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

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

30 year fixed 5.25%
15 year fixed 4.625%

Brian Brady World Wide Credit Mortgage  (858) 777-9751
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

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....

No comments: