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October 11th, 2018 10:29 PM

I just joined a major bank, and we have very good programs for Duplex, Jumbo ARM and Rental ARM. Please email or call me if you are interested. Or just contact with me with the form on the front page.


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Posted by Eric Fang on October 11th, 2018 10:29 PMLeave a Comment

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October 8th, 2018 7:55 AM
Worked with a few borrowers to refinance their rental ARMs. Borrowers got the reset rate letter from the lenders, but we were still able to lock 7/1 ARM 4.375% to 4.75% rates with APR 5.25%(Email me for the rate quotes, please).

The rate  trends should be up, or slightly goes up once in a while. Do not expect the rate goes down in the next two years. The simple reason is that the job numbers are "too good to be true".

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Posted by Eric Fang on October 8th, 2018 7:55 AMLeave a Comment

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October 5th, 2018 3:00 PM
Locked one good rental rate for my clients. I am not sure whether I can disclose the rate or not on the web site. But it is very close to the primary home rate for an ARM program.

Went to a 3 day training in Buffalo NY. Did not have the time to tour the city since I was swamped with the training material. And the training started at 8:30am, the shuttle came over 7:30am, and I needed to have breakfast at 6:30am, then no time for the running. My biggest mistake was to schedule this morning's 7am flight back to NorCal. Otherwise, I can at least run to Niagara Falls, and ran back. Who knows? Maybe next time.

Very excited for the San Jose Rock N Roll this weekend. Will not run too fast, will pace my friend and have fun. And I do not think I could PR this year for any races. I will keep my fingers crossed for the PR next year.

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Posted by Eric Fang on October 5th, 2018 3:00 PMLeave a Comment

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September 26th, 2018 1:46 PM
See the link below: https://www.builderonline.com/building/amazon-joins-as-ground-up-investor-in-offsite-home-building_o

Recent developments tell us that Amazon, Inc. (AMZN) has no intention of stopping at traditional retail, be it everything they sell on their site, or groceries. The most recent of those investments is a homebuilding start-up- Plant Prefab

According to a report from CNBC, "Amazon said its Alexa Fund invested in Plant Prefab, a Southern California company that says it uses sustainable construction processes and materials to build prefabricated custom and multi-family houses." The report also said that the start-up had plans to use automation to build units more quickly and cheaply. 



Read more: Amazon Invests in Pre-Made Homes, Takes Another Step Towards World Ownership | Investopedia https://www.investopedia.com/investing/amazon-invests-premade-homes-takes-another-step-towards-world-ownership/#ixzz5SF7fLJja 
Follow us: Investopedia on Facebook

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Posted by Eric Fang on September 26th, 2018 1:46 PMLeave a Comment

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September 25th, 2018 9:51 PM
It is around 3.1%  this week. It was at 3.11% on May 17th, 2018, then it went back as low as 2.77%. I think it might go down sometime, but it will not touch previous low for some time. So if it goes lower, then it will go around 2.9%, then back 3% level again, and then a little bit higher level, like 3.2% etc. I know Goldman Sachs predicted 3.25% at the year end.

For the interest rate, 30 yr fixed rate will reach 5% sometime next year. and 5/1ARM & 7/1ARM 4.5% +/- 0.25%. Remember, 5/1 ARM was around 5.5% in 2006-2007 when the economy was "hot". 

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Posted by Eric Fang on September 25th, 2018 9:51 PMLeave a Comment

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LoanDepot's CEO Anthony Hsieh delivered a bracing message to mortgage lenders on Monday — strong new competitors are coming into this market, so they need to expand their offerings.

"There's some new players in town," Hsieh said at National Mortgage News' Digital Mortgage conference in Las Vegas. "They're way up funnel from us. Many of them are becoming very powerful."

