Patriot Dad

10/21/2022

Quick update from your local mortgage lender.

Rates hit a 20 year high yesterday. We haven't seen PAR rates in a few weeks, meaning every rate you get right now, you have to pay for.

This reduces your savings for down payment.

To offset this, many realtors are seeking concessions from sellers and getting it. Buydowns and ARMs are becoming more popular. From a lender's perspective, I personally advocate permanent buydowns over temporary ones, where the band aid of a reduced rate for the first 2 years is negated by the rate returning to 'normal' in year 3. Also in today's market, an ARM rate is only slightly different from a standard Fixed loan and there's a cost associated to buying that rate as well.

When it's all said and done, if you're still waiting to buy, remember that it's not going to get any better. The Fed is expected to increase Prime Rate another .75 on November 2nd. Still, efforts to curb inflation are fruitless. Buying now is still better than waiting for a potential improvement in the market, which may extend your 'wait' by a few years.

Call me and we'll see where you stand.

Eugene Pena, 'Gene'
Serving future and present home owners in:
NV, IL, TX, AZ, CA, FL, GA, WA, NC, VA & MD
[email protected]
Direct: (312) 493-2054 or (702) 720-8248
Office: (702) 546-7334 Ext. 189
2510 Wigwam Pkwy Ste. 104
Henderson, NV 89074
NMLS 1992409 Company NMLS 1109426

09/28/2022

WHAT HAPPENED IN THE MORTGAGE WORLD THE LAST COUPLE OF DAYS?

This article, shared to us by our CEO, provides some perspective.
https://www.cnbc.com/2022/09/28/record-number-of-uk-mortgage-deals-pulled-as-market-mayhem-takes-hold-.html

To summarize, an upset in the UK market cast a foreboding doom for investors and they reacted. Yesterday, par rates (a rate that is offered by an investor at no cost) wasn't registering on the rate sheets.

What's that mean?
A 7.625% interest rate on a 30 year mortgage was sold at 1.750 bps - meaning you were paying nearly 2 points to purchase that rate for your home. For instance, a home worth $430,000 would cost you $7,525 to buy a 7.625% interest rate.

What's that mean for hopeful 1st time home buyers?
Buy now. Take it from a guy who went through the crash in 2008.

Remember that your ability to buy (i.e. savings/retirement/money market) will also be impacted. Your money saved for down payment will either shrink or be used to buy down a rate to make your next purchase affordable. For those who think they can wait, remember that 2009 didn't see droves of people buying a home - those that could were knocked out of the running for a few years. In this market that means paying an uncapped, increasing rent for possibly another 2-3 years for the market to stabilize.

What's it mean for those who were thinking about refinancing?
If you're a homeowner, chances are your home has value - lots of it.

If you also have substantial revolving credit card debt, use the equity in your home to pay it off and fix the debt. Credit cards have no cap (no cap) - it's better to pay 8-9% and spread the debt over 30 years than leave it to the credit card companies to continue to increase the interest rate on your debt unchecked until you're unable to pay.

If there's anything you get from this post, have this takeaway - do not go into the next few months with credit card debt.

Feel free to comment or call me if you'd like to share your perspective. Better yet, call me and let's partner up to put a plan together to help you buy home or pay off your debt.

(312) 493-2054 or (702) 720-8248

Eugene Pena, 'Gene'
NV, IL, TX, AZ, CA, FL, GA, WA, NC, VA & MD
US NAVY VETERAN
[email protected]
Office: (702) 546-7334 Ext. 189
Direct: (702) 720-8248 or (312) 493-2054

2510 Wigwam Pkwy Ste. 104
Henderson, NV 89074
NMLS #1992409
Company NMLS: 1109426
Elevate Mortgage Group is a Division of Low VA Rates

Hundreds of mortgage deal offers in the U.K. have been pulled after market chaos sparked concerns about interest rates rising as high as 6% for 2023.

09/23/2022

Hey Anaheim/OC Realtors!

I'll be in town next week searching for strategic partners to close out Q4 strong.

Let's connect between bread/coffee to discuss some winning strategies to end 2022 as your banner year.

Call/Text me (702) 720-8248

Eugene Pena, 'Gene'
Licensed Loan Officer

Serving:
NV, IL, TX, AZ, CA, FL, GA, WA, NC, VA & MD

Office: (702) 546-7334 Ext. 189
Direct: (702) 720-8248

2510 Wigwam Pkwy Ste. 104
Henderson, NV 89074

NMLS #1992409
Company NMLS: 1109426
Elevate Mortgage Group is a Division of Low VA Rates

09/22/2022

Rent isn't the only thing rising. The Fed increased the prime interest rate by .75 yesterday. Along with the rising cost of commodities and energy, everyone is certainly feeling it.

