Williams Financial once again led the way for all VA Mortgage Lenders in California

I want to start by thanking all of the Veterans, active duty service members, and their spouses for helping to continue to keep me busy with their business. It means a great deal to have so many repeat clients. Read some of their reviews here at the Better Business Bureau website: http://www.bbb.org/sdoc/business-reviews/financial-services/williams-financial-inc-in-newport-beach-ca-100116418/Customer-Reviews

We are still able to beat our competition by charging less than the rest! Bill Zigler was the #1 producer for VA loans in the state of California in 2013 and 2014, after funding almost $200,000,000 between those two years. Being the son of an Army veteran, his dedication to helping Veterans is unparalleled.

Still no Minimum FICO required to refinance to a lower rate via the VA Streamline!

No minimum payments required on your current loan…Regardless of what someone else says, call me and I will show you the truth with great rates and service.

Why work with Williams Financial? Please see our numerous references that will assure you of our history of taking care of our clients. It’s one of the reasons we have remained in the business through this tough time.

Call Bill Zigler today at 888.525.5345 to get started or send an EMAIL

 

VA Cash Out Loans Available to 100%

The mortgage industry has gone through some changes of late, and that has only allowed us to help even more people. Here are some of those expanded VA specific lending guidelines we can now offer:
– Refinance up to 100% of the value of your property (TX is still limited to 80%) to pay off debts – Appraisal is required
– No FICO – As long as the mortgage has been on time for 12 months, the FICO does not matter on all VA loans
– No equity, no problem! We are now able to refinance to a new fixed rate on the VA without any equity
– We have expanded our business to cover more states (We are now in CA, CO, GA, PA, TX, VA, and WA)

For clients that are not looking for a VA loan, we can offer some of the LOWEST rates in the country on Jumbo and Super Jumbo loans. Our FHA programs are expanding at a great pace as well. Within the next 30 days, we will be able to help people buy a home even with a foreclosure in the last 12 months. Extenuating circumstances are required (loss of job, or other event) and will allow a minimum down payment of 3.5% on an FHA purchase!

All in all, we are the same company that did right for you, and I hope we have the opportunity to earn your business, and that of your friends and family in the future.
Thank you again for Your Service, and for giving us the ability to help you in the past.

Your Friend in the Mortgage Industry,
Bill Zigler

Why work with me? Please see my numerous references that will assure you of my client dealings. It’s one of the reasons I have remained in the business through this tough time. 

Call Bill Zigler today at 888.525.5345 to get started or send me an EMAIL

“The call for your financial future is free and my services are priceless”

Banks offering mortgages with only 5% down payments

After the housing bubble burst, buyers needed to come to the table with as much as 20% down or they had to turn to the Federal Housing Administration for a low down-payment loan.

But now banks like TD Bank, Bank of America and Wells Fargo are loosening the purse strings, offering loans with down payments that are as low as 5%.

TD Bank’s “Right Step” mortgage, for example, allows borrowers to secure a loan with a 5% down payment. It also allows them to receive as much as 2% of the sale price as a gift from a relative or other third party, so they would really only need 3% down.

Why the change of heart? Market opportunity for one thing.

FHA dominated the market for low down payment loans during the housing bust. Taking on all those risky loans, however, depleted the agency’s reserves and has forced it to increase costs.

Over the past couple of years, the FHA has been raising premiums. And this year, it started requiring borrowers to buy private mortgage insurance for the life of the loan — an expensive proposition that has sent many prospective borrowers looking elsewhere.

While the loans were far too risky for private lenders to take on before, rising home prices have made them less of a gamble. Plus, the banks think they can offer a better deal than FHA.

The FHA selectively reduced market share by increasing premiums, we introduced a substitute for FHA loans,” said Malcom Hollensteiner, the director of retail lending sales for TD Bank.

While the private lenders that are offering the 5%-down loans are also requiring borrowers to buy private mortgage insurance, they are only requiring them to do so until they build up 20% equity in the home.

The difference can really add up. Paying an insurance premium over the life of a $200,000, 30-year fixed-rate loan from FHA that carries an effective mortgage rate of 4.4% (5.75% when you tack on the insurance premium), can add up to nearly $60,000 over the life of the loan.

Of course, homeowners can always refinance to end their FHA insurance, but rates are so low that by the time an FHA borrower is able to refinance to a lower rate, it may not be worth it!

