Jeff Eisenberg

Good question! The answer to this question is the result of lower mortgage interest rates.

A few months ago, many lenders were laying off their underwriters, processors and customer service positions due to the slow refinance market. Then the Fed decided to purchase $600 billion worth of mortgage backed securities, which put confidence into the mortgage bond market. Rates dropped considerably and everyone was racing to their broker or bank to refinance. They just weren't prepared for this influx of new loan applications, so what happened was a slow down in underwriting files. The lenders now had to re-hire new employees and train them in order to get back up to speed. This in turn is why it was taking so long to process loans. As we speak, they are still ramping up for this mini-refinance boom we are experiencing. Good news is that I have a lender who can close a loan from start to finish in 12 business days. Call Jeff Eisenberg - President, Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600

Remember to visit my website: www.somloans.com, www.southernoaksmortgage.com and www.loanmanjeff.com to order my new book!

Did you know that when applying for an FHA loan, both spouses have to have their credit run even if one of them isn't going to be on the loan? The purpose of this is to add the non-applying spouse's monthly debts against the actual applying spouse's debts since they are married and will be living there together. So if their spouse has lots of debt and they are thinking that by applying as a married man/woman as their sole and separate property, they could avoid the other persons debt, that will not be the case on an FHA loan. For more information, please call me at 888.581.8111

And remember to visit my website at: www.somloans.com or www.loanmanjeff.com

My Book has finally arrived. This book is filled with tips & tricks that will help anyone obtain the best loan imaginable. From tips on how to increase your credit score to how to document your down payment, this book is filled with everything your client would need to know to make sure they are ready to purchase a new home. For more information about the book or to order them, please go to www.loanmanjeff.com. The book will also be available through Amazon.com in a few days.

The Federal Governments stimulus package that was supposed to help homeowners who are facing foreclosure and who are upside down on their homes turned out to be a big flop. The Hope for Homeowner program which is all over the governments website: http://www.fha.gov/ is having it issues. The main issue is that this program is voluntary. Lenders do not have to participate and they aren't. I've heard that one lender, Flagstar Bank is one of the few that is utilizing this program. Only problem is that they are only refinancing loans that they are servicing, so if your mortgage isn't with Flagstar, then you are out of luck. I will do my best to keep you informed of the latest developments with this program as it unveils.

Remember to visit my site: http://www.southernoaksmortgage.com/ or www.somloans.com

The Fed announced that they will lower the Fed Funds rate down to a target range from 0 to .25%. This sparked a rally in the stock market and in the mortgage bond market. Mortgage interest rates went down to their lowest levels in years. Rates are hovering around the high 4's to low 5's. Is it possible to see rates drop even further? Only time will tell. Now is the time to refinance or purchase, so don't let this amazing opportunity slip by. Call 661.964.2600

Remember to visit our website at: www.southernoaksmortgage.com or www.somloans.com