There was a time when, to buy a home, you had to have 20% down. Then came along mortgage insurance.
Mortgage insurance allows mortgage lenders to recover their losses if there is a foreclosure. So it allows them to give you a home loan with less than 20% down.
.......................UNTIL NOW...................
Everyone knows that the rules have been changing fast. Since the 'subprime mortgage crises' those changes have been when the largest mortgage investors, Freddie Mac and Fannie Mae, tighten up their guidelines.
On April 14th, that changed. That's when the major mortgage insurance carriers tightened up how they work. And they've decided two major things:
FHA loans, which are government-insured by HUD (Department of Housing and Urban Development) will still cover refinances with cash out up to 95%, but I expect they'll change the rules eventually based on the number of foreclosures.
Now is a great time to buy. The bad news is that most people will have to have down payment. The good news is that home prices have become much more affordable in Hemet, Riverside County, and any area hit hard by foreclosures. 20% of $150,000 is a lot less than 20% of $350,000...so start using that savings account!
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Related Articles:
Looking to buy a home?
Joey Aszterbaum is the Hemet Home Loan Guy and a member of the Active Rain social network of real estate professionals. To buy or refinance your home in Hemet, Riverside County, or California visit www.HemetHomeLoans.com or call 951.571.5751
Dear Josh Painter, Certified Mortgage Planner from Mission Hills Mortgage in Murrieta,
Here's a print-screen of your web site:
I'm very flattered.
Please delete all the copied text from your website and let me know that you've done so.
This could really hurt your reputation in our industry.
Your friend,
Joey Aszterbaum
Making Home Loans Easy
951.571.5751 office
951.571.5919 fax
951.285.1012 mobile
Make YOUR next home loan EASY...
http://www.makinghomeloanseasy.com/
Patrion Mortgage, a division of Altura Credit Union
480 N State St #E
San Jacinto, CA 92583
"What's the interest rate on a 30 year fixed rate mortgage today? What about a 5/1 adjustable rate mortgage?"
I get A LOT of quick phone calls and emails asking these questions. Even face-to-face, someone might forget to say "How are you?" and go right to "Hey Joey...what's today's rate?"
Would you like to know what the interest rates are for homes in Southern California every day without having to call anyone?
I can put today's mortgage rate(*) on your cell phone every day.
How? By sending you a text message using Twitter.
It's easy...just follow these seven steps.
That's it. You will get a short mortgage loan update on your cell phone every day!
If you want to turn it off, just go back to the Hemet Home Loans Twitter and, click "Device Updates" and change it to "Off".
If you use instant messaging, I can do that, too. Or you can visit my blog and I'll put the interest rates on the side every day in the box that looks like this:
Some people use Twitter to keep in touch with their family and friends. My Twitter username for that is @joeyloans. Here's a video that explains how to use Twitter for more than just the mortgage rates:
*IMPORTANT NOTICE: The interest rates that I'm posting on twitter are base rates. They're estimates for someone with excellent credit buying a home as their primary residence with 20% down. Investment properties, cash-out refinances and credit problems can all affect the costs of your loan. You can also get a lower interest rate by paying upfront interest. To find the best rate for your particular needs, just call the Hemet Home Loan Guy's office at 951.571.5717 or fill out a quick online application.Related Articles:
Looking to buy real estate?
Joey Aszterbaum is the Hemet Home Loan Guy and a member of the Active Rain social network of real estate professionals. To buy or refinance your home in Hemet, Riverside County, or California visit www.HemetHomeLoans.com or call 951.571.5751
What's the dizzle my home-buyin' homies? This is the Hemet Home Loan Thug kickin' it real n droppin' it like it's hot.
Okay, maybe not. But this is the Mortgage Rap.
It's to the tune of Rapper's Delight by the Sugar Hill Gang and matches up syllable for syllable with the original until the very last line. Just click play on the youtube video to learn the original, then try using the lyrics to bust a dope rhyme fo yourself.
