tag:blogger.com,1999:blog-5833172277289606315Sun, 27 Nov 2011 23:48:42 +0000InvestorMortgagesConstruction LoansLot LoansDistressed MarketsLoan ProcessTaxesReal EstateMortgage SpinFannie MaeHome SalesElectricitydebt ceilingInterest RatesSalesLoansWeek In ReviewLendersCredit ReportFunny FridayLTVSmall BusinessMiscellaneousConstruction StartsFacebookMy CommunitySelling TipsFHAMortgage LicensingFreddie MacMortgageself-employedBorrowerGuideline ChangesWeb 2.oNew BloggerPeopleEconomyForeclosureLuxury MortgageUSDA Rural HousingFinancesHomesH.R.Bill 3221consumer debtPay-offMergersFinancingProperty ValuesCharacterNeed a loan! Find information and articles related to the Phoenix Lending Market and current Morgage Trends in Arizona Real Estate.http://emurriettalending.blogspot.com/noreply@blogger.com (Eric Murrietta)Blogger59125phoenixarealendingnewshttp://feedburner.google.comSubscribe with My Yahoo!Subscribe with NewsGatorSubscribe with My AOLSubscribe with BloglinesSubscribe with NetvibesSubscribe with GoogleSubscribe with Pageflakestag:blogger.com,1999:blog-5833172277289606315.post-4393073935913797579Thu, 03 Nov 2011 21:39:00 +00002011-11-03T15:08:04.388-07:00Whew! What an end of the month! October came and went so quickly with so many new and exciting mortgages to complete for my clients. Overall I closed 7 loans last month, 5 Conventional Purchase, 1 Homepath Purchase, and 1 FHA Refinance. Not bad. Most of them were great.I was able to help 2 couples upgrade from their current homes and into a bigger residences for their growing families, while http://emurriettalending.blogspot.com/2011/11/deals-deals-deals.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-3780127442184558528Tue, 11 Oct 2011 21:20:00 +00002011-10-11T15:08:54.692-07:00MortgageLoan ProcessFinancingThe title of the article should really by "Dont's During the Loan Process" but it felt so depressing to only have things that you shouldn't do...kind of like a kid that has a list of things he/she can't do from their parent(s). That really stinks. In an effort to stay positive and leave you feeling good, I will give you the "do's" at the end.Here is definitely what not to do:Rule #1) No applying http://emurriettalending.blogspot.com/2011/10/dos-and-donts-during-loan-process.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-5702389208994052996Wed, 05 Oct 2011 16:58:00 +00002011-10-05T09:59:34.162-07:00HomesLuxury MortgageWhat does “Luxury Home” mean? Are we talking about home prices above $750K…above $1MM? Or are we talking somewhere between $250K - $750K? At the height of the market in 2006 the median home price rose to as high as $303,900 according to ARMLS, and the median home price hit a low of $120,475 in March of 2011. That is a staggering 61% drop in median price over the last 5 years. So how do we http://emurriettalending.blogspot.com/2011/10/luxury-home-market-az-2011.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-6304390725719399797Fri, 02 Sep 2011 22:48:00 +00002011-09-02T15:51:08.585-07:00Once again, another month has passed. Economically the numbers favor slightly better rates due to the news regarding the lag in job growth (there wasn’t any). Though rates are holding steady this week as the numbers show we had a bit of improvement at about .08%. The difficult aspect to gage on refinances is the length of the lock. With the increased volume, many companies are forcing longer lockhttp://emurriettalending.blogspot.com/2011/09/september-2-2011-week-in-review.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-6351497763649771591Fri, 29 Jul 2011 20:16:00 +00002011-07-29T13:18:17.080-07:00Rates were a bit better, then worse and now a bit better again. The volatility remains very high as the government continues to handle this debt ceiling like a monkey would handle your mom’s precious china…recklessly. It’s messing with our whole flow and because of that it keeps us from getting a solid handle on the actual market. Regardless of the above, we are ending July of 2011 very http://emurriettalending.blogspot.com/2011/07/week-in-review-july-25-29.