Rising Refi’s And Record Low Delinquencies
Low interest rates continue to expand the pool of refinancible mortgages and bolster mortgage prepayment rates according to Black Knight’s Mortgage Monitor. The company, noting that Freddie Mac’s 30-year fixed rate mortgages dropped 9 basis points last week to 3.49 percent, said its measure of the refinanceable population of homeowners is “the largest it has ever been” and July’s prepayments were the highest in three years.
More than half of homeowners with a 30-year mortgage now have an interest rate 0.75 percent above the prevailing rate. At 24.5 million, this is the largest the pool has been since early 2013. Of those, 11.7 million are considered capable of being approved for a new loan with a credit score of 720 or more, at least 20 percent equity in their homes, and being current on their mortgage payment. This is the largest number of “high quality” refi candidates since Black Knight began tracking the data point in 2000.
by: Jann Swanson
Sep 9 2019, 9:38AM
Darren Carlin of Valor Lending Group has been funding Stated Income and AltQM Loans for the past 5 years and delinquencies are at record low’s! No, these are not harmful loans for the real estate market as evidenced by excellent performing loans.
Recap of our Loan Products:
- Stated Income Loans (No Tax Returns, no W-2s, No P&L) up to $5mm
- Bank Statement Income Loans (Great Bank Statement Program for business owners and self employed)
- Hard Money Loans aka Bridge Loans (As low as 20% down / minimal documentation) Fund in 7-10 days.
- Flipper Loans aka Rehab Loans(Flip a property with one of our many options)
- Line of Credit
- 100% Financing (cross collateralize)
- Foreign Nationals Loans (no social security or residency required)
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up to $500mm.
- 2nd Position Loans up to $5mm
- Investor Cash Flow Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- 10% down Jumbo’s with NO MI up to $2.5mm
- Manufactured Housing / Mobile Homes (20% down / 620+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 5% down Jumbo (Up to $2mm Lender paid PMI)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans (under $484,350)
- High Balance Conforming aka Super Conforming (from $484,350-$726,525)
- Jumbo’s to $10 Million / Super low rates! / 10% down Jumbo to $3mm
- FHA, VA, USDA
- Reverse mortgages up to $10 Million Value
Valor Lending Group
CA BRE # 02026238
NMLS # 1600345
“Pride in Lending”
Diamond View Tower
350 10th Ave / 10th Floor
San Diego, CA 92101
Cell: (925) 872-0695
Office: (619) 344-2640
Fax: (619) 872-2400