Welcome To The Weekly Update And More


Dear Real Estate Rock Stars,


*Please see the special offer at the bottom of this weeks newsletter 



Oh those short sales, they take so darn long. Waiting 3 months is not unusual. So let’s imagine this scenario. You put in an offer the first week of October; rates achieve an all time low. The 10 Year Treasury, a good but not perfect proxy for how mortgage rates are doing registers a yield of 2.381% on 10/8/10. It is the beginning of December and you still have not heard from the short sale lender and the 10 Year Treasury yield today is 3.00%. Doing a little mortgage math that is a .619% rise in yield which translates to about a ½% increase in rate for a 30 year fixed. Let’s say the borrower was maxed out in their ratios back in October, they may be blown out of the water with the current rates today. This emphasizes one big dilemma with purchasing a short sale, no one knows how long this process is going to take and therefore we cannot lock a borrower in before the offer is accepted by the short sale bank(s). Having two separate banks always increases the time. Will the short sale bank(s) be willing to pony up some money for the borrower to buy down the points; our gut reaction is the short sale bank will probably say go pound salt. This is not fair to the borrower, oh well that’s life in the short sale lane, we don’t like it either. When this happens the borrower is always pissed at us because we made the rates go up. We wish we had that much control over the market.



It Quacks Like a Duck….


When is a car lease like and installment loan and when is it not? A car lease has a fixed term like an installment loan. However car leases cannot be paid down to be excluded from the borrower’s ratios and they must always be included in the debt to income ratios. We heard from one lender this week that they were not going to allow regular installment loans to be paid down through escrow in order to qualify. We are not happy about this change in the guidelines, it is not consumer friendly.


True Super Jumbo!


We don’t usually use this newsletter to tout programs, however we are one of two lenders in the area that are offering 30 year fixed 80% LTV to $1,5oo,000. Caveat the 80% to $1,500,000 is zip code specific. Allow for a 60 day escrow if you need this program. We are honored to be able to offer this program.     


CMG Mortgage is hosting a seminar “Advanced Business Development Skills” topics include: achieving your objective, engagement techniques, active cueing and listening, leadership skills and art of narration. We are going to treat you to this seminar and lunch too. If you would like to find out more about the company conducting the training for us click here Eloqui. The seminar will be held at our office 3160 Crow Canyon Rd. San Ramon 4th fl. training room on December 15th, 9:00 am – 3:00 pm

We think this seminar will be worth your time, we have experienced a mini presentation and they are very informative and practical. Please call us to reserve your seat. It is a good time of year to invest in your personal development; just do it! 




Kathleen & Erin

The Meredith Mortgage Team, CMPS®

Certified mortgage planning specialist

“We Will Always Have Your Best  

  Interest In Mind”   

 Erin & Kathleen

The Bay Area’s Premier

Mortgage Banker and Broker


(925)983-3048 office

(925)226-3215 efax

(925)918-0585 mobile





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