I hope you are having a great day! I’ve included below a selection of current rates for a few of our many products. I’d be happy to discuss options with you and your client based on their particular needs.
5/1 ARM Conforming
30-yr fixed Conforming
FHA 30-yr fixed
VA 30-yr fixed
15-yr fixed Conforming
5/1 ARM Non-Conforming
30-yr fixed Non-Conforming
VA 30-yr fixed
15-yr fixed Non-Conforming
Information displayed is accurate as of 1/13/2017 1:19:53 PM (CT) and is subject to change without notice.
For information on the many other loan options we have available, please contact Erik Oquist below:
Home Mortgage Consultant
NMLSR ID 447900
Wells Fargo Home Mortgage | 600 Bicentennial Way, Suite 200 | Santa Rosa, CA 95403
Tel 707-535-2655 | Cell 707-889-5626 | Fax 866-617-5206 | Toll-Free 877-534-1810
From our friends at CalculatedRisk.com. The number of “Serious” defaults or those 90 days in arrears is dropping steadily. At this rate 8 months from now we’ll be “back” to normal!
Bill McBride on 9/29/2016 05:09:00 PM
Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in August to 1.24%, down from 1.30% in July. The serious delinquency rate is down from 1.62% in August 2015.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.
This is the lowest rate since April 2008.
The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.
Although the rate is generally declining, the “normal” serious delinquency rate is under 1%.
The Fannie Mae serious delinquency rate has fallen 0.38 percentage points over the last year, and at that rate of improvement, the serious delinquency rate will not be below 1% for about 8 more months.
Read more at http://www.calculatedriskblog.com/2016/09/fannie-mae-mortgage-serious-delinquency.html#yAbZZRls8lYSAVGG.99
We are very pleased to have on the show once again Toni Esposti, long time facilatator for exchanging real estate property via IRS code 1031. This video was done on her last broadcast. I run it as the code for IRS 1031 doesn’t change all that much. The concepts are simple–deferring your taxes on the sale of an investment property as you use equity to build wealth. Eventually you will pay the IRS but hopefully at much cheaper dollars. Using “Deferred Exchanges” and other scenarios, Toni will explain the mechanics of all. Stay tuned as the steps needed to complete a successfuly IRS 1031 Exchange are implicit in an Exchange.
NEW!! Now COMPARE your current community to WHERE you are
Community Reports allow you to check on Population, Households, Housing, Transportation, Income, Employment, Net Worth, Cost of Living. Just put YOUR current zip code and the zip code of the new community and a full report will appear.
The Napa earthquake showed us all, in graphic detail, what happens when homes are NOT retrofitted for earthquake safety. Here in Sonoma County we have many homes built in the late 1800’s through the 1940’s. The issue with this is “cripple walls”. These walls were used extensively in building during these years. Below is a diagram showing what they look like and what happens during a severe earthquake. The “ladder” type wood under the foundation are the cripple walls. The house has literally “Tipped” off of its foundation. Here is a breakdown of how many homes may have this construction characteristic JUST in Santa Rosa! Remember, the hardest hit area in the last “BIG ONE” of 1906 was Santa Rosa.
Year Built: Amount of Homes
1931-1935 288 (great depression)
That’s 3, 580 homes which could suffer severe damage in a 6+ sized earthquake. However, we do have simple remedies to this issue. One is to retrofit the cripple walls with “sheer” walls of 3/4 inch plywood. Also, you can bolt the foundation sole plate down, install brackets which hold the home together as a unit. But DON’T delay!!
Tomorrow’s show will be featuring the unique store called, “Re-Store” which touts itself as a “Home Improvement Outlet Store”. The store now has as a manager Mike Runyan who you may recall owned “Food 4 Less” and more recently “Skyhawk Market Place”. He is also a former City Council person from Santa Rosa. Mike brings his considerable retail expertise to Re-Store. Alli and I took a tour of Re-Store and found it a fun place to shop. Re-Store sells new, used, and surplus donated goods at greatly reduced prices to the general public. 100% of the profits support Habitat for Humanity of Sonoma County. Continue reading This Week’s Show Guests-Mike Runyan from Re-Store-Home Improvement Outlet Store! Benefits Habitat for Humanity→
Home Energy Rating Systems or HERS will be our topic today with return guest John Sutter ownner of ABS (Applied Building Science) Building Performance Contractor–For Energy related construction, applications and auditing. 707-528-3468 or direct: 707-703-5244 firstname.lastname@example.org
What is a Home Energy Rating?
