URGENT - Interest Rate Advisory!

Hi,

I received this notice from an associate mortgage consultant, Brian Beres. I felt it was important information to pass along to you. Interest rates are at an all time low. If you are thinking of buying a home now may be the perfect time! Please read the following and contact the mortgage consultant directly if you have questions.


Thanks!

Crista :)


URGENT - Interest Rate Advisory!

Hi, it's me Brian the Home Loan Guy. I wanted to send you this "Interest Rate Advisory" to let you know that over the last 2 weeks we have seen interest rates increase more than a half percent, ".50%" on all loan programs due to deteriorating market conditions. Interest rates are still in the 4% range on some loan programs, however as the minutes go by rates are increasing at rapid pace!

Many market speculators, and our investors have told us that as the end of the Year nears, and with the New Year to come, to expect higher and higher rates. This is not to say that rates will not go back down from time to time as market conditions improve, it's just a warning to let everyone know that the rates we have seen over the last several months are most likely going to be a thing of the past for a very, very long time! With this being said, it's my professional opinion and urgent suggestion that you recommend to anyone you know who is looking to purchase or refinance property, to do it ASAP in order take advantage of what the market "currently" has to offer. Interest rates reached a historic low in the beginning weeks of November 2010, since then we have seen dramatic rate increases ever since. With information pouring in from speculators and our investors, now is the time to act and lock in a low rate before it's too late!

If you have any questions, comments or concerns please feel free to contact me at anytime. I will however be out of the office all day today, Wednesday the 8th attending a mandatory meeting regarding current market conditions and interest rate projections for the New Year. Please feel free to forward my information along to anyone you know who's in need of a Home Loan to either purchase or refinance property, and wanting to take advantage of what the market "currently" has to offer. I am here to help in any way that I can.

Thank you for taking the time out to read this!

Brian Beres
Mortgage Consultant
(951) 639-3733 CA. direct
(702) 207-2283 NV. direct
(702) 528-1925 cell
(702) 940-9862 fax
bberes@beresconsulting.com

"A referral is guiding someone you care about, to someone you trust"

$250.00 towards a Appraisal Report

This coupon can only be used towards the re-imbursement cost of a Home Appraisal Report. This coupon is only good for a 1 time use per customer, per transaction. This coupon can only be used for the customer who we are doing the Home Loan Financing for. This coupon can only be used once the Home Loan Financing transaction for the customer has been completed and the transaction is closed. This coupon can be used on any Purchase or Refinance transaction. This coupon is only valid for an amount up to $250.00. This coupon has NO CASH VALUE and cannot be redeemed for CASH. This coupon cannot be used in connection with any other coupons. This coupon must be presented before the Close of Escrow in order to be valid. For further details please contact me directly, thank you.
Offer expires: December 31st, 2010

$250.00 towards a Home Warranty

This coupon can only be used towards the purchasing of a Home Warranty Protection Policy. This coupon is only good for a 1 time use per customer, per transaction. This coupon can only be used for the customer who we are doing the Home Loan Financing for. This coupon can only be used once the Home Loan Financing transaction for the customer has been completed and the transaction is closed. This coupon can be used on any Purchase or Refinance transaction. This coupon is only valid for an amount up to $250.00. This coupon has NO CASH VALUE and cannot be redeemed for CASH. This coupon cannot be used in connection with any other coupons. This coupon must be presented before the Close of Escrow in order to be valid. For further details please contact me directly, thank you.
Offer expires: December 31st, 2010



If you are a First Time Homebuyer you may qualify to receive $25k in down payment assistance in Escondido!

Hi,

If you are a First Time Homebuyer (by definition, haven't owned a home in the last 3 years) and want to buy a home, but don't have enough for a down payment, then the City of Escondido may have a solution for you. You can receive up to $25,000 of down payment assistance if you qualify as a first time homebuyer and a moderate or low income household. The down payment assistance is a loan that you don't have to make payments on or pay back until you sell your home, transfer it, refinance it, or convert it to a rental.

This may be the opportunity you have been waiting for! You must purchase a home in the City of Escondido. Please give me a call if you want more information on this program or to get a list of approved lenders for this program. You can also visit the City of Escondido web site at http://www.escondido.org/Data/Sites/1/pdfs/Housing/FirstTimeHomebuyerProgramEnglish.pdf 

Happy House Hunting!

