4 minute read
ASK THE EXPERT: KEN MORAN
Ken Moran Executive Vice President
Confidentiality Disclosure: This message contains information from Cabrillo Mortgage, and is confidential and privileged. The information is intended for the use of the individual or entity named above. If you are not the intended recipient, be aware that any disclosure, copying, distribution or use of the contents of this RECORD-LOW MORTGAGE RATES message is prohibited. If you have received this electronic message in error, please notify us immediately by replying to this message and then please delete the message from your system. Cabrillo Mortgage 3110 Camino Del Rio South Suite 312 San Diego, CA 92108 (Company NMLS 292211 Company DRE 01264205) What Do the Rates Mean for You?
LET'S ASK THE EXPERT: KEN MORAN
QKen, how long have you been in the mortgage industry and what makes your service unique? A: I’ve been in the mortgage industry for more than 27 years. We specialize in Jumbo loans to $10 million, government loans, and conventional loans. Our longstanding relationships with more than 100 funding sources enable us to provide preferred rates and pricing on mortgage products that many other lenders don’t have access to.
QWhat is your take on these new record-low rates for mortgages? A: With the average 30-year fixed-rate mortgage at 3.18% this past week, according to Freddie Mac, it’s the lowest level in nearly 50 years. Rates are expected to stay near these low levels for at least the rest of 2020.
QWhat does this mean for a buyer of a home that costs $600K?
A: Interest rates are hovering near all-time lows, and for qualified borrowers in San Diego County, borrowing less than $701,000, should get optimal rates in the low 3’s.
QHow does it look for a buyer in the $900K or $2 million range? A: Qualified borrowers borrowing up to 2 million dollars in California will have great options with 15%-25% down payment. There are great loans that are fixed for 3, 5, 7, and 10 years all with rates in the mid to high 3’s. There are also options to amortize over 30 or 40 years and interest only options for lower payments and higher cash flow. QWhat makes your service unique? A: I’m able to close creative financing to help borrowers purchase when they otherwise could not. I do cross collateral loans to help buyers purchase non-contingent without having to sell their current residence. I fund asset depletion loans using assets to create income where other lenders cannot. We have really great technology that enables us to frequently close loans in two weeks or less at market leading rates and terms. The great products, rates and experience enable me to close transactions and provide options for buyers that might not otherwise be able to purchase a home.
QWhat kind of paperwork do you need to help a potential client? A: It is really not too much to compile. I always request 2 years tax returns and W-2s, 2 months of bank statements, and 2 recent pay stubs. If a buyer is self-employed, I will also need 2 years business tax returns and K-1s or 1099s. I always set up a secure link so they can just drag and drop to make it quick and easy.
QDo you think these historically low rates could go even lower? A: It’s possible. My best advice is to lock in a historically low rate now while you can. If rates go up there is nothing you can do. Rates are incredibly low. Take advantage of it while you can!
Rates At All Time Lows! Get Pre-Approved Today!
LOW RATES Take advantage of great rates NOW!!! Purchase a home and get a low rate with low payments. QUALIFY FOR MORE Lower rates and portfolio products mean lower payments and the ability to qualify for more! GREAT PROGRAMS Jumbo, Conventional, FHA, VA, Cross Collateral, & Bank Statement Loans Rates are LOW and the time is NOW to lock in a great interest rate! We have multiple qualifying methods and programs to qualify for more! We have portfolio programs to meet the needs of every client with the best loan options in the industry.
Ken Moran Executive Vice President
We
have clients in Weescrow! have clients in Weescrow! have clients in escrow!We have clients in escrow!We have clients in escrow!
