Jumbo loan lenders are hard to find these days. Sure, many lenders have jumbo programs on their rate sheets, but most of these programs are priced very unattractively.
Here in the San Francisco Bay Area, we need jumbo lenders. On the retail side, Wells Fargo, Bank of America, Union Bank, and First Republic Bank offer attractive […]

This weekend, August 9th and 10th, the Burlingame Chamber of Commerce will be hosting its annual Art & Jazz Festival. There will be food, drink, activities, and events for people of all ages.
Come visit us in the Fox Mall right by Baskin Robbins. We’ll be giving out information about our new program for seniors; a […]

Mortgage Rates for Jumbo Loans. Rates based on a $1,000,000 loan amount.
5/1 ARM      6.125%
7/1 ARM      6.375%
These rates are with a 1 point cost. Other options are available. These quotes assume a purchase transaction with 20% down,  full income and asset documentation, a 680 credit score, and a 30 day rate lock.

According to this article, Wachovia Corp. will be waiving the pre-payment penalty for clients who have an option ARM loan.
Will this move be duplicated by other option ARM lenders, such as Washington Mutual, Downey Savings, Chevy Chase Bank, and Countrywide? Stay tuned.
Ironically, the rates on many of these option ARM loans are going down, and […]

It’s pretty easy to be lulled to sleep by your option ARM loan. You probably know the rate is adjustable, but you don’t pay too much attention because you also probably know the minimum payment only changes once per year.
Wake up! You need to know several important components of your option ARM. There may […]

Most homeowners want to get their house paid off as quickly as possible. It’s in our American psyche. Not having to make a large payment, and not having to worry about losing your house because you don’t have a loan are huge emotional benefits.
I understand these emotional benefits. However, I think many people make the […]

Freddie Mac and Fannie Mae have been offering to buy loans that used to be considered “jumbo” from lenders for loan amounts up to $729,750 since the economic stimulus package was signed.
Until now, the program has been a flop. The rates offered were very unattractive.
Finally, they have decided to reduce the rates on these “agency jumbo” […]

As you may be aware, Freddie Mac and Fannie Mae have temporarily raised the limits for the size of a loan (called an agency jumbo loan, or conforming jumbo loan) that they will buy to $729,750 in certain high cost areas, such as San Mateo, Santa Clara, San Francisco, and Marin Counties.
What you may not be […]

There has not been much change from last week in either the mortgage market or the stats in the local home sale market.
Rates have not moved much this week. That could change tomorrow when the Fed announces their decision regarding the Federal Funds Rate at 11:15 Pacific Time. I am going to go out on a […]

My client recently received a letter from Washington Mutual stating that they were reducing his equity line from $939,700 to $282,000. We hear about lenders reducing the amount of available credit on equity lines every day. This case, I believe, is an example of a lender taking advantage of a customer because of their own problems.
 WAMU […]