Raul & Mae Patino Real Estate & Home Loans

Fed holds rates steady. But officials indicated that rate hikes could come as soon as 2023, after saying in March that it saw no increases until at least 2024.

Fed meets today at 11:30 am (PST). Positive news please.

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Wishing everyone a beautiful Memorial Day weekend. Let’s honor those who have made the greatest sacrifice.

Economy growing too fast? Interest hike might be needed to slow it down?

If you’re planning to buy a home or refinance your mortgage...

The mortgage industry has been very volatile as of late. Investors pulling back on certain loan types, like cash out refi, jumbo loans and FHA loans, as they simply don't want to take the risk. There’s also a reduction in the availability of loans with lower credit scores and higher LTV ratios. Loans are getting harder to get as mortgage credit availability fell to the lowest level in five years. These are some of the things to consider if you’re still on the fence about purchasing a home or refinancing your home loan.

How much are closing costs? Typically, home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees. So, if your home cost $150,000, you might pay between $3,000 and $7,500 in closing costs. On average, buyers pay roughly $3,700 in closing fees, according to a recent survey. Your lender will give you a Loan Estimate for your loan, which will include what the closing costs on your home will be, within three business days of receiving yo...ur completed loan application. But these are just an estimate, and many of the fees listed can change. If they do change, you may receive a revised Loan Estimate so there are no surprises along the way. Often, many of the fees that make up closing costs are negotiable, and some are completely unnecessary, especially things such as high administrative, mailing or courier costs charged by your lender. Remember that you can shop around and you may be able to find other lenders who are willing to offer you a loan with lower fees at closing. At least three business days before your closing, the lender should give you Closing Disclosure statement, which outlines closing fees. Compare this to your Loan Estimate and ask the lender to explain what each line item on your closing costs is and why it is needed. There are limitations on the amount a number of fees can increase from the Loan Estimate to the Closing Disclosure so there really shouldn’t be any surprises on closing day. But if there are, you can still walk away at closing.

Here’s what each state is doing:

Don’t expect these low mortgage rates to hang around for long. We’ll see another round of overwhelmed lenders and spooked investors when the onslaught of applications ensues. We've seen rates rise quickly in the past. Most homeowners were caught off guard the last time rates plummeted. They had to scramble to apply and lock in hopes of capturing ultra-low rates that were only around for a few days. So what’s your strategy? If you’re refinancing, apply now so you can lock and... close the moment rates hit rock-bottom. This will involve floating the rate until the opportune time. You have to supply all your income and asset documentation. However, hold off on ordering an appraisal until you lock. An appraisal is a non-refundable fee. Expect a tougher approval. Mortgage lenders have raised credit score minimums and discontinued certain loan programs. Jumbo loans and alternative-documentation loans are temporarily suspended at most lenders. Some have even halted FHA lending. Feel free to contact me for a free consultation. Raul 'Bing' Patino O1ne Mortgage (626) 675-3882

Fellow San Bernardino County residents: County’s Acting Health Officer has formally ordered everyone in San Bernardino County to wear a face covering when leaving home. Violation of the order is a crime punishable by up to a $1,000 fine or imprisonment up to 90 days, or both.

This coronavirus is has put our lives and economy on a stand still. For many, working hours have been cut and some even lost their jobs. This causes financial strain and hardship and for homeowners, you are now having a hard time paying your mortgage. Our advice is to call your current mortgage company and ask about what relief programs they have for homeowners affected by the coronavirus. Tell them that they’ve cut your work hours due to the coronavirus and that you’re now having financial hardship. This also applies to small business owners. MAKE SURE YOU GET IT IN WRITING THAT IT WONT AFFECT YOUR CREDIT. It’s very important that you do that. You can also go to FreddieMac.com, FannieMae.com and Hud.gov for more information. Good luck to everyone. Praying that we all can get through this rough time. God bless us all.

People have been calling me about mortgage interest rates the past couple of days because of the news that the Feds cut the bench mark rate to almost zero. No, that’s not the mortgage rate. In fact, mortgage rates have gotten worse compared to two weeks ago. So if you did not lock your rates then, you just missed out on a great opportunity. Rates could still low compared to what you currently have. So don’t miss out completely. Contact me for a free quote.

Coronavirus (COVID-19) Update - Effective Monday, March 16, 2020, all schools within the Chaffey Joint Union High School District, along with other West End San Bernardino County districts, will be closed until April 6, 2020.

INTEREST RATE ALERT!!! Take advantage of the low mortgage rates that we’re experiencing right now. Just this week alone, I’m able to refinance a borrower who just refinanced last December (with a different lender) with an interest rate of 4.99% to 3.875%, Conventional loan. Another one who just purchased their home less than a year ago, from 4% to 3%, FHA loan. And working on a few more lowering their rate by an average of 1%. Don’t let the window close without taking advantage of the low mortgage rates. Contact me for a free consultation.