Freddie Mac Increases 15 & 30 Year Mortgage Interest Rates

Orange County Home Buyers who have been “sitting on the fence”, waiting for mortgage interest rates to go lower are literally kicking themselves today as it was announced that the 30-Year Mortgage Loan Interest Rate is now more than 3.5%; this is up from just 3.42% a few days ago.

The Time To Buy An Orange County Home Is Now

The increase in the 30-year loan mortgage interest rate is the first time that interest rates have gone over 3.5% since mid September 2012 and interest rates for 15-year mortgage loans also went up to 2.81% from just 2.71% the previous week, according to Freddie Mac.

Higher Rates Are Coming

Freddie Mac echoed what many people Orange County Mortgage Brokers already know in that as the economy continues to improve, mortgage interest rates will keep going up because; there will be more homebuyers on the market who are able to afford mortgage loans.

According to a recent Freddie Mac report, 2012 saw almost 400,000 new home sales and 2013 is expected to top last years numbers, this is good news for the Orange County Real Estate Market and it’s also a warning to potential homebuyers who have been waiting for better rates to come because, failing to wait for better Mortgage Interest Rates could cost the average homebuyer an extra $10,000 or more during the life of a 30-year mortgage loan.

Opportunities For Buyers With Excellent Credit

As of January 2013, many lenders are not offering loans to Orange County Home buyers that are almost 80% of a home or properties value; any Orange County Resident who is considering buying a home in this part of Southern California should shop around and get the best mortgage interest rate now while there is still home inventory left on the market for them to buy.

For an affordable Mortgage quote, contact Sun Financial Group today by calling Steven Williams at (949) 699-1950.

Orange County Luxury Home News

There’s never been a better time to buy an Orange County Home, especially a luxury Orange County Home because of historically low mortgage interest rates and a higher inventory of luxury homes on the housing market than in 2012.

Another Sign Of Improvement?

California home buyers who are in the market for their first mansions can rest assured that there will be plenty of properties on the market and now is the time to get an Orange County Mortgage Loan since home values for luxury homes in the area are going up every day.

As of January 30^th, 2013 there are a record number of luxury homes selling on the Orange County real estate market in excess of $5 million dollars and there are more homes selling for more than $1 million dollars than at any time in the last six years.

The Sellers Market

Top Orange County Realtors like Dave Fratello of the Real Group have confirmed that now is the time to buy a luxury Orange County home since prices in the current luxury home market appear to be approaching “bubble like” levels that Orange County Mortgage Brokers saw back in the earl 2000’s.

Some of the most popular places to buy a luxury Orange County home are: Manhattan Beach and Newport Beach where there is still low enough inventory and excellent prices for any Orange County Resident who is looking for a great deal on their first or second mansion.

Get An Affordable Mortgage Quote

If you’ve been thinking about buying an Orange County Mansion or luxury home, what have you been waiting for? Contact the experienced team of Orange County mortgage brokers at Sun Financial Group today by calling (949) 699-1950 for a free, no-hassle mortgage quote.

We can help you get a great mortgage loan so you can buy the Orange County Mansion of your dreams, contact us today to get started.

Eminent Domain Fails In San Bernardino, CA

If you live in San Bernardino County, and follow Southern California Mortgage News, you know of their very unpopular plan for the use of eminent domain, which they were going to use to size the homes of underwater or troubled homeowners and write down their debt.

Why Was The Plan Stopped?

This plan was stopped this week thanks to votes from members of a group called Joint Powers Authority; an organization that represents two cities: Fontana and Ontario California; according to their chairman of their board, Greg Devereaux, the group decided to give up on their controversial plan due to lack of support from the general public.

Outrage From Wall Street

It wasn’t just local residents who stood against the plan to use Eminent Domain in San Bernardino County, Mr. Devereaux also said that opposition from Wall Street and mortgage groups thwarted San Bernardino’s plans because it was thought that use of their plan would only raise interest rates higher for everyone and make it even harder for borrowers to get their hands on money for new Southern California mortgages.

How Would Eminent Domain Work?

If San Bernardino’s plans to use eminent domain had moved forward they would have been seizing land and not home loans or mortgages in the effort to serve the general publics good; in spite of the failure of their goal to use eminent domain, Devereaux said that cities like San Bernardino and Fontana, CA still plan on examining every solution possible to end the Southern California Mortgage crisis and stabilize the SOCAL real estate market as a whole.