You may learn something about the home loan process. Or maybe unleash your inner MC.
If you find yourself thinking "What the heck is that supposed to mean?" just click on a key phrase and get an answer.
Here we go...
I said a hip hop the Hemet, the Hemet
to tha Home Loan Guy, and you don't stop
the rock it when the rates start dropping
but don't thank Bernanke
It's the rhythm of the note with a T
Now what you hear is not a test-I'm rappin to the beat
And me, the groove, and my rhymes are gonna move some property
See I am Mortgage Guy and now home prices are low
For the first time you buy, invest, senior homes, single fam'ly and condo
But first I gotta bang bang the boogie to the boogie
Without equitizzy ain't no refi bizzy
Let's rock, you don't stop
I'm the lender that will make your escrow hop
Well so far you've heard my voice-a but I need to pre-approve
So get on the phone and let's talk loans
Come on, now, bust a move
Check it out, I'm the h-e-m-e-t home loan guy
N' the rest is f-l-y
Ya see I go with the flow but ya realtor must-a know
My buyers pre-qualify
Ya see a credit score ain't enuff, there's more
Ya got li'bilities
I need a debt ratio and the money you make and employment history
I got mortgage loans for yo brand new homes
That def'nitely ain't the wack
I gotta help you find the right program or else you're talking smack
So when we're through I run your app in DU
and just maybe: pre-approved
If it a-doesn't ok, cuz FHA allows manual, too
Hear me talking bout first time buyaz got less money
as a payment fo' puttin down
But I wouldn't send you walkin' when I could get you talkin'
‘bout a first time home buyer program
Everybody yo hotel motel where you gonna plan to stay? (say what?)
Cuz I'm-a get a home loan, gonna get yo fam'ly set up wid tha real estate
Everybody go hotel motel holiday inn
You see why would you keep paying rent? That don't make no sense
(now Active Rain, am I mellow?...It's on you, so vote fuh me ya foolz)
well it's on n on n on on n on
The beat don't stop until ya home loan funds
I said m-o-r, t-a-g, and end with the letter e
I said-a go buy a home, if not for yo'self
Then it's called investment property
well, my name is known in all of the towns
By all the top producers and tha broker clowns
I'm goin down in history
Like the prices of a bank-owned property
Now the interest is high, now the interest is low
The rate's been bouncin and no one knows
Ya start poppin ya fingers and stompin your feet
Jus' lock the rate in already don't be such a freak
And then bam! ya start escrow today
I said bam - a now your onna your way
Then ya bring it that deposit check
And call up the inspecta for the house inspect
Be callin' the appraiser, time is short
Need a sureshot value on the report
Now I'm not as big as some lendaz you know
But I rap to the beat...and I close
I gotta prelim now, estimated Hud-1
It's a couple weeks later we're almost done
Singing on n n on n on on n on
The loan don't fund ‘til VOE is done
Singin' on n n on n on on n on
We wired yo fundz...congratulation.
Related Articles:
Joey Aszterbizzle is the Hemet Home Loan Gangsta and a member of the Active Rain 'hood of real estate thugz, yo. To buy or refinance your crib in Hemet, Riverside County, or California visit www.HemetHomeLoans.com or these digitz: 951.571.5751
The photography of Matt Wignall will be displayed at the Orange County Performing Arts Center on March 27.
Musical performances from Cold War Kids, DJ Neil Clemens and DJ Matt O'Brien will add to this artistic installation that is raising funds for Water Wells for Africa.
Wignall is not only a world-class photographer, but a fashion designer (Matte Black) and recording artist and producer (aka Matt Death). He produced tracks on Cold War Kids album Robbers and Cowards and is a member of the legendary indie rock band Havalina Rail Company. (He also photographed and engineered records for the band skypark).
Tickets are going fast, so buy yours now at www.ocpac.org.
Joey Aszterbaum is a mortgage loan consultant and a member of the Active Rain social network of real estate professionals. To buy or refinance your home in Orange County, California visit www.JoeyLoans.com or call 951.571.5751
Contact Hilary Wilkinson at 951.571.5756 for your home loan needs :) I have stepped away from mortgage loans to work for my wife's photography business. Thanks!
To buy or refinance Hemet Real Estate, contact Hilary Wilkinson today at 951.571.5756.
**The Hemet Home Loan Guy has stepped away from the mortgage business to work for his wife's photography business, but your business is very important to us. Call Hilary today.
...........
My name is Joey Aszterbaum, the Hemet Home Loan Guy.
I'm known as the Hemet Home Loan Guy because working in real estate isn't just about making a living...it's about being a good neighbor and serving the community. I've spent nearly my whole life in the Hemet-San Jacinto Valley, and I've worked for the local credit union Altura, and its home loan division Patrion Mortgage, since 2001.
It's my pleasure to raise money for a number of local non-profit organizations, such as the Mt. San Jacinto College Child Development Center, Community Pantry, Arrid Club, Birth Choice and others. I also take every opportunity to support local businesses in the Hemet-San Jacinto Valley.
In the real estate community, I'm known as 'the loan officer that helps Realtors grow their business' because of my unique Real Agent Help program, which supports real estate agents through seminars, networking events, education and one-on-one consulting.
My wife, photographer Jolynne Aszterbaum, and our four kids recently move to a small farm in San Jacinto with a growing family of animals, including one dog, five cats, two guinea pigs, a goat, a sheep, a pot-bellied pig and a Welsh pony named Honey.
If you want to buy or refinance homes in Hemet, San Jacinto or the surrounding areas of Riverside County, California, I would be honored to be the mortgage loan officer that you turn to. Call me at 951.571.5751 or apply online.
I look forward to helping you!
P.S. I also have a great network of Realtors that I work with, so if you'd like to buy or sell a home in Hemet, San Jacinto, Idyllwild, Riverside or anywhere in California, please contact me and I'll refer you to a real estate professional that you can trust.
With every client and Realtor I work with, it is my intention to create such a high level of service and trust that they become Raving Fans. Here are some samples of what my Clients and Realtors have to say.
Raves from Clients:
Joey, I want to thank you for all you have done. That was the smoothest loan I have ever experienced. You took such good care of me. Thank you! - Kim Stuart, San Jacinto, California
Gustavo and I just want to say thank you for all you have done. You have made this such a pleasant and learning experience for us. Thank you for always being attentive and accomodating to our needs and wishes. We look forward to working with you on all of our properties. Muchas Gracias! - Carmen Berumen, Banning, CA
I really appreciate your work in getting me a loan. I wanted to let you know that when I went to sign my papers and get them notarized, the person that helped me said that you did an excellent and very fair loan. Thank you, Joey! Also, thanks for being so quick and professional. You made me feel comfortable by being so clear and honest every step of the process. If I come across anyone else who needs this kind of service, I will be sure to send them your way! - Penny Hudson, Hemet, California
Joey, thanks so much for helping us with our refinance. It was the fastest and easiest loan we've ever done! - Dale and Cynthia Bartz, San Jacinto, California
Hi Joey. We wanted to thank you for all your help on our recent refinancing of our house. We couldn't believe you got us a rate 1 1/2% less than we had. As you may or may not know, we have had many loans in the past . We have also been taken many times if not every time on our loans. I praise you in your efforts to get us a good loan but also at making it so easy for us. And closing in about 23 days. Well, that is just not heard of. Again, we thank you for your overwhelming knowledge and the effort that you put in helping us to get this great loan. I will recommend you to anyone I know needing a loan. - Michael & Sybil Worland, Hemet, California
Thank you so very much for your professionalism, concern and compassion throughout the process of our new home purchase! You were there for every question we had, even assisting with the escrow of our old home, which was not your job, but greatly appreciated. You went above and beyond your role as a loan officer! You're the greatest. - John and Kimber Devitt, Hemet, California
