Buy California

Lubrication in the world of Lending

2010-06-14T21:07:00.000-07:00

Real Estate Financing: It's been a blood-bath out there, especially for my niche of $1,000,000 to $10,000,000 jumbo loans; there just hasn't been a home for them the past two years, but the world is starting to turn. I'm seeing a few banks going to $4m and $6m, with $1m equity lines. The trick is still in the qualifying, but we're seeing some players return. Still with brutal regulations/underwriting, multiple appraisals, and more regulations and/underwriting, it's still an uphill battle, but those with a strategy, clear vision and clear plan win the war. Let's talk, let's get it lined up and ready to strike. We have a six month window before rates start creeping up. Who do you know who needs a refi on loans greater than $729,500 in Marin, Sonoma or greater Bay Area? That would be a great referral for me. Pat Townsley, Broker. 415-310-0626

"Step right up and win some crap"

2009-08-31T10:53:00.000-07:00

Navin R. Johnson struck it rich, but then lost it all in a lawsuit. He didn't have the additional challenges of the economy to turn his rags to riches to rags to riches story around when his parents were able to save him because their investments did well. Perhaps today, the story might not have ended as well is the parents' nest egg had been wiped clean by a global economic downturn. With people scared to put their few bucks into the bank for any term longer than 12 months for fear of loss and crappy rate of return, the opposite side of the banks, the lending divisions, will continue to stay low, only offering federally backed loans like the FHA purchase loans. Refis under $417,000 will remain decent, but those Jumbos won't loosen up until interest rates rise and banks can take a little more risk by receiving higher returns on those larger loans. Catch 22: You can't refi because rates must rise first, then once they rise, the rates won't justify a refi. When the economy is ready, the teacher will appear. Perhaps the teacher is here and we're gettin' schooled. www.ptre.net

We're All Ears!

2009-08-17T17:55:00.001-07:00

As possibly noted in my brief mid-August update, there's not much "exciting" about the world of finance right now. No "hot rate" to motivate; nothing other than your existing loan becoming adjustable on a fully amortized 25 year loan. If you're looking to buy an owner occupied home, I believe rates are within a quarter of as-good-as-it-gets. This is that sweet spot. My client base has always been that $500,000 to $5M loan size for owner occupied homes. After that: Vacation homes, investment homes, units and commercial (in order of volume of historical closings for me. So, what do you want to talk about? I ramble on here endlessly. What are your thoughts, comments and questions about the real estate world, financing, banking and/or the economy or whatever is on your mind? Let's talk! My staff and I have some free time right now, and we're all ears. Pat Townsley & Associates, 415-485-1776. www.ptre.net

Dead Cat Bounce clarified

2009-08-11T10:14:00.001-07:00

Thank you to the few who emailed me directly (regarding my recent DCB post), either confused by the "term" or origin of Dead Cat Bounce. I didn't create it! It's been around for a long time. In analyzing trends (particularly modeling stock trading), when a stock is falling in price and then regains some positive movement (at a line we may show as the lower band of resistance), this "bounce" of the resistance may only be temporary, and a bigger decline is coming. Someone picked a cat; if a cat was falling and hit the ground, it would bounce, then land and be done (might bounce more than once. So, when tracking a trend and it goes down, then a slight bump up, then another decline to a terminal floor, well, there you go, a Dead Cat Bounce. My parallel to this modeling is TODAY in the US economy, where we've just been beat down the past two years, and "suddenly" things are alleged to be getting better (but underlying this all is many more banks failing, millions of foreclosures about to happen, more write/charge offs for bad debts, more bankruptcies and more magical cash being pumped into the economy). It's just one of those sinking feelings, a slight calm before the next storm. Right now is where the risk takers are profiting from short term investments; a last huh-rah. Watch the money. Fix your monthly costs. www.ptre.net

Cash For Clunkers: America Bamboozled

2009-08-08T16:56:00.000-07:00

Let's see, we'll increase taxes on everyone and then give that money back to the few people who have a credit rating to buy a new car earlier than they need to, creating higher levels of debt to those buyers plus increased insurance premiums, creating false demand for vehicles we don't need to create, thereby polluting more to make more cars, then pollution to dispose (destroy) of the perfectly good old cars, which were running just fine. What? Not enough taxes generated to fund this train wreck for a week? Let's just print more, or borrow it from somewhere else. Never mind the starving people, people out of work, people losing thier home or without health care; Let's get (trade) some new cars on the road. This is the worst shell game I've heard of since the deliberate dismantling of the American rail system in some 80 years ago. We're doomed to repeat history apparently and we'll look back, not too far off, and say "Who the hell thought that piece of crap plan up?" Follow the money. All of this has happened before, and it's all happening again.

