Weekly Newsletter – 01-06-17

 

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – January 05, 2017

Weekly Mortgage Applications – 12-30-16

  • 30 Year Mortgage Rate decreased to 4.20% compared to 4.32% last week after 7 successive weeks of increasing rates. The 30 year rock bottom rate touched in last 10 years is 3.34%
  • 15 Year Mortgage Rate decreased to 3.44% compared to 3.55% last week. The 15 year rock bottom rate touched in last 10 years is 2.64%
  • 5/1 Adjustable Rate Mortgage Rate increased to 3.33% compared to 3.30% last week. The 5 year rock bottom rate touched in last 10 years is 2.71%
  • Rates are are still low.Purchase or Refinance before rates move up further
  • Mortgage applications increased 0.1 percent for the week ended December 30, 2016
  • Mortgage apps move in the inverse direction of rates
  • Rates have jumped up due to stocks moving up and the federal reserve bank rate increase
  • Share your comments on our Facebook page!
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“You don’t always need a plan. Sometimes you just need to breathe, trust, let go and see what happens.”

– Mandy Hale

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HOUSING AND ECONOMIC DATA

US Homes Prices Report – November 2016

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  • Median Sales Price of Existing Homes in US decreased to $234,900 with a 0.3% increase from month ago
  • Median Sales Price in West decreased to $345,400 with a 0.8% decrease in October 2016 compared to last month
  • Midwest median sales price decreased to $180,300 with a 0.9% decrease compared to last month and South is at $206,900 reflecting a 0.6% increase from month ago
  • Northeast median sales price has increased to $263,000 reflecting a 2.8% increase from month ago
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Fannie Mae Housing Survey – November 2016

Bay Area County Homes Sales Report – November 2016

  • Average Home Price Change Expectation in next 12 months is 2.6% and the Average 12 Month Rental Price Change Expectation is 4.2%
  • Home Prices will go up in the next 12 months based on 43% responses. Home Rental Prices will go up in the next 12 months based on 52% responses. Mortgage rates will go up in next 12 months based on 55% responses
  • 60% of respondents say it is a good time to buy and 51% says it’s a good time to sell. 54% says it’s easy to get a mortgage today, 67% would rather buy than rent and 34% says that economy is on the right track
  • There are 17% of respondents who are concerned about losing their job over next 12 months. 25% of respondents says that their income will be higher and 47% says their financial situation will get better over the next 12 months
  • Average Bay Area county selling price for counties analysed was $1,076,425 in November 2016. San Mateo County led with the highest average selling price at $1,913,984, followed by Santa Clara County at $1,672,972, Alameda County $950,163, followed by Contra Costa County $660,586, Santa Cruz County at $651,948, Monterey at County at $639,823 and San Benito County at $603,428
  • Total Average Days on Market in Bay Area counties analysed was 79 days.127 days for San Benito County, 102 days for Monterey County, 83 days for Santa Cruz County, 77 days for Alameda County and Santa Clara County and 73 days for Contra Costa
  • Bay Area counties analysed had Listings Sold of 3,805 in November 2016. Alameda County had the highest at 1174, followed by Contra Costa at 930, Santa Clara at 914 , San Mateo at 398, Monterey at 210, Santa Cruz at 140 and San Benito at 34
  • Total average Sales Price / List Price in Bay Area counties stood at 100.24% in November 2016. Alameda County had the highest average Sales Price/ List Price at 103.17% followed by San Mateo County at 101.1%, Santa Clara County at 100.41%, Contra Costa County at 99.99%, San Benito County at 98.52%, Santa Cruz County at 98.24% and Monterey County  at 97.48%
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“Trust yourself. You know more than you think you do.”

– Benjamin Spock

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FEATURED LOAN PROGRAM

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1 Year Tax Verification

  • Easy 1 year income verification for Self Employed borrowers
  • First loan up to $625,500.Second Loan upto $350000.Combined 90% financing without MI
  • Family Members can cosign for borrower.Co signor need not occupy home
  • Subject to automated underwriting only.Second loan not directly offered by Shining Star Funding
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2 VA Loans

Jumbo Loan

  • No requirement to close your currently outstanding VA loan
  • VA county limits, guidelines and eligibility apply
  • Minimum Fico 620
  • Manual and Automated underwriting OK
  • With a jumbo mortgage, you’ll get low rates for your jumbo loan
  • Loan amounts as low as $300000 and upto $2.5Mn. Back end ratios to 49.99%
  • Asset Depletion program.We can use estimated income  based on assets in hand
  • Projected income from future job.We can use income from future accepted offer
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Quick Turnaround and Closing

With inhouse underwriting and funding. Call me and let’s make it happen!
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SCHEDULE A LOAN OFFICER PHONE CALL
FILL OUT THIS SHORT APPLICATION FORM NOW

“You were given this life because you are strong enough to live it.”

– Anonymous

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WEEKLY NEWS UPDATE!

How to lower your mortgage rate in 2017

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Real Estate Do’s and Don’ts for 2017

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Mortgage applications tank 12% to end 2016

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Mortgage rates, home sales and prices seen rising in 2017

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“Difficult doesn’t mean impossible. It simply means that you have to work hard.”

– Anonymous

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OTHER NICHE LOAN PROGRAMS

Product Loan And Niches

Niche Loan Programs

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  • Conventional Loan
  • FHA Loans
  • 100% VA Loans
  • Jumbo Loans
  • Zero Down Loan
  • 2 VA Loans
  • 1 Year Tax Verification
  • Remove Mortgage Insurance
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Second Opinion Doesn’t Hurt!

Talk to me today about your scenario and let me help you find the perfect solution for you!
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SCHEDULE A LOAN OFFICER PHONE CALL
FILL OUT THIS SHORT APPLICATION FORM NOW
 

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ABOUT US AND CONTACT US

About Shining Star Funding

Telephone: 925 820 2981

Toll Free:     866 280 0020

Email:          [email protected]

 

 

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