American Pacific Mortgage

American Pacific Mortgage

Tuesday, June 29, 2010

The Pacific Queen

My son Drew, who earned his captain’s license in ‘05, recently became partners with Pacific Queen owner Bill Cavanaugh. The Pacific Queen is an 88’ sport fishing boat, originally built in 1944 to rescue downed planes… and has since been converted to a sport fisher. Drew has been part of the sport fishing industry for eleven years, and his partner Bill has been in it for 30 years. Drew earned his captains’ license while working on the Apollo, beginning with summers during college at UCSD.

The Pacific Queen runs anywhere from one- to eight-day trips out of Fisherman’s Landing in Point Loma. They fish primarily in Mexican waters, and mainly catch tuna in the summer, along with yellowtail and dorado. Average fares are $200 a day…and their boat holds up to 33 passengers.

Next time you want a maritime adventure I hope you give them a call! I can’t wait to go out…

Their website is . For more information call Fisherman’s landing – at 619-221-8500.

I can’t say how proud I am of Drew for his achievements and for following his dream. He is a true Waterman! i.e. captain, fisherman, surfer, spearfisher…and jack of all trades on the boat!

Tuesday, June 22, 2010

Mortgage Bonds Hit Record Highs = Low Rates...and Vermont In May

Mortgage-backed securities today traded at a high of the last two years plus…which means rates are at their lows.

Pass it along if you know of anyone who needs to take advantage of these rates.


I made a visit to Vermont in May, to witness my son Kenny’s graduation from Marlboro College.

It was a wonderful experience for many reasons, but primarily because my son chose his own path, a bit outside the norm…and is pursuing his own dream, which is very different from the “typical”… especially for Southern California.

We stayed in a lovely Bed and Breakfast called the White House Inn in Wilmington. It is near many of the skiing areas in southern Vermont. Please call me for more info if you ever decide to visit for the fall foliage, or the summer Marlboro Music Festival-- which I attended last July with my mother, and is replete with world-renowned musicians who “re-charge” there for the summer, and offer amazing classical music, in a lovely setting. For tickets and information go to:

I don’t recommend springtime for a visit, which is “Mud Season” and is far more mud (and deeper) than you can ever imagine, unless you have lived in it. Cars get stuck all the time!

Vermont is a horse of a different color. I joke every time I visit Vermont that most everyone looks to me as if they are camping. The truth is, they just look like they wear clothing that is functional and works for their environment. I shouldn’t talk. When I camp I still blow-dry my hair…If there is an electric outlet nearby!

People who live in Vermont are very concerned about the environment, sustainable lifestyles, energy efficiency, and the Eaarth. (more on the Eaarth in another Blog) Most Vermonters live in rural settings on or near farms, and spend time caring for their sugar bush, (think maple syrup) animals, caring for their spectacular home gardens, reading a lot, and thinking even more.

They don’t allow “big box” stores in Vermont, so you have to drive to Massachusetts or New Hampshire to find a WalMart, etc. It is a very interesting place that cherishes local products only.

Kenny is staying in Marlboro this summer, building his Greenhouse, (see my earlier blog on his Greenhouse) and working at a bakery/coffee shop in Brattleboro. He is a self-sustaining unit who thinks for himself, is pursuing his passion, and I am very proud of him. I don’t think he’ll live there forever…but I also don’t think he’ll return to California. He reminds me of that periodically. Here is the link to his Grenhouse design on YouTube:

Thursday, June 17, 2010

Interest Rate Update: Don't Miss!

Interest rates have continued to hover at record lows for the year; consternation abounds since the pundits all predicted rates would deteriorate at the end of March, at the finale of the Fed’s mortgage back securities buying program. If you are still considering a refinance or purchase, I’d suggest taking action now.

Up to $417,000
30 yr fixed—4.625%
20 yr fixed—4.375%
15 yr fixed—4%
5/1 Arm—3.375%
10/1 arm—4/125%

$418,000 to $729,000
30 yr fixed—4.75%
15 yr fixed—4.25%
5/1 Arm—3.875%

True Jumbo loans (over $729,000)
30 yr fixed—5.5%
5/1 arm—4.5%
10/1 arm—5.25%

Interest-only products are available, but rates are slightly higher. All rates quoted assume a one percent origination fee, and are subject to FICO scores, loan-to-value, property type, and occupancy.

Friday, June 4, 2010

June Already!

Rates have been holding pretty steadily at their lows…beyond almost everyone’s expectations.

You can enjoy a rate in the 4’s for all fixed rate loan amounts below $729,500, and in the 3’s for ARM products! Call me for specific quotes, since they vary based on loan size, property type, FICO score and occupancy.

Underwriting standards continue to contract. We are now required to re-check credit, employment and a variety of items just prior to loan closing, to insure nothing has changed from the time of application.

Social security numbers are now verified through the IRS prior to close. If you apply for a mortgage loan, be advised you should not apply for new credit, and don’t move funds from one account to another without fully documenting the transfer and source.

All unusual deposits must be documented, and all funds for closing must be sourced. All in the name of Fraud Prevention!

The federal tax credit for homebuyers expires June 30th and sales are expected to slow after that. It will be interesting to see whether they slow, or pick up steam. Most realtors I speak to would have us believe that prices are increasing and sales will continue to build steam.

We are almost half-way through it, and the year seems to have flown by. Now it is wedding season and I have two to attend this summer!

I am looking forward to a sunny, warm and relaxing weekend. Hope yours is the same.

One suggestion: The Dana Point Harbor Boat Show (which started Thursday and runs through Sunday) sounds like fun, and the weather will be perfect. They are celebrating their tenth anniversary.

My favorite pick: The Saturday night Live Music Cruise on the Dana Pride, from 6:30 to 8:00 for only $10. This cruise is always a blast! Ticket prices increase during the summer. Go to for tickets and details.