Your Welcome

/ Will Caban / Leave a comment

“The reason women don’t play football is because 11 of them would never wear the same outfit in public.” In other football news, the Washington Redskins are changing their name because of all the negativity, shame, humiliation, dissent, polarity, adversity, defiance, hatred, animosity, contempt, discrimination, division, violence, counter-productivity, ill-spirit, un-Godliness, and hostility associated with their name. From now on they will be known simply as the Redskins.
 

Mortgage Rates Hold Steady.

/ Will Caban / Leave a comment

Mortgage rates were relatively unchanged today, after rising somewhat significantly in the past week.  Yesterday’s rates were the highest since mid October.  Some lenders are just slightly worse today, while others improved modestly.  On average the most prevalent rate for top tier borrowers remains at 4.25%  for a Conforming, 30yr Fixed (best-execution).

Tomorrow is more likely to shake things up as we’ll get the long-awaited first reading on 3rd quarter GDP (which had been delayed due to the government shutdown).  The biggest market-moving potential is reserved for Friday’s Employment Situation Report, however, and this will likely act to limit the potential impact of the GDP data.

Daily Newsletter: First-Time Home Buyers Losing Market Share; Banks Tested Against Housing Crash Scenario; Less Concern over ARMs; Rates Flat

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First-Time Home Buyers Losing Market Share
The market share of first-time homebuyers continued to decline this year, slipping one percentage point to 38 percent and down from the long-term average of 40 percent. This is one …
MND NewsWire – 10:37AM
Big Banks Tested Against Rising Rates, Housing Crash
Large financial institutions facing their annual round of stress tests were given their scripts by regulators on Friday. The tests are designed to identify ways these complex institutions …
MND NewsWire – 12:55PM
Adjustable Rate Resets no Longer a Looming Threat
One of the big worries in the early days of the housing crises were the large numbers of adjustable rate mortgages originated during the boom years that were scheduled to reset in stages …
Mortgage Rate Watch – 4:55PM
Mortgage Rates Hold Ground to Begin new Week
Mortgage rates were mostly flat today, though some lenders offered slightly improved rate sheets compared to Friday afternoon. The improvements would have been small enough to only …
MBS RECAP: Slow but Positive Session; Relevant Data Tomorrow Citi Non-Agency Deal; CFPB Goes After Affiliate Business Relationships; RESPA & Gifts Disparate Impact Case Settled Before Getting to Supreme Court The Week Ahead: Lots of Fed Speakers, GDP, and NFP No Leadership Change at FHFA; Watt/Democrats will Try Again

Rates, Rates, Rates!

/ Will Caban / Leave a comment

I need to stress that this rate environment has been crazy. Yes. This much we all know. But I strongly advise not to get caught up on rates, where they are going, and trying to capture the best time and rate scheme. Its impossible.

What you need to evaluate is the reason you’re so caught up on the rates. Are you purchasing, refinancing or both? Worry about the process more then the inherit rates. A fast, smooth closing is a rarity these days but there are things you can do to ensure you do have a better likelihood of accomplishing this.

Be prepared. Have your docs in order.

Be aware of what is being asked.

Ask why! You have this right and if you ask questions from the onset, this eliminates much of the doubt and confusion later on.

Understand your loan officer and processor, and everyone else for that matter is on your side! We want this to close as much as you do!

Lastly, expect delays, hiccups, and some sort of road block. Lending rules are tighter then ever and this causes the process to meet these encounters.

Financing for International Clients/Foreign Nationals

/ Will Caban / Leave a comment

As some of you may or may not know, I provide financing for all different types of client situations. One situation which I am quite familiar with, and unique to my corporation, is financing for International Clients – AKA Foreign Nationals (FN).

Working in the two largest markets, I find myself compelled to write about International loans as an alternative to all cash buying for a number of different reasons, but mainly because it offers flexibility for a client, especially FN’s.

A few of the biggest misconceptions about FN financing are the need to put down 50%, 60%, or even 70% for 2nd homes and investment properties, financing is only available for large loan amounts, not available for the smaller loan market, or financing is not possible because of no established credit history in the US. And if financing is available then rates are through the roof! Or you need to hold ALL of your assets with us in the US.

All of these are far from the truth.

To start, I offer financing up to $3MM – there are even talks of $5MM in the near future – to FN’s for 2nd homes with 30% to 40% down and $1.5MM for investment properties (excluding condos and co-ops) with 50% down. There are no minimum loan amounts; you can have a FN loan for $50k if this is the market you are in. And because of the unique approach taken for FN loan’s we can utilize international credit reports with a number of different countries. Rates are market competitive and one of, if not, the lowest offered for FN’s. And while FN loans are only available to our top tier Premier clients, we don’t ask that you hold all your assets with us. As a matter of fact we only require $100k USD. And this can be held in the US or in an HSBC international account. Most of our competitors require $250k AND the funds need to be in the US! Imagine the currency risk associated with that!

Are you curious about any of the information above? Do you have a FN client who is looking to purchase a property but isn’t sure about his financing options? Or do you have a FN client who is already pre-approved with a competitor? Email me at William.j.caban@us.hsbc.com or call me at 954-489-8868 and let’s discuss this further.