Pray That We're Wrong: Dead Cat Bounce

2009-08-08T16:16:00.001-07:00

I've been talking with several c-level colleagues in several financial industries (accountants, controllers, bank CFOs, statisticians) and I was just reading some recent economic forecasts out of China as well. First, I'll assume you heard about the global recession. Next we'll assume you've heard the recent "hype" that we've seen the worst of it and are turning a corner and that last week's "numbers" were good. What if the truth behind it all is that we're just on the first bounce of a bigger declining picture? Not to get all "conspiracy theory" on you, but there are many economic indicators and challenges that are being swept under the rug. The US is resilient, but we're being pumped up with invisible funds and unprecedented half baked federal programs. Follow the money. This is going to hurt. So, Buyer beware. More than ever, I believe it's time to tighten up and buckle down even harder. Proper financing of your properties is just one aspect of your overall financial plan. Let's discuss the options in today's market (while we still have one). Pat Townsley, Mortgage Broker. 415-485-1776, www.ptre.net

Working from Yosemite

2009-08-07T10:12:00.000-07:00

Other than servicing the clients existing clients in progress, I spent a good chunk of the past month in Yosemite, hiking, exploring, bouldering and learning. There are a couple good public wi-fi spots in the valley including The Awahanee (strong wi-fi, but cell service is bad) and my favorite is just about anywhere near the employee housing between Housekeeping campgrounds and Curry Village; Strong signal, outdoors, bears, ravens, oh my. Mortgage rates pretty much did nothing, except for the high-balance conforming loans where lenders artificially and deliberately increased the rates there to slow down originations. Their portfolios are are too heavy with those loans, so they're pushing for the $417,000 and lower loans now, and of course, in Northern California (Bay Area in particular), that really doesn't help the housing market for sales or refi. Remember my post on "Dead Cat Bounce" about a year ago? I think we're in the bounce now. I'll comment on that next. Pat Townsley; 415-485-1776. www.ptre.net

Rates are coming down for the last time, now.

2009-06-12T10:38:00.000-07:00

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.
Pat Townsley, Mortgage Broker. www.PTRE.net

TARP Repayment; An Indicator of Higher Rates Coming

2009-06-10T06:28:00.000-07:00

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

Reverse Mortgage or a HELOC?

2009-06-05T21:21:00.000-07:00

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?"
My Answer: "It all depends on what you are going to do with the money. That's really a financial planning question. A HELOC will give you flexible money if you need it. It comes with a monthly payment based on the money you have drawn. A Reverse has several options. First, you kids both need to be over 62. Then, what do you want the money for? You can take a lump sum, have monthly "income" payments to you like a fixed income, or have a combination. You have no outgoing mortgage payments; the money is taken in the form of equity from your home. You can't ever be thrown out of your home. Another question is how long do you plan to live there and of course, the survivorship issues: How well are each of you set up in case of The Reaper. Reverse Mortgages are loans, so the money isn't viewed as income. HELOC are adjustable and open to interest rate swings and eventually need to be paid back and they impact monthly cash flow. Reverse Mortgages can be source of income and has several term options.
This is a bigger question than just "HELOC or Reverse Mortgage." It's a sit down and map it out question."
Message: There are many options. Don't just pick the flavor of the day. Get a plan. I can help. Pat Townsley, Mortgage Broker. Refinance, Purchase, Home Equity Line Of Credit (HELOC), Reverse, FHA. www.PTRE.net

Solutions from Problems

2009-06-05T07:42:00.000-07:00

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/

An Independent View from Yerba Buena Financial Partners

2009-06-03T22:41:00.001-07:00

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

Bears versus Bulls: Opportunity Now

2009-06-03T22:30:00.001-07:00

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

Don't Let the Sun Set on Opportunity

2009-06-03T22:14:00.000-07:00

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.

Right up your Ally

2009-06-03T22:02:00.001-07:00

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

Planet For Sale: Your Time to Prosper.

2009-05-14T01:02:00.001-07:00

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.

"They" say more money was made during The Great Depression than was lost. If Einstein was right matter and energy can't be destroyed, only altered. If there is one thing that can always be found, it's more money. You just need to take off the blinders and set your own sail. "Can we do it?" It's up to you.

We can help: Team Townsley, silly clip art producers, great real estate financing solutions.