A home energy rating involves an analysis of a home’s construction plans and onsite inspections. Based on the home’s plans, the Home Energy Rater uses an energy efficiency software package to perform an energy analysis of the home’s design. This analysis yields a projected, pre-construction HERS Index.
Upon completion of the plan review, the rater will work with the builder to identify the energy efficiency improvements needed to ensure the house will meet ENERGY STAR performance guidelines. The rater then conducts onsite inspections, typically including a blower door test (to test the leakiness of the house) and a duct test (to test the leakiness of the ducts). Results of these tests, along with inputs derived from the plan review, are used to generate the HERS Index for the home.
Unlike a Building Performance Audit or a weatherization assessment, a home energy rating is a recognized tool in the mortgage industry. Home energy ratings can be used in a variety of ways in the housing industry. Since a rating quantifies the energy performance of a home, the HERS Index provides an easily understandable means to compare the relative energy efficiency of different homes.
The next 4-7 years may see a virtually “Flat” appreciation rate with perhaps small baby-steps of increases. How to build equity other than appreciation–how about the OLD FASHIONED WAY? Equity Build up by paying DOWN your mortgage. Novel concept huh? Check out the numbers below between the rapid pay-off 15 year old (remember, shorter the amortization period, the QUICKER your loan will be paid off but the HIGHER your monthly payment will be) and the longer, traditional 30 Year Amortization schedule. It’s pretty dramatic to say the least!
15 Year Amortization Schedule
30 Year Amortization Schedule
These payments are based on a $300,000 loan amount. The 15 Year Amortized loan is at 3.75% . The 30 Year Amortization loan is for 4.25% MAJOR difference between 15 year vs 30 year amortization schedules? Your monthly payment is approx 31% HIGHER or in this case $705.85 more per month as it has a shorter time (15 year) BUT the savings of the quicker pay-off schedule are breathtaking! At the end of 5 years you will owe 71% of your beginning balance with the 15 year loan—the 30 year? You’ll still owe 90.5%!! Or at the end of 5 years with a 15 year loan you’ll have dramatic equity BUILD UP (very crucial in a flat market!) of $84,973 vs. $28,601 with a traditional 30 year loan! That’s a whopping $56,000+ difference! Continue reading Want to BUILD YOUR EQUITY? Accelerate your LOAN PAY-OFF! Benefits of 15 Year payoff!→
Pete’s latest rates at Princeton Subject: Interest Rates!
Who are the 9 big loan servicers? By the end of the 2’nd quarter, B/A was #1 with 2.2 trillion, Wells at 1.8 trillion, Chase at 1.4 trillion, Citi at $700 billion, Ally/Gmac at $400 billion, US Bank at #200 billion, Sun Trust at $175 billion, PHH at $155, and PNC at $150 billion . The big get bigger, as institutions are “absorbed”with fewer choices the result 40 day locks!!!!
To $417,000 4 % 30 yr fixed 1 pt or 4.25% 0 pts To $662,250 4.25% 30 yr fixed at 1 pt
15 yr to $417,000 3.75 1 pt ( remember, condos will have a .75pt “hit” on pts. They have more “risk”)
Replacement Residence Exclusion (Propositions 60, 90 and 110)
Propositions 60, 90 and 110 are voter-approved amendments (Revenue and Taxation Code, Paragraph 69.5) which allow qualifying Sonoma County homeowners to transfer the taxable value of a previous residence to a new residence. For many people, this can result in substantial tax savings. The general eligibility requirements are as follows:
You (or your spouse who resides with you) must either be at least 55 years of age (Prop 60) or severely and permanently disabled (Prop 110) as of the date you sell the home you are replacing.
The sale of your original residence must occur within two years of the purchase or construction of your replacement residence (either before or after). Your original residence must be your principle dwelling within two years of purchasing or constructing your new home. You must occupy your new home as your principal place of residence at the time you file your claim.