Fintech lender GreenSky, he noted, has a market cap north of $3 billion. Redfin has a mortgage company while Zillow is about to have one. OpenDoor, a real estate purchasing site provider, has acquired Open Listings, a company that automates much of what a Realtor does. OfferPad, an on-demand, tech-enabled direct home buyer and seller, has a mortgage partnership with Hsieh's own loanDepot, the second largest nonbank mortgage lender in the U.S.

And then there's Amazon and Google.

"It's just a matter of time, not a matter of if," those two companies will compete for mortgages, Hsieh said.

"Lots of power there, lots of intellect, and these companies understand digital," Hsieh said. "There's no doubt they're going to widen their products and services. You have big brands making bets to add products and services. You have real estate service and lending companies looking at each other: we're friends. Or will that turn into foe?"

Having a digital mortgage will not be enough for traditional lenders to compete.

"What customers want is a simplified experience; they prefer less brands to get them through that transaction," he said. "They would prefer one brand. But today that does not exist. Many companies will be chasing to answer that question how to delight the customer. Very few will succeed. Lots of capital will be burned trying to satisfy that outcome."


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Posted by Eric Fang on September 21st, 2018 10:17 AMLeave a Comment

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Mortgage rates increased 5 basis points this week, up for the fourth week in a row with momentum building for further hikes, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 4.65% for the week ending Sept. 20, up from last week when it averaged 4.6%. In the past two weeks, this rate has increased 11 basis points and is at its highest level since June 2010. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.83%.

From my records, in 2009, 30 yr fixed reached 5%; And in 2007, it even reached 5.875%. And in 2006, it reached 6.5%.

And in 2005, 5/1 ARM rate was around 5%. 

So we might still have 1% room for the rate to go up..... 


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Posted by Eric Fang on September 20th, 2018 10:07 PMLeave a Comment

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More buyers could be in the market for new homes as housing authorizations and maintenance volume increased while remodels fell, according to BuildFax.

The property data provider's latest Housing Health Report showed single-family housing authorizations grew by a seasonally adjusted 6.53% year-over-year in August — a similar figure to the latest housing start projections from Fannie Mae. It also marked a 0.4% seasonally adjusted increase from July.

"These trends suggest that we are still in a healthy housing market, but the rate of growth is slowing," said BuildFax COO Jonathan Kanarek in a press release.


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Posted by Eric Fang on September 19th, 2018 10:34 PMLeave a Comment

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September 19th, 2018 10:20 PM
I had a doctor appointment today. And the doctor asked my career and I told him that I am a mortgage broker. Then he asked whether it is a good time to purchase s property. 

First, let me share my experience. I purchased my first property about 20 years ago for 400k. And I do not care and it did not make much difference whether I paid 400k or 420k or 390k. After 20 years, it did not make any difference now. So I told him if he is planning to purchase a primary home now, the most important thing is the location. It includes two parts, close to work and in a good neighborhood. 

We think too much about “investment” when we purchase a property. Is it a good time? Is it worth the price? We forgot the enjoyment the property ownership brings to us. 

And if we are getting older , we found that we made lots of mistakes, the “purchase property price too high” is not one of the worst. Eventually you are happy that you made the decision a few years back. And it was very cheap in today’s market. 

And for the whole life, we have lots of other opportunities more important than the decision of purchasing a house: the selection of the spouse, work the right company, make right investment decision etc. Make mistakes are “normal” for the life. And we could not just maximize the returns on everything. 

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Posted by Eric Fang on September 19th, 2018 10:20 PMLeave a Comment

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September 14th, 2018 1:13 PM

Home construction rebounded slightly in July after the large decrease seen in June. 

Housing Starts, which measure when excavation begins on a home, increased to a seasonally adjusted annual rate of 1.168 million units. This was 0.9 percent higher than June's downwardly revised estimate of 1.158 million, the Commerce Department reported. Single-family starts, which make up the largest share of the residential housing market, increased 0.9 percent. 

However, on an annual basis, Housing Starts were down 1.4 percent from July 2017. This is likely because of land and labor shortages as well as higher construction costs for materials seen this year. 

