Veterans Day

Make sure you put out your flag for Veterans Day today!  As the old saying goes, “If you love freedom, thank a veteran!”.  Veterans Day is the perfect time to bring out Charles M. Province’s poem, “It is the Soldier,”:  It is the Soldier, not the minister, Who has given us freedom of religion. It is the Soldier, not the reporter, Who has given us freedom of the press.  It is the Soldier, not the poet, Who has given us freedom of speech.  It is the Soldier, not the campus organizer, Who has given us freedom to protest.  It is the Soldier, not the lawyer, Who has given us the right to a fair trial.  It is the Soldier, not the politician, Who has given us the right to vote.  It is the Soldier who salutes the flag, Who serves beneath the flag, And whose coffin is draped by the flag, Who allows the protester to burn the flag.  

While you are at it, it would be a good time to donate to your favorite veterans charity!  Mitchell Mortgage thanks all Veterans, past and present for their contributions to this great nation!

Veterans can take advantage of VA financing at Mitchell Mortgage as well.  Up to to 100% of the value of the home can be borrowed in purchase circumstances, with no mortgage insurance!  Call Michael E. Mitchell at 530-406-2200 or 707-259-1117 cell, to discuss Veterans Options for purchase or refinance.Vet Day



A Napa Realtor Tale

pexels-alena-darmel-7641899Spent the day yesterday with a Napa realtor.  He told a story of a couple he represented that wanted to buy a home in Napa during the recent time period where multiple offers were the norm.  In a nutshell, and against his advice, the couple he represented did not give their final and best offer for the home they really wanted.  Consequently, they did not win the bidding war for their dream house, even though they could have afforded it.  So they ended up buying a home in another close by community.  But guess what, to this day, they lament not going all out for the home they really wanted.  So the lesson is, “See home you must have…Give best offer if you must!”  Certainly that applies to markets like the multiple offer market we were in, but does it apply now?  Yes, the only difference is, in today’s market, you probably have some negotiation tools to use.  Just don’t go so far to upset the seller so that they would never sell the home to you no matter what you offer!  Make your dream home happen while you are the only buyer.  If interest rates go down after you purchase, then you can refinance to the lower rate.  Call Michael Mitchell at 530-406-2200, 707-259-1117 or 707-337-5970 cell to pre-qualify today!

Federal Reserve Update

Yesterday I told you the Federal Reserve had raised short term interest rates, but long term rates (mostly affected by treasury bonds) had remained little changed.  Well, they caught up today!  In most cases rates went up anywhere from 1/8th to 1/4 of a point.  That still keeps them in the low 6’s, but not as comfortable as yesterday. Seems the Fed not only spooked the stock market, but the bond market too.  The fed’s stated goal is to reign in inflation, so buckle up everybody…they are dedicated.  It probably makes sense to start considering 7 year fixed and 10 year fixed (both amortized over 30 years) to keep payments down.  If you have questions about that or want scenarios run, give Michael Mitchell a call at 530-406-2200, 707-259-1117 or 707-337-5970 cell!

Fed raises short term rates but long term rates stay steady!

The Federal Reserve raised short term interest rates again today…another .75% of a point.  Although this usually puts pressure on long term rates (30 year fixed, etc) those rates basically stayed the same today as they change when the 10 yr treasury bond changes.  In a nutshell, if bonds are purchased by big investors, then long term rates usually fall.  If bonds are sold by these same investors, long term rates will rise.  As of today, a no point 30 year fixed rate up to $715,000.00 would be in the low 6’s for an interest rate at no points.  We will see what the future brings.  In the meantime, people still need to buy, sell and refinance real estate, so give Michael Mitchell a call at 530-406-2200, 707-259-1117 or 707-337-5970 Cell, to discuss what financing path will work best for your current needs!


Don’t forget to pre-qualify before you talk to your realtor!  Realtors want to make sure they are working with a buyer in the correct price range.  If you don’t have a pre-qualify letter, they will want you to get one before you shop for new homes.  Call Michael Mitchell today and I will get you that letter today!  530-406-2200, 707-259-1117 or 707-337-5970 Cell!

Buy downs Helocs Etc.

The Federal Reserve is on a mission to curb inflation.  To do that, they have been raising short term interest rates.  This in turn puts pressure on long term rates to go up…which they have.  So how to combat this in a world where most homeowners have current interest rates in the 4% arena and a good share have less then 3%?  Well lenders are coming up with programs to try and help get buyers into homes, and refinance prospects who need options other than getting rid of their wonderful current low rate, even if they need cash out.  For buyers this could mean Two-One Buydown.  This means you would start with an interest rate, two percentage points less than the current market rate for the first year of the loan.  Year two would be one percent below the rate when you received the initial loan, and years 3 though 30 would be at whatever current rates was when you received the initial loan.  The thinking is, while you receive payment relief the first couple of years, if rates go down, you could refinance into a lower rate for the total length of the new loan.  For cash out refinance borrowers who don’t want to give up their current low rate but need some money now, Home Equity Lines of Credit (Heloc, usually adjustable rate) are becoming popular as well as straight second mortgages ( fixed rate term and must take all the money at one time).  For explanation of these options, give Michael Mitchell a call at 530-406-2200, 707-259-1117 or 707-337-5970 cell!

So you know!

Rates started a little higher today, but if you have 20% down, your conforming 30 year fixed interest rate would be 5.99% at zero points today.  Your APR will be higher depending on your loan amount.  For more scenarios please give Michael Mitchell a call at 530-406-2200, 707-259-1117 or 707-337-5970 cell!

No Impounds Means Less Cash To Close!

This is great for buyers, their real estate agents and borrowers who are refinancing their home when their loan to value is higher than 80%. You can have a loan to value on a conventional loan and VA up to 95% loan to value and still not be forced to have impounds for taxes and insurance! Use that money for reserves, or fix up your new home! Call Michael Mitchell today to discuss how this option can help you! 530-406-2200, 707-259-1117 or 707-337-5970 mobile

Spring into a new home!

It is almost Spring! The blossoms are blossoming, the bees are buzzing, and it is the perfect time to purchase a new home! The Real Estate Professionals I speak with on a daily basis are saying don’t wait to make that offer…be the first one in without competition! If you wait until all the other buyers come to the table, you might find yourself in a bidding war! Save some money and make that offer today! Oh yeah, better call Michael and Mitchell Mortgage to get pre-approved so the process goes smooth! 707-259-1117, 530-406-2200 or 707-337-5970 mobile!

Word to the wise!

Attention sellers!  In the current market you don’t have to compete against numerous other sellers…this is a great time to list!  Attention buyers!  In the current market, you don’t have to compete with ten other buyers for the same home!  So if you are thinking of selling your home, or buying a home…NOW is a GREAT time!  Of course you sellers will want your buyers to be pre-approved with Mitchell Mortgage, and buyers, Mitchell Mortgage should be your first stop to find out how much you qualify for!  Call Michael Mitchell today at 707-259-1117, 530-406-2200 or cell at 707-337-5970!