Disappointment Within The Mortgage Industry

Although many companies within the Orange County Mortgage Industry stood against San Bernardino’s plan, some companies like Mortgage Resolution Partners supported it and their chairman, Steven Gluckstern, recently voiced his unhappiness with San Bernardino for stopping their plan to use eminent domain.

In spite of the “bump in the road”, cities like San Bernardino are still faced with the daunting task of thousands of underwater homeowners but thanks to historically low mortgage interest rates and excellent loan options like FHA and HUD, San Bernardino may not have to consider eminent domain again as more underwater homeowners are able to get themselves back on the right track financially.

To learn more about the great mortgage interest rates so you can refinance or get into the first home of your dreams, contact Sun Financial Group today ay (949) 699-1950.

Housing Market Will Keep Growing In Orange County, In 2013

A meeting of top economists at Washington’s International Builders this week confirmed what Orange County Mortgage brokers and would be home buyers in the area already hoped, the nation wide housing market will continue to grow on an accelerated basis this year, but their was an agreement that the Federal Government had to stay out of the way in order for the real estate recovery to continue.

Every Key Indicator Going Up

David Crowe, a Chief Economist with the National Association of Home Builders brought encouraging news to the 2013 National Association of Home Builders by telling the meeting that key economic indicators that showed rapid growth in the housing market was up on every level; some of the indicators that he mentioned were: prices, permits, start of new housing, sales and most important of all, the overall confidence of home builders.

Mr. Crowe also mentioned that overall home prices for areas like Orange County, California were up almost six percent in the last 10 months and that recent surveys have shown that more people are feeling that their homes will going up (appreciate) in value and not depreciate in the coming months.

Normal Housing Activity

Orange County mortgage brokers and realtors will remember the first three years of the 2000’s as being the peak years of the real estate market in this area, Mr. Crowe echoed this opinion by stating that the period of 2000-2003 in his eyes can be seen as a normal period for the housing market across the United States and in his eyes the current real estate market is heading back into similar territory due to the following factors:

• Remodeling in residential areas across the United States is now back to what can be considered normal levels.
• Construction of single-family homes has risen to almost 50 percent normal production and is expected to be at 52 percent by this summer.

To learn more about the encouraging housing news and how it affects you or to get an affordable Orange County Mortgage Loan, contact Sun Financial Group today by calling (949) 699-1950.

Orange County Home Owners Will Enjoy More Mortgage Protection In 2013

Recent remarks by Consumer Financial Protection Bureau (CFPB) Director, Richard Cordray, at the recent Mortgage Servicing Field Hearing, spoke about the mortgage industry’s need for new regulations and increased responsibility to be placed on the shoulders of mortgage servicers when it comes to things like collecting payments, managing loans that are performing well and providing a higher level of service on defaulted loans that are in collection and heading to foreclosure.

A Crisis That Didn’t Happen Overnight

Mr. Cordray echoed the feelings of many Orange County mortgage brokers when he recalled his first encounter with a foreclosure crisis, back in early 2004 when he was working in a treasurer position for an Ohio County.

At the onset of that foreclosure crisis, Cordray and several other elected officials started a campaign called “Save Our Homes” which encouraged local residents to call their lenders and learn more about the details of their mortgages.

This campaign also led to an ongoing investigation which helped Cordray to see that the “foreclosure crisis” his Ohio County was experiencing, wasn’t something that happened overnight, it had been building as far back as 1996, and the spate of foreclosures his county was seeing, was the result for predatory lending, something that Orange County homeowners are all too familiar with today. 

New Regulations Will Change The Mortgage Industry

Thanks to the new legislation like the recent Dodd-Frank Act the mortgage industry is going to get a “face lift” and new rules will be put into place that will protect borrowers including:

• Periodic Statements – A mortgage servicer has to offer what’s known as a periodic statement to their clients, this statement must include information like past payments, current payments, fees, recorded activity of transactions and more.
• Adjustable Rate Mortgage – If a client chooses an Adjustable Rate Mortgage (ARM), their mortgage servicer must notify them at least 240 days in advance, before their first payment at the new rate is due.
• Periodic Payments – All mortgage servicers must credit a borrowers periodic payment or a payment that includes escrow, principal and interest.

To learn more about the latest changes to the Orange County mortgage industry or to get an affordable mortgage loan, contact the experienced team of mortgage brokers at Sun Financial Group today by calling: (949) 699-1950.