Call Bill Zigler today at 888.525.5345 to get started or send me an EMAIL

“The call for your financial future is free and my services are priceless”

30-year-mortgage rate declines to 4.10%

The average rate for the 30-year fixed-rate mortgage fell to 4.10% in the week that ended Oct. 31, hitting the lowest level since June, from 4.13% in the prior week, according to a Thursday report from federally controlled mortgage buyer Freddie Mac. The rate has declined for two weeks in anticipation of the Federal Reserve’s Wednesday decision to delay tapering its massive asset-purchase program that is exerting downward pressure on long-term rates. A year ago, the rate was at 3.39%. The average rate for the 15-year fixed-rate mortgage fell to 3.20% in the latest week from 3.24% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage declined to 2.96% from 3.00%. The rate for a 1-year Treasury-indexed ARM increased to 2.64% from 2.60%.

Although these are the AVERAGE rates, I personally get you down even lower!

Why work with me? Please see my numerous references that will assure you of my client dealings. It’s one of the reasons I have remained in the business through this tough time.

Call Bill Zigler today at 888.525.5345 to get started or send me an EMAIL

“The call for your financial future is free and my services are priceless”

Mortgage secrets to help you get approved

There are a variety of lesser-known programs to help people refinance an existing mortgage or purchase a home. Policy changes also are opening doors for some borrowers. Granted, no one is saying getting a home loan is easy. Three in 10 Americans are unlikely to qualify for a mortgage, according to recent research from Zillow Mortgage Marketplace. And only those with tiptop credit scores get the best rates. The study analyzed 13 million loan quotes and 225,000 purchase loan requests.

But if you’d benefit from a refinance or you’d like to buy a house, there are options you might not know about. The following are several to consider.

For the retiree:
For retirees who don’t have a steady pension check coming through the door, getting a mortgage can be a challenge. But a recent rule change at Fannie Mae and Freddie Mac is helping retirees who have robust savings but aren’t taking regular distributions from their retirement funds just yet.

In the past, a lender would have told that pension-less retiree that they needed to show they were taking regular distributions of a certain amount in order to cover their mortgage payments, said Cyndee Kendall, regional sales manager and vice president for Bank of the West. Now, balances in retirement accounts can be used to determine mortgage eligibility—without touching the funds.

“It probably affects close to half the retirees that we originate loans for, those who have saved and are not taking distributions until they have to,” Kendall said. The new rule means that retirees aren’t penalized for maintaining their retirement account balances, she said.

For the cash-strapped homeowner

The Home Affordable Refinance Program, or HARP, is a government program that allows people whose home value has declined to refinance into lower rates. Homeowners can be “underwater,” meaning they owe more on their mortgage than the home is currently worth.

And while the program has been in effect for years now, there are supposedly 2 million people who still could qualify, according to Mike Aubrey, a real-estate agent and star of several programs on HGTV. Recently, he’s been drafted by the government to help promote HARP in a new campaign designed to find eligible borrowers and get them into lower-cost mortgages.

Some of the people who qualify—but don’t realize they do—may have applied for a HARP refinance before rules were changed that removed the cap on how much you could be underwater on the current mortgage. The new rules also don’t require an appraisal, he said.

“A lot of people think that HARP is for special cases or the extraordinarily poor. It’s really just for regular people,” Aubrey said. People who took out a mortgage at the height of the real-estate bubble would benefit from this program the most, since their rates could be in the 6% to 8% range, he added.

Those with a current mortgage backed by the Federal Housing Administration may be eligible for the FHA Streamline program, which has a huge perk for the unemployed: There’s no income requirement, Kendall said.

For the fixer-upper

Lenders market FHA 203(k) mortgages more heavily in urban areas, where homes are in severe need of rehabbing, Kendall said. But properties that qualify for these loans can be located anywhere. And many times, these diamonds in the rough are bargains.

Call it a “mini construction loan,” which allows people to purchase a home and finance improvements in one mortgage, she said. The mortgage amount is based on the estimated value of the property once the work is completed, factoring in the cost of the work, according to the U.S. Department of Housing and Urban Development website.

While the program is a benefit for homes in really bad shape (think abandoned foreclosure properties), it can also be used for more less dramatic upgrades, such as modernizing a kitchen—the main point being that the upgrade has to increase the value of the home, Kendall said.

For those without a down payment

Coming up with a down payment can be the biggest hurdle for first-time home buyers. But there are ways to help scrape together that money.

Assistance funds are available for home buyers who are expected to be successful as homeowners, and they come from a variety of sources, including state and local governments, lenders and employers. Often, buyers are asked to complete a homeownership course in return. See HSH.com’s list of states with the best home buyer assistance programs.

