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The State of the Southern California Mortgage Industry
Property Values Are Up and Interest Rates Are Down!

Mortgage rates steadied again after a brief improvement felt on Monday June 16th which left many scratching their heads due to the newly released stronger-than-expected economic data.  When economic reports are beating expectations, rates have a tendency to move higher. 

The most prevalently quoted conforming 30-year fixed rate remains at 4.25% although for some rates can be lower. Many borrowers will also experience improvement in the form of lower closing costs and lower payments due to the removal of that dreaded PMI (Private Mortgage Insurance) which can be removed with enough equity.  In short, the 40% of Californians that are sitting on mortgages with interest rates of higher than 6% are giving away dollars every month.  I have been in touch with many of my clients with interest rates as low as 3.75% simply because even at slightly higher rates, the removal of Conventional PMI or FHA mortgage insurance still results in a significant drop in the overall monthly payment allowing those that have some equity to discuss refinancing and bettering their financial position.
 
While this is great news for Southern California homeowners, especially those in markets where property values are increasing quickly like San Diego and Riverside, it doesn't mean rates couldn't continue higher in the near future. The Fed is meeting today and continue to signal that they will remain on the path of an eventual rate hike. That said, rates are still much closer to recent lows than they usually stay after historically similar market fluctuations, which is ample justification for those inclined to lock in an improved mortgage rate.  Call me today to evaluate your mortgage for refinancing 619-542-7744.

 
Five Things You Should Know About FHA Loans

Currently one of the most popular mortgage products among first time home buyers is the FHA Loan. An FHA loan is a mortgage insured by the Federal Housing Administration which protects the lender from a loss if the borrower defaults on the loan.  Because these loans are insured lenders often offer FHA loans at attractive interest rates and with less stringent qualification requirements.  When considering an FHA loan here are five key points:
  1. You do not need perfect credit although most prefer you have at least a 600 score.
  2. You only need a downpayment of 3.5% of the purchase price and that can come from a gift.
  3. Your closing costs can be covered by the seller, lender or builder if they agree.
  4. You can add a Co-Signer to your loan to further assist with income qualifying.
  5. You can do a cash out or debt consolidation on your current home up to 85% of your home’s value.
The best way to determine whether a FHA or Conventional loan is best for you is in a consultation with an experienced mortgage broker who can provide you not only the pros and cons of each type of loan but also how they will choose the right lender to submit your loan with.  
Meet the Business Owner
Ryan Grant has been exclusively involved in home loan origination for over 20 years and the owner of Metro Express Mortgage for the past 12 years.  Prior to opening Metro Express Mortgage, he worked as a loan officer in a major mortgage firm, but wanted the opportunity to provide more personalized service with the most competitive rates and pricing.  Since then 90% of the business has come from repeat clients, referrals and realtors who work exclusively with Ryan.  
Call Ryan anytime with questions related to mortgages 619-542-7744.
Metro Express Mortgage is now on Yelp!  Several clients have already recommended Metro Express Mortgage on Yelp and we welcome additional client reviews.  
The Metro Express Newsletter
For the last 20 years of my career I have been the kind of extremely dedicated mortgage broker that has led to client loyalty and referrals. This has served me well in that I have had a very fulfilling career based on working with clients on multiple occasions as their housing needs have evolved.  If you are getting this email it is most likely because at some point we have either worked together, with you as a client or with one of your clients,  or you have inquired about my services.  However, this year I set a personal goal to become more connected with my clients.  This decision was brought about after several people told me that I had positive reviews on Yelp.  I had never used Yelp but once I read what people were saying it was a huge compliment and I decided this was the year that I did more for my clients than just originate and process loans.  This is the year that I connect in a more meaningful way by providing timely and relevant information that will educate, inform and engage.  Thank you for reading the Metro Express Mortgage Newsletter!
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