TEAMBLOG

Dear Friends,

We've noticed a sizeable increase in 'hits' on our website recently. We hope you are enjoying the features we are providing to help you in your ability to make a wise financial decision. We're also heartened to see a dramatic rise in readership on our TEAMBLOG! We're thrilled!

IN OTHER NEWS: We are now offering loans at the increased levels of $729,750 for a Single Family Residence. Please review our rate sheet on Monday, April 7th under the heading 'Jumbo Conforming' for our current rates.

We are in a RECESSION. Unemployment figures released today show a loss of 80,000 jobs in March and a jump in the Unemployment Rate to 5.10%. These statistics do not bode well for the future of the US Economy.These events however, tend to lower mortgage rates. For those in need of a refinance or puchase money loan, this is an opportune time to apply.

During the past week we've noticed the effects of lower mortgage rates and the 'credit crunch'. MoneyTeam has received many refinance applications due to lower mortgage rates. However, lenders have tightened their underwriting guidelines in such a manner, which, in some application requests, inhibits the ability of a homeowner in securing a loan approval that has merit. Nonetheless, our goal is to help you in securing a loan that meets your needs.

There are several basic bits of information you should know on most loan requests.

GENERALLY, have 3 to 6 months of mortgage payments in reserves on any refinance or purchase loan request.

APPRAISALS are being reviewed diligently by all lenders due to dropping values. In 'declining markets', appraised values are automatically being decreased by 5%. These markets include real estate in Los Angeles County and other areas where foreclosures have devalued neighborhoods. Be prepared in knowing your property might be included in such an evaluation.

STATED INCOME - STATED ASSET (SISA) loan programs are being eliminated by many lenders. These loans are available, but sparingly. This type of loan program is mainly used by many self-employed borrowers.

While the Stock Market has had 'corrections' on differing levels throughout its history, the mortgage market is experiencing similar attempts and challenges. Once all the players involved in the US Economy begin to develop a modicum of trust again, the results of such efforts will restore balance in the mortgage industry. Let's hope for the best.

Please contact our office at 323-936-3232 if you have any questions or concerns.

Let us help you on your Refinance or Purchase Loan request.

Thanks Again