This is the second time I've refinance with Joey Aszterbaum. Both times were handled quickly and hassle free. From the appraisal of my home to the final paperwork, everything ran smoothly. Communication is important in any business - and Joey is that. If I buy or refinance another home, I will always go to Joey Aszterbaum at Patrion Mortgage. - Manuel Ybarra, San Jacinto, California
I am pleased to share what a great experience it was to obtain my home mortgage from Joey Aszterbaum at Patrion Mortgage. We are more than happy with both the service we received throughout the process and the product that Joey was able to get us into. We cut out mortgage term in half, paid off some other high-interest debts, and only raised our monthly payment by a couple hundred dollars! I would highly recommend Joey Aszterbaum to anyone in need of mortgage services. - Ben & Telah McClary, Mooresville, Indiana
Raves from Realtors:
I cannot say enough positive things about Joey. His ability to communicate is first class. I have absolutley no concerns when I refer a client to Joey, I know that they will be given the best care and the right product will be offered to them. Joey is a person of honesty and integrity and a very valuable member of my team. - Graham Holmes, Owner/Realtor, Mission Grove Realty, Hemet, California
I am very impressed by the service I have been provided on the above referenced loan. Being an Agent and a previous Mortgage Loan Officer I could not have asked for a smoother loan process than provided by you and Hilary. The follow up was amazing as I knew exactly what was going on every step of the way without even asking. The time frames were great as well. You accomplished having a deal ready to close in 11 working days, just amazing! I would be happy to refer my clients as well as other Agents to use your services. Please send some business cards to the above address. This was really the smoothest transaction I've dealt with in a very long time. Thank you so much. - Casie Walthers, Realtor, RE/Max Coastal Redwoods, Crescent City, California
Thank you so much for helping the Castillo family get a home loan. You are an awesome lender! My client was well taken care of through the entire process, and you went above and beyond by making yourself available on the weekend to approve them. As a Realtor, what I appreciated most were the status updates that you constantly faxed to me...before I even wanted information you had it in my hands! Again, it was awesome working with you. Thanks! - Robert Sundback, Realtor, Coldwell Banker Kivett-Teeters, Hemet, California
Great Service, Joey! Nothing fell through the cracks even though you went on vacation. Thanks for everything. - Lori Wiley, Realtor, Realty America GMAC, Hemet, California
Thanks for all your help with the loan for Kim. I was very impressed with the way you kept on top of everything. Please send me some of your cards. - Ruth Pabst, Realtor, Main Street Realty, San Jacinto, California
I sincerely thank you for closing the laon at 24891 Cologne Drive in Hemet within a timely manner and without any problems. Your continuous "updates" were unexpected but GREATLY appreciated. It is unusual for a lender to keep a real estate agent updated throughout the escrow. It was a nice change. Thank you again for a hassle free, smooth transaction. I look forward to doing business with you again. - Jennifer Murphy, Realtor, Century 21 Mc Daniel and Associates, Hemet, California
Are you a Realtor? The Real Agent Help program helps Realtors grow their business through seminars, networking events and business consulting. Here is what Realtors like you have had to say about the program:
You have fresh ideas and unique perspectives on ways to help Realtors increase their business. This one tool has already netted my business tens of thousands of dollars in commissions. Thank you for sharing your ideas and supporting the real estate community. - Michelle M. Bassett, Broker, Bassett & Associates, Realtors, Hemet, California
I have really been enjoying the breakfasts and the conference calls. I learn something new every time. I love the fact that participating Realtors are so eager to share knowledge with one another. - Pauline Lynn, Realtor, Century 21 McDaniel, Hemet, California
Visit www.RealAgentHelp.com to check it out and for a free audio download.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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