Moving To Orange County? Learn More About OC History

Are you thinking about relocating to Orange County, California? You’re making the right choice. Orange County is one of the top cities in Southern California that’s experiencing huge growth right now in every form of commerce and most of all, real estate; home values have shot back up over the last year and there’s never been a better time than right now to buy or sell a home in Orange County.

Orange County Statistics

As of the 2010 census Orange County’s population was over 3,000,000 strong and considered to be the number three cities in California with the largest population.

What makes Orange County such a popular city? Schools, abundant recreation, parks, attractions like Disneyland and excellent transportation options for people who are interested in traveling by bus, train, car or plane.

Another benefit that comes from living in Orange County is it’s close proximity to other California cities like San Diego and San Francisco plus thanks to it’s world class airport, Orange County residents can fly out and be anywhere in the United States in the same day.

Orange County History

The area known as Orange County has been a popular destination for centuries by Native American Indians and then it became a major port of call when Spanish Explorer Junipero Serra discovered it in 1769.

By the 1860’s James Irvine and a group of land developers took charge and began developing Orange County into prime land which attracted settlers from across the country and by 1889 California’s legislature voted to divide Los Angeles from Orange County so the area could be it’s own separate entity.

To learn more about Orange County and all of the great things to see, do and enjoy in the area or to get an affordable mortgage quote, contact Steven Williams at Sun Financial Group today by calling (949) 699-1950.

Do I qualify for a mortgage loan? Here's your answer.

Do you I qualify for an Orange County mortgage loan?

This is a question that many Orange County residents are asking right now as the real estate market continues to improve and make it almost irresistible to not buy an Orange County home.

If you’re one of those people who are considering buying your first home or you’re interested in refinancing, here are the things that the average lender will look for to pre-qualify you for a mortgage loan.

What Is My Credit Score?

Just about everyone who is interested in buying an Orange County home should be curious to know what their credit score is because, the better the credit score means the lower the interest rate they can expect to pay and the lower the mortgage payment they can expect to pay as well.

For those people who have low credit scores, it’s a smart move to avoid applying for a mortgage loan right now because, getting a mortgage loan with a low credit score will mean extra money that the borrower will have to pay in interest over the lifetime of the loan.

Time To Look At Those Debts

The next thing that lenders will look at when evaluating a prospective client for a mortgage loan is their debt-to-income ratio because, if the prospective borrower has more debt than income coming in, their mortgage loan will not be approved.

It’s All About The Down Payment

Besides having a great credit score and low debt to income ratio the next important thing Orange County lenders will look at is the down payment that the borrower is prepared to pay.

In this day and age most lenders are looking for borrowers who are prepared to put down 20%, so it’s wise to be ready with the cash in hand or be prepared to pay a higher mortgage payment and more for the lifetime of the loan.

To get an affordable mortgage quote, contact Steve Williams at Sun Financial Group today by calling (949) 699-1950.

Orange County Homeowner - Learn More About HUD Reverse Mortgages

What is a HUD reverse mortgage? This type of mortgage is very popular with Orange County senior citizens and also seniors across the United States because, it’s a government backed loan, which helps seniors to have the funds that they need for their retirement.

Long Time Success

Most seniors don’t know that the HUD reverse mortgage has been in existence since the mid 1960’s and it was first started by our nations Federal Housing Administration (FHA). Any senior citizen who chooses a HUD mortgage can have confidence that their mortgage is federally backed and they can enjoy their retirements.

How Do HUD Mortgages Work?

With a HUD reverse mortgage, the homeowner will use their home to raise the money that they need for their retirement and the great thing for the homeowner is that the money plus the interest doesn’t have to be paid back to the lender, until after the borrower has passed away.

What Are The Edibility Requirements?

To be eligible for a HUD reverse mortgage the borrower (homeowner) must be 62 years old, or older, living in a primary residence and have little to no mortgage debt left to pay off on their home.

How Much Money Can You Get?

The amount of money that a borrower can receive from a HUD reverse mortgage varies on things like the age of their home, it’s current value, location and also the interest rate at the time the borrower applies for this type of reverse mortgage.

Are HUD Reverse Mortgages A Good Thing?

For Orange County senior citizens and seniors across the United States, HUD reverse mortgages are a good thing and a smart move for any person over the age of 62 home wants to guarantee that they will have enough money for their retirement years.

To learn more about HUD reverse mortgages and how they can help you, contact the Sun Financial Group mortgage specialist team by calling (949) 699-1950.