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-3492380555991670264Fri, 29 Jul 2011 17:28:00 +00002011-07-29T11:07:39.530-07:00Mortgageconsumer debtdebt ceilingWith the debt crisis in full swing and still unresolved, wait, let me check...yep, still unresolved, it has a lot of people talking about saving, spending, managing debt, and balancing budgets both on a national level and on a personal level. Interestingly enough, many Americans have already begun the process of saving more than they spend. In 2006, the savings rate was at the lowest levels of http://emurriettalending.blogspot.com/2011/07/changing-your-mindset.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-6183304224434502950Fri, 15 Jul 2011 23:29:00 +00002011-07-15T16:32:44.679-07:00There was a bit of turmoil in the world of economic news and this typically bodes well for rates and in corresponding fashion that is how the week turned out. As the uneasiness continues in the market, we may see one more dip in rates, though no one can predict the actual rates day to day, we can say that there is the possibility they will hold for the near future (or until August 2nd). I would http://emurriettalending.blogspot.com/2011/07/july-15th-week-in-review.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-6516477679679861450Tue, 12 Jul 2011 22:47:00 +00002011-07-12T15:52:13.181-07:00MortgageInvestorFannie Mae unveiled an exception to their cash-out refinance seasoning requirements. Up until now, they have required the owners to have owned the home for 6 months prior to completing a cash-out refinance. For example, f the borrower paid 100% cash for the home, they would have needed to wait at least 6 months before considering a refinance to take cash out. With Fannie Mae releasing the http://emurriettalending.blogspot.com/2011/07/cash-out-refinances-less-than-6-months.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-4807776790683347577Fri, 08 Jul 2011 22:45:00 +00002011-07-08T15:56:58.953-07:00Mortgage bond prices rebounded last week, which helped mortgage interest rates improve as the weaker than expected data resulted in positive rate movements. Factory orders and the employment report both failed to meet expectations. Factory orders rose 0.8% in contrast to the expected 1.0% increase. Unemployment came in at 9.2%, higher than the expected 9.1% mark. Payrolls increased 18k, http://emurriettalending.blogspot.com/2011/07/week-in-review-july-5th-july-8th.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-6241808999290434587Fri, 01 Jul 2011 19:37:00 +00002011-07-01T12:41:55.935-07:00ElectricityMortgagePay-offIt is always – Only a Matter of Time! The hardest part of my job is to give news that is not wanted. However, when faced with reality it is better to approach it head on then to stick your head in the sand so here goes:• Since the MBS market opened on Monday the FNMA 4.0 security has lost over 1.5 points in price. A move of this size and speed is unlikely to be reversed quickly. It has happened http://emurriettalending.blogspot.com/2011/07/weekly-review-june-27-july-1.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-7102630588770711174Fri, 13 May 2011 21:46:00 +00002011-05-13T14:47:40.533-07:001. JUMBO RATES = PHENOMENAL --I don’t talk about it much but rates are phenomenal on JUMBO Loans. Here is a mini breakdown:• 5/1 ARM at 3.125% - $600,000 mortgage is $2,570.26/mo (25% down payment)• 5/1 ARM at 3.50% Interest Only - $600K mortgage = $1,750/mo (30% down payment)You can also do 7/1 ARMS and there are even 20% down programs available. These are really great rates. To make it even http://emurriettalending.blogspot.com/2011/05/weekly-review-5-13-2011.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-2591164498153611033Fri, 29 Apr 2011 22:11:00 +00002011-04-29T15:13:01.685-07:00This week found rates improving slightly from the end of last week, mostly as a result of the economic data and Federal Reserve Boards’ meeting. The trend trajectory for rates is that they may continue to improve. Overall, the purchase market is continuing to improve and with these lower rates there may be some pick up again in the refinance market. • 1st Advantage Mortgage a Draper and Kramerhttp://emurriettalending.blogspot.com/2011/04/04292011-weekly-review.