Is now the right time?
To refinance or not to refinance? To buy or not to buy? These are two key questions everyone is asking these days. The answer is clearer today than 4 months ago when interest rates reached historic lows. when the federal reserve rolled out a plan to infuse $600B into the credit markets industry experts figured rates were likely to decline further, but with the Economy showing signs of strengthening and job creation (Unemployment rate now at 9%) on the rise, interest rates have begun their upward climb.
Whether considering a new purchase or refinancing of your existing loan, I would be glad to run specific scenarios for you so that you may decide whether or not it makes financial sense to move forward.
Here are three reasons to consider if you are thinking of refinancing or buying.
- The high balance loan limit ($418,000-$729,000) is set to expire Sept of this year. Unless the deadline is extended, the cost of loans from ($418,000-$729,000) range will get more expensive as private investors will “fill the gap”
- Refinancing makes sense for just about anyone with a rate above 5.25%
- Home prices have bottomed out in desirable locations. If you are looking for a investment property or thinking of buying a home, its the right time.
| Loan Program | Monthly Pmyt | Rate | APR | Points |
|---|---|---|---|---|
| 30YF | 1323 | 4.875% | 4.940% | 0 |
| 20YF | $1598 | 4.625% | 4.725% | 0 |
| 15YF | $1880 | 4.25% | 4.325% | 0 |
| 5/1 ARM | $1140 | 3.625% | 3.723% | 0 |
SERVICE GUARANTEE:
WE GUARANTEE A SMOOTH LOAN ORIGINATION PROCESS OR WE WILL REFUND UP TO $495 OF YOUR CLOSING COSTS
We appreciate the opportunity to work with you on your next refinance or home purchase transaction. Please pass this along if you think we can help any of your close friends or family
Rates on the move…12/7/2010
Whether you are looking to buy a new home or refinance your current mortgage, there are three new programs you can’t afford to ignore. Stay tuned for more information in the coming weeks….
This past week rates rocketed up from their all-time lows a month ago based on some “good” economic news in the US and positive developments in the ongoing European sovereign debt crisis that soothed markets and led investors to reallocate funds from bonds into stocks driving bond yields up. Current rates are still extremely low in comparison with an average rate of 6% over the last ten years. Economic conditions can change in an instant. We strongly encourage all of our clients to get your loan applications approved and lock in these rates as soon as possible.
By the way our underwriting turn times are at 2 days compared to 3-4 weeks at big banks!
| Current Conformng Rates (Pmyts based on a average loan amount of $250,000) | ||||
| Loan Program | Monthly Pmyt | Rate | APR | Points |
| 30YF | $1266 | 4.50% | 4.52% | 0 |
| 20YF | $1548 | 4.25% | 4.34% | 0 |
| 15YF | $1787 | 3.75% | 3.83% | 0 |
| 5/1 ARM | $1105 | 3.375% | 3.42% | 0 |
SERVICE GUARANTEE:
WE GUARANTEE A SMOOTH LOAN ORIGINATION PROCESS OR WE WILL REFUND UP TO $495 OF YOUR CLOSING COSTS
We appreciate the opportunity to work with you on your next refinance or home purchase transaction. Please pass this along if you think we can help any of your close friends or family.
Mortgage Rates (11/06/2010) and more….
You may be wondering – I just refinanced last year and my current rate is above 5%, does it make sense for me to refinance again? I know a lower rate will give me a lower payment, but I’m not sure if it’s worth refinancing my mortgage again? Let’s talk numbers so you can make an educated decision…
For example purposes, let’s say you have a $250,000 balance on your loan and your interest rate is 5.375%. Your current payment (principal and interest) is $1,400. You will pay a total of $254,000 in interest over the life of the loan. If you were to lock in today’s rates (Our current rates) the grid below gives you an idea of how much you will save on average compared to your current loan terms. These rates are for conforming loan amounts up to $417,000. If you have a high balance loan (Up to $729,750) gives us a call for a rate quote, these rates are pretty close to the conforming rates.
By the way our underwriting turn times are at 5 days compared to 3-4 weeks at big banks!
| Current Rates | ||||||
| Loan Program | Monthly Pmyt | Rate | APR | Total Int Paid | Int Saved | Points |
| 30YF | $1230 | 4.25% | 4.37% | $192,745 | -$61,228 | 0 |
| 20YF | $1499 | 3.875% | 4.04% | $109,649 | -$61,228 | 0 |
| 15YF | $1787 | 3.50% | 3.70% | $71,697 | -$182,276 | 0 |
| 5/1 ARM | $1070 | 3.125% | 3.24% | $135,537 | -$118,436 | 0 |
| 7/1 ARM | $1070 | 3.125% | 3.24% | $135,537 | -$118,436 | 0 |
There are a number of ways to make a mortgage refinance work in your financial favor. Shortening the term or simply lowering your interest rate can result in immediate monthly savings and huge annual interest charge savings. With so many options and so many different scenarios, its sometimes overwhelming. Give us a call and one of our experts can help and guide you through the process.
If you are in the market to buy a new home, please consider becoming Pre-Approved through Trulending prior to your home search as most Realtors now require a Pre-Approval letter prior to showing any properties. If you need a knowledgeable Realtor, please call me and I can recommend one of our trusted colleagues who has a strong understanding of today’s complicated market place.
Improving My Credit Score-Do’s and Don’ts When Trying to Buy a Home
Buying a home is an exciting process. It opens up a new canvas for furnishing, decorating or otherwise accessorizing your life. This also opens up many potential opportunities to damage your credit score. By following these few simple rules, you can streamline the process:
- We have all heard that if your credit score report is run too many times, it will drop your score. There is some truth to this. If you are having it run by one or two mortgage companies, there will not be a major impact. The credit bureaus will understand that you are looking to compare lenders. However, if you also try to open a Home Depot, Best Buy, and a furniture store charge account your score will plummet, as the bureaus will fear that you will overburden yourself with new debt.
- Do not close any accounts. If you close any credit accounts, it will reduce the amount of available credit and increase the percentage of outstanding balances to available credit.
- Do not buy a new car. The affect of that on your mortgage is incalculable. What changes will be made in the payment? What documents will be required to prove that the old auto loan is paid off?
Why are these so important? Your credit was run at application right? Well many lenders will re-run your credit the day before or the day of closing to determine whether there have been any material changes in your financial situation. If you follow these few steps, it will make the closing much smoother.
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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