Michael S. Rosenbaum

Michael and his team of mortgage professionals are here to help your loan application and closing go smoothly.

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HARP Extended, High LTV Refinance Option Coming Soon

HARP Extended, High LTV Refinance Option Coming Soon

sunrise-1368060The Federal Housing Finance Agency (FHFA) announced great news for homeowners looking to refinance. The Home Affordable Refinance Program (HARP), scheduled to expire at the end of this year has been extended until September 30, 2017. According to the FHFA, there are more than 323,000 borrowers eligible for the program (over 12,000 in the State of California). The FHFA will also implement a new refinance offering for borrowers with high loan-to-value (LTV) ratios. These borrowers “have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates.”

FHFA Director Melvin L. Watt stated in a press release, “This new offering will give borrowers the opportunity to refinance when rates are low, making their mortgages more affordable and thus reducing credit risk exposure for Fannie Mae and Freddie Mac.”

Borrowers must benefit from the refinance in at least one of the following ways:

  • Reduced monthly principal and interest payment.
  • Lower interest rate
  • Shorter amortization term
  • More stable mortgage product, such as moving from an adjustable-rate mortgage to fixed-rate mortgage

In order to qualify for the new offering, borrowers:

  • Must not have missed any mortgage payments in the previous six months
  • Must not have missed more than one payment in the previous 12 months
  • Must have a source of income
  • Must receive a benefit from the refinance such as a reduction in their monthly mortgage payment.

The complete requirements will be published in the next few months and is scheduled to be available for new loan applications in October 2017. It’s a ways away, but will definitely benefit anyone who is looking to save money on their home loan.

Don’t wait until it’s too late. Fill out the form below or call today for your opportunity to save!

Derek Legg Joins as New Loan Officer Assistant

Derek Legg Joins as New Loan Officer Assistant

Derek Legg Loan Officer AssistantWe are proud to announce the newest addition to our team, Derek Legg, Loan Officer Assistant. Derek is a recent graduate from Point Loma Nazarene University where he graduated Magna Cum Laude with a Bachelor of Arts in Business Administration and a Minor in Music. Derek also participated in the International Business Study Abroad Program at the University of Vienna in Austria, where he lived for five months and traveled to Hungary, Czech Republic, Italy, Germany and England.

Derek, a Phoenix, Arizona native, brings a fresh sense of youth and energy to the team. His responsibilities include loan pre-approval, opening escrow, ordering appraisals and ensuring that all home loan files are meticulously prepared for our processing team in order to close loans as quickly as possible.

In his spare time, Derek is actively involved in the classical arts scene in San Diego as an administrator and performer. He serves as the Co-Director of Opera Wednesdays in La Jolla, volunteers as a backstage tour guide at San Diego Opera, and performs in various opera productions/concerts around town. Additionally, he enjoys to run, hike, read, cook, try new restaurants in San Diego, go to the San Diego Zoo, and attend live music and theatre productions. He is excited to be a new part of the team!

Thank You for a Grand Success

Thank You for a Grand Success

Our team would like to thank everyone who came out on Thursday to celebrate the Grand Opening of our branch. Eric Blumenfeld of The Shout! House was a huge hit and kept everyone entertained throughout the event. I would like to especially thank Eric for collaborating with me on my speech to our attendees.

As most of you became aware, our event was not only a grand opening event, but also a fundraiser for  MARYAH and The Center Sunburst Youth Housing Project. Attendees donated over $200. As promised, myself and co-branch manager Alex Scoma pledged to match all funds donated. That being said, we are pleased to donate a grand total of $609 for MARYAH!

We look forward to the next event. In the meantime, check out few photos from our event. See more photos at our Facebook page!