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-7314852552371905286Wed, 05 Aug 2009 21:35:00 +00002009-08-05T14:43:11.686-07:00Selling TipsIt’s mid-week and you are wondering, “How can I get a couple of these buyers off the fence???”They keep asking: What if prices drop further? Have we reached the bottom of the market?Should I look for a short sale or a foreclosure? Isn’t it still a buyers market? I want to bid low, don’t want to offer full price? With all those questions are there any answers???Here are some little tidbits of http://emurriettalending.blogspot.com/2009/08/its-mid-week-and-you-are-wondering-how.htmlnoreply@blogger.com (Eric Murrietta)1tag:blogger.com,1999:blog-5833172277289606315.post-822750318643999210Fri, 03 Jul 2009 15:23:00 +00002009-07-03T08:26:18.119-07:00Week In ReviewThere was easing in rates from a couple of weeks ago, as in about .25% better. This has helped us drop down to the mid 5% range again for qualified borrowers. The discussion is that this trend may continue and we may see them come down a bit more over the next couple of weeks. However, nothing in life is ever guaranteed but if you look back to my rate sheet update from early June, I mentioned http://emurriettalending.blogspot.com/2009/07/week-in-review-what-passing-of-billy.htmlnoreply@blogger.com (Eric Murrietta)1tag:blogger.com,1999:blog-5833172277289606315.post-5331188969439640864Fri, 05 Jun 2009 22:41:00 +00002009-06-05T15:44:53.752-07:00Mortgage SpinLife and our outlook on it, is sometimes dependent on how we Spin the situation. It's the "Half glass full vs. Half glass empty" theory. But it is true, we can apply it to any situation.For example, with mortgage rates increasing over the last couple of weeks there are two recurring thoughts:"I can't believe rates have increased to the mid 5% range. That is outrageous.""Rates have increased but http://emurriettalending.blogspot.com/2009/06/its-all-in-spin.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-4767612277369419926Mon, 01 Jun 2009 23:18:00 +00002009-06-01T16:20:35.158-07:00MortgageOn May 29, 2009, HUD released Mortgagee Letter 2009-15.Initially this letter appears to help First Time Homebuyer's to use their $8000 Tax Credit as a part of their down payment before they actually receive the credit back from the government.Based on my research this is not the case!Currently their are 10 States that are participating in "First Time Homebuyer Tax Credit Loan Programs" - for http://emurriettalending.blogspot.com/2009/06/monetizing-8000-tax-credit-for-down.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-46231771739881705Fri, 29 May 2009 23:58:00 +00002009-05-29T16:59:40.288-07:00Interest RatesThis week was the Scripps National Spelling Bee. I didn’t watch all of it but on Monday, I happened to catch about 10 minutes of it on ESPN. What I found most interesting was the way the kids showed their pleasure or discomfort with the words immediately. One contestant looked as if she was about to begin dancing when the moderator (or whatever they call him) asked her to spell ____________. http://emurriettalending.blogspot.com/2009/05/volatile-can-i-have-defintion-please.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-1482557399262718720Fri, 08 May 2009 17:20:00 +00002009-05-08T10:30:18.655-07:00MiscellaneousI AM STILL A MORTGAGE CONSULTANT!!!Sure, I haven't posted anything to this blog in about 7 months, but most of the blog information is on my active rain blog.No excuses! I neglected this little blog and those all important 8 subscribers. I have found renewed vigor in it as my foray into Facebook, showed me just how many people I know.And yes it is more than I can count on my fingers and toes! http://emurriettalending.blogspot.com/2009/05/revival-bloggers-story.