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Weekly Mortgage Summary
April 10th, 2011 9:58 PM

The loan applications were slowing for the past
week due to the higher interest rate. Only 5
loans closed with two purchases and 3 refi.

The purchase price still heading lower. Like I said
before, it will continue this direction for quite some
time. The two  purchases closed were all good deals.

1)250k Purchase for rental in Roseville.
Rental will be around $1800 to $2000. PITI
is only $1400. Cash-flow positive.

2)350k Duplex in San Jose. PITI $1950. Rental around
$2600.  Cash-flow also positive.

More loan expected in coming weeks, even though
the rate is high. As I explained in previous blogs,
higher rate may cause the lower purchase price.
This will be good for purchase. At least that is
the case at this moment. And I have 4 lucky buyers
with offers accepted at very good price.

For those of you have refinance loans with me,
the loans expected to be closed this week or
the next.

Will report more activities the next weekend.


Posted in:General
Posted by Eric Fang on April 10th, 2011 9:58 PMPost a Comment

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