Happy Thanksgiving to All!!!  Please feel free to call Michael with any mortgage related questions throughout the holiday!  It is understood that a fast answer is best for everyone! 707-259-1117, 530-406-2200 or 707-337-5970!

Word to renters…Average homeowners have net worth of around $195,000.00. Average renters have a net worth of around $5,600.00. The obvious difference is in the equity of the home. It would make sense to talk with a lender as soon as possible about the quickest path you could take to achieve homeownership. If you already own a home, the numbers still say, you should buy another one.  Call Michael Mitchell at 530-406-2200, 707-259-1117 or cell at 707-337-5970 today!!!

Now through the end of the year (must close by 12/31/2018) Mitchell Mortgage can pay for your appraisal on all conventional loans up to $525.00!  Combine that with the option to choose no impounds for taxes and insurance up to 95% loan to value, and you can potentially save thousands of dollars in final closing costs!  Call Michael Mitchell at 707-259-1117 or 530-406-2200 or 707-337-5970 Mobile!  Get the details and get that home.  Good for purchase or refinance!

More communication means less stress!

Note to all buyers and realtors representing buyers:  Do not fear the need for counseling!  In a just completed transaction of 3% down and mortgage insurance built into the rate for a first time homebuyer, Freddie Macs Home Possible Program insists on real estate counseling from one of several options.  This was handled online, it was 10 questions and Freddie Mac will then let you print out a certificate that proves you have completed the requirement.  Oh yeah…it was at no charge!!!  Also, the lender paid for the appraisal at closing.  So the next time you are faced with this situation on loan amounts up to $453,100, call Mitchell Mortgage at 707-259-1117, 530-406-2200 or 707-337-5970 mobile…we know what to do!

When this program first came out, California was held to 90% loan to value if you wanted to skip having to have impounds for taxes and insurance when closing your loan.  We now have a lender who will (on conventional loans only) take that offer to 95% loan to value!  This can save thousands at closing and means you can afford a larger loan, or you can save some money for reserves.  Call Michael at Mitchell Mortgage today and find out if this helps you for your next purchase or refinance!  707-259-1117, 530-406-2200 or 707-337-5970 mobile.

Take advantage of just a 3% down payment with no mortgage insurance for purchase of your owner occupied home!  If refinancing, rate and term will go to 97% loan to value as well!  In some cases, you’ll receive your cost of the appraisal back, up to $525.00!!!  Call Michael Mitchell today for more information! 530-406-2200, 707-259-1117 or mobile at 707-337-5970!

You can now purchase new or refinance your existing mortgage up to 90% loan to value in the State of California!  This applies to conventional loans only.  This will save you on recurring closing costs at time of recording. Keep more money in your pocket and pay your taxes and insurance yourself instead of being forced to make those payments monthly with your new loan.  Not all lenders will allow this so call Mitchell Mortgage today and find out how this can help you!  530-406-2200, 707-259-1117 or 707-337-5970 mobile.

Pre-approval!!!  Unless you have cash, this is the strongest method you can put in your realtor’s hand to show you are ready willing and most importantly CAPABLE, of purchasing the home they are showing you.  The first question you will receive from a realtor is, “Are you pre-approved (some will only ask for pre-qualification), and if so, for how much?”  That way, they won’t be wasting your time and theirs looking for homes that are not in your price range.  Depending how strong your pre-approval letter is, may make the difference of a seller choosing your offer over another buyer.  Call us today at Mitchell Mortgage and find out how to get your pre-approval letter right away!  530-406-2200, 707-259-1117, or mobile at 707-337-5970!!!  Then go make an offer on that home of your dreams!

The yield curve is probably not discussed in your everyday conversation…but in the mortgage industry…it is a big deal! In normal financial markets, the rate for a 5, 7, 10, 15, 20 and 25 fixed mortgages, should be lower than the 30 year fixed. However, the industry has seen a flattening of the yield curve between all of these intervals and the 30 year fixed rate. It appears bond investors aren’t sure where the short term rates will be in the future and they don’t want to be left holding those bonds if Fed actions and/or world events dictate higher interest rates. So without getting too deep here, if you are purchasing or refinancing soon, a 30 year fixed mortgage will likely be your best value.