News & Updates

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Robert Krowel & Freddie Mac

This is Freedie Mac's  opinion based on the Current Market Conditions. 


Interest rates are, quite naturally, the focus of Freddie Mac's November Outlook.  The company's Economic & Housing Research Group looked at the potential impact of the interest rate surge since the election and what it called "the near certainty" that the Federal Reserve's Open Market Committee (FOMC) will raise the fed funds rate at its December meeting. 

Over two weeks post-election the 10 -year Treasury note surged by over 50 basis points, closing at 2.35 percent on November 18.  The increase was driven by higher than expected inflation and anticipation of the FOMC move -the probability of which the futures market was putting at 92 percent.


This is a Published artical on the Mortgage News Daily Website.

Its never to late to get a new home or refinance. It takes 2 minutes if there is a benefit. apply here on my link. Robert Krowel

Robert Krowel
951.756.3748

Robert Krowel & Mortgage Interest Rates

Mortgage rates were unchanged-to-slightly-higher today, depending on the lender.  Most lenders put out rate sheets in fairly conservative territory on Wednesday for the express purpose of not needing to mess with them too much today.  With the Friday after Thanksgiving being an early close for bond markets, lenders tend to check in once in the morning to set rates high enough that they won't be forced to issue "reprices" (mid-day rate sheet changes) on that off chance of market volatility.

That was the case today, as a mid-morning swoon in bond prices--that normally would have seen a few lenders raise rates--instead passed without leaving a trace.  Unfortunately, the absence of movement means rates continue to operate at the highest levels since June 2015.  And in some cases, rates are as high as they've been in more than 2 years.  The most prevalently-quoted conventional 30yr fixed rate remain 4.125-4.25% on top tier scenarios.

Please feel free to call Robert Krowel at 951.756.3748

Mortgage News: Robert Krowel & Mortgage News

Mortgage News: Robert Krowel & Mortgage News: Robert Krowel & Mortgage News I wanted to give an update on some new changes that are happening in the Mortgage industry. This is for ...

Robert Krowel & Mortgage News

Robert Krowel & Mortgage News

I wanted to give an update on some new changes that are happening in the Mortgage industry. This is for Fannie Mae and Freddie Mac. As we are getting past the melt down of the Real Estate Industry we are seeing a vast variety of changes to the way we are to Caculate income,  how we look at assets, collections, student loans and even self employed borrowers.

Debt To Income - The standard for Fannie Mae Ratios are 38 over 43. Now with saying that with compensating factors we can go up to a 49.9. 1 big one factor is 12 months reserves. This is a huge change to when DU was very strict and we couldn't go past 45 %. 

Free die Mac - We are sometimes able to go as high as a 53 % with 6 months reserves and 1 year tax returns. 

Assets and Collections - assets are anything in a bank account or retirement account. Depending on the 401 K we can use up to 65% of the balance. 
Collections - Medical are not counted when doing a mortgage loan. Depending on the situation it sometimes work in your favor. Other collections depends on what they are. the rule of thumb is if the combined total are more than 2,000 dollars then we need to have them paid off or have a payment arrangement. Best to have them paid off before we have you pre approved so we have no issues. 

Self Employed - This has loosened up a little bit over the past few years. It really depends if you are Sch. C or Corporate tax returns. You will want a Mortgage Banker that knows how to read tax returns and know how to structure a loan. 

Student Loans - This has gotten worse. We have to use the worst of the payments or % of the balance. This can be a little bit of  a pain. 

I would suggest if you are a realtor or a Person trying to buy a home. You need to align yourself with a Mortgage Banker that is well versed in this and has the ability to get the loans done in a timely manner. Please feel free to call me at 951.756.3748 or  Apply on the Link. Robert Krowel

Thank you,
Robert Krowel

Robert Krowel & Mortgage Rates

Mortgage rates stayed mostly steady today, on average.  For the record, that means some lenders were in slightly better shape versus yesterday's latest levels while others were in worse shape.  This is always the case on days where rates remain unchanged on average, but the discrepancies can be larger than normal at the moment due to recent volatility.

With it being a shortened holiday week (bond markets closed on Thursday and only nominally open on Friday), tomorrow is essentially the last day with meaningful market participation.  While it seems that rate volatility has died down significantly for now, the more recent an episode of major volatility, the more susceptible rates can be to aftershocks.  It could easily be the case that we see no such aftershock, but it's still a bit soon to trust the recent rate ceiling and hope for improvements.

Our best chance to get better Interest Rates are Monday the 28th of November.

