People want to think the sky will be falling once Fannie Mae and Freddie Mac close up shop.
On October 1st, both will likely be rolling back their super-conforming loan limit of $697,500 to $546,250 in San Diego. Eventually Fannie/Freddie will be morphed into some quasi-private enterprise, and someday will be phased out altogether. But there are banks ready to lend – besides the Big Four, we have already heard from Union Bank – here’s another.
Mutual of Omaha Bank is open in Carmel Valley, and Susan has a variety of mortgage options:
Every week brings a brand new bag of invisible monsters, yet every month yields surprisingly stable numbers.
Good, reasonable, products. Thanks JtR!
Is Susan married? 😉
Thanks Mozart, when was the last time you heard of a bridge loan at 6%?
They aren’t for everybody, but glad to hear that they are available because it solves a major problem with move-up/down buyers – trying to avoid the double-move!
I bank with Union Bank, and I’ll tell you, they made it very clear that they didn’t want my mortgage business when I was looking to buy a house in 2009. Their mortgage guy was only at my branch once a week and never returned my phone calls. Plus, their published rates were significantly higher than everybody else’s.
I also have 5% 15 year fixed 2nd mortgages to 85%. You can pair that with a 1st mortgage and do a combo loan. Works out very nicely and saves you money in the long run on interest 🙂
I would love to have your mortgage business!!
One thing I was surprised about when I financed my house was that everything was negotiable.
My lender (I won’t say who they are) gave me a rate that was a 3/4 point below published rates. It seems published rates are all about controlling the flow of plebes in/out of offices.
My lender met/beat any other rate quote I got, within 30 days of the request. And I had gotten a good one that he beat. I bank with them, so it worked out just fine… and most importantly, we closed in 21 days.
With 20% down and plenty of collateral, banks will bend over backwards to lend 4.25 when they can borrow at 0.
Just my experience.
BTW, those are some good rates! Would like to also have you follow back with amortization periods… is that 30% down land loan a 5 year loan at 5%, or what?
Also, is that the same for Orange County?
jtr, excellent video, next time with sound!
All loans have a 30 year amortization. You can choose the fixed period of time. Either 5, 7 or 10 years. Right now the 5 year is 4.5, the 7 year is 4.75 and the 10 year is 5.125. There is an interest only option for 10 years on the 5 and 7 year but not the 10 year.
This pricing is based upon an investment property lot purchase with 30% down and no impound account.
And Orange County is fine 🙂