Long Beach Mortgage Rates Report: March 5, 2009Long Beach Mortgage Rates Report: March 5, 2009-Long Beach Real EstateMortgage rates in Long Beach dropped from 5.25% to 4.875%, from conventional loan programs, with 1 point today. Oh, how I love it when the government is actually working for home buyers rather than trying to raise the dead. Long Beach Mortgage Rates as of March 5, 2009: All eyes are on the unemployment figures tomorrow but here's where mortgage rates were today: 20% down, conventional loan up to $417,000 with 1 point 4.875% Mortgage Help From The Government Stimulus? if you're underwater on your mortgage, the Obama plan ain't gonna help you. This plan was designed for every state but CA, FL, NV, AZ, MI, and NV. You know, the places that are hurting the most.... ...like Long Beach. Big Bank Bailout News Hooray for Northern Trust and US Bank ! They gave back the bailout money they never wanted in the first place. Meanwhile, if your bank gave the politicians money, it got multiples of it back in bailout money. Citigroup and Bank of America gave politicians an astounding $5 million and $6 million (respectively) last year and received $50 billion and $45 billion (with a B) from their "investment". So, there you have it. If you're a distressed homeowner in Long Beach, you lose. If you're a bank who donated money to the politicians, you got BIG bonuses at the end of last year.
Brian Brady is Managing Director of World Wide Credit Corporation, a San Diego-based mortgage banking and brokerage firm. Google calls him America's #1 Mortgage Broker; you can call him at (858)-777-9751
http://www.longbeachrealestatehome.com/00954A Posted on March 05, 2009 17:00:00 by Laurie Manny
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FHA Loan Limits for Los Angeles County and Orange County - Long Beach Real EstateFHA Loan Limits for Los Angeles County and Orange County - Long Beach Real EstateLong Beach Real Estate News
New FHA Loan Limits
Los Angeles County and Orange County FHA loan limits decreased on January 1, 2009. The FHA has now restored the higher limits in both Los Angeles and Orange Counties. What does that mean to todays Long Beach home buyers? This means that buyers can qualify for higher loans on homes once again. This is true for all residential loans, including; homes, condos and residential investment property under 4 units.
FHA Loan Limits for other areas of California and other States can be found here. Real estate is almost always a good purchase. Now is a very good time to consider purchasing a Long Beach Home, Condo or Income Property. Interest rates are very low and loans are available, both through FHA and conventional means. Conventional loans are becoming more expensive to attain. Recently lenders have begun to demand 10% down payments forcing more buyers into FHA loans. As the year moves on do not be surprised if the lenders increase that 10% to a higher number. If you have been sitting on the fence call us today to discuss your needs and wants. We are always here for you. Call Laurie (562) 212-5420
Long Beach Home Buyer Tips
Laurie Manny Professional Group 244 Redondo Avenue (562) 212-5420
http://www.longbeachrealestatehome.com/0062EE Posted on March 04, 2009 18:00:00 by Laurie Manny
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Long Beach Mortgage Rates Report February 26, 2009Long Beach Mortgage Rates Report February 26, 2009-Long Beach Home LoansLast week, I reported that Long Beach mortgage rates were under 5% while the average was 5.1%. Today, rates are higher; I'm offering 5.25%. Jumbo mortgage rates are much higher: Super Jumbo: $1,000,000 to $3,000,000-
7.125% Are you holding out for prices of Long Beach homes to drop before you make an offer? You aren't alone. I spoke with Spencer Raskoff of Zillow.com, before he spoke on CNBC last week: Homebuyers have to feel confident that we're at or near a bottom. Zillow's research shows that a striking 70% of American homeowners think their home will increase in value or stay flat over the next 6 months. But buyers aren't walking the walk. Credit goes to Brian Brady for calling my attention to this point today. Too many buyers are sitting on the sidelines, not making offers because they don't want to buy too early. We're not going to have a housing market turnaround until those buyers start to make offers, and they're not going to make offers until they feel that we've already hit a bottom.
We both agreed that these horrific reports were actually good news because it demonstrates that we are awfully close to the bottom. Waiting won't help you unless you have tons of money. While housing prices were dropping, lenders have been requiring higher and higher down payments. Let's face it; bankers are pretty stupid. When California real estate was skyrocketing, they let people buy homes with no money down and no income verification while the collateral was getting risky. Now, as collateral becomes much safer, the bankers are asking for even HIGHER down payments. What this means to you, the Long Beach home buyer, is that even if you wait, you WILL NOT have the means to buy a home. Is it any wonder we have to bail out these bozos? Unfortunately, we need these bozos to finance your home. While you may not catch the ABSOLUTE bottom, you can still get a loan with as little as 3.5% down payment...today. Laurie Manny can point you to some terrific deals being offered by the bozos. Call her and we'll get you all set up.
http://www.longbeachrealestatehome.com/0094FE Posted on February 26, 2009 11:40:56 by Laurie Manny
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1st Time Buyers - Now is the time to buy - Long Beach Homes and Condos1st Time Buyers-Now is the time to buy Long Beach Homes and Condos-Long Beach Real Estate
Buyers Want to Know
My friend and her husband currently live in a rental and had searched for a home back when the market was sizzling hot. At that time the only homes they might be able to afford would have cost too much to put into livable condition. They were basically priced out of the market. My friend wants to know if now is a good time to buy a house or if they should continue to wait. She expresses concern that homes in the San Fernando Valley are receiving multiple offers. Reading the news has frightened and confused her.
Lets look at this for a minute. Here is a couple who has been expressing a desire to purchase a home for many years. They searched when they really could not afford to buy one, downgraded their search to Fixer Uppers that they also couldn't buy comfortably and then gave up, resigning themselves to living in rent indefinitely without the benefits and rewards of home ownership. This couple represents the same feelings and emotions of many buyers in today's market.
FHA loans can be had with just 3.5% down payment. Conventional loans have been available with just 5% down, this is starting to change now with many lenders beginning to demand 10% down payments, I wouldn't be surprised to see that number go up to 20% by the end of the year. Loan standards are tightening and will continue to do so. As these lenders raise the bar and make loans available to only the most qualified many less qualified buyers will once again be locked out of buying a home, they just won't be able to qualify.
Concern was also expressed about multiple offer situations on homes currently on the market. Multiple offers are a reality in todays real estate market whether you are shopping in the valley or in Long Beach for your new home, while the competition can be fierce for some of the most desirable homes it is still possible to successfully have an offer accepted.
Prices are lower than they have been in years and investors are shopping heavily. Investors are cash heavy and are making enticing offers that banks want to accept. All cash, no demands and the ability to close a deal in 7 to 10 days gets a home off of the banks books fast, clean and easy; they have a lot of homes to sell, it works for them. Buyers with FHA loans are having difficulties getting their offers accepted as they find themselves competing with bigger, better and badder buyers and investors. There are buyers out there right now with great credit and large down payments. It is becoming increasingly difficult to get an offer accepted on highly desirable properties. As this demand grows, sellers will not be so likely to offer concessions of any kind and while prices will remain very desirable the deals will not be as "sweet" as they are with the concessions that are still being made now.
Does this mean that it has become impossible for a buyer to buy a home? Not at all! It just means that you need to have some fortitude to shop in this market, try not to fall in love with the home until your offer is accepted, it will be less painful that way if your offer is not accepted. Don't have standards that are so high that you will not be able to fulfill them when you shop; this doesn't mean that you have to settle and buy a dump either. Expect to write several offers before having one accepted. It takes time for 1st time buyers to wrap themselves around the terms they need to present in order to get an offer accepted. You must write a strong offer if you are going into a multiple offer situation. You will need a strong Realtor, who undertands today's real estate market and knows how to advise you to write your offer for the best chance at having it accepted.
There are some fine homes on the market right now at absolutely incredible prices that we haven't seen in many years. There are loan programs available at interest rates that are almost unbelievable, with sweet terms that won't get you into trouble down the road. The Bank of America (a direct lender) has loan programs that offer mortgage protection and guarantee you won't lose your home if you lose your job, become disabled, hospitalized or God forbid pass away. Given the amount of layoffs across our nation that is an outstanding benefit and a continued source of comfort and peace of mind for home owners.