Find out how to get a Mortgage with no Down Payment! Apply here. Robert Krowel

Robert Krowel & All Cash Sales Down

Robert Krowel & All Cash Sales Down


As we are seeing new highs in the stock market with the Dow reaching 19,000 for the first time. We are also seeing a decline in all cash sales in Real Estate. This is good news that are economy is actually bouncing back. It means our foreclosures and short sales are at its lowest point for the last 8 years.

I am getting asked about what my thoughts are on the market. My take on the market is that we are going to see higher interest rates and with that we will see values soften up a little bit. This is a good time for the realtors and Mortgage Bankers that have the knowledge and back ground to be able to get through this. Loan Applications are down nation wide but this is normal for this time off the year. If we are to look back at 08, and 2012 you will see that we had bigger drops in those 2 election years then now.

It's time to adjust your business model and prepare for the Questions and concerns we will be faced with from Sellers and buyers. It is a buyers market right now. Interest Rates are still low and the products available for people to become homeowners are plentiful. Buyers have no reason to wait. It is our job to point them in the right direction and to be qualified for the right product. Read the Blog below.







All-cash sales represented 31.1 of the total home sales recorded in August, according to a CoreLogic report on cash and distressed home sales. This was a decline of 1.5 percentage points from cash sales in August 2015.  The company said that, if cash sales continue to decrease at the August rate, they should hit the pre-crisis rate of 25 percent by mid-2019.
Cash sales werehighest in Alabamawith a 44.9 percent share.  Other states with elevated cash sales include New York (42 percent), Florida (40.9 percent), Indiana (38.6 percent) and Kansas (38 percent).

Cash transactions peaked in January 2011 at 46.6 percentof all home sales, and at approximately the same time sales of lender-owned real estate typically made up around 27 percent of the home sales market.  While cash still accounts for a large share of REO sales, 58.8 percent, those sales now have only a 4.6 percent share and have very little impact on overall cash statistics.  


Any questions please call me 951.756.3748 or apply on the link below and someone will contact you shortly. Robert Krowel

Thank you,
Robert Krowel

Robert Krowel / Mortgage Rates Hit 17 Month High.

Mortgage Rates Hit 17 Month High.

Rates are now well above 4% for the typical 30-year fixed-rate mortgage. The average hit 4.125% on Friday–the highest since July 2015, according to MortgageNewsDaily.com. That is more than half a percentage point higher from the average on election day.

Rates on 30-year fixed mortgages move in tandem with the 10-year Treasury yield, which was 2.34% on Friday afternoon; it was just 1.88% on Nov. 8th.


For the week of November 11th the Mortgage Applications have fell more then 9% across the country.

 Now that we know the bad news / Whats the Good News?

Yes Interest Rates are on the Rise. With saying this though we are still in the Historical Lows. You can still get a mortgage in the 4's,. Of course this depends on where you fall in the spectrum with credit, DTI, LTV and the type of loan. This isn't a time for panic. This is Just what we are faced with. 

I have been in the business for a lot of years now. I have seen shifts all of the time and I study what is going on in the Country. Interest Rates are Directly driven off of the 10 year Treasury. This is the number 1 indicator with Mortgage Rates USUALLY.  Like anything else this isn't always right. 


I have been asked a lot lately by not only my team but also the Realtors I work with. Everyone needs to not panic. Even though this is a little higher then what we are use to, we still see a rise in interest rates at this time of year.  I think at this point if we continue to see a rise of interest rates, then we are going to see a decrease in values. A little bit. We are not ion a 08. This I can assure you.

It's time to educate our borrowers. It's time to brush up on our closing skills. This is not going to go away any time soon. We may never see interest rates that low any longer.

Please feel free to call me ( Robert Krowel ) with any questions

Robert Krowel
951.756.3748

Mortgage News: Robert Krowel Mortgage Interest Rates Home Sales

Mortgage News: Robert Krowel Mortgage Interest Rates Home Sales: Well Surprise! We have a new president and its Trump. Now that we have all went through the melt down process. We need to analyze what we th...

Robert Krowel Mortgage Interest Rates Home Sales

Well Surprise!

We have a new president and its Trump. Now that we have all went through the melt down process. We need to analyze what we think will happen in the Real Estate market in the upcoming years,

I've done a lot of research on this and have came to the conclusion that we have no choice that Interest Rates will rise. The Fed rate cannot stay at .125%. The Country cannot sustain at this level for to much longer, In 2008 we as a nation went below 1.0%  Federal Interest rate for the 1st time ever.

