My CNBC hit today about interest rates and the economy.
The 30 year mortgage. As American as apple pie. It’s the sacred cow of the real estate finance industry. But, is it also destroying wealth in this country? When you take out a mortgage, they are simple interest. That means that you pay interest on the outstanding principal balance each month. After 10 years on … Continue reading Could $50 Per Month Save Housing?
As I have been saying ad nausem, the real estate market will not sustain its current insane activity. The previous reasons I have stated had to do mostly with economic conditions but now we find the out of the box reason. The Panama Papers and SF’s housing crisis The Panama Papers (can’t keep thinking Pentagon papers) … Continue reading Thanks Putin for Overpaying for a House
In the week that the movie, The Big Short comes out, a San Francisco Credit Union is doing exactly what partially caused the big short to happen. These geniuses are putting out a loan with No Money Down up to, get ready…….$2,000,000. That’s two million dollars with no down payment. Let me say that again. … Continue reading The Big Short II
Yes. I do think I am the Bernie Saunders of the real estate/mortgage industry. For those new to my prose, I like to tell what I think, feel and see in the market based on a combination of gut and numbers. Sometimes the numbers talk to me and sometimes the brain just feels that something … Continue reading -$1,188,103.00 Last 30 Days
If your client is putting 10% down on a condo purchase, you do not need all the massive amounts of paperwork as you did in the past. These condos just need a limited review (one page of stuff instead of thousands). No more fidelity insurance or budgets either! And, you will still get “normal” rates … Continue reading Condo Financing Just Got Easier
The calendar says 2015. The emails, phone calls and other noise tells me it’s 2007. The radio ads inviting people to flipping seminars are back. Come hear my system so you can make 5, 10, 15,000 per month with bad credit and no money! And the subprime lenders with stated income are all over my … Continue reading It’s Deja Vu All Over Again!
8/1/15 may become the worst day in the history of residential real estate and mortgage banking. That is the day the new CFPB inspired Dodd-Frank disclosure rules come into effect. Because of them, the days of the 30 day close are over. One tiny little move in fees and you wait, one little change of … Continue reading August 1, 2015…a Day You Will Hate Forever
FHA has instituted a guideline for self employed borrowers that require that they give the lender the two years tax returns AND a profit and loss statement that is for YTD (year to date).
Some fun CNBC highlights from over the years. Enjoy!