Matt Steinmetz's Blog » rates

FHA to Change Allowable Seller Credit Amount?

Matt Steinmetz — Wed, 25 Jan 2012 23:35:15 +0000

In a separate Federal Register notice to be published soon, the FHA will propose to reduce the maximum allowable seller concession from its current level to one more in line with industry norms. The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. The revised proposal reflects public comments received on an earlier proposal published in a Federal Register notice on July, 15, 2010. The revised proposal calls for a 30 day comment period. Following an analysis of the public comments received, a final rule will be issued.

Do you think this is a good or bad idea? Let me know by commenting below (log in using your facebook or twitter account through Disqus)

Matt Steinmetz

What Not To Do During Your Loan Processing

Matt Steinmetz — Mon, 23 Jan 2012 17:19:34 +0000

What Not To Do

To some it’s obvious and to others it’s not, but the following items are critical during the loan process. If you have questions about these or are in the middle of your loan process and have to do one of these let me, or your loan officer know (always tell your loan officer) so you can be sure you are not affected negatively.

IMPORTANT

It is critical to the success of your loan package that you avoid doing any of the following until after your loan has closed escrow:

1. Do not change or quit jobs.

2. Do not switch banks, make cash deposits or move your money around. If you do please keep a complete crystal clear paper trail that shows all money transfers and deposits between accounts.

3. Do not pay off bills. You should continue to pay the amount required, but do not assume that paying a debt off will alwasy benefit your score or loan approval.

4. Do not make any major purchases. Adding debt can be detrimental.

5. Do not close credit accounts or apply for any new credit cards or loans.

If you must do any of the above, PLEASE CONTACT YOUR LOAN OFFICER IMMEDIATELY. Audits are done just prior to funding and you may be placing your loan in jeopardy if you do not notify your lender of any changes.

Hope that helps! Please share and leave comments here.

Matt Steinmetz

Update on HARP and Rate Outlook

Matt Steinmetz — Thu, 27 Oct 2011 17:23:04 +0000

Click here to view the embedded video.

Europe finds some help with the Greek debt issue which hurt U.S. mortgage rates and inflation, the enemy of mortgage rates begins to rear its ugly head!

Please leave your comments here and share this with your friends via the social media buttons below.

Thanks!
Matt Steinmetz
Envoy Mortgage

HARP Updates- This May be Huge!

Matt Steinmetz — Mon, 24 Oct 2011 15:55:17 +0000

Click here to view the embedded video.

In this video:
The refinance program for underwater borrowers has helped some but has also taken a lot of flack because of it’s limits. Well that may be no more!!!
Fannie Mae and Freddie Mac will be rolling out updated guidelines to allow borrowers to refinance regardless of how much they owe, their appraised value. This means it doesn’t matter how underwater you are, if your loan is owned by Fannie Mae or Freddie Mac you may benefit. Those of us with second mortgage and HELOCS may still benefit assuming the second lender agrees to re-subordinate.

Watch the video and leave comments here. Be sure to share this with your friends, family and co-workers because this may help a lot of people.

Matt Steinmetz
Envoy Mortgage

Concord, CA Contra Costa County
925-548-3983

What will 2011 Bring?

Matt Steinmetz — Fri, 07 Jan 2011 05:49:35 +0000

I was recently attending an economic seminar and I wanted to share some of what I heard.

It was said that home sales had hit bottom in fall of 2010 on a national level and 2 months earlier in CA. Meaning CA is 2 months ahead in the eyes of recovery. I’m sure some of you agree while others are saying YA RIGHT! With that said I learned that current sales are at the same level they were in 2002 with the difference being that prices are lower today then they were then. So for you Realtors that have made it through the hard times I am sure I am not the first to tell you that you are working harder for less pay today than in 2002.

The median price in CA is now around $309,000 and on average a home sits on the market 6.2 months. My experience in Concord, CA and Contra Costa County is that the median is slightly lower than that, maybe $285,000. In Solano county lower again at about $250,000.

It was said that there will be a housing shortage during the 2nd half of this decade. If that is true then we should see prices hike up and we’ll all be worried there will be another bubble.

Something I found interesting was that I read today that there will be a 3.6% decline in values in 2011, but the speaker at the seminar believes there will be a 2% increase. Spins and perspectives are always interesting, aren’t they?

There was also a bit of discussion on the new laws and changes to existing laws pertaining to real estate, rentals, evictions and foreclosures. One law I found interesting was that it is now a crime not just a violation to pay an unlicensed person for doing loan activity.

At any rate these are the times for consumer protection, right or wrong, it’s what the people seem to want. I have heard many say it’s gone overboard but just like everything, it has to go overboard before it is corrected. Just like lending, the market (the bubble), or anything else in life.

Let me know if you have any thoughts on this by leaving a response.

Matt Steinmetz
Envoy Mortgage

Concord, CA

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Even Lower Mortgage Rates

Matt Steinmetz — Fri, 08 Oct 2010 16:16:22 +0000

From What I see, today is showing the lowest rates we’ve ever seen.

Matt Steinmetz
Envoy Mortgage

Concord, CA

Mortgage Rates Reach 2010 Lows After Stocks Nosedive

Matt Steinmetz — Sat, 08 May 2010 16:36:40 +0000

Mortgage Rates Reach 2010 Lows After Stocks Nosedive.

Thank you,

Matt Steinmetz

Branch Manager

Envoy Mortgage

Branch 531

925-671-9501 x119

www.envoyca.com

The Count Down Begins!

Matt Steinmetz — Fri, 19 Mar 2010 04:38:48 +0000

10 days left of the Fed’s mortgage backed securities (MBS) purchase program! Experts say rates will go up. Not right away, or perhaps right away, but rest assured the signs are pointing one direction, up!

Best bet is to lock in now. Rates are still very low and why risk missing the boat when the forces seem to be stacking against rates going lower.

Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine

2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119

msteinmetz@envoymtg.com

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Fed Getting out of the Market

Matt Steinmetz — Mon, 04 Jan 2010 17:52:12 +0000

Only 12 weeks remaining of the Fed MBS purchasing program. I’ve blogged this before but let’s recap.

The fed planned to spend 1.25 trillion dollars buying mortgage backed securities, which are really just bundles of loans, like yours, that are sold on a secondary market, like stocks and bonds. They have spent over 1 trillion and with only 12 weeks remaining will be winding down this program. Why should you care?

Since the secondary market is like any other and responds to supply and demand, when there is less demand, investors will need to be enticed to buy. How do you do that? With larger returns. In this case returns are created by the interest rates, so you can see that higher rates will be needed. This is of course passed on to the consumer, meaning home loan rates are expected to go up.

If you or anyone you know has been on the fence, to buy or refinance, time is running out. We may or may not see one more dip before the 12 weeks is up, but rest assured that unless the Fed extends the program, rates will go up.

Couple higher rates with foreclosures and short sales, we can expect a slight loss in the (small) gains we saw late last year in housing prices. As rates go up the buyers lose purchasing power and are less likely to buy higher priced homes.

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Thank you,
Matt Steinmetz
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119

Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online

FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages

Rates are looking Great!

Matt Steinmetz — Tue, 06 Oct 2009 14:46:42 +0000

Rates are 1/8% from the lowest rates ever! Should we be talking about your possibilities? Call me today.

Thank you,
Matt Steinmetz
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Fax 925-940-9639
msteinmetz@envoymtg.com

Visit my blog for my most recent mortgage related update.
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online

FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages