Escondido, CA Real Estate News

By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Kay, my lovely Mensa wife, reads the San Diego Union Tribune from cover to cover every morning while I peruse the funny papers; blessed is SDUT to offer two full pages.  You can immediately see it is a perfect marriage because we never have cause to fight over the morning paper. While Kay is concerned with pesky facts, (she never loses an argument) I pursue a funny papers inspired overview where there is much to be learned.   Below are some selections from Thursday, November 5, 2009. Take Dilbert for example, In three small panels Scott Adams teaches us three life lessons, maybe four. Not to mix our meds. The origin of racism. Political and criminal philosophy.  Of course, this does not apply to your politician(s)  eh... eh... eh In Leaf Zone Ahead and Falling Leaves Next Ten Feet Glenn...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Rate Lock Advice and Mortgage Market Update November 6, 2009, 1:30 PT RATE LOCK ADVISORY Lock Advice:  FLOATToday has been an extremely volatile session.  After reaching a Morning low of -2/32,  MBS prices turned higher again and are now up +8/32, above 9:45 ET pricing of +5/32.  MBS Prices were helped by a higher than expected Unemployment Rate of 10.2%.  The number of jobs lost in October was -190K, close to the consensus. 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 Nov.6 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.719% Down 0.009%. 10 Year Treasury currently 3.50% Down -0.07% DJI Stocks Closed today at $10,023.42,  Up 17.46, 0.17% Euro...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Rate Lock Advice and Mortgage Market Update November 6, 2009, 9:00 AM PT RATE LOCK ADVISORY Lock Advice:  FLOATIt has been an extremely volatile session this morning.  After reaching a recent low of -2/32, MBS prices turned higher again and are now up +7/32, above 9:45 et pricing of +5/32. Initially, MBS Prices moved higher after the Unemployment Rate jumped to 10.2%, which was higher than expected.  The number of jobs lost in October was -190K, close to the consensus. 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 0.02% at 5.06% on Nov.6 Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.719% Down 0.009%. 10 Year Treasury currently 3.510% Down -0.06% DJI Stocks $10...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Rate Lock Advice and Mortgage Market Update November 5, 2009, 8:30 PT RATE LOCK ADVISORY Lock Advice:  FLOATMBS prices are up +3/32. Productivity rose far more than expected in the third quarter. 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 4.728% Down 0.015%. 10 Year Treasury Currently 3.530% Down -0.04% DJI Stocks $9,974.45,  Up 172.31, 1.76% European and Asian Markets Up 0.498% Nymex Crude Oil Currently $80.25 Down $0.15 The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. FHA is back in the spotlight. They didn't produce the aud...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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 ...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Melissa Zavala, Broker, Escondido Real Estate, San Diego County
(Broadpoint Properties)
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 ...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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,...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Melissa Zavala, Broker, Escondido Real Estate, San Diego County
(Broadpoint Properties)
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 ...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
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 ...
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