Also, there is at least one avenue for 100% financing still available for buyers: That’s the U.S. Department of Agriculture loan program, and areas of the country that qualify aren’t always as rural as you might think, said Keith Gumbinger, vice president of HSH.com. Note: Those interested in this option might have to wait until the government shutdown ends to apply, as it appears the USDA mortgage program is closed at the moment, Gumbinger said.

Lowest Interest Rates – Mortgage Professional Newport Beach

The Federal Reserve was so spooked by the backup in mortgage rates that it postponed tapering its bond-buying program. But what about prospective home buyers?

Data released Tuesday will shed more light on that topic, with home price gauges from S&P/Case-Shiller and the Federal Housing Finance Agency both due at 9 a.m. Eastern and both covering July. The two series have slightly different methodologies — in June, prices were up 12.1% on the Case-Shiller gauge and up 7.7% on the FHFA gauge from the same period of 2012. But prices should, at least for now, remain resilient, economists say.

At 10 a.m., the Conference Board’s consumer confidence gauge for September will be released, with economists polled by MarketWatch expecting a fall to 79.5 from 81.5.

Also on Tuesday, Cleveland Fed president Sandra Pianalto is due to speak about payments systems at a Chicago Fed conference.

Mortgage Interest Rate News – Are we still heading toward 5% mortgages?

Prospective buyers who have been shying away from the housing market due to rising rates may have reason to start shopping again.

On Wednesday, the Federal Reserve surprised market watchers when it announced that it would not start tapering its purchases of mortgage-backed securities and Treasury bonds.

Mortgage rates have risen significantly amid concerns that the Fed would cut back on its $85 billion a month bond-buying program. Rates on a 30-year fixed mortgage are currently averaging about 4.5%, up from 3.35% in early May. That rate increase has meant an extra $132 a month in payments for a homebuyer with a $200,000 30-year loan.

But now that the Fed has said it will continue to purchase the bonds, rates will likely retrace some of those gains, said Keith Gumbinger of mortgage information provider HSH.com.

“Now, we do have some space for rates to fall,” he said. “I don’t expect a plummet, just a drop of 0.1 percentage points or so over the next week or two.”

The day after the Fed’s announcement, Freddie Mac reported that rates on 30-year fixed-rate loans fell from 4.57% to 4.5% over the past week. Freddie Mac’s chief economist, Frank Nothaft, said rates were reacting to the same economic trends that influenced the Fed’s decision. Among them: slowing growth in retail sales and industrial production and the lowest reading in consumer sentiment since April. He also noted tighter financial conditions, including the sharp increase in mortgage rates in recent months.

Should the economy gain more momentum, however, fears that the Fed will taper off its bond purchases will most certainly resurface and rates will move higher again, he said.

Nothaft expects rates to hit about 5% by mid-2014. That’s an increase of less than $24 a month for every $100,000 borrowed — enough to weed out borrowers who are struggling to afford homes but not enough to impact overall demand.

Despite recent increases, rates are still low by historical standards. During the housing boom years, they typically ranged between 6% and 7%.

And higher rates should prompt some banks to ease up on their lending standards, helping more people to buy homes, said Jed Kolko, chief economist for Trulia.

“Rates will be slightly higher next year but not enough to derail the housing market recovery,” he said

Newport Beach Mortgage Professional

Bill Zigler has over 13 years of experience in the Mortgage Lending Business.

I will be there for you to answer your questions when you need me!

Please see my numerous references that will assure you of my client dealings. It’s one of the reasons I have remained in the business through this tough time. Call Bill Zigler today at 888.525.5345 to get started or send me an EMAIL

“The call for your financial future is free and my services are priceless”

Newport Beach Mortgage Specialist

Bill Zigler has over 13 years of experience in the Mortgage Lending Business.

I will be there for you to answer your questions when you need me!

Please see my numerous references that will assure you of my client dealings. It’s one of the reasons I have remained in the business through this tough time. Call Bill Zigler today at 888.525.5345 to get started or send me an EMAIL

“The call for your financial future is free and my services are priceless”

Newport Beach Mortgage Professional

Bill Zigler has over 13 years of experience in the Mortgage Lending Business.

I will be there for you to answer your questions when you need me!

Please see my numerous references that will assure you of my client dealings. It’s one of the reasons I have remained in the business through this tough time. Call Bill Zigler today at 888.525.5345 to get started or send me an EMAIL

“The call for your financial future is free and my services are priceless”