Cash Out Refi’s Might Go Away?
101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070
101 Loan LLC – CA DRE #01165697 NMLS #121019
In the Bay Area, we have been in Shelter in Place for over 30 days. Unfortunately the flattening of the COVID 19 has not reduced the curve as much as officials have hoped. Meanwhile consumers are wondering when they will be able to go back to some normalcy in life.
In terms of Real Estate… it continues to be in demand. Predictions state that this may not be the case in the future, unless officials come up with a plan for consumers to stay healthy but still productive. Real Estate continues to stay high in value since inventory is so low but with consumer confidence being low and because Shelter in Place is still in affect, properties may sit on the market for longer periods.
This is creating opportunities for first time home buyers. Because of the stock market correction, 1st Time Buyers, don’t have to compete with buyers that were using stocks to purchase a property or that had large down payments, putting 1st Time Home Buyers into competitive position. In addition, sellers are getting antsy, wondering why their homes are not selling or when they may sell.
For more info on the above, about the Bay Area Real Estate Market and Current rates, please tune into my You Tube channel at 101 Loan or at https://youtu.be/-3DSUCsKQVg.
For more info on the above, about the Real Estate Market locally and about current interest rates, tune into my You Tube channel.. If you would like to get pre-approved, please contact us at www.101loan.com or complete the following questionnaire at https://101loan.com/purchasing-start/.
Any questions, please contact me at https://101loan.com/contact-us/.
All The Best,
Rob McCarthy
Owner and Senior Mortgage Planner
101 Loan LLC
A Stock Market Loss is Only a Loss if You Sell or so Financial Planners tell us!
For those in their 30’s, 40’s or 50’s, those age groups, should have time for the stock market to recover. However, for those much closer to retirement or retired, they may not be as fortunate!
As companies take huge losses with “Shelter in Place” and consumers are pulling back their purchases, analysts feel MORE stock losses are imminent. The Federal Government stimulus will help in the short term, but longer-term, we are facing a new economic reality and one that we will not like.
If you’re in your 60’s, 70’s or 80’s, making back the market’s losses may only be a hope, and unfortunately not reality. The question to ask is…What are my options now that my fixed costs are the same, but my assets have taken a big hit?
We may have an answer for you. To learn more, please contact me or review the information on my site at https://101loan.com/reverse-mortgage-start/ .
Thank you.
Best Regards,
Rob McCarthy
Senior Mortgage Advisor
www.101Loan.com
408-377-4123 o 650-465-8957 c
101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070
101 Loan LLC – CA DRE #01165697 NMLS #121019
“Over 200 “5 Star Reviews on Yelp and Over 30 years of Experience in Lending”
As for Mortgage Rates and the Stock Market…The dust has not settled. Analysts say this week or next may be similar to the last few weeks with volatility in the market. For now, only loans of $510k or less are low in rate. Loans above $510k are expensive, “rate wise” when looking at refi options. Purchase loans are still low in rate as banks subsidize them. In regards to market volatility for this week, please see the following at https://seekingalpha.com/article/4335928-markets-are-setting-up-for-another-move-down-technically-speaking-for-week-of-3-30minus-4-3.
In Addition…Wells Fargo has announced they will only do jumbo loans for clients with $250k deposited with them and will not be doing conforming loans or government type loans (such as FHA and VA) going forward. We are glad we have access to more than one jumbo lender and access to everything else! Being a broker in this type of market does have its perks with access to multiple lenders, many of which are portfolio lenders and lenders that sell to Fannie Mae and Freddie Mac, giving our clients more loan options!
In Closing…with market devaluations, many of your retired clients may be feeling the pain or fear of seeing their portfolio or monthly income from those assets go lower. As a solution, we have access to Reverse Mortgage Financing that can help them Age in Place and eliminate stress and anxiety with the changing times. For more info, please contact me. Any questions, please contact us.