Burlingame CA home loans, real estate loans, home finance information – BayCal Financial Corporation

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My 3 cents~Are mortgage interest rates ever going up and staying up?

August 21st, 2009 11:48 PM

That's my fear as of late. Even after 20 years in this business. At some point the rates will be going up and at that point they will stay UP so it behooves you to do something about it NOW. If you are one of the lucky ones where your property value, credit score and employment avail you to qualify for a refinance, you really should take care of that NOW !!! Sure any mortgage person wanting your business is telling you that and you may have already become inured to this claim. I am telling you I AM SERIOUS and once it happens, it's going to be too late. On July 31st I informed my client that I thought we should rate lock at 5.00% but no one else in my office was locking so perhaps we could see if it went down to 4.875% because I dearly wanted my client to have 4.875% 30YF to brag about. By 6pm I was pulling hair and thinking that my client was happy with 5.00% at a "half point" cost (plus closing costs) so I should just go ahead and rate lock it. The following Monday the rates went up, contrary to my large office of mortgage experts opinion and I had to wait until mid-August for that rate at that cost to return. On that day I did lock contrary to office popular opinion and the next day, the popular office sentiment was that everyone should have locked that day ... sharing a little behind the scenes scene with y'all ~ Bottom line, if you can make a material reduction in your 30 year fixed rate, set a realistic goal and have your Broker rate lock it when it's there.

Posted by Terry Akiyama on August 21st, 2009 11:48 PMPost a Comment (0)

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Terry does SBA (Small Business Administration) Loans

August 25th, 2009 11:16 PM

BIG NEWS! For a limited time there is NO SBA 7(a) Fee !!! That's right ...

Up to 90% Financing Available on Commercial Real Estate ~

Up to 85% Financing Available on Business Acquisitions ~

Equipment Financing Available from $50K-$2 million ~

Interest rates are still highly attractive but when they go up, expect them to stay up ~

That's just my 3 cents ~

Posted by Terry Akiyama on August 25th, 2009 11:16 PMPost a Comment (0)

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Commercial Loan Rates on Units Are Quite Attractive

August 24th, 2009 10:32 PM

As I am refinancing a multi-unit building that has a current rate in the 7's and we're getting that into a 5 year fixed rate program in the 5's which is thousands of dollars in savings a month, I should point out that commercial loan rates, especially on multi-units, 5 or more is quite attractive. The lender I am working with is projecting that due to all the governmental "bailouts" these commercial rates may well be at around 10-12% in the next couple of years. Whatever the case may be, this is a GOLDEN OPPORTUNITY to set the interim fixed rate on your multi-unit building so when the others are pulling out their hair in rate shock despair, you'll be sitting pretty~

Call Terry ...

For that matter, even the "high balance conforming" is looking decent. I hear 5.25% is running at a cost of a point. If you find any of this confusing, that's what I'm here for ... not to be confusing but to end the confusion and get you proactively taking advantage of financing opportunities before they are gone gone gone ... just my 3 cents.

Posted by Terry Akiyama on August 24th, 2009 10:32 PMPost a Comment (0)

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