Interest rates - Ouch!

Today, mortgage interest rates are taking a beating. Why is this happening? Good question with lots of different answers......here is a segment from Yahoo! Finance that is worth watching.....
http://finance.yahoo.com/blogs/breakout/3-signs-market-sell-off-coming-soon-121617680.html


Enjoy,

Jeff Eisenberg
Southern Oaks
661.964.2600
brokermanjeff@gmail.com

Weekly Preview 2/27/2012

Forwarded exclusively by:	Jeff Eisenberg Southern Oaks Mortgage, Inc. Office: 661-964-2600 Email: jeff@somloans.com website: www.somloans.com
When the RIGHT loan matters!
Sunday, February 26, 2012
This week; a number of economic releases that will dominate markets.  The Europe debt mess is presently dormant in the sense of nothing in the way of market-driving news, the same as last week. Greece will get  its money the will eventually default but for now markets have generally    discounted Greece and Europe’s problems. The focus now in the bond  and equity markets is the status and outlook for the US economy.  Interest rate markets are wound tight as a spring. Based on the 10  yr treasury, driver for mortgage markets, not much change in rates  last week. Technically the 10 yr is presently losing its support at these  levels but still holds well so far. This week’s economic releases are significant for the outlook on  the economy, thus the bond market. There are a number of key  releases this week, most expected to have improved from last  month.(see economic calendar). Ben Bernanke will be speaking on Wednesday, other Fed officials have been talking about potential  of another easing move from the Fed. There is little appetite for  another round of MBS purchases or any other easing moves as  long as the economic outlook continues to be strong; the Fed    doesn’t need to add more to its balance sheet as long as the  economy doesn’t roll over. Although the Friday is March 2nd the employment report won’t be released until March 9th. There is the potential for wider market movements this  week compared to last week. Interest rates are vulnerable  to selling if equity markets rally this week.

Mortgage Interest Rates - All-time Low's!

It is shocking to me how low interest rates have been going lately.  The one thing that amazes me is the fact that internet mortgage companies advertise even lower rates.  Why is that?  Well, honestly, to get you to call them......Then when they have you on the phone, for some reason or another, the interest rate goes up because, oh, you have to have a loan-to-value ratio of 60% or  below, your FICO score has to be 780 or above, and you have to have impound accounts whether you want them or not.  Oh, and also you must have a loan amount above $300K........kinda like that commercial where the lady goes into buy something from a clothing store and the clerk offers her a discount card and all of a sudden this man shows up and states all these conditions she must meet to get the discount, so she just hands back the discount offer.......typical.  Makes me sick!  Oh well, what can you do?

For the best rates on mortgages, call me, 661.964.2600
Jeff Eisenberg
Broker
Southern Oaks Mortgage, Inc.
jeff@somloans.com
http://www.somloans.com/
http://www.loanmanjeff.com/

Southern Oaks Mortgage's New Webpage (New and Improved!)

Check out our new and improved site:  http://www.somloans.com/
would love to hear your feedback.

Thanks,
Jeff Eisenberg
President
jeff@somloans.com
http://www.loanmanjeff.com/

Check out my new Video Series

Jeff Eisenberg's 6-minute Right to the Point Video Series......   http://www.youtube.com/watch?v=RJcGNb_T8dE

Great information is on its way......stay tuned.

Jeff Eisenberg
President
Southern Oaks Mortgage, Inc.
http://www.somloans.com/
www.twitter.com/loanmanjeff
http://www.loanmanjeff.com/

Mortgage Backed Securities having a GOOD day!

We are up about 44 basis points on the MBS for the day.  We've seen two price improvements throughout the day.  Rumor has it that the government will extend the $8000 tax credit and also make it available to people who already own, but are moving up.  We'll have to see how that pans out, but at least we are moving in the right direction.

