BILL EMHOFF

Jumbo Loans In Los Angeles

When buying or refinancing a million or multi-million dollar property in Los Angeles, you will likely need a Jumbo Home Loan in Los Angeles or any of the elite areas in California. Therefore, you will be best served by working with a mortgage advisor who specializes in Jumbo Home Loans in Los Angeles.

Would you:

Buy your fine china at Target?

Have you bring your Porsche to Sears for a tune-up?

Buy Two Buck Chucks to serve at a dinner party?

Bank at the grocery store?

So why would you consider obtaining your Jumbo Home Loan in Los Angeles from an discount/internet banking company? At these companies, you may end up working with a clerk or salesperson who is not licensed, has not passed a background check, has not passed a competency test and who could not tell you the difference between a fixed rate or an ARM.

They most likely would not be able to provide you with any detailed analysis on different loan options or how much you should pay for your loan so that you are getting the most prudent loan for your given situation. But they will certainly have access to your personal tax returns, bank statements, social security number and date of birth!

If you are like many of my clients, you may own a corporation, partnerships, investment properties and/or a second home. In order to qualify and get you the right loan at the right price, you need to be working with a mortgage advisor who has experience in Jumbo Home Loans in Los Angeles. Just like the mechanic who has the specific tools to work on a Porsche, I have the tools and 25 years experience to advise you with your Jumbo Home Loan in Los Angeles.

We have a full menu of Jumbo and Super Jumbo Home Loans and most importantly will help you decide on the right option. In addition, we have our own bank and the ability to lend and service our loans up to $2.5 million. This product also offers unlimited cash-out on refinancing.

Realtors love dealing with our appraisers and our proprietary appraisal system. Many big banks are having difficulty with their national appraisal management companies and are cutting back services.

Call me today and take advantage of some of the lowest rates in our generation.

Why Aren't Jumbo & Conforming Home Loan Rates Falling?

As mentioned in previous posts, Jumbo & Conforming Home Loan Rates are not based on US Treasuries, however, in general they tend to move in the same direction as they are impacted by the same "stuff."

It is the price and yield of Mortgage Backed Securities (MBS) that determine the raw price that lenders pay before they have added their operating costs and profit. One of the factors that lenders must consider is volatility and if you weren't aware, this has been an extremely volatile market. See MBS price chart below:

Volatility is expensive for Jumbo & Conforming Home loan lenders. Some of the volatility can be absorbed in the lender's profits and some is passed along.

Supply, Demand & Turn Times

With Jumbo & Conforming Home Loan rates hitting 50-year lows, there has been a huge spike in refinance applications. Once lenders are at full capacity, they no longer have incentive to lower their prices; in fact some will raise prices to slow down originations.

Lastly, title, escrow and appraisal companies, the 3rd party vendors required in every transaction are also jammed. For example, in a typical market appraisals take 4 days. Right now they are taking 10-14 days. As a result, you may need to lock in your rates for a longer time. The longer you lock in your Jumbo & Conforming rate, the higher the price.

In Conclusion

We are seeing resistance to rates getting much lower from current levels. Rates are at historical lows, so if we can lower your rate by at least .50% point, you should call today and get started.

Saturday Consultations

I have extended my office hours and I am making myself available for Saturday appointments. If you would like a Saturday appointment, please call or email to schedule.

To find out how much you can save with the lowest rates in 50-Years, please call me today at 800-881-7572.

Can I Buy A Home After a Bankruptcy?

It is unfortunate, but there are situations where a bankruptcy is the best choice in a difficult situation. No doubt, more and more Americans are facing difficult financial, moral and ethical decisions regarding their debts and credit.

The bankruptcy laws were created to give people a second chance and in some cases a chance to start over. Prior to making a decision about a bankruptcy, you should know what all of the ramifications are. Below is an explanation of the waiting periods currently in place for obtaining a new mortgage.

Chapter 7 & 11 Bankruptcies: A four-year waiting period is required, measured from the discharge or dismissal date of the bankruptcy action. A two-year waiting period is permitted if extenuating circumstances can be documented. Certain restrictions apply.

Chapter 13 Bankruptcies: A two-year waiting period is required, measured from the discharge date or four years from the dismissal date. A two-year waiting period is permitted if extenuating circumstances can be documented.

In all of the scenarios above, the borrower would need to re-establish credit.

Please note that the governmental agencies that write these laws and guidelines may change them at any time.

For more information on how any of the above may impact you and your local market, stay tuned in. I will update the guidelines in this blog should there be any significant changes. If you know someone who may be wondering about their options, feel free to forward this email to them so that they know what the facts are before making any decisions.

Evening of Enchantment

Who would ever think that wine and magic would be the perfect match. Not me, until I went to the "Evening of Enchantment,"featuring David Minkin at The Beau Rivage restaurant in Malibu, California.

Let's start with a beautiful location in Mailbu across from the beach at The Beau Rivage Restaurant, a Malibu landmark. Then sip four flights of distinctive local wines while overlooking the Pacific Ocean from the award winning Rosenthal Winery. All enjoyed while being served delicious hors d'oeuvres and learning about the histories of each wine by our gracious hosts from the restaurant and winery.

After the wine tasting and appetizers, we were directed down the stairs to an intimate wine cellar with seats for 30 for the magic show. David Minkin, is an international champion magician, who won first place from the world's largest organization of magicians for his close-up magic show in 2007. He is a regular at the Magic Castle and travels and performs shows worldwide.

David's Minkin's Evening of Enchantment show was amazing! He was entertaining and really took on a tough group in a very small room and literally controlled every moment. All of us were completely dazzled by his magic and a lot of us were scratching our heads saying, "How did he do that, that was impossible?"

After the show, we went back upstairs for a wonderful dinner, great service and a very memorable experience. If you are looking for something to do for a special occasion, I highly recommend the, "David Minkin's Evening of Enchantment."

Obtaining a mortgage loan these days takes a bit of magic as well. Even borrowers with excellent credit, equity and income are having difficulty getting their loans funded when applying with the major banks.

As a veteran mortgage banker, we can give your more options, competitive rates and make the process as easy for you as possible. For a free consultation, please call me directly.

With guidelines continuing to get tighter, the time to lock in these outstanding rates locked in for the future is RIGHT NOW!