Pat Townsley: Out Standing In My Field

2009-05-14T00:25:00.000-07:00

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.
The market is coming around. Loans to Two and Four Million dollars are back on the radar and it's really time to sack-up and pick-up the phone to see what we can see. I've got the nation's top banks to deliver to you and your referrals.
When would Now be a good time to secure your future? In life and in rates, we have peaks and we valleys, and I'm always there, out standing in my field.
Pat Townsley: Relentless. www.ptre.net

Real Estate: The Best Investment Vehicle

2009-05-14T00:14:00.000-07:00

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.
Investment properties are "cash flowing" and, as cliche as it sounds, there hasn't been a fixed rate loan opportunity like this in decades. Where are front-runner investors putting their money now? Real Estate: Historically the best investment vehicle (when played, planned and executed properly). Get on your horse and ride. Call me at PTRE and let's make history. Pat Townsley, Mortgage Whisperer. 415-485-1776. Close with Confidence.

Cute and Cuddly, boys. Cute and Cuddly.

2009-05-13T00:20:00.000-07:00

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."
The good news is we're landing. The bad news is; we're crash landing.
Either way, we'll get your loan funded on time, every time.
Close with confidence.
California Mortgage Advisors: 415-485-1776

Optimistic or Pessimistic?

2009-05-13T00:01:00.000-07:00

> There's a sense of optimism in the air; Phone is ringing, clients are coming out from their shelters.
> These 30-year fixed rates aren't going to last too long: FACT.
> Lenders are taking FOREVER to underwrite, review and then stick you in the eye with a red hot cheese knife: FACT.
> Values are falling, decreasing your equity: FACT.
> Even with all this, you should consider refinancing now, test the water with me. I've got a life raft to keep us afloat: FACT.

Pat Townsley, Senior Broker & Mortgage Banker. CA DRE #01234350. http://www.ptre.net/
California Mortgage Advisors; Strong & Secure

70% Solution: Are you one of them?

2009-05-12T23:53:00.000-07:00

An estimated 70% of US Homeowners could benefit from refinancing. Are you one of them?
I am ready to take action to make it easy to get you into a fixed-rate mortgage that can mean savings and stability for years to come. Refinancing funds are available. Find out today how much you could save. Apply now.
Sound good, eh. I'll truly make it as easy as possible. It's the banks that that are slowing things down. Some banks are 30 to 45 days to do a deal, others are literally three months. It all depends on how fast you want to go, how much grief the underwriters want to give every single loan, and how well you qualify. Yes, Funds are available and 70% would benefit, but can you qualify. That is the million dollar question in today's market. Let's find out. I've got options. Real rates, realistic expectations.

Pat Townsley & CMA; Mortgage Broker and Mortgage Bankers. 415-485-1776.

A Gift for You: Quote Actions from Pat Townsley

2009-05-07T00:56:00.001-07:00

Greetings friends and visitors. I'd like to offer you a gift that has been, inspirational, to say the least, in my life. It's a moment that gives me pause to reflect when all hell is breaking lose around me or, for some reason, I forget the food is burning, the kids have been left alone for a week, the house is on fire or I left the engine running and it's run out of gas and has also burst into flames: Quote Actions.

QuoteActions does more than some lame-o motivational quote. It takes a great quote and asks you to take a simple yet specific Action to make your day, your life, somebody else's life Better. My Gift to YOU, your gift to you. It's an opt-in and easy opt-out. Give yourself a gift! Click Here: QuoteActions!
Pass it on. Thanks. Pat Townsley. Inspired

Indymac becomes OneWest Bank

2009-04-20T23:31:00.000-07:00

Those few clients who took advantage of the ridiculously low rates on government back "Agency Conforming Jumbo" loans last year when I called up and said "Look, this bank is giving loans away," well, they were. Hence the failure of Indymac, taken over by the FDIC. The FDIC then sells the assets and debt for pennies-on-the-dollar, a sort of banking yard sale to the highest bidder. When the risk of the debt seems to be less than the upside, then a bank like or holding company can structure a deal to buy and run the institution. In this case: Meet OneWest Bank. If Mergers & Acquisitions, crappy customer service and endless delays in results are pissing you off, call me for your mortgage solutions. Sure, the entire industry is a bit "slow to underwrite" and hype-diligent on conditions and brutally tough on customers, but I'm here to oversee, give you honest reassurances and get the job done. No bait-and-switch, just good old fashioned personalized service. Pat Townsley, The Loan Whisperer. 415-485-1776. http://www.ptre.net/

Citi Posts Profits; Will Banking Rebound?

