Monday, September 16, 2013
Manhattan Beach-Beach Cities: Home loans.. big changes are coming
The news this week seems to be about Congress talking about lowering the maximum loan amounts for Jumbo conforming loans to something under $625,500. This could be a real issue for home buyers in the South Bay-Beach Cities. With prices on the rise the current level of $625,500 or less is on the low end of the scale for many home buyers in the Beach Cities as well as other areas of the South Bay.
Last week I wrote a post on interest rates on home loans backed by Fannie and Freddie... The day after I wrote the post both the Wall Street Journal and the LA Times had articles on the falling rates on Jumbo loans ( $625,500+). One of the things I learned a long time ago was that the rates you read about in the media don't always translate to our real estate marketplace.
I contacted a few of the lenders I normally recommend to see what was happening in our local markets. The rates being offered are surprisingly good for jumbo loans over $625,500. many of these lenders offer loans up to $1.5- $3.0 Million depending on the loan to value ratio. The more money you have as a down payment the lower the interest rate.
Below is a sampling of rates offered by lenders:
Finley Taylor from Union Bank (310) 683-6048 email@example.com
30 year fixed with 20% down is currently 4.75% with 0 points
10/1 ARM 4.125% with 0 points
7/1 ARM 3.625% with 0 points
Martha Puma Kinecta Credit Union (310) 643-2411 Martha.firstname.lastname@example.org
30 year fixed 5.25%
15 year fixed 4.625%
Brian Brady World Wide Credit Mortgage (858) 777-9751 email@example.com
30 year fixed 5.25% ... Brian is also offering VA loans up to $1.0 Million at similar rates
Brett Lightner Platinum Capital (310) 406-3547 firstname.lastname@example.org
30 year fixed $4.125% 0 points
7/1 3.625% 0 points
5/1 3.25% 0 points
Rates are changing by the day so many of the above quotes may be different than what I have noted above as some came out last Friday....