American Pacific Mortgage
Wednesday, March 16, 2011
Spring is almost here, and I can’t tell you how happy I was to move the clock forward to enjoy more daylight! Rates are enjoying a little down-spring…due to market conditions following the tragedy in Japan. The stock market is off, so we are currently seeing improvement in interest rates across the board.
Please call me for specifics, as rates are all subject to adjustments for loan-to-value, loan purpose, FICO scores etc.
I have a number of clients who are planning remodels and/or upgrades to their homes. We are refinancing their current mortgages at lower or equivalent rates, to pull some cash out of their homes for completion of their home projects. Now is the time to move while rates are so attractive! Current fixed rates are lower than the rates for most HELOCs (Home Equity Lines of Credit) that adjust monthly and only have one way to go…up!
The other big news for loans is this: Although we don’t know exactly how it will look, or if it will go into effect on April 1st, loan officer compensation is scheduled to change. This will have an effect on the competitive pricing of your loan and ultimately is not in the best interest of the consumer.
Finally, the future of the 30 year fixed rate loan may be relatively short…so get it while you can. Projections of changes to the entire mortgage industry, and complete privatization of same (to get it off the taxpayer’s back) will mean a complete switch over to ARM loans. Banks don’t like to portfolio long term fixed rate loans. Period.
From Russia and Portugal…with love
Thanks to modern technology, I’ve had the unique experience of speaking via live video chat with Steve, who is currently in Russia on business, and with my son Kenny, who is in Lisbon with his graduate Architecture program. Yesterday I actually had both of them on my Gmail chat at the same time. Wow! One on video chat and the other on e-chat…
Steve is in Russia meeting with the developers of a luxury residential resort development in St. Petersburg, and had the opportunity to tour The State Hermitage museum among other historical sites.
Kenny is in Lisbon for six weeks and then off to Poland with his traveling school program. In the middle, he will be flying to UC Berkeley to present a paper at a conference entitled “The Death + Life of Social Factors,” A Conference Reexamining Behavioral and Cultural Research in Environmental Design. The conference is sponsored by the Berkeley Architecture Department and the College of Environmental Design. http://arch.ced.berkeley.edu/events/conf/deathandlife
He’s also writing articles for publication in a few international design magazines. He doesn’t let much grass grow under his feet!
I have been keeping the home fires going, working at my office and working out at the gym. My latest discovery is BT-Fitness, a new gym in San Clemente. The owners/trainers Adam and Kimberly are passionate about their work and expert trainers offering classes with TRX/Kettlebell and SPX/Proformer systems. Check them out at www.bt-fit.com. Great workouts!
Dana Point Whale Festival
I attended the beach concert in the Harbor last Sunday afternoon with friends. The close of the annual Whale Festival, this is always a super fun and casual event. Families and groups of friends hang out on the sand, and there is dancing both in and out of the water. Lots of smaller water craft float around the barge where the bands play at Baby Beach.
After the concert my friends and I walked over to the island in the Harbor to check out the new Island Bar at Aventura. www.dpislanderbar.com
The restaurant is located above the Aventura Sailing Club with nice views of the Harbor and the ocean. They have live music Thursday through Sunday. We listened to the Flock of 80’s, a favorite of mine and a local San Clemente group who play around South County regularly.