The Interest rates are going to rise slightly but nothing to be alarmed about. It will force the banks to tighten their margins and make less. We don't have to worry about the banks losing money. They make more money then we want to hear.

Where do we go from here?  The Real Estate market is still going strong. With a slow increase of values over the years. Real Estate investing is still the best choice for ownership if you are a owner occupied or a investor. Real Estate always bounces back where stocks, 401K, Ira's, and Mutual funds have seen major down turns and sometimes never making the money back. 

I would suggest that you go to a Mortgage Professional and figure out what the best strategy is for you. You can reach me at Robert Krowel I can answer any of your questions and we can get you in escrow quick;y while Interest Rates are in the 3 to 4% range.

Fell free to call me  Robert Krowel at 951.756.3748

Thank you,
Robert Krowel

Robert Krowel 1st Time Home Buyer

• Pre- Qualification: Meet with a mortgage broker and find out how much you can afford to invest for your new home.
• Pre- Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You also will avoid being disappointed when going after the homes you are interested in that may be out of your price range. With Pre- Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for their home. Costs for pre-approvals are generally nominal and lenders will usually permit you to pay them when you close your loan.
• List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the desired bedrooms, bathrooms, square footage,etc.). The second list is your wishes, things you would like to have (Backyard, Pool, additional upgrades,etc.) but that aren't absolutely necessary. Realistically for first-time buyers, you probably won't get everything on your wish list, but it will keep you on track for what you're looking for.
• Representation by a Professional: Consider hiring your own real estate agent, one who is working for you and specializes in your needs.
• Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:
  
  1. One or more detailed maps with your areas of interests highlighted.
  2. A file of the homes that your agent has shown to you, along with setup sheets and photos.
  3. Paper and pen, for taking notes as you search.
  4. Take pictures to help refresh your memory on individual homes.
  5. Location: Look at potential homes as if you are the seller. Would a prospective buyer find it attractive based on curb appeal, school districts, crime rate, proximity to positives (shopping, parks, freeway access) and negatives (abandoned properties, garbage dump, source of noise) features of the area.
• Be Objective: When searching for your new home ask yourself the following questions. Does this home really meet your needs? Does it financially make sense? Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:
  
  1. Include inspection & mortgage contingencies in your written offer.
  2. Have the property inspected by a professional inspector.
  3. Check to see that no changes have been made that weren't agreed on (i.e., closing cost, repairs, etc.). All the above may seem rather overwhelming. That's why having a professional represent you and keep track of all the details for you is highly recommended. Please email us or call us directly to discuss any of these matters in further detail.

Enclosed information is deemed reliable but is not guaranteed.

Mortgage News: Robert Krowel & VA Loans

Mortgage News: Robert Krowel & VA Loans: Robert Krowel VA Loans Robert Krowel & VA Loans I want to talk about VA loans in this Blog. Give you insight of VA loans and what...

Robert Krowel & VA Loans

Robert Krowel VA Loans

Robert Krowel & VA Loans

I want to talk about VA loans in this Blog. Give you insight of VA loans and what it takes to get a VA loan. VA loans are made through private lenders and are guaranteed by the Department of Veterans Affairs, so they do not require mortgage insurance. There's no minimum credit score requirement.


I think the first thing is to say to all Veterans is Thank you for you service. I appreciate everything that you have done.

Who is eligible for a VA loan?  Active military personnel, and veterans that have served in the armed forces and National Guard. Spouses of veterans that have passed away or have disabilities also qualify. Its all based on the Certificate of Eligibility. This will give you the amount you will qualify for.

Advantages of VA loan. This is probably one if the easiest loans to qualify for and you don't need any money down. this loan is guaranteed by the VA and has no Mortgage Insurance.

Who pays the fees? my team and I try and cover all fees on these loans. the thing i see veterans having to pay is the taxes and insurance. I cover all fees in most cases.

Interest Rates? the interest rates are usually one of the best rates out there. They tend to be lower then Conventional and FHA loans.

What does it take to qualify for a VA loan? 1st is to be a veteran or spouse like I have stated above. You will need at least a 580 credit score and a job for at least a year. It will also take you to qualify Debt to income as well. This varies depending the borrower and if we get a DU approval or if its a manual underwrite. Loans that have a DU approval are able to go much higher then usual on a VA loan. If it is a Manual underwrite then they tend to want to see the ratios no higher then 45%. this is also dependent on the situation.

