrow band affording great opportunites for sonoma county home owners to Refinnace their homes or buyers looking to purchase a home in Sonoma County. Call me today for a real mortgage interst rate quote. 707-431-9715

I just don’t know if they can. Rates as low as 4% for a 30 year fixed loan are virtually unprecedented in our life time. If you are waiting for rates to go lower I just don’t think they are going to. I reveiwed the history of the ten year bond recently and over the last 60 years there has been only one other time the yeilds have been this low and that was during the economic freefall we experienced in 2008. If you look at the average values of real estate in 2006 coupled with the 2 percent higher interest rates and look at the demand then, one can only assume we are at the bottom looking up. Call me with questions or concerns. Happy to help all of Sonoma County home owners. “Hunt for your loan”.

When Sonoma County Sellers consider various ways to sell their house, one thing that should be considered is the carrying back of paper in order to make the deal work. It may sound funny for a Mortgage lender to talk about seller carry backs but it is a really useful tool.

I am not talking about the whole first but say you had a 300,000 dollar house to sell. The buyer can scrape together 35,000. The buyer is looking at a 90% first which carries with it PMI and a higher interest rate that maybe they can’t qualify for. Yes they could look at FHA finaincing but the problem still exists…high debt to income ratios.

The soloution would be for the seller to carry a 10% second, interst only, at a prevailing interest rate for 5 years. It solves the probelm of the high mortgage payment and the Private Mortage insurance. Think about it. It just might save your deal!