Crista :)

You can Receive up to $250 rebate when you order an Energy Audit!

This is a unique opportunity if you plan to purchase a home in the near future! This program will benefit anyone who purchases a home that may be older and less energy efficient. If you conduct an (HERS) energy audit within 60 days from your purchase, you can receive up to $250 in rebate for the audit cost. HERS energy audits can be costly, but worthwhile and receiving this rebate may make it even more worthwhile for you to do. Contact me for more information about this program. Enjoy! Crista J


C.A.R. offers new REALTOR® Energy Audit Program
C.A.R.’s Housing Affordability Fund (HAF) has launched the California REALTOR®’s Energy Audit Program (R.E.A.P.), a new program that provides rebates of up to $250 on Home Energy Rating System (HERS) home energy audits conducted by certified HERS raters. Home energy audits help homeowners identify improvements they can make to their home to reduce their monthly utility bills.

To qualify for the program, homeowners must:

• Purchase a single-family home in California between Oct. 1, 2010 and Dec. 31, 2011
• Use the home as a primary residence
• Conduct a HERS home energy audit of the home prior to close of escrow (as part of the Energy Efficient Mortgage*) or not later than 60 days after escrow
• Use a California REALTOR® in the transaction (referrals do not qualify)

Homeowners can apply for R.E.A.P. by requesting an application from their California REALTOR®.

*Energy Efficient Mortgage provides additional financing for energy upgrades to a home. Contact lender for details

Is now the time to Refinance? Read this excerpt from an LA Times article

This excerpt was compiled from the California Association Market Matters newsletter and is taking from an LA Times article. It's definitely worth a quick read! And if you more detail see the link at the bottom. Enjoy. Crista :)

Refinancing now could be better than waiting for mortgage rates to drop further



Mortgage rates on 30-year, fixed rate loans are hovering near the lowest level on record since 1951. While some home buyers are putting their home purchases on hold hoping rates will go even lower, many industry experts are advising homeowners with rates in the upper 4 percent range to refinance.


MAKING SENSE OF THE STORY FOR CONSUMERS

Homeowners with rates in the upper four percent range are likely to benefit from refinancing, according to Peter Ogilvie, president of First Residential Mortgage Corp. in Santa Cruz, Calif. He says refinancing to a lower rate often produces monthly savings, as long as the borrower can qualify under today’s industry credit guidelines and loan-to-value underwriting standards.

Some homeowners also may be good candidates for no-cost refinancing, where the title, escrow, and lender closing charges either are added to the mortgage principal balance or paid for over time with a slightly higher rate. The upsides to this option are reduced monthly payments, improved cash flow, and no outset of dollars at settlement.


Borrowers who want to become debt-free faster and can afford it, ought to consider refinancing out of a 30-year term loan into a 15-year term. Fifteen-year mortgages carry lower rates than 30-year loans, but their faster amortization schedules require higher monthly payments.


When considering whether refinancing is the best option, consumers are advised to take into account all of the fees associated with the refinance and decide if the money saved is worth the cost of the refinance.


Read the full story.

http://www.latimes.com/business/realestate/la-fi-harney-20101114,0,6276584.story

What do Banks Really want to Know about Condos Prior to Approving a Loan?

Buying a condo now-a-days can be challenging. Why? Because lenders may not loan money to borrowers on just any condo complex. They have to be financially solid and free of litigation. I am in escrow on a condo in Oceanside where the complex has some pending litigation. At first we thought there wasn't a chance to get a loan approved for a buyer, but then after snooping around the internet about the case, I found out there was a recent decision on one of the cases! That was good news. So, we went for it.

What is interesting is that what became a deal maker or breaker was the decision from the lender to approve the complex. The lender ordered what is a called Condo Cert from the property management company for the HOA to make a decision on if they want to approve a loan. I had an opportunity to see the completed Condo Cert and thought it was very interesting and wanted to share it with you.

Here are the key questions that the lender asked:

- Is the project complete or are there additional phases to build out?
- is the project a condo conversion?
- Date when the builder transferred control of the HOA to the owners
- Date when the condos were first offered for sale
- Total number of units
- Number of units currently in escrow
- Homeowner occupancy statistics
- Number of sales in the last 90 days
- How many units are dellinquent in paying their HOA dues?
- Are there any pending special assessments?
- Is the HOA involved in any pending litigation?
- Does the project has sufficient reserve dunds to pay for maintenance?
- Are there any special restrictions such as age restrictions?
- Are there amenities or facilities owned by the HOA?
- Who takes over HOA delinquent dues if a home is lost in foreclosure?
- Does the project rent on a daily, weekly, or monthly basis?
- Does the HOA has insurance?