2009-04-20T23:05:00.001-07:00

The New York-based Citigroup reported first-quarter net income of $1.6 billion, after posting a loss of $5.11 billion in the period a year earlier. Revenue was $24.8 billion, up 99 percent. Hello. 99% in a quarter? Anyone? Wells Fargo also boasted record earnings in the first Quarter. How does a bank like Citi post "profits" when they've borrowed 3x from government TARP support? I guess we'll find out. The answer lies in the old statement "follow the money." So how do you get some of this money? This money that came from you; US tax revenue to support the banks in the form of government bailouts and now they're boasting of profits? My answer is to take advantage of the low 30-year fixed interest rates, generally running in the mid 4%s. Bank have to keep these loans on their books for 30 years at painfully silly long term rates. If you have thought about a refi or a purchase, when would Now be a good time? Pat Townsley, Mortgage Master. 415-485-1776. www.ptre.net

When does WaMu become Chase?

2009-04-19T21:29:00.001-07:00

When does WaMu become Chase? Great question: It's happening NOW in phases. Right now, most WaMu branches in California have been re-branded to Chase, however, WaMu accounts in California won't actually transfer to Chase's banking system until October. This means the "mechanical processes" of your banking (loans, checking, deposits) are still being done at Washington Mutual, even if it "appears" to be Chase.
May through July, WaMu branches in Washington, Oregon, Idaho and Utah will be re-branded to Chase and accounts in these states will transfer to Chase's banking system.
This summer: WaMu branches in Connecticut, Florida, Georgia, Illinois, New Jersey, New York and Texas will be re-branded to Chase and accounts in these states will transfer to Chase's banking system, and in Fall 2009 WaMu branches in Arizona, Colorado and Nevada will be re-branded to Chase and accounts in these states will transfer to Chase's banking system.

It should all be pretty "seamless," noting that if you're trying to get a LoanMod or refi with either of these institutions, you're most likely going to have challenges. Confused? I can help; Better! Pat Townsley, sane mortgages for purchases and refinances. 415-485-1776. http://www.ptre.net/

How to take the STRESS out of your Tax Deadline

2009-04-14T19:58:00.000-07:00

So, Uncle Sam comes calling once a year, and maybe this is the year you caught up and are rushing to get the forms in the mail. You're up. You can't sleep. You're stressed. You're screwing up the numbers and eventually you say "screw it" and might start getting sloppy. Errors can come back to haunt you ten-fold. Solution: File and Extension. Easy, Done. I'll tell you from experience: GET A CPA if you don't have one. The few bucks to have a certified and licensed professional doing your returns is WELL WORTH IT. Make sure they're license CPAs (enrolled Agents aren't the same and cannot provide security and support of a CPA). If you're looking for a CPA for your personal to large corporate returns, give Michele Hassid a call at Eckhoff Accountancy: 415-499-9400. As a business owner, I highly recommend her professional services. Get rid of the stress and go with a pro. Thanks. Pat Townsley

Spring Into Your New Home! Tax credit for YOU.

2009-04-14T19:45:00.000-07:00

If you plan to buy your first home here in 2009, there may be a tax credit waiting for you. The government's "American Recovery and Reinvestment Act of 2009" authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a "primary residence" on or after January 1, 2009 and before December 1st, 2009. The tax credit is equal to 10% of the home's purchase price up to a maximum credit of $8,000. Are you eligible? Do you qualify? Feel free to contact me for more information on this tax play today. Who do you know who is looking to buy a home? Please send them to me at PTRE (dot net). Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/

Shout out to my Peeps

2009-04-10T20:13:00.000-07:00

Ok, Ok. Thank you! Honestly. 30+ requests for more "Peeps" humor. Here's the season's last Peep image. Moving forward, this is a blog about me, you, your referrals and real estate financing. You're not alone on Easter Island! This week I'm looking for BUYERS for Single Family Residences in San Rafael. If you know anyone looking to buy in San Rafael, have them contact me to set up their financing (great rates for loans under $625,00) and I'll get you financed and hooked up with a great Realtor, Mark Machado. Together, we're your eyes in real estate. http://www.ptre.net/ and http://www.markmachado.net/. Broker #01234350. Pat Townsley: 415-485-1776.