Building Permits, a sign of future construction, increased 1.5 percent from June and are up 4.2 percent from a year ago. This is a positive sign for homebuyers who have been impacted by limited inventory.

Sales of new homes decreased in July, coming in at an annual rate of 627,000, the Commerce Department reported. Sales were 1.7 percent below June's revised total of 638,000. While sales were down month over month, they were 12.8 percent above July of last year. Sales fell sharply in the Northeast and slightly in the South, while the Midwest and West saw nice gains. There was a 5.9-month supply of new homes available on the market, near the 6-month level considered normal.

 


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Posted by Eric Fang on September 14th, 2018 1:13 PMLeave a Comment

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September 13th, 2018 2:00 PM
I locked a loan last week for a Duplex purchase. The Purchase price is $700k with loan amount $490k. And we locked the rate 4.5% for 10/1ARM. Pretty good for a Duplex, and it is very good for the cash flow.

Also, we quoted 3.75% 7/1 ARM for no closing cost for 1.4m purchase 840k loan. We covered around $7000 for this rate. Indeed very good for the purchase loans.

One borrower asked me which loan program should we choose? I told them that 7/1 ARM, 10/1 ARM or 30 yr fixed are all very good. Then he asked whether 7/1 ARM should be safe? I think so. Once the we have the recession, the Fed will lower the rate again. Chase (and a lot of other big guys) predicted that we will have one in 2020. But the damage will not be as bad as 2008. The market might see 20% correction.

Please check the link below: https://www.bloomberg.com/news/articles/2018-09-13/jpmorgan-sees-liquidity-wildcard-in-gauging-depth-of-next-crisis

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Posted by Eric Fang on September 13th, 2018 2:00 PMLeave a Comment

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September 9th, 2018 2:43 AM

I have been in Paris for a vacation for about 2 weeks now, and will be back to the bay area next week.

There is going to be a few changes starting September 17, 2018.

1)I will not post the interest rate any more. I could not do that because of the lender changes. But you can still post the lender questions on my website. And basically the rate would be case by case, and if you email me, I can still get you the rates(or through the web site).

2)The DTI will be up to 55%. So it is higher than most of other lenders. And this will help you if you plan to purchase a primary home first, then sell the current residence later on.

3)Foreign income(not even in US dollars) can be used for the loan applications. So if you have income in China, HK, Taiwan, India or Canada, or any other countries, we can use the income to qualify the loan, but you must be a us citizen or green card holder.

4)We will have very competitive 7/1ARM rates. And other jumbo rates are very good as well. And we can get promotions(or exceptions) once in w while.

5)Rental high balance rates are only a little bit higher than Primary homes.

6)Duplex Rental rates are the same as rental single family homes.

7)It is ok to get ARM rental rates for the no closing cost refinance or purchases, especially when the loan amount is around 400k or 453k or higher.

And any other good rates/programs are available as well. I will post more after my training with the new lender.


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Posted by Eric Fang on September 9th, 2018 2:43 AMLeave a Comment

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Just locked a rate for this loan program. The loan amount should be around $453k or over. And this is not a bad rate for a rental.

I am vacation in Paris. I can still accept phone calls and reply emails. Had a great day today. I ran from Louver Museum to Arc De Triomphe, then Eiffel Tower , and back to Notre Dame. Total 9 miles with pace around 9:20. I ran a few miles on the same course of Paris Marathon. I think I will plan to run Paris Marathon sometime. I will put it under my plan. My marathon race list is here: http://www.ericfang.com/MarathonCompleted


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Posted by Eric Fang on August 31st, 2018 9:08 AMLeave a Comment

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August 29th, 2018 2:20 PM

For normal lenders, the cash-out loan rate will be around at least 0.125% higher. We recently have good rates for the loans cash-out for the loan amount over $453k.

