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GAME STOP, COVID RELIEF AND LOAN RATES

If you missed out on buying Game Stop stock before it exploded don’t fret. There is still time for you to make money by refinancing your loan.

While Game Stop stock is dropping, interest rates have remained low. 2020 was a banner year for refinancing as rates for 30 year fixed were under 3%.Imagine locking in a rate at 2.25% on a 15-year fixed or 2.675% on a 30-year fixed.

What’s also amazing is that lenders are starting to find creative ways to help more clients.

In 2020 ALT A programs returned and clients could obtain low rates with the bank statement program. This innovative approach is where the lender took an average of your bank deposits for the last 12 months and treated that as your income. This is an exciting way for self-employed or seasonal borrowers to still qualify for a loan. Let’s say you work on commission, or in the movie industry and you got big paychecks in February, April and August but the rest of the year the income was low. The lender would average your deposits and then divide by 12 to come up with a monthly amount of your income.

In 2021 the news gets better. We now have a new lender who is offering a true No Income qualifying loan. Rates vary around 5-6% depending on the LTV and credit. While these rates are higher they still are amazingly low considering the previous alternative was hard money loans. We also have a lender that offers 2nd TD or Heloc loans to both owner occupied and Non-Owner homes.On New purchases we have lenders who will now finance up to 97% of the home.

Also, In 2021 FHFA expanded their conforming loan amounts and increased them to $548,250 and high balance up to $822,375. Only 3 years ago these amounts were at $417K/625K. This means that more borrowers with higher balances can qualify for the best possible rates. Finally, if you’ve been on forbearance or are receiving unemployment income due to Covid19 there is still options to help qualify and take advantage of these lower rates. We hope that you are surviving this pandemic. With nearly 500,000 deaths we know that everyone has been effected by this virus. Please stay safe, socially distance and wear a mask.

To disucss your confidential scenario please CLICK HERE to send an appointment or email

Mitch Lichterman
Vice President-Broker
www.WallStreetFundingOfAmerica.com
Mitch@wallstreetfundingofamerica.com
310-478-4999 Direct
310-529-4944 Cell
310-893-6462 Fax
mitch.lichterman Skype

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Market Update – TargetRate.com

5 years agoMitch Lichterman0

2096

Happy New Year.

Interest rates continue to be at all time lows. Here is a sample of some loans we completed in December.

1. Rate and Term Refinance for $400,000 on a 15 year fixed. Rate was 2.25% with 0 points.
2. Cash out refinance for $600,000 on a 30 year fixed. Rate was 2.75% with 0 points.
3. Purchase 80% LTV for 1.1MM on a 30 year fixed. Rate was 2.68% with 0 points.
4. Refinance, Cash out for $150,000 on 30 year fixed. Rate was 2.72% at a cost of $350.00.
5. Stated Income refinance, rate and term for $480,000. Rate was 3.125% with 1 point fee.
6. Rate and Term refinance for 1.5MM on 30 year fixed. Rate was 2.875% with ½ point.

If you would like to see how much money you can save please schedule a confidential appointment with me today.

To discuss your confidential scenario please CLICK HERE to send an appointment or email.

Thank you,

Mitch Lichterman

Vice President-Broker

www.WallStreetFundingOfAmerica.com

Mitch@wallstreetfundingofamerica.com

310-478-4999 Direct

310-529-4944 Cell

310-893-6462 Fax

mitch.lichterman Skype

News

Mortgage Market Update

7 years agoMitch Lichterman0

1709

We’re seeing a nice rally in the bond market and this is due to stocks off a bit and that’s because ECB (European Central Bank which is their equivalent to our Fed) left their rates unchanged today and they’re more than likely going to keep their rates unchanged for 2019 just like our Fed. Reasons cited were lower growth and tame inflation which again is similar to what our Fed has said about the US economy.

Now think about what has gone on with our markets since just this past October when stocks were at their all time highs and rates were looking to go up at least 4 more times in the next year but then stocks started to tank and mortgage rates and bond/treasury yields also fell (10 year going from 3.26% to as low as 2.60% in just a couple of months!!.

Then the Feds announced their lower growth and tame inflation outlook along with taking off the table any interest rates hikes. Trade negotiations looked promising with China along with a potential pact with North Korea regarding their nuclear weapons so stocks took off again and mortgage rates went up although still holding on to most of their gains.

Now the reverse is starting to happen so do you see a common thread here?

Growth and inflation are the 2 items that will trigger stocks and rates either up or down. In terms of growth the trade war between China and the US is weighing on our economy as well as globally and so just be prepared to the swings with one day stocks rallying because of a potential trade agreement (I think in the past year we’ve encountered this 10-20 times!!) and of course just the opposite when talks go the other way.

North Korea?? Yeah right………if ANYONE thinks they will EVER agree to disarm all their nuclear weapons, stop testing and stop amassing more weapons then you’re sadly mistaken. They may agree to stop any new testing but this is because they already have done that and even if they did agree they would circumvent any agreement.

Same with China and the so called “trade agreement” as they basically agreed to buying more of our products but that is weak since it didn’t even address the more important issues of intellectual property and the mere fact that they have broken previous agreements and there is really no consequences if broken..

To summarize, expect rates to remain on a rollercoaster ride on a daily basis but in the short term I would not expect to see any big increases.

Lender Partner
Mitch Lichterman – Loan Originator-TargetRate.com
Phone:310-478-4999
NMLS#:274609
DRE#:01952045
Email: mitch@targetrate.com