If you are ever in need of a VA loan please reach out to me (Robert Krowel)  or one of my team members.  please go to Va loans Specialist  and click apply and we will get you Pre approved.  You can also reach me at 951.756.3748

Thank you
Robert Krowel

Veterans Day in the United States

In the USA, Veterans Day annually falls on November 11. This day is the anniversary of the signing of the armistice, which ended the World War I hostilities between the Allied nations and Germany in 1918. Veterans are thanked for their services to the United States on Veterans Day.

Veterans Day is intended to honor and thank all military personnel who served the United States in all wars, particularly living veterans. It is marked by parades and church services and in many places the American flag is hung at half mast. A period of silence lasting two minutes may be held at 11am. Some schools are closed on Veterans Day, while others do not close, but choose to mark the occasion with special assemblies or other activities.

Observance

Veterans Day is officially observed on November 11. However, if it falls on a week day, many communities hold their celebrations on the weekend closest to this date. This is to enable more people to attend and participate in the events. Federal Government offices are closed on November 11. If Veterans Day falls on a Saturday, they are closed on Friday November 10. If Veterans Day falls on a Sunday, they are closed on Monday November 12. State and local governments, schools and non-governmental businesses are not required to close and may decide to remain open or closed. Public transit systems may follow a regular or holiday schedule.

History

On the 11th hour of the 11th day of the 11th month of 1918 an armistice between Germany and the Allied nations came into effect. On November 11, 1919, Armistice Day was commemorated for the first time. In 1919, President Wilson proclaimed the day should be "filled with solemn pride in the heroism of those who died in the country’s service and with gratitude for the victory". There were plans for parades, public meetings and a brief suspension of business activities at 11am.

In 1926, the United States Congress officially recognized the end of World War I and declared that the anniversary of the armistice should be commemorated with prayer and thanksgiving. The Congress also requested that the president should "issue a proclamation calling upon the officials to display the flag of the United States on all Government buildings on November 11 and inviting the people of the United States to observe the day in schools and churches, or other suitable places, with appropriate ceremonies of friendly relations with all other peoples."

An Act (52 Stat. 351; 5 U. S. Code, Sec. 87a) was approved on May 13, 1938, which made November 11 in each year a legal holiday, known as Armistice Day. This day was originally intended to honor veterans of World War I. A few years later, World War II required the largest mobilization of service men in the history of the United States and the American forces fought in Korea. In 1954, the veterans service organizations urged Congress to change the word "Armistice" to "Veterans". Congress approved this change and on June 1, 1954, November 11 became a day to honor all American veterans, where ever and whenever they had served.

In 1968 the Uniforms Holiday Bill (Public Law 90-363 (82 Stat. 250)) made an attempt to move Veterans Day to the fourth Monday of October. The bill took effect in 1971. However, this caused a lot of confusion as many states disagreed with this decision and continued to hold Veterans Day activities on November 11. In 1975, President Gerald R. Ford signed Public Law 94-97 (89 Stat. 479), which stated that Veterans Day would again be observed on November 11 from 1978 onwards. Veterans Day is still observed on November 11.

Thank you for your service.

Robert Krowel

Robert Krowel FHA Mortgage News

What is an FHA loan?

An FHA loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

Why Get an FHA Loan

Because of that insurance, lenders can -- and do -- offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements. The FHA is an agency within the U.S. Department of Housing and Urban Development.

The 7 things you must know about FHA loans

1. Minimum Credit Score is 580 and allows you to only put down 3.5%.  Robert Krowel

2. FHA allows 500 to 579 with 10% down. We are one of the lenders that will do this. Robert Krowel

3.Borrowers using FHA loans have a variety of ways to come up with the down payment. They can use money from their savings, 401k, ira, retirement, and even gift funds from a family member. Robert Krowel can give you details on how to structure this.

4.Debt to Income - This is a standard across the board. The back end ratio can go to 56.9% This is one of the highest Debt to Income allowed on loans. 

5. Lenders like Me are allowed to pay for closing cost. Robert Krowel has in his margins to beable to cover all closing cost for FHA loans and still get a very competitive interest rate. Most of all other lenders will raise your interest rate to cover this. We also don't charge any points. 

6.All Lenders that are doing FHA Mortgages have to be approved with each state. We are licensed in 21 states. 

7. Mortgage insurance is caculated like this. 1.75% on the up front and .85% on the monthly Mortgage Insurance. 


This loan is still one of the most popular loans out in our industry still. It is a easy loan to get qualified, has the ability to get bigger exceptions on income stability and interest rates are lower than conventional loans. 

Please visit my sight at www.icitymortgage.com/robertkrowel

Please feel free to reach out to me for any of your mortgage questions. We are here to help.

Robert Krowel
Branch Manger
951.756.3748