So if your ARM reset soon, you can actually cash-out the primary and make the loan amount around 500k to take advantage of 7/1 ARM 3.625% to 3.75% rate. This is indeed a good rate. Email me if you can have any questions. I can start doing this program around Oct 1, 2018.


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Posted by Eric Fang on August 29th, 2018 2:20 PMLeave a Comment

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August 24th, 2018 8:59 AM
Existing Home Sales decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June, the National Association of REALTORS® reported. This was their slowest pace in more than two years and 1.5 percent lower than July 2017. Sales have also declined on an annual basis for five straight months. Losses were seen in the Northeast, Midwest and South, with gains in the West. Unsold inventory is at a 4.3-month supply, well below the 6-month supply seen as normal. 

New Home Sales also fell from June to July, though inventory is closer to normal levels. July sales came in at an annual rate of 627,000, 1.7 percent below June's revised total of 638,000 (up from 631,000). While sales were down month over month, they were up 12.8 percent from July of last year. July sales plunged in the Northeast and fell slightly in the South, while the Midwest and West saw solid gains. There was a 5.9-month supply of new homes available on the market, nearer to the 6-month level considered normal. 

In his speech at the Jackson Hole Economic Symposium, Fed Chair Jerome Powell noted that the Fed expects strong economic growth to continue and that there aren't any clear signs inflation will rise above the Fed's target range of 2 percent. Low inflation is typically good news for fixed 

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Posted by Eric Fang on August 24th, 2018 8:59 AMLeave a Comment

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August 23rd, 2018 8:59 AM
If you plan to have a fast closing purchase, we have the option of 10 day closing now. It might help you to get the deal done. But I think it is still safer to get 14 day or 16 days of closing for the contract. This might help a little bit for the offer accepted.

Finished 6 miles tempo today, with the average pace of 7:36 minutes per mile. I think my training is getting a little bit better. The first month will focus on the weekly mileage; the 2nd month will focus on the speed; the third month will be on the endurance.

Hopefully I will have a good training this fall.


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Posted by Eric Fang on August 23rd, 2018 8:59 AMLeave a Comment

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August 22nd, 2018 12:57 PM
The rate was 7/1 ARM 3.625%, not bad for the purchase. And there is an interesting story for this transaction.

We do not have loan contingency and appraisal contingency for this loan. And I told the listing agent that we do not have any problem for the loan approval. And I provided a pre-approval letter without a purchasing price. The listing agent asked buyer to add $100k extra, but the buyers declined, and they still got the house.

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Posted by Eric Fang on August 22nd, 2018 12:57 PMLeave a Comment

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August 20th, 2018 1:28 PM
Read "The big Short" (Chinese Version) over the weekend.  It is my third time to read the book. I just read it as a novel. Still it is interesting to read it again.

Went hiking at Berkeley Saturday and learnt that the author Michael Lewis has been living in Berkeley for a long long time. And the other hiker even knows him since their kids went to the same school. But still it is interesting to read the books about the subprime mortgages, though "this time will be different" for any crisis.

Heard another price bid for the property in the bay area. The final purchase price is anout 440k higher than listing price. It is so crazy.

 NKE broke out again. You will get at least 30% return this year if you purchased it on Jan 2nd. I wish I added more shares after purchasing at $52.  Will add more shares when it is lower than $80 again.

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August 17th, 2018 9:54 AM
July Housing Starts rebounded slightly from the steep decreases seen in June. Housing Starts grew to a seasonally adjusted annual rate of 1.168 million units, which was a 0.9 percent increase from June's downwardly revised estimate of 1.158 million, the Commerce Department reported. 

Housing Starts were down 1.4 percent from July 2017, however, likely due to higher construction costs for materials and land and labor shortages this year. Results were divided across the country with increases in the Midwest and South and declines in the West and Northeast. Single-family starts, which make up the bulk of the residential housing market, were up 0.9 percent from June. 

There was a positive sign as Building Permits, a sign of future construction, increased 1.5 percent from June and are up 4.2 percent from a year ago. If this upward direction in permits continues, new home construction could get the boost it needs in the months to come. 

