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In the example I previously posted, I was able to speak with the other Broker and on a $300,000 FHA refinance, had them reverse the 1 point they were charging and remove one of the two $750 Processing/Admin. fees which saved the client $3,750 in "closing costs."  While this is an extreme example, it was real and I was successful in challenging them on behalf of ~

If you want a professional opinion of the "Borrower's Estimated Settlement Statement" I will provide it.  For any mortgage refinance or purchase loan.  You now have a powerful friend in the mortgage industry. 

Participated in a discussion on Financial Advisors.  Topic was selection of Financial Advisors and the proposition was selection based on Financial Advisors personal wealth.  "Why would you pick a Financial Advisor that wasn't rich?"  Well there are reasons in certain cases but for the most part I would subscribe to that theory ... kind of a *duh* ... "Hey, you're a mortgage broker, tell us what the rate is on your two mortgages?"

Well I can't promise to get you these rates and they are adjustable.  My current rate on my Oakland SFR is 2.625% and the current rate on my Pacific Heights condo is 3.00%  (Mortgage statements available for verification of claim) Okay, there you go, in the interests of "transparency." 

Current rates are on the high side based on rates a month ago.  Which makes it the perfect time to apply for a refinance or purchase.  The lenders are not slammed the way they were a month ago.  They have time to process and approve your file which puts you in line of lock your rates when they drop back down again.  The sheer volume in new applications when the rates are lower tends to overwhelm the processing, approval and accuracy of the lenders which you don't want to have to encounter.  It's not pretty and it's very frustrating for all concerned.  If you have been thinking about it, if you rate is higher than 5.375% then you should at least consider refinancing that before the rates go up permanently.

Happy New Year to all and to all, lower rates !!!

While looking at a refinance being closed by a competitor, I was shocked to see 2-$750 fees being charged by the lender.  One for "Administration" and one for "Processing."  There are what we call "Junk Fees," and there are "Hella Junk Fees," and this is a case of Hella Junk Fees.  For those reading this and being misguided enough to do their deal with someone else, I will be happy to advise you on all of the items on your "Borrower's Estimated Settlement Statement."  In the case under discussion, I am advising the client to contest at least one of the $750 fees, though $750 for one looks to be on the high side.  My "processing fee" from BayCal is $550 which enables us to have a fulltime Processing and Underwriting Staff that I daresay is unrivaled in the Industry.  If you want me to talk to your mortgage broker or banker about items, my fee will be based on 50% of the money I save you. 

I am not saying that excessive "hella junk fees" are common but if your deal has them or just to be judicious, you should run your "Estimated Settlement Statement" by me BEFORE your deal closes.  Excessive fees are a pet peeve of mine.  You won't see them on the financing I work on.  I will review any ESS for a flat $100 and 50% of the money of I save you.  For a limited time I will waive the flat $100 for the first 25 people and you can give me 50% of actual savings as my fee.  If I find nothing (I hope, I hope, industry pride and all) then you owe me nothing and receive congratulations on getting a good deal.  Terry;  the kinder, gentler mortgage broker... Ahahaha ~

There is a daily updated rate trend report on my site.  Today, 30 year fixed conforming (up to a loan amount of $417,000) is running at 4.875% with no points.  If you have a rate in the mid 5 percentile or higher, YES it's a good time to refinance. 

You can reach me or leave a voicemail anytime at:  (650) 347-8828x288

Take care and Happy Holidays!