For more information, call Jeff Eisenberg  661.964.2600 x 104
http://www.southernoaksmortgage.com/
http://www.somloans.com/
http://www.loanmanjeff.com/  for my  book
www.twitter.com/loanmanjeff

Should you shop your loan?

The answer is yes. In a competitive world, shopping your loan could very well save you thousands of dollars, if not more. But here is the catch; the lowest interest rate or the lowest fees doesn’t necessarily mean you are getting the best deal. Key factors could include: recuperation periods, type of loan, prepayment penalties, knowledge of loan products of mortgage professional and future plans. Also, shopping for loans could affect your credit score. Be very careful that when shopping, you don't give out your social security number because if you do, each lender will run your credit.  For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.




Southern Oaks Mortgage, Inc. is a licensed Broker/Lender with

Dept. of Real Estate Lic#01458657, DRE (916) 222-0770

Housing Starts and Possible Signs of Recovery!

Housing starts rose sharply to 17% in the month of May. Stocks and Bonds are teetering back and forth like a seesaw. When stocks go up, investors usually take money out of bonds and when stocks go down, they temporarily place them in bonds causing them to improve. Improved bond yeilds means better mortgage rates. As we speak, mortgage bonds are up 19 basis points for the day. Lets hope this continues as rates are getting closer to the high 4's compared to the mid to high 5's over the past week or two.

Visit my site: http://www.somloans.com/
http://www.loanmanjeff.com/
http://twitter.com/loanmanjeff
For all your Real Estate Finance needs!

Just Joined Twitter

http://twitter.com/loanmanjeff

This is my new Twitter blog. If so inclined, please follow. I'm going to be updating it daily (well hopefully if I can find the time between everything else) with current rates and programs available. I will also announce seminars and events that are happening in the industry.

Great News for Rates!

Looks like the Fed did it again! The announced that they will purchase 750 Billion dollars worth of Fannie Mae, Freddie Mac and Ginnie Mae Mortgage Backed Securities as well as an additional $300 Billion of US Treasuries. Wow, they have big pockets. Well this is good news for mortgage rates and we saw a .325 basis points to the fee improvement today. Rates are hovering around 4.5%. Many lenders decided to hold off on improving their rates today because they are already at their capacity of loans in their pipeline. The days ahead will surely be interesting.

Why are loans taking longer than 30 days?

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 at: http://www.somloans.com/ or http://www.southernoaksmortgage.com/ and stop by my website http://www.loanmanjeff.com/ to get a copy of my new book.

Interest rates climbed a bit today!

Today, the mortgage bond market was off by as much as 51 basis points. This in turn, caused mortgage rates to go up. Since investors aren't paying much for purchasing closed loans these days, the spread between rates is much lower than it has been over the last 5-7 years. So a large decrease in movement like we saw today could change interest rates roughly .375% in rate. So today probably wasn't the best day to lock in a rate.

On another note, 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 your spouse has lots of debt and you are thinking that by applying as a married man/woman as your sole and separate property, you could avoid the other persons debt, that will not be the case on an FHA loan.

And remember to visit my website: http://www.somloans.com/, http://www.southernoaksmortgage.com/ and my new site for my book: http://www.loanmanjeff.com/

Happy New Year to All!

This year should be a great year to buy and to refinance! Rates hopefully will stay at all time lows and if you are in the market to purchase, home prices should stay relatively low. I do, however believe that sometime in July 2009, we will start to see a turnaround in the real estate market. I feel that housing prices will start to stabalize and possibly even appreciate 1-3% and interest rates will stay low and consistent. There you have it, my prediction!

Remember to visit my website: http://www.somloans.com/ or http://www.southernoaksmortgage.com/. Also, my new website is up for my new book: http://www.loanmanjeff.com/

Jeff's new book is here! Get one today!

My book is now published and available. If you'd like a copy, email loanmanjeff@gmail.com. The cost is $14.95 plus tax, but shipping is free. This book is loaded with tips and tricks that will help you get the best loan possible.

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