Ed Brophy's Mortgage Update

Mortgage and Lending - Ed Brophy, REALTOR®
A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.
By: Ed BrophySynergy MortgageFebruary 12, 2007With rates on many homeowners' adjustable-rate mortgages rising, some who would like to refinance into a new loan are finding they can't.In most cases, it's because their loan carries a prepayment penalty, which would require them to come up with thou...
By: Ed BrophySynergy MortgageInterest Rates on 30 Year Fixed Mortgages fell for the first time since December 2006 due to lower than expect job growth.  30-year fixed-rate mortgages averaged 6.28 percent this week, down from 6.34 percent last week. Last week's level had been the highest for mortg...
Another sub-prime lender bites the dust.  With the instability of rates and the slow down in home sales it makes you wonder if we're headed for a late 80's early 90's market.  I guess it all depends on which expert you listen too.  Expert:  "ex" as has been - "pert": a drop of water - "expert" a ...
It appears that banks offering fixed income investments are preparing for an increase in interest rates.  Besides watching the bond market, unemployment figures and other key economic reports a less mind boggling approach is to watch the interest rates of fixed income investments such as the Cert...
I have had many of my Realtor partners ask me what they can do to make their next open house productive and a winner.  Having worked on the other side of the fence there's nothing more frustrating than working an open house and watching potential clients walk away.I spend at least one weekend day...
From the National Association of Mortgage Brokers: Mortgage default notices in California have risen to nearly their highest level in eight years, but the adjusting market may not reveal the degree of seriousness of rising foreclosures until the summer. According to DataQuick Information Systems,...
An associate of mine recently discovered he was a victim of Identity Theft (links to the FTC website), as a result I discovered through speaking with the police that almost 95% of cases involving on-line Identity Theft are never prosecuted.  I'm sure you're wondering why.Apparently it becomes a j...
Stated income loans are around for a reason, they're designed for those people who are self employed, work in a business where income in generally earned via tips (cash).  Stated Income loans were not designed to inflate your income so high that you'll qualify for the home.  Remember you still ha...
I am beginning to develop a pet peeve due to the actions of other loan officers/mortgage brokers.  So, I'm asking how you explain to your clients that they don't qualify for a loan.I have a referral partner Norman who owns a pool design and construction company here in Riverside County, CA.  Norm...
I think everyone may be missing the point of my last post.  I'm not arguing loan contingency.  Long before you get to loan contingency removal you should have the loan pre-approval contingency removed.  Many, Many Realtors believe this to be one in the same when it's not.  Loan Pre-Approval is a ...

Ed Brophy

Realtor - DRE #01344385
local_phone(760) 844-3736
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A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.

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