Southern Oaks Mortgage, Inc – California’s #1 Broker!

To our Veterans

Thank you to all the Veterans out there who have fought to created a free country and continue to fight for the United States of America.  You will always be remembered and respected for your duty to our Country!

 

Thank you from all of us here at

Southern Oaks Mortgage, Inc.

 

More info on Interest Rates

I have a great new Listing in Castaic

Check this out:  http://28739ponderosa.thepropertyinfo.com/

Check out my new site: www.theHARPexperts.com

Check out this new site:  www.theHARPexperts.com

It's the new program that allows upside/down homeowners to refinance.....

4/23/12 Weekly Preview

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!
Monday, April 23, 2012
This Week; the FOMC metering will dominate most trading. The policy statement at 2:15 Wednesday afternoon has many thinking the Fed will announce another QE move to keep rates from increasing. We are not sure, more likely the statement will reflect increasing concerns that the economy is slowing and the Fed is alert to it. While not an easing announcement it will keep interest rates low and to some extent hold the stock market from falling off a cliff. After the policy statement Bernanke will hold a press conference where we can get more detail on what he is thinking about the soft economy and no real job growth.  Earnings reports for Q1 have not been as soft as was generally thought. Data this week includes March new home sales, consumer confidence and durable goods orders; all key data points. Also this week treasury will auction 2 yr, 5 yr and 7 yr notes for a total of $99B beginning Tuesday through Thursday. Concern that the euro-area debt crisis is deepening after a first round of French elections ended with President Nicolas Sarkozy trailing his Socialist rival and the Dutch government split over austerity plans. Spain and Italy’s debts and their economies are also adding safety moves by investors to US treasuries.

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.

Weekly Preview from Jeff Eisenberg

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!

Monday, November 28, 2011

This Week; interest rates are opening weaker on Monday with stocks rallying on better than expected Holiday shopping on Black Friday and the rest of the weekend. We continue to believe that US interest rates are about at their lows when the 10 yr moves below 2.00% as it did last week. Europe continues to play a role in the global bond markets however unless there is an actual default in Greece or Italy markets appear to have discounted the problems in the region; until more negative news unfolds the bond market will be focused more on domestic issues.



This week has a number of key data points beside the daily report on retail sales this holiday season. Monday we get new home sales for Oct (expected generally unchanged). Tuesday Nov consumer confidence. Wednesday ADP report on non-farm private jobs, Nov Chicago purchasing mgrs index, Sept pending home sales, and the Fed's Beige Book. Thursday weekly claims, the ISM manufacturing index for Nov. Friday the Nov employment report (non-farm jobs +118K, non farm private jobs +133K and the unemployment rate at 9.0% unch frm Oct).



As long as there is nothing consequential from Europe this week will be about equity markets and that sector will focus closely on any report on retail sales. Prior to this weekend analysts were generally expecting weaker sales this year than last year. Based on the momentary optimism the current view is that sales may exceed last year's sales pace. The bellwether 10 yr note will be testing its key moving averages through the week with MBSs moving with it as is the norm.

(information from Rate Watch - TBWS)

Fraud Alerts

 Last time, we talked about how to manage Credit Freezes. I promised to discuss something else that could impact your loan - Fraud Alerts.

A fraud alert is a notation on your credit report that states that in order for any new credit to be obtained, the lender has to first call you to confirm that you are allowing this account to be opened.  In order for this to work properly, make sure that the phone numbers you supply the bureaus with is accurate.  If you enroll in fraud alert protection, you will be asked for a phone number that you can be reached at to verify any new activity.  If you move or change your number, you will not be able to get a home loan, or any new credit, until you can be reached for confirmation at the number on your credit report.  If the number is wrong, you have to call the credit bureaus, have them change it and then re-run your credit so that the phone number is correct on the credit report and the lender can reach you at that number.  Lenders are very strict about this.  If you are in escrow and the lender tries to call the number on the credit report and it isn’t the right number, it will cause problems. 

My suggestion is to always keep the bureaus up-to-date on any changes with your phone numbers when you have a fraud alert on your credit.  Take care of any needed changes months before you apply for a loan.  It will make a huge difference in having a much smoother loan process. I'm ready to discuss this further - just send me an email and I'll be happy to go into more detail, jeff@somloans.com.

Credit Freezing

Credit Freezing

            Credit freezing occurs when you call the credit bureaus and instruct them to freeze your credit, thus allowing no one access to your information in order to gain new credit.  This is a great tool if someone has recently had his or her information stolen.  It will provide protection from an identity thief.  However, with a credit freeze in place, that person will not be able to get a home loan.  He or she would first have to call all three credit bureaus and ask them to remove the freeze.  This could take some time depending on what information the bureaus require be provided and may cost a fee, as well.

Next time, I'll talk about Fraud Alerts, so stay tuned! Or, you could always email me to find out right away -  jeff@somloans.com.  

Pre-Approval Inquiries on Credit

Pre-Approval Inquiries on Credit

We’ve all gotten pre-approval letters in the mail stating that we are pre-approved, for example, for a $10,000 credit card, requiring only a signature to seal the deal.  The real reason behind how the credit companies know to send these to you is that they have run a soft credit inquiry on you.  This soft inquiry tells them that you have good enough credit to potentially qualify for their card.  It will not tell them your income, job status or whether you can afford this new extension of credit.  Running this soft credit inquiry will not, in itself, affect your credit score.  What will affect your score is if you decide to take them up on the offer by filling out their form and sending it in.  What you are then essentially doing is giving them the right to pull a hard inquiry on your credit.  This will affect your score roughly five to six points.  You are not necessarily assured of getting approved for the card, but now that they have run your credit, they can determine if you fit their criteria.  So my suggestion is to be very careful on filling out these pre-approval offers.  Make sure you absolutely need or want the card.  After you close your loan is really the best time to apply if you want the card because it doesn’t matter at that point if your credit score goes down five or six points. 

More on this? Email me - jeff@somloans.com

Short on Assets and Reserves? Part Two

Last time we talked about what you can do if you find yourself short on the assets or reserves you need to qualify, an option would be to ask a relative to add you onto his or her account which has the needed balance or history that you are lacking. Be sure to let your good Samaritan in on this:

It is much easier to add someone to an account than it is to remove him or her.  If they want to take you off of it, the only way to do so is to close it and re-open another one.  This could erase the banking history that this account has provided for them.  Be sure they confirm with the banker that if they close the account and re-open another one, the bank will transfer over their history to the new account.  Furthermore, before they can close a checking account, they will have to make sure all checks have cleared and if they have any electronic or automatic payments coming in or out of the account, they will have to be canceled and reestablished in the new account.  All of this is a bit of a pain and inconvenience for your family member, but is a great way to help you obtain your financing. See www.southernoaksmortgage.com for more information or email me directly at jeff@somloans.com.