The big questions buyers need to ask themselves are really quite simple.
The next questions are easier and a lot more fun:
Suggested reading prior to beginning your search:
Laurie Manny Professional Group 244 Redondo Avenue (562) 212-5420
http://www.longbeachrealestatehome.com/0094C6 Posted on February 20, 2009 21:14:37 by Laurie Manny
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This couple can afford to buy a home now, a nice one. They can get a great interest rate right now and terrific loan terms. Another client of ours, a first time home buyer, was just quoted 4.6% with 1.25 points on a 30 year fixed home loan through a very reputable direct lender; that client has a modest income a good credit score, currently lives in rent and is now in escrow on a fantastic Long Beach Condo - with a view! She will be enjoying the benefits of home ownership finally! Long Beach Mortgage Rates Report February 19, 2009Long Beach Mortgage Rates Report February 19, 2009-Long Beach Home LoansLong Beach Mortgage Rates Report - Thursday - February 19, 2009 By Brian Brady At the beginning of 2009, I called borrowers to action, suggesting that it was imperative to jump on a low mortgage rate. The Fed announced that they would inject $500 billion, to buy mortgage-backed securities, to "stabilize" the mortgage market. I was giddy with but adamant that the low mortgage rates wouldn't be around forever, regardless of the Fed's action. A young lady called me on the carpet for trying to incite a riot. Maybe I was "too forceful" in my call to action. Somewhat pensive, I clicked through to the Zillow Mortgage Marketplace Rates Chart, to see how wrong I was. (Go to the chart, select 30-year fixed, 680 or better credit score, and 20% down payment, charted over three months). Mea culpa. I didn't scream loudly enough. I should have advised that young lady that when I speak, she should be taking notes. When I advised that the sub-5% frenzy would be short-lived, average mortgage rates* were at 5.1%. Average mortgage rates* dropped to 4.75% (which surprises me because I locked a boatload of borrowers at 4.5%) and stayed below 5% for... all of 9 days. Around the third week in January, average mortgage rates* popped over 5% and have stayed above that level since then. Today, Zillow Mortgage Marketplace quotes average mortgage rates* at the 5.1% level. Mea Culpa I've been telling you to hold out for 4.5%, since then, in hopes that the Fed's $500 billion support plan would work. Well, the Fed's blown 20% of its bankroll, and they still can't keep average mortgage rates* below 5%. While some of us are able to structure purchase money mortgages below 5%** the Fed is losing the war. The Obama Mortgage Plan isn't going to help new home buyers. In fact, it might just hurt you a lot. The cornerstone of the plan is to force lenders to compromise loan balances and original mortgage terms. While that sounds all well and good in theory, in practice it sends a message to lenders; The terms of the loans you write are rock-solid...unless they aren't, then the gubmint's gonna intervene. Who suffers? New homeowners; that's right...YOU. New homeowners suffer because it means you've got a "weasel-out clause" if things go bad. Lenders, will price that "weasel-out clause" into the NEW loans in the form of higher rates. The government, in its efforts to fight the market, may have hit a tipping point. This intervention will cause lenders to make mortgages harder and more expensive to get. Maybe not tomorrow, maybe not next month but sooner rather than later. Higher down payments, higher rates, and higher credit score requirements are on the horizon. What's that mean to you, the Long Beach home buyer? If you're waiting to see if home prices come down that "last little bit", you might pay a whole lot more for your mortgage loan. Mea Maxima Culpa I've been absent and I know from the e-mails and calls that you've missed my advice. I'm back. * The term "average mortgage rates" are charted by Zillow Mortgage MarketPlace ** Why do I structure loans with terms superior to "average" ? I ain't average. I shop over 100 lenders to secure you the best terms.
http://www.longbeachrealestatehome.com/0094D4 Posted on February 18, 2009 23:13:15 by Laurie Manny
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Brian Brady is Managing Director of To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.
