Home Financing Updates and Family News!

Rates have continued on a steady upward march this year. We are looking at rates on most programs in the 4's today, and some into the 5's. As always, much depends on loan-level pricing adjusters such as loan-to-value, loan purpose (purchase, cash-out refinance or rate and term refinance), FICO scores and property type. Good news is, many program types are opening up to more flexible underwriting guidelines, such as utilizing bank statements or assets to develop income. Home prices continue to rise with low inventory increasing demand.
There is much debate at to a possible "bubble" but most of the pundits are coming down on the side of strong employment increasing demand in the face of a relatively low affordability index. (below 30%)

We merged with a larger mortgage company at year-end, American Pacific Mortgage. We are now a division of APM and have some exciting new programs to offer: Keys on Time, a guaranteed close in 20 days; Bridge loan financing; Stars program for Teachers and First Responders; Secure Lock offering rate float-down; Jumbo Reverse Programs; and many more. We are a direct seller to Fannie and Freddie, and have many more jumbo loan programs available for loans over $679,650. Very exciting! We remain "Catalyst Lending" though, with our same great team of processors, underwriters and closers. Just part of a bigger machine.

Family news:

We had a great holiday season with family! We've learned as time goes on that in order to catch everyone together, we plan early and around the actual holiday.

Our New Years' was once again a lovely evening at the Dana Point Yacht Club with close friends. Steve has taken up racing at the yacht club, spending much time on weekends out on various sailboats. He tends to be the "muscle." We've also recently taken up golf with mixed results. I prefer not keeping score and just practicing my shots out on the greens. Steve has definitely improved however!

Our biggest news is the arrival of our new grandson Felix (Drew and MaryGrace) in November, and the upcoming birth of another grandson (Katie and Paul) in June. The family is growing!

That will make a total of five grandchildren...so far.

Katie, who is working with me, has passed her loan originators license and will be an official Loan Officer sometime this month! Watch out!

We have not traveled far since our big trip last June (Bermuda and the BVI's) and we were somewhat devastated by the hurricanes that demolished much of the BVI's shortly after our visit. We did spend a weekend in Catalina in October, and had a fun scuba dive off Casino Point. I also made the trek with Steve to Dallas just before Christmas to complete my annual license renewal. I find it easier to do when I am out of my office.

Next up: We are planning to visit New Orleans in the next month or so, and are going on a fishing trip combined with scuba diving in Baja in October. With the new baby coming in-between, we'll likely stay close to home mid-summer.

Please call me if I can help with any home financing needs or questions. I love to hear about your updates as well!