Rob’s Market Report…The Good, the Bad, and the Ugly

Hope the week is treating you well! 

For us in lending, it’s a world wind!  Never in 30 years have I worked so many hours per week with such concentration for so long since going Shelter In Place on March 17.  We had a short stay on SIP but that didn’t last long with SIP Chapter 2 commencing, where COVID numbers rapidly increased as the state of California and other states throughout the US lifted social distancing rules.

While COVID has impacted un-employment its done little to nothing in the near term to the Dow Jones which closed at 26,828 today and interest rates have gone lower.  Definitely the lowest I have ever seen them in 30+ years of doing lending.

If you, your friends or family haven’t refinanced and have loans below $765k, have them contact us and we will happily quote them.  Most retail banks are taking 90+ days to close a refi while were still at 45 to 50 days from start to finish.  In addition, if your clients just want an idea of what’s available we can usually respond with a rate update within 24 hours whereas retail banks based on what my clients are saying, can sometimes take, weeks for a response.

Its as simple as completing the following questionnaire and forwarding back to me to run a rate search…See below:

Please complete the following refinance questionnaire or go here to complete online  Once completed, I will research loan options out of 50 lenders and provide a rate comparison for your review based on the best available rates and loan options.  Any questions at all, please contact me.  Thanks.

1)  Provide your property/mailing address, day and evening numbers.

2)  What is the estimated value of your property and is your dwelling permitted with the city?  In addition, is this property your owner occupied or investment property?   Lastly, is the property a house, townhouse or condo?

3)  What are the balance of your 1st Mortgage-      2nd Mortgage-       3rd Mortgage-

4)  What are the rates on your 1st Mortgage-      2nd Mortgage-       3rd Mortgage-

5)  What are the payments on your 1st Mortgage-      2nd Mortgage-       3rd Mortgage-

6)  Do you want cash out?  If so how much?

7)  How long do you plan on owning the property?

8)  Does your loan have a prepayment penalty?  If so, when does it expire?

9)  When did you purchase your home and for how much?

10) What is your annual, verifiable income and what is your estimated FICO score?

11) Which loan programs are you considering?  Fixed and/or Hybrid?

In closing, if you need help with any type of financing, please contact me.  See current market report at

BTW…if you missed my last video on Home Insurance, make sure you watch this.  A client of ours out of the area was just quoted over $10,000 on a 3000 sq ft house as they let their home insurance lapse and unfortunately for them, they are in a risky area “burn wise”.

Best Regards,

Rob McCarthy

Senior Mortgage Advisor

408-377-4123 o  650-465-8957 c   408-608-1921 f

101 Loan – 1601 S De Anza Blvd, Suite 260, Cupertino, CA 95014

CA DRE #01165697  NMLS #121019


  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 50 banks with over 200 “Five Star” Reviews on Yelp, Google, Facebook and Linkedin.

Note: Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender.