May 17, 2022

I hope you are doing well, and I hope you had a great weekend!

I left the office just after 8 PM last night, and when I got home, I sat with my iPad on my bed and turned on the Wolf of Wall Street. Not the best movie, and it’s a little too long for me, and I tend to fall asleep during movies. I forgot the scene where Leo tells his team to “Pick up the phone and start dialing!” I get that the film is based on crooked salespeople selling garbage, but I feel that we all rely too much on our ability to Text, Email, and use Social Media when a call does so much more. Yes, we all have busy lives, and we don’t want to bother anyone, but when we call and explain, the market is still strong even though interest rates have climbed a bit. If we explain that interest rates are in a normal range and prices are still rising. Let’s call and go over the situation like I had yesterday and explain to my potential buyer that he could sell his investment property with $230,000.00 in equity and do a 1031 exchange. He and his new wife could move there in two years (or less if he wants to be sneaky). Now he can afford a house instead of a condo. Everyone wants to know what is happening, but they won’t call to ask because they don’t want to bother you. They don’t know how to ask that question in an email, and life continues. They stay in their house when they can move up, down, or sideways. How do you get more clients? “Pick up the phone and start dialing!” How do you make your business more stable? “Pick up the phone and start dialing!” How do you show people that you are a true professional? “Pick up the phone and start dialing!” How do you show your clients that you care about their wellbeing? “Pick up the phone and start dialing!” The next time I am waiting for my phone to ring, an email to come in, or someone to text me, I will “Pick up the phone and start dialing!”

The interest rate world has been choppy at best. Rates were down slightly yesterday and up today and Friday! The numbers seem to be mellowing, but we are not out of the woods, and higher rates are still a good possibility.
30-year Government Loans (FHA / VA) are in the high 4’s
Conventional Loans up to $647,200.00 – High 4’s low 5’s
High Balance Loans $647,201.00-$ 970,800.00 are in the low 5’s +
Jumbo loans above $970,801 are in the high 4’s and low 5’s. We can do mid 5’s with as little as 10% down. We can do 1-year findings on these too!
5/1, 7/1, 10/1 Arms are in the low 4’s for over $647,201. Under that, don’t bother right now!
Bank statement loans – They are available with 10% down again! 6’s+ depending on down and credit score.
Stated income loans – I have one bank with 30% down, but everything else has to be perfect! Interest rates are in the high 5’s.
0 down loans are in the 5’s – 620 credit score min right now! Mid 5’s, for the most part, up to $670,000.00 Price.
0 down Jumbo to $975,000.00 – 680 credit score – call for a quote
Private Money lenders – hard Money Loans – 35% down!
No Ratio Loans 30% down
Debt Service Coverage loans with as little as 25% down
Bridge Loans – are typically 5.49 – 6.49% with limited fees – But they get you where you need to go!
Interest rates are subject to change without notice! Above are LA County Loan Limits.

I will be around all week if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 xt. 2222. Please text me at 661-714-6258 or email me at Mike@AugustaFinancial.com. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!