Lending to get tougher? Plus rates…
We all think current lending standards are tough… Well the Government is now proposing even tougher mortgage lending guidelines for 2012. As you may know 95% of loans originated are purchased by Government-Sponsored Entities (Fannie Mae and Freddie Mac) since there are not many “Private” money lenders like we had during the “bubble” years. We think these new rules maybe a way for the Government to wind down the GSEs and significantly reduce their risk. Unless Wall Street and other private lenders fill the void, we will be subjected to these tough rules next year. The mortgage community is preparing to fight these new proposals.
Here’s what’s being proposed, if we don’t meet these standards we are looking at 2%-3% higher rates. That calculates to 6%-7% in today’s market.
- Borrowers who do not have at least 20% down will simply not have access to the lowest rates. Today you can still get low rates with 3.5% to 5% down
- Strict mandatory debt to income ratios. Your total household debt cannot exceed 36% of income. Currently borrowers are allowed to go up to 45% on conventional and up to 50% on FHA loans
- Want to refinance your home? You will need a minimum of 25% equity and 30% if you intend to pull cash out. The proposal does not even opine about investment properties!
- Have any late payments? No approval – period.
Interest rates improved this week as Standard & Poor’s announced that US debt maybe downgraded to “Negative”…. Here are today’s rates.
| Current Conforming Rates–Primary residences only (Pmyts based on a average loan amount of $250,000) for a historical perspective on rates please visit my blog | ||||
|
Loan Program |
Monthly Pmyt |
Rate |
APR |
Points |
|
30YF |
$1285 |
4.625% |
4.79% |
0 |
|
20YF |
$1581 |
4.375% |
4.62% |
0 |
|
15YF |
$1818 |
3.75% |
3.92% |
0 |
|
5/1 ARM |
$1054 |
3.00% |
3.25% |
0 |
|
7/1 ARM |
$1122 |
3.50% |
3.69% |
0 |
|
10/1 ARM |
$1193 |
4.00% |
4.25% |
0 |
|
FHA-30YF |
$1248 |
4.375% |
4.45% |
0 |
|
FHA-15YF |
$1833 |
3.875% |
3.98% |
0 |
| Current High Balance Rates – (Pmyts based on a average loan amount of $550,000) | ||||
|
30YF |
$2869 |
4.75% |
4.92% |
0 |
|
15YF |
$4033 |
3.875% |
4.00% |
0 |
|
5/1 ARM |
$2393 |
3.25% |
3.40% |
0 |
|
7/1 ARM |
$2508 |
3.625% |
3.87% |
0 |
|
FHA-30YF |
$2786 |
4.50% |
4.62% |
0 |
We appreciate the opportunity to work with you on your next refinance or home purchase transaction. Please use the Social Media buttons above to pass this along if you think we can help any of your close friends or familySincerely,
About Me
Trulending was founded with a simple goal in mind – provide each client with the highest level of personalized service. This isn’t a “one size fits all” business 
– our financing solutions are tailored to each specific customer’s situation. With nearly 20 years of mortgage lending expertise and a commitment to integrity and honesty in lending, our singular focus is your satisfaction.
To our clients, we are more than lending officers – we are trusted advisors. We specialize in a relationship driven approach to solving your mortgage financing needs. If you are new to Trulending, we hope we have an opportunity to earn your business. As President of Trulending, you have my commitment that we will deliver the very best experience possible.
Below are excerpts from letters written by some of our customers – they have experienced our relationship based service first hand. If you would like to learn more about Trulending, give me a call, send an email, or take a moment to review some of the customer comments I have displayed below. We look forward to hearing from you!
Sincerely
Lalin De Soyza
Customer Comments:
If you would like to talk to any of our clients about their experience with Trulending Mortgage, please email us and we will provide you their contact information.
At first, it appeared Trulending Mortgage Corp. would be handling a simple refinance at a great rate, but they uncovered problems with two of my
banks, had to work tenaciously until they were corrected, and stayed in touch with updates and good spirits throughout. This was, by far, the most enjoyable and financially rewarding business transaction ever.