These are the main questions that is asked of the HOA. There were a few more. But, you can see how carefully they evaluated this condo complex prior to approving it for a loan. If you are in the market for a condo, keep these questions in mind before you get your heart set on a home in a complex that may not be approvable.

You can ask you real estate agent if there have been other condos recently sold in that complex that have a loan associated with it. This will be a fast and easy indication of the chances of your loan being approved. If you have additional questions about condo certs or want information about a particular complex please give me a call. Thanks, Crista :)

Streamline FHA Refinance option!

Dear Crista McClure-Swan,




I received the following email from an associate mortgage consultant and thought I would pass this along. If you already own a home, have an FHA loan, and are interested in lower your interest rate, this program may be perfect for you. Please read the following and contact the mortgage consultant directly if you have questions. Thanks, Crista :)






FHA - VA Streamline ALERT!!!


Hi, it's me Brian the Home Loan Guy.


I wanted to send you this EMAIL ALERT to let you know that the FHA - VA Streamline loan program has hit a record low of 4.50% on the 30 Year Fixed and 4.25% on the 15 Year Fixed programs!


For those of you who do not know what the FHA - VA Streamline loan program is, I will tell you. This is a loan program that allows people who currently have an FHA or VA loan to refinance at market rates regardless of their appraised value! That means if you sold someone a home a year or 2 years ago and they have an FHA or VA loan, they have a chance to refinance their mortgage and reduce their monthly payment even if they are upside down.


Qualifying for this program is super simple too! Minimum qualifications consist of the following:


* Minimum required credit score of 640.
* Reducing their overall monthly payment by 5% or more.
* Having been in their current loan for a minimum of 6 months with no missed payments.


If you or anyone you know has an FHA or VA loan with an interest rate of 4.875% or higher, that fits into the criteria above please call me. I can help reduce their interest rate and monthly payment with no headaches or hassles. A Typical Streamline Refi only takes about 2 to 3 weeks to complete, it's that easy!


As always, I am here to help in any way that I can. Please feel free to pass this email along to anyone you know who may benefit from this loan program, thank you!


Brian Beres


Mortgage Consultant


(951) 639-3733 CA. direct


(702) 207-2283 NV. direct


(702) 528-1925 cell


(702) 940-9862 fax


bberes@beresconsulting.com

Sometimes Patience does Pay off!

In these days when it seems like no one trusts each other, everything has to be in writing, and there's always doubt that someone's not going to live up to their obligations, it's nice when you work with a party that goes out on the limb and gives you the opportunity to actually make something work, when most others wouldn't. . . . . I'm talking about a real estate transaction that I'm currently involved with.

I represent the buyer in this case and we wrote up an offer on a property they fell in love with! The seller accepted, but it wasn't until a week or so into escrow when we found out that there still was an item on the buyer's credit files that could be detrimental in getting their loan approved. So, we went ahead and did our inspections and negotiations on repairs, then asked the seller to extend the loan contingency period until we could be sure this item was off the credit files, and therefore minimize any risk of problems with the loan. While most sellers would snub their noses at any such idea, these sellers, along with the guidance of their agent, decided to give us a chance. They waited a full two more weeks! All in all, we went over 30 days from the date of acceptance before the buyers were assured their credit file was clear!

How many sellers would do this? I doubt any, but this time it worked out because now we have full loan approval and are getting set to close. Now you might be asking why would a seller go out on a limb and do that? Well, the reality is that in this case there were issues with the pool and decking around the pool and my buyers were actually willing to accept this condition (with a negotiated credit from the seller), so most likely the seller knew that they would run into the same issue with another buyer as they did with my buyer (and a previous buyer that bailed after finding out about this condition), and didn't want to risk having to waste more time losing another buyer!

In the end, my buyers are ecstatic! It's difficult situations like these that really make you realize the benefits of having a qualified agent represent your best interests (if I don't say so myself). This is my favorite part of my job, taking a difficult situation and making it work out!  Crista :)