Retail Sales data for July signaled that the U.S. economy is doing well. Retail Sales rose 0.5 percent from June, well above the 0.1 percent expected. However, June Retail Sales were revised lower to 0.2 percent from 0.5 percent, which took some of the luster from July's figures. On an annual basis, Retail Sales were up 6.4 percent from July of last year. 

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Posted by Eric Fang on August 17th, 2018 9:54 AMLeave a Comment

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August 15th, 2018 12:03 PM
I just helped one of my clients to get 7/1 ARM Jumbo 3.625% for the purchase. I would not do the loan, but she got the rate.

Here is the story. She purchases a property from the builder, and the builder lender offered 3.75% for 7/1 ARM loan for the loan amount 1million. With builder's 9k incentive, the lender could offer 3.75% rate. For us, we offered 3.625% to cover all the closing cost. 0.125% better than builder's lender. So the builder lender matched the rate, and I asked the borrower to work with them(though my borrowers would like to work with me). Two reasons for this decision: 1)I will be on vacation for about 15 days. It might not be that convenient while I am out of the country. 2)The whole purpose is to help my clients to get a good rate. And they are very happy about it. 

And I will get similar rates in the future, if the loan amount and LTV works. Please email me efloans@gmail.com for the loan scenario questions.

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Posted by Eric Fang on August 15th, 2018 12:03 PMLeave a Comment

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August 14th, 2018 12:45 PM
Read a story about a top mortgage producer: https://www.mpamag.com/poweroriginator/top-originator-advice/top-originator-allyson-kreycik-108672.aspx. It seems like the industry have changed a lot. During the peak years of 2009 to 1013, 100 million loans were not difficult. And now those kind of volumes can make Allyson a top producer.

But the key to her success is: help the buyer get a loan(or find a solution if for another industry). You know how to get a loan for your clients, and if you can not get it done, you know how to refer to another lender to get it done. It is very important to help the borrower's to get the loan so that they can move in the property smoothly.

There are a lot of niche markets in the industry. About 10 years ago, one loan agent told me that it is very lucrative to do reverse mortgage for the elders. I told him I can not do it since my clientele are not good candidates for the market, they do not have to get the funds for the house for the retirement, besides I do not know much old people.

Starting October, I will have one lender who can do loans with DTI(Debt to income ratio) around 50%. I think I can help more borrowers (especially those first time buyers) to qualify the loans, or other buyers whose DTI higher because the rental income could not be used etc. So if you know whose loans were recently rejected because high DTI, please let me know. I might be able to help.

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Posted by Eric Fang on August 14th, 2018 12:45 PMLeave a Comment

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August 12th, 2018 3:34 PM
Updated a few pages on my website this weekend.

1)Booklist: www.ericfang.com/2018BookList

2)Marathons schedules for 2019: www.ericfang.com/MarathonCompleted
I have the following marathons registered:
CIM in Dec 2018
Carlsbad Marathon Jan 2019
Big Sur Marathon April 2019
Vancouver May 2019
San Francisco Marathon July 2019
And will Register Chicago for Oct 2019.

Will be very excited for the next year. I have a plan to run 100 marathons, and I will finish 1/4 of the plan the end of next year(25 marathons).

3)I talked with my friends about ETFs this weekend. Right now, the trend of the trading changed a little bit. The weight of certain stocks are much higher than other stocks(like FANGs, or MAGA). So when one stock's performance not good, and people dump the ETFs, it will bring other stocks down. For example, on July 26thm FB was down about 20%, AAPL was down as well, though AAPL earnings were pretty good.

4)And I found that one bank stock has very good dividend: HSBC. The current yield is about 5.41%. But the stock performance is much worse than US stocks, like JPM, BAC, C, etc.