This has left many scrambling to find a solution and a place to live. Let's chat and put a plan together to establish a plan to buy before the next Fed meeting - there will be 2 more before the end of the year (November 1-2, December 13-14).

Worse yet, the Fed is anticipated to increase the Prime Rate .75% at each meeting, culminating in another 2.5% before the end of the year.

What I'm getting at is that if you've been on the fence to buy, DO IT NOW. Take it from me - an MLO who rode through the real estate collapse in 2008. If you wait to buy, it'll potentially be years before you can buy again, leaving you with the prospect of an uncontrolled rise in rent. I've heard it time and again - 'we're going to wait - the prices will come down'. They may be right, but remember that the savings potential in 2006 was halved in 2008-2009. Many people looking forward to retirement had to keep working to replenish what was lost.

Bottom line - if you can, do it now. If you're thinking about it, call me and get a plan together so you know exactly when you can pull the trigger.

Eugene Pena, 'Gene'
Licensed Loan Officer
Serving:
NV, IL, TX, AZ, CA, FL, GA, WA, NC, VA & MD

Office: (702) 546-7334 Ext. 189
Direct: (702) 720-8248

2510 Wigwam Pkwy Ste. 104
Henderson, NV 89074

NMLS #1992409
Company NMLS: 1109426
Elevate Mortgage Group is a Division of Low VA Rates

08/23/2022

Real estate partners: Want real-time transparency when it comes to your buyer’s mortgage process? Get real-time access to their loan status and be in the know, from pre-approval through instant funding at the closing table when you partner with us!

Eugene Pena, 'Gene'
Licensed Loan Officer serving:
NV, IL, TX, AZ, CA, FL, GA, WA, NC, VA & MD
Office: (702) 546-7334 Ext. 189
Direct: (702) 720-8248
2510 Wigwam Pkwy Ste. 104
Henderson, NV 89074

NMLS #1992409
Company NMLS: 1109426
Elevate Mortgage Group is a Division of Low VA Rates

08/16/2022

Been working hard this past year to pay down debt and increase you credit score? Your good habits are bound to pay off with better rates on your new home (or refinance)!

In this economy paying off debt should be your number 1 priority. Understanding how your revolving credit can make or break your financial goals in the coming years should be a critical task for you today. I can help you understand this by leveraging the equity in your home.

I've also been helping folks with their credit since 2001.

Call me today and let's explore your options. (702) 720-8248.


Eugene Pena, 'Gene'
LOAN OFFICER
NV, IL, TX, AZ, CA, FL, GA, WA, NC, VA & MD
[email protected]
Office: (702) 546-7334 Ext. 189
Direct: (702) 720-8248
2510 Wigwam Pkwy Ste. 104
Henderson, NV 89074

NMLS #1992409
Company NMLS: 1109426
Elevate Mortgage Group is a Division of Low VA Rates

08/15/2022

https://lowvarates.com/va-home-loans/proof/

Call me today and learn if you can qualify!
(702) 720-8248


Eugene Pena, 'Gene'
LOAN OFFICER
NV, IL, TX, AZ, CA, FL, GA, WA, NC, VA & MD
[email protected]

Office: (702) 546-7334 Ext. 189
Direct: (702) 720-8248

2510 Wigwam Pkwy Ste. 104
Henderson, NV 89074

We were tired of veterans getting overcharged on home loans. So we made it our mission and our name to give them lower rates. And now there's rock-solid data to prove it.

08/12/2022

While the market may change along with the programs - one constant has remained the same in the 20+ years of being in the business.

Your needs.

Finding the right match with your need is my expertise. Whether you're looking for a mortgage for your next dream home or finding a way to access your equity for cash while preserving your low interest rate on your current mortgage - I'm your guy.

Call today - chances are I'm in your state (AZ, CA, FL, GA IL, MD, NC, TX, VA and NV).

Eugene Pena, 'Gene'
LOAN OFFICER
US NAVY VETERAN
SERVING: NV, IL, CA, AZ, TX, FL, GA, WA, VA, NC & MD
[email protected]
Office: (702) 546-7334 Ext. 189
Direct: (702) 720-8248
NMLS #1192409
Company NMLS: 1109426

08/10/2022