I've always stated that rates work in cycles, and from my view, the cycle comes every three weeks. Sure enough, three weeks ago rates spike... and the past two days and the past three hours we've seen rates dropping again. NOW would be a good time to take action. I don't want to sound cliche, but it's true. How many more times can rates hit this low band threshold? I think maybe one more time, bouncing off lower resistance of 4.5%. Let's do this.
The Fed gave many banks the option to borrow some money (some were basically forced to take these funds called TARP (Troubled Asset Relief Program). This gave the Government an ownership/equity stake in these banks (Government owning bank = scary). Now, after "stress tests" on several banks to see if they can "survive" (liquidity, operations, assets, leverage, debt) many banks have been given the Green Light to "refund" their TARP money to the Government (and when I say Government, this is your Federal tax money at work). Several of the banks that have passed the stress test and applied to refund TARP include American Express, BB&T Corp, Cap One, US Bancorp, JPMorgan and Goldman-Sacks. Note that American Express wasn't even a bank prior to the offering of TARP money; they created the entity just to get TARP funds. Conversely, other banks ran and hid from TARP. So the repayment begins, meaning stronger banks are emerging. If they have money, you can bet that rate increases will be seen across the board in terms of increased deposit rates and HIGHER MORTGAGE RATES. This is a sign of things to come. If you're hoping for LOWER RATES, you ship is about to sail; Lock in now; I'll tell you how. Pat Townsley: 415-485-1776. www.PTRE.net
Today's Question come from Vince: "Pat -- thinking about some financing on our place -- worth $500,000 as is, no current mortgage -- do you recommend we look at a reverse mortgage or a HELOC?" 
I was just presenting at a two day banking conference at the Hyatt in San Francisco this week and was in the Hall of Vendors looking at the different services that are bankers have at their disposal. 75% of the 48 vendors had the word Solution either in their key service bullet points or it was actually part of their company name, i.e. Banking Solutions Inc. To have a solution implies that there is a problem, a challenge, or an opportunity to do things better (efficiency, economies of scale). In my personal daily vocabulary, I've replaced the word "Problem" with "Opportunity" and the word "No" with "Would you let me look at that a bit longer?" There are always solutions to challenges. Right now, there are opportunities to Invest and/or improve your Cash Position. How can you take action on smart investing or improving your cash flow? I've got the solutions for your challenge, and your challenge is how to take advantage of opportunity. When would Now be a good time? Pat Townsley. 415-485-1776. http://www.ptre.net/
Delegating works: If it can't be delegated, it can't be done. To that end, I thought I'd share this week's market commentary from Bruce Frankel of Yerba Buena Financial Partners. YBFP is a truly independent financial planning and wealth management firm in SF and an endorsed strategic partner of mine. I've worked with Bruce as a referral partner for many years. Please pop in to their site and sign up for their market newsletter. I'll give you the mortgage rate and real estate opportunity news, but a diversified is a balanced portfolio is a happy and safe portfolio. Visit this week's article at http://www.ybfp.com/ and visit me at PTRE (dot net); the lending yin to your investing yang, or the mongoose to your snake, or snake to your mongoose; I'm not good with animals. I'm great with your rate. Pat Townsley & Associates. Independent Mortgage Brokers and Mortgage Bankers. 415-485-1776. http://www.PTRE.net
Ever wonder where, why, what the meaning of Bears and Bulls came from in the markets? Here it is: It's the type of attack each animal does: A bear attacks from the top and tears Downward. A bull comes in head down and rips Upward. That's it. Bearish is a downward market; a Bullish market is one that's heading up. Right now, it's time for a BULLISH (not bullsh*%&*t) play on real estate. Buy low, sell high. Buy when rates are LOW and you've got real scales of economy: Low price and low rates give you the market advantage. I've got the low rates. Let's talk Bull. Pat Townsley, El Matador Mortgage Broker. If you know anyone looking to Purchase a home or investment property, please send them to me at PTRE (dot net); 415-485-1776
I just presented at a two-day banker conference filled with CFOs and CEOs from the Western 12 states. The other presenters and speakers had three consistent overwhelming forecastings: Rates will either go up or go down. We're either coming to the bottom of the recession or heading out of it. Change will happen either soon or sometime in the future. NOT MUCH HELP. My opinion is and has been: Rates cannot go lower without running the offering bank into failure. Tighter regulations are coming (many are here already). Right here, right now; this is the time. The sun is setting on the lowest rates on 30-year fixed conforming and high balance conforming loans. Summer is coming and everyone goes into vacation mode, and before you know it, you've missed the opportunity and you're in a boat with no oars going over the falls saying "oh shoot." Let's do this now. Who do you know who is a candidate for refinancing? Please refer them to me at PTRE (dot net). Pat Townsley, Yosemite Search, Rescue & Financing.
Last weekend I had dinner and the world's best Pinot makers (Kosta Browne Winery) and Ally. Not the bank, but coincidentally named friend. The other Ally, the re-created spin-off from the failed GMAC finance division says they're all about simplicity, great deposit rate of return and no small fly-spec font disclosures. So, they're flooding the market with high rate of return CDs and Money Market accounts, generally pissing off other banks. This argument cuts both ways. The banks that took TARP money generally kept it for themselves. Ally is giving it back to the investors! It looks like a "loss leader" and felonious, but they're actually saying "The government gave us money: Do you want some? Deposit with us and get a higher-than-market ROI." So for now, check them out for High Deposits. If you want the other side of the equation, call me for LOW Mortgage loans: The twin forces of banking aka Savings and Loan; the Libra scales of balance. Stimulate the economy! Come get some. Pat Townsley, Mortgage Banker. Broker #01234350. www.ptre.net
Calling all top feeders, bottom feeders, upsizing, downsizing, first time buyers, investors, empty-nesters, relocaters, starting over, post-financial holocaust, weak, hungry, huddled masses, veterans, newbies, X-ers, Boomers, whales, rollers and anyone with a job (sorry, that last one cuts it down by 11%): Wake Up! Opportunity is calling. Sometimes it leaves a message, other times not. Sometime YOU need to take the action to call opportunity. 
Money doesn't buy homes; People buy homes. Even when I'm 8,842 feet up on the top of Half Dome, I'm taking calls, quarterbacking challenges, insuring the closing of my coveted clients' dreams. 
Things are busy: Good thing, good sign. I've brought on an extra body to handle the work load and I'm looking to provide more people with loan consultations for refinance and purchase opportunities.
Navigating today's mortgage market requires a team of special operatives working behind the scenes. My team at California Mortgage Advisors does just that work. As Skipper, I come up with the plan. Chris "Rico" Perez is our explosives expert, blowing holes in lender conditions and overcoming obstacles. Kowalski and Private are in the back office, dealing with the deluge of changing guidelines, documentation and the all new train wreck clogging up an otherwise imperfect system: Appraisal Management Companies aka "AMCs." 
> There's a sense of optimism in the air; Phone is ringing, clients are coming out from their shelters. 
An estimated 70% of US Homeowners could benefit from refinancing. Are you one of them?
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