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-1456370175535973245Mon, 20 Oct 2008 23:32:00 +00002008-10-20T16:33:23.191-07:00MortgageNew BloggerA couple of weeks ago, my former colleague at Silver State Bank, began her very own blog. Though I am jealous, as she seems to be more proficient at it than I am (see: Own domain name, good blog content, fun widgets), I am excited that she is continuing to increase her business through this tool. Her site is at the following link... www.myphoenixlender.com .If for no other reason then to checkhttp://emurriettalending.blogspot.com/2008/10/my-phoenix-lender.htmlnoreply@blogger.com (Eric Murrietta)2tag:blogger.com,1999:blog-5833172277289606315.post-2357050033577932187Wed, 24 Sep 2008 23:47:00 +00002008-09-24T16:48:20.152-07:00Guideline ChangesFHAA new mortgagee letter from the FHA was posted yesterday. In it the guidelines were changed for those homeowners who currently own a home and are looking to rent the property and buy a new primary residence. The goal of these new changes is to "respond to an unscrupulous practice arising in the housing market that poses a risk to FHA..." This unscrupulous practice is known as buy and bail, http://emurriettalending.blogspot.com/2008/09/fha-to-change-guidelines-due-to-buy-and.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-2095835909293885423Fri, 01 Aug 2008 23:31:00 +00002008-08-01T16:42:12.035-07:00H.R.Bill 3221I will not re-invent the wheel for discussion on the H.R. Bill 3221 that Bush signed in as law on Wednesday. I do, however, want to get the information out to you in an easy to access format so that you can read the information and understand what it all means.The Arizona Mortgage Guru - Here is a great article that explains in detail the different ins and outs that go with the new Bill. Withinhttp://emurriettalending.blogspot.com/2008/08/hr-bill-3221-it-will-soon-leave-its.htmlnoreply@blogger.com (Eric Murrietta)1tag:blogger.com,1999:blog-5833172277289606315.post-3323279135037037057Thu, 24 Jul 2008 00:47:00 +00002008-07-23T17:48:42.104-07:00Freddie MacFannie MaeIn a move today, which was coming for about a week or so, the House approved the new bill regarding Fannie-Mae and Freddie Mac. The bill is now being pushed to President Bush's desk by, what they are hoping, is the end of the week.You can read the full article here:http://www.bloomberg.com/apps/news?pid=20601087&sid=aAELTC1YJg.A&refer=homeThe bill is designed so that ONLY if the two major http://emurriettalending.blogspot.com/2008/07/freddie-mac-and-fannie-mae-bill-passed.htmlnoreply@blogger.com (Eric Murrietta)2tag:blogger.com,1999:blog-5833172277289606315.post-2387565516578830458Wed, 23 Jul 2008 22:46:00 +00002008-07-23T15:48:30.202-07:00USDA Rural HousingThe USDA Rural Housing lending program is designed to help low-income families purchase homes in outlying and rural communities. In Arizona, those communities include places in the far West and East Valley cities. This may be a great way to market those attractively priced homes and fit potential buyers with a program that will satisfy their needs.Here are some of the benefits:Provide up to http://emurriettalending.blogspot.com/2008/07/usda-rural-housing-loan-option.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-2199247045202447836Sat, 12 Jul 2008 20:39:00 +00002008-07-12T13:47:51.242-07:00Funny FridayHello,Three EASY things to talk about...Sports, Weather, and the Implosion or seemingly near implosion of Fannie and Freddie (at least that is what the media says).Okay here goes...Sports - Diamondbacks can't find a hole to squirm into fast enough. With all the promise of April now comes the reality of a young team teetering on the verge of collapse. They salvaged a bit of self respect last nighthttp://emurriettalending.blogspot.com/2008/07/three-easy-things-to-discuss.htmlnoreply@blogger.com (Eric Murrietta)0tag:blogger.com,1999:blog-5833172277289606315.post-2525215009398284323Wed, 09 Jul 2008 17:08:00 +00002008-07-10T08:14:34.617-07:00As a loan officer, the most difficult aspect of the job is learning how to Add Value to the many Real Estate Professionals that I meet every week. If I can enhance the process of buying a home by bringing value to all parties involved, I will have done my job. There can be many different ways to Add Value within this business, but finding them is the hard part. Here is a list of ways to http://emurriettalending.blogspot.com/2008/07/learning-to-add-value.htmlnoreply@blogger.com (Eric Murrietta)0