Diamond Mortgage Blog

Big Banks and the Government are charging more fees and put small business appraisers out of business!

Coming this Monday February 15th all FHA appraisals have to go through HVCC, which charge borrower $500 or more for an appraisal. Before a small business apprasiers would charge $350-$400 for a single family dwelling appraisal. Now these small business appraisers have to join these HVCC companies to get any business. The HVCC companies are only paying these appraiser $150-$200 per appraisal.

So the borower is getting charged high fees and the small business apprasier is lose money.

How long do you think the interest rates will stay low?

I get asked this question almost everyday or every other day. Here is my crystal ball prediction!

I believe rates will stay low till Spring of 2011 because real estate is the only thing driving the economy and has been for the last seven years. Plus unemployment is still high. The government is trying to keep current home owners in their properties and get 1st time buyers in the market to create spending.

I think rates will move up a little in April because families like to move during the summer months before school starts for their children then the two weeks before Thanksgiving rates will drop low because no one is thinking about moving during the holidays.

Its a great time to look for that property now before May because that will be the end of the $8,000 tax credit from the IRS for 1st time buyer or $6,500 for move-up buyers.

You have any question contact Diamond Mortgage Lending.

I know its been a long time but my last post was Who really is Running the USA. Time magazine has answered my question and name Ben Bernanke.

Why, Because he is the single man that control the money supply and he saved us from the 2009 Great Depression. He really saved the world from financial ruin, said Time Magazine. He will most likely have another term as the Chairman of the Federal Reserve.

2009 has been a crazy year in the financial world. Hopefully all that was done to save the economy from ruin will help and benefit the people in years to come.   

This question has been really running through my mind. Who is really in charge of the United States of America? Obama or Bernanke

I have just been watching Bernanke move the US money supply. He is a very powerful guy and every time he speaks he makes the markets move up or down. He had influence on Bank of America to buy Merrril Lynch.

On the other hand we have the greatest salesman in the country. Obama! Our President. He has the power to veto anything but can't tell Bernanke what to do. The President selects the Fed Chairman.

Do you think Bernanke will be pick for another term? What is you view on this question? Do your homework about the Fed, when & how they were created.

For all the people that were wondering how the Economic Stimulus Package is going to help Us. ( 1^st Time Home Buyers) out. The Los Angeles Department of Housing has received these funds. The funds are only for you to buy an REO which is a property owned by the bank. The city will give you down payment and closing cost money. They will also include $50,000 dollars for reasonable repairs. So you would only need to come in with 1% of the down payment.

http://lahd.lacity.org/nsp

A 1^st Time Buyer, someone who has not been on title for 3 years can purchase. There is also an income requirement that you have to fall in with number of people in the household. There are also certain areas around Los Angeles.

My company is not on the list but will on at the end of the month. The last time we were on the lender list was 3 years ago when the city had 1^st time buyer funds. It’s a great program, plus you get the $8,000 Tax Credit. Take Advantage of these programs.

Making Home Affordable was what I've been waiting for since Obama made his big speech on March 4th about helping homeowners refi to the lower rates, which have been hovering around 4.875%. Ive been telling clients that we have to wait till April 1st for the guildelines and now they are out. I have 2 loans on my desk with 740+ credit score that want to refi. Well let me tell you they can't refi just try to modify.

1st you have to check to see if their current loan is a Fannie or Freddy loan. If not, they are out of luck. Both loans were done through Countrywide which were not Fannie or Freddy loans. They were just package up and sold to some investor in iceland.

Now, no lender will not do a loan if it does not if its not approved ny Fannie or Freddy.

www.makinghomeaffordable.gov

Now that our President has signed the Stimulus Package 2009. He is encouraging US citizens to take advantage and to buy a house. This will in fact get more money flowing around to boost the economy.

You can receive $8,000 on your taxes if you purchase a home before Dec. 1, 2009. Who qualifies; 1st time buyers or anyone who have not been on title for the passed 3 years.

I think everyone should try to take advantage of this tax refund. Homes prices have become affordable for people to buy and invest. Spread the word and tell them to call us at Diamond Mortgage Lending.

How I would take advantage of the $8,000. I would try to buy a Foreclosure 4plex that cash flow with an FHA loan. The down payment is only 3.5%.

That question has been running through my mind & Why does Bernard Madoff get to be on house arrest?

Former employee of the SEC and money manager of a hedge fund stole over $50 Billion in a Ponzi scheme get to wear ankle jewelry and stay in his $7 million home, and is guarded by 2 US marshalls all day. They can save money by putting him in jail.

This guy ruin thousands of peoples lives financially and took money from foundations that could help other people. He gets to drink his Martinis and dance around in his house all night.

If Bonnie and Clyde were out would they get to go back home and chill? No! They would be throwing in jail. If the average Joe off the street would have been put in jail? Yes!

What do you think?

Where is the money? Overseas in another account. He must have learned a lot working for the SEC and paid off a lot of people.

As an investor, they say OPM (Other People Money), He sure did use Others People Money and the rat should be put in jail!

I have never seen rates this low for a 30year fixed rate mortgage! 4.5% Like I said in blogs before this that they were going to drop rates to crazy lows. Did think that I wave a crystal ball! This is what the banks do every year around this time.

With the fed lowering the Fed Rates you would think that the banks would have been happy to give us lower interest rates and higher saving interest months ago. If you have every seen those WAMU commercials with the bankers and they are saying FREE! Yeah Right. Thats what they have been doing with all of us. The government should have made them lower rates 2 years ago.

Now you know that the next time you are going to buy or refi, wait till the holiday season. If you need to refi. Give Diamond Mortgage Lending a call.  

As I said in a previous blog. Rates dropped during Holiday season. On the Tuesday before Thanksgiving rates fell to a year low of 5.375%. Over my five years of being in the Real Estate Industry it happens every year.

So for my future movement in buying a home or refi a property I will take advantage of these great holiday rates. While everyone is waiting for Black Friday and Cyber Monday, they should be trying to save on that mortgage payment. For now on its called Holiday Rates.

Call me so we can take rates

www.diamondmortgagelending.com