5)Let's talk about some mortgage rates, I will have some good 7/1ARM rates in October. Check with me now or later if you are interested. And Also, if you plan to purchase or refinance, contact with me if :
1)Your Debt to income ratio is over 43%. I can do loans with DTI around 50%, even Jumbo. And the rates are pretty good.
2)If you have less than 2 years credit score
3)If you are working overseas, or have oversea income
And I will post more info about the loans later on. My email: efloans@gmail.com

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Posted by Eric Fang on August 12th, 2018 3:34 PMLeave a Comment

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August 10th, 2018 10:19 AM
1)About working environment. I think we should feel happy about the job, the work and the working environment. If the job will not make you happy, I think we should quit that job, even if it will make you lots of money. It is not good for the health.

2)Read an article about the interview with Charlie Munger. See the link here:
https://www.gurufocus.com/news/718472/rare-charlie-munger-and-li-lu-interview--part-i.
We all know who he is, and how he is great about the investment with the partner Warren Buffett.  I like the part that College Professors, Judges and Value Investors can normally live longer. The main reason is that their emotions do not change too much everyday, not like journalist, the short term trades, they drink, sleep late and feel excited or unhappy so dramatically.  A few famous trades died at very young age, like  Jesse Livermore or William Delbert Gann. But Gann lived 77 years old, not bad actually.

3)The interest rates. There are two different opinion on the market. Chase CEO Jamie Dimon said that 10 year treasury should be at 4% or 5% kevel(He used to say 4%, now 5%). The link is here: https://www.bloomberg.com/news/articles/2018-08-06/dimon-doubles-down-on-higher-u-s-yields-call-with-5-warning But Robert Kessler, a bond fund manager, argued that the 10 year treasury would be stay at the 2.5% level, and eventually be below 1%.

So either of them could be right. If Jamie were right, then 30 yr fixed rate will go to 5.5% level. If Robert Kessler were right, then we could see 3.25% 30 yr fixed rate again.

But those predictions were useless, unless they would tell us about WHEN it would happen, right? But no one can tell, no one can predict since the economic conditions will change. And no one predicts the 2008 meltdown, right?

4)Home prices still continue go up, though the new home build permit slows. It is up because the inventory still low, and permits lower, because of the higher lumber price and shortage of construction workers. But the builders promised to train 50k workers. So it may take 6 months to train and hire new construction workers?

5)By the way, I have some good rates for Duplex loans, especially for the loan amount over 453k, ARM or fixed. Please let me know if you acquired Duplex recently.

Have a good weekend. And I will head to LA again this weekend. Might have some cool weather there and be away from the smoky wild fires.


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Posted by Eric Fang on August 10th, 2018 10:19 AMLeave a Comment

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August 8th, 2018 2:14 PM
The rate unchanged for today. But the interest rate is expected to stay at this level for some time, then it will go up again.

I watched NKE for a long time. Remember I liked SBUX and NKE? And I purchased NKE only. And glad NKE was up more than 50% for the past 12 months. Technically it should go up for the next a few months. Let's wait till the end of Dec to see whether I am right or not.

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August 6th, 2018 11:41 PM
I would be able to do loans for all the states of USA starting October. I used to do loans for WA, TX and FL before. I think I would start with my existing clients, and also start the loans with escrow states first.

A few years ago, when I worked on those FL loans, I knew the closing was a little bit different from CA. Still I managed to do so. And that was in 2005. Then in 2016, I closed a few loans in WA, and there were through ING. They did not need license then. Things changed. But I would be able to do the loans again.

I biked 34 miles Saturday, and kicked off the training for the CIM. For the month of August, I would run slowly for the base building. And I completed 11 miles today. My goal would be finishing the race between 3:20 and 3:25.

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August 1st, 2018 11:43 AM
HELOCs are on the rise. According to a new survey done by TD Bank, nearly half of all homeowners have a Home Equity Line of Credit on their radar, with 42 percent saying they’re interested in applying for one in the next 18 months. This comes as no surprise as 69 percent of homeowners have seen their home equity increase over the last 18 months. 