— Connie Turner, Sierra Madre CA
“As a retiree, I want to commend Trulending Mortgage Corp. and Lalin De Soyza for guiding me through the tough new federal guidelines for mortgage refinancing so that I could be successful. They are knowledgeable, efficient, and responsive. My highest recommendation.”
–Robert Murdoch, Pasadena CA
“Lalin guided us through the lending process with courtesy and efficiency. Because we had a new business, our situation was complex, and Lalin made sure that we made the right decisions and understood the process. We highly recommend him and Trulending Mortgage.”
– Justin Moore and Andrea Boeck
“Trulending Mortgage did an incredible job! They guided me to get the right loan for me and worked hard to get the job done quickly. I was impressed that they go me approval so quickly and they were easy to reach and very responsive. Great working professionals that return calls right away and help walk me through the process. I absolutely recommend their services.”
–Dan Wakumoto, West Covina CA
“The closing process was a disaster due to a bad Escrow company but Trulending was excellent. They even caught the fees the escrow company tried to include in my closing costs which I was not liable for. That alone saved me $1,800.00.”
–Devanka Aluwihare, Los Angeles
“After working with two different lenders who promised me the world and never delivered, Trulending Mortgage and especially Lalin De Soyza was exactly what I needed. He explained the process for me and was extremely patient and helpful in getting me the best loan and
rate out there. I own my first property now and will definitely use his
services in the future”
–Sincerely, Sammy S
“You’ve been a real gem. I appreciate your professionalism and promptness through this whole grueling process. You have my sincerest gratitude and any future referrals I can pass your way.”
–Cheryl P, M.D. Redondo Beach CA
“From the initial application to the closing of my loan, Mr. De Soyza and his team were very professional, dedicated and available at all times to assist and give me valuable advice on my loan, including ensuring I got the best rate by locking in my rate at the optimal time, not what was available at the time of my application. Additionally, they went above and beyond by assisting me with resolving some issues on my credit report and worked with my hectic travel schedule.”
Sincerely,
–Gina Turner, San Ramon CA
“When we were looking to refinance last spring Lalin came in highly recommended to us and he was very patient while we waited quite a while for the rates to hit our target after we were pre-approved for the loan. It was so nice to have a friendly voice to guide us through a process that can be stressful, and Lalin was always available to explain different scenarios or answer any
questions that we had. We would certainly recommend Lalin and Trulending Mortgage for close attention and personalized service.”
–Peter and DeAnna G., San Francisco
“I just wanted to commend you and the entire TruLending team for your excellent service and assistance with our mortgage refinance. We really appreciated all the attention and time you took to walk us through the process and answer all of our questions. We definitely felt like you had our best interests in mind and were our advocate in the process”
–Francis B., Burbank CA
“Working with Lalin and Tony was a wonderful experience. When I refer people to them, the first thing I always tell them is that they are responsive, which is as important to me as getting a good rate. I would leave a voicemail message or send an e-mail, and would hear back within an hour or less”
— Nancy B., Caliente, CA
“We recently refinanced our house with help from Trulending Mortgage, and the service that Lalin and Tony provided was excellent from beginning to end. They were able to offer us a lower rate than our previous broker—and with lower closing costs, too. Our refinance was complicated for a number of reasons; Lalin and Tony worked tirelessly to usher us through every step of the process, and ensure that the low rate that they had originally secured for us would remain. I recommend Trulending Mortgage enthusiastically”.
— Joe R. & Tammy S., San Francisco,CA
I would like to let everybody to know that Trulending Mortgage went out of their way get the Loan for us when we got our second House. Lalin & Tony where there with us through the whole process. Best of Luck to them in the Future.
— Vito & Anna S., Denair, CA
“Lalin De Soyza at Trulending Mortgage is excellent. Mr. De Soyza followed through on the interest rate, no points, and closing costs exactly as promised. The interest rate was a quarter percent less than three other companies were offering at the same time, except that he lowered the closing costs by a few hundred dollars. From start to end the loan took about 15 days to close”.
Lalin and his team are courteous and straightforward and follow through.
— Donald & Stacie A., Pasadena, CA
Email: lalin@trulendingmortgage.com
Address:
70 South Lake Ave.; Pasadena, CA 91101
Office: (626) 463-7028; Cell: (626) 818-2610
Department of Real Estate Lic# 01525521
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