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 www.danawharf.com for tickets and details.