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Posted by Eric Fang on August 1st, 2018 11:43 AMLeave a Comment

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I ran San Francisco Marathon over the weekend, with a finish time of 3:43:03.
This was not actually a bad since I did not train too much, I ran on an average of 35 miles per week during the last two months. I think I will train hard and will try to run around 3:25 for the December CIM.

I think Facebook was also one of the sponsor for the San Francisco Marathon. So Mark Zuckerberg ran the 1st half as well. See the photo below.

There is an article on today's wall street journal. It explain why the treasury will be stuck under 3%, the Fed will keep the rate unchanged this Friday, and the economy in the 2nd half will be slowing down.

Here are some of the photos for the weekend. I will post more another time after I purchase the photos.




 

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Posted by Eric Fang on July 30th, 2018 9:09 AMLeave a Comment

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July 26th, 2018 9:01 AM
I have one borrower asked about whether she could get a HELOC from me. And the answer is yes, but it will be 2 months later.

I will open an HELOC myself. I will use it as an emergency funds source just in case there is a HUGE opportunity from the stock market when it crashes, or a purchase opportunity for the house. But I like stock market more.

The more I read about financial books, the more I think I should not spend too much reading the news and doing the trading. We just need to focus on some good companies which has simple business you can easily understand, like Visa, master Card; Costco; KO; Nike; Banks, etc. And standby most of the time. And do a few times a year or one every a few years. Or like Buffett, purchase Apple when the PE ratio is low and the business and growth are foreseeable.  

Ran 6 miles morning. Seems like getting better. Should be able to run around 3:35 to 3:40 for this weekend's San Francisco Marathon.

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Posted by Eric Fang on July 26th, 2018 9:01 AMLeave a Comment

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July 25th, 2018 3:16 PM

We had the training over the weekend, and we talked about a story about BOFA who was fined by the government by discriminating different borrowers. One secret shopper pretend to be a Hispanic, and he had better credit score, better income, but got higher interest rate. Another one pretended to be a white, and the rate is better. So the bank was penalized for that. It happened in 2017.

And this morning, I got a suspious phone call from someone who claimed to do a VA loan. But I did not have any experience with VA loans, so I told her that I did not do any VA loans.
Then I thought I should do it "correctly" that I asked her income, down payment, purchase price etc, and promised to refer to another person if she does need the loan. And it turned out she was the one who wanted to sell me VA leads.

Anyway, closed 3 loans yesterday, one more close this week. Not bad for this kind of market. And still a few purchase loans in the pipeline.  


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Posted by Eric Fang on July 25th, 2018 3:16 PMLeave a Comment

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U.S. homebuilders broke ground on fewer homes than expected in June, due in part to higher costs for lumber, lack of available land and a shortage of construction workers. June Housing Starts fell 12.3 percent from May to an annual rate of 1.173 million units. This was the lowest level since September 2017, as Housing Starts declined in all four major regions of the country. Starts were down 4.2 percent from June of last year.

Single-family starts, which make up the bulk of residential housing, fell 9.1 percent in June from May. Multi-family dwellings of five or more units plunged 20.2 percent month over month. Building Permits, a sign of future construction, also declined 2.2 percent from May to an annual rate of 1.273 million. June's figures were a disappointment given that a lack of inventory has been an ongoing challenge to homebuyers in many areas of the country.

Retail Sales went in the opposite direction in June, as they were up 0.5 percent from May, the Commerce Department reported. May's figure was also revised sharply higher to 1.3 percent from 0.8 percent. From June 2017 to June 2018, sales rose 6.6 percent.

The Retail Sales report is considered the most-timely indicator of broad consumer spending patterns. The key takeaway is that people spend more when they are less concerned about the economy and their employment. Strong Retail Sales typically signal a belief that the economy is doing well. 
 

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Posted by Eric Fang on July 20th, 2018 9:01 AMLeave a Comment

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