Today’s guest post is from Kelly Marsh, Branch Manager of Broadview Mortgage posted on March 24th, 2015.

Mortgage Rate Update

The big story this week was last Wednesday’s Fed meeting, and the Fed statement was well received by mortgage investors. Also positive for mortgage rates, the economic data released last week fell short of expectations. As a result, rates ended the week lower.

LAST WEEK’S RATE TREND IS DOWN

Loan Amounts under $417K, Shown as Note Rate/APR
Conforming 30 year fixed: 3.990/4.060
FHA 30 Year Fixed: 3.625/5.146
Conforming 5/1 ARM: 3.000/3.056
Conforming 7/1 ARM: 3.125/3.114

Loan Amounts over $417K up to County Limits, Shown as Note Rate/APR
High Balance Conf. 30 Year Fixed: 4.125/4.172
FHA High Balance 30 Year Fixed: 3.750/5.264
High Balance 5/1 ARM: 3.375/3.182

Loan Amounts Exceeding County Limits, Shown as Note Rate/APR
Jumbo 30 Year Fixed: 3.750 /3.789
Jumbo 5/1 ARM: 3.125/3.065
Jumbo 7/1 ARM: 3.375/3.211
Jumbo 10/1 ARM: 3.750/3.428

Loan Limit Snapshot

Conforming
All Counties: $417,000

High Balance Conforming
Santa Barbara: $625,500
Ventura: $603,750
San Diego: $546,350
LA/Orange: $625,500

FHA
Santa Barbara: $625,500
Ventura: $598,000
San Diego: $546,250
LA/Orange: $625,500

Thank you Kelly for your guest post!  You can learn more about Kelly Marsh and Broadview Mortgage by visiting www.broadviewsb.com/ and reading her bio on our Award Winners page. Coastal Housing Partnership recognizes the real estate agents and lenders who have completed the most transactions for Coastal Housing Partnership employee members in the past 18 months. The house symbol is awarded with one to four houses in recognition of partner’s extra efforts in helping employees with their housing transactions. Kelly has a four-house rating (the highest rating possible).

Broadview Mortgage is an Open Door Sponsor for our Home Buying Fair on May 9th.

Kelly Marsh, Branch Manager at Broadview Mortgage Santa Barbara shared an article with us from the CMPS Institute that focuses on mortgage laws and how to avoid bank and institutions from documenting your financial life when applying for a loan. Here are some savvy tips from the article to help you get a mortgage in 2014:

If you’re interested in getting a mortgage in 2014, start preparing by getting documents ready. This includes the last two months of your bank statements and an explanation of large or irregular deposits in your bank accounts.

According to the article, the BSA-AML rules that went into affect in 2012 require mortgage companies, banks, and financial institutions to document the details of your financial life when you apply for a loan. This includes explaining the exact source of funds used for your down payment; explaining large deposits in your bank account; and sharing financial information if you are selling investments to help purchase a home.

This paperwork can be avoided if if you buy your home with cash. However this might not be the best financial move for you. Choose the right mortgage professional to help you, such as a CMPS professional who are bound by Code of Ethics to handle transactions with a higher duty of care than most others in the mortgage industry.

Kelly – thank you for the home buying education!  You can read the full How_to_Successfully_Get_a_Mortgage_in_2014 article for the complete details.

Broadview Mortgage is the Key Sponsor and will be one of the Exhibitors at our Home Buying Fair on March 1st from 10am-3pm at Earl Warren Showgrounds.