Mortgage Blog

Crazy market for the purchase

April 10th, 2018 11:41 AM by Eric Fang

First, I got a great race this weekend in San Francisco. It is very beautiful course, though a little bit hilly. But I enjoyed and had great time with friends.

I completed a few purchase loans recently, all with very good rates, the ARM 5/1 ARM or 7/1ARM rates around 3.375% to 3.5% with no closing cost, depends on the market, and the loan amount and good LTV. And almost all of those loans we do not have loan contingency any more. I know it sound crazy, but the RE market is so crazy in the bay area now. That's how the market works.

 Yesterday, I helped another clients with the pre-approval. I talked to both the listing agent, and the selling agent, the borrower agreed to increase the bids, and I hopefully he can get the house. Last time, after talking to the listing agent, I told the borrower that he could get the offer accepted, and indeed he got the house. For this purchase yesterday, I think the borrower has 70% of the chance getting the house, but he will definitely get the counter offer. And the final decision will be based on how much higher the final price will be.

Good luck, my borrower, I know you can get the house if you are willing to. And hopefully you will get it.

Posted in:General
Posted by Eric Fang on April 10th, 2018 11:41 AM



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