Easter and The Apocalypse

2009-04-10T02:37:00.000-07:00

It wouldn't be Easter without the Four Peeps of the Apocalypse. Ya know, 2007 and 2008 around this time I was saying "the worst is yet to come." Here in 2009, I'm starting to get a bit more optimistic. I'm not saying hundreds of thousands aren't going to get foreclosed upon, but I think the banks are positioned now to absorb a bit more trauma. We have some ER doctors on call at the banking level. Houses are priced well and many people are now able to qualify, so as we approach the days of resurrection and spring, perhaps we're turning a corner here. Of course, the Titanic also tried to turn...but it was too heavy and too fast to course correct. But let's keep it Positive: Focus on the opportunities. If you look, you will find. When you hear someone looking at real estate, hook them up with me at PTRE (dot net). Pat Townsley, Chief Economist to the Stars. 415-485-1776. http://www.ptre.net/

Loan Modification: Right, Wrong, Indifferent

2009-04-10T02:26:00.000-07:00

Oow, my eye. So, what's the skinny on Loan Mods? There are a couple angles; none of which are easy or pretty...and only a handful are getting through. One way is to go right to your existing lender. The rub here is that if you're not in some form of default and/or hardship, they're not motivated because you pay on time. Solution: Default a couple months on your loan and see if they want to talk then. The Rub: You've hosed your credit, they might not play, they might foreclose on you. Talk about a punch in the head. Your other general option is to use a Loan Mod broker, who will probably in turn take it to an attorney who specializes in putting the fear of litigation to the banks and leveraging extortion to get your rate and/or balance lowered. Direct to the attorney or via broker, most have a $3000 to $4000 "refundable" deposit. The argument here is that if you had $4k, you wouldn't be needing a loan mod this month. Additionally, IF you fit the guidelines, it's another $3000 to $4000 to close the deal. Pick your poison. I'd rather be dragged through glass and rubbed in salt than broker loan mods. I'm all about the refi or purchase loans, but I'm here to talk. Pat Townsley, Banking Knowitall. 415-485-1776. www.ptre.net

Wells Fargo reports Record Earnings

2009-04-10T02:09:00.000-07:00

SAN FRANCISCO, April 9, 2009 — Wells Fargo & Company (NYSE: WFC) said today it expects to report record net income of approximately $3 billion for first quarter 2009, or approximately $0.55 per common share after preferred dividends, including $372 million in dividends paid to U.S. taxpayers on the U.S. Treasury’s Capital Purchase Program investment. The Company will report its financial results on April 22, 2009. As a mortgage broker, I represent Wells Fargo on the wholesale side. As a wholesale broker, we get Wells rates at a discount as a preferred in-house product and discounted rates. They're strong, always have been a consistent player, and with Wells as one of my 75 wholesales institutions, I've got the best rates and program to fit your needs. Call today for a consultation: 415-485-1776. Pat Townsley, Broker. http://www.ptre.net/

Coulda Shoula Woulda

2009-04-03T17:25:00.001-07:00

What's better?: Over promised and under delivered, or under promised and over delivered: The second of course. We call it "going the extra mile" or in my case, simply doing my job. I'm hearing people say that they're incredibly busy right now, busier than ever, but not making any money. We need to turn that paradigm around. I'm as busy as I've ever been, however, with fewer clients. Reason? Banks are so challenging to deal with right now and we're seeing increasing levels of credit fraud; "Dings" on people's credit that they know nothing about. So add credit repair to my list of services and I'm still just as busy, yet less productive, and in turn, I haven't gotten to my two important (or seemingly important) writing assignments. Those awaiting my series on "Interview with a professional" blog and podcast series will have to hang on just a little longer. My other writing project? Well, I should be writing, but I'm here, waiting for your call to help you with your real estate financing. Pat Townsley, 415-485-1776. www.ptre.net. Your referrals are appreciated.

Thinking About Interest and QuoteActions

2009-03-25T08:21:00.000-07:00

I receive a daily "Quote Action" from a great company called Productive Learning (www.productivelearning.com). As I was trying to explain a certain interest rate to a current client and the advantage (in this case) of paying a point to lower the rate and payment, today's Quote Action came in. Beyond your usual "motivation/affirmation" type reminders, QuoteActions not only gives you a decent "quote" but they also take it a step further and recommend that you internalize the message in the quote by taking a specific action to making that quote a part of your day. Today's QuoteAction:

"There are no interest-free shortcuts. If you skip a stage in one way, you pay for it in another." Author, Peter Abrahams

Your action for today is to think about a project where you may be cutting corners, then do a thorough job instead.

--If someone forwarded you this message, and you would like to receive your own free subscription, click here.
--If you wish to have "QuoteActions" sent to your list of contacts, click here.

Remember, on top of getting a refi going, Tax day approaches. Need a referral to a CPA or Bookkeeper? I gott'em: Pat Townsley, www.ptre.net 415-485-1776

Moving Your Finances from Winter to Spring

2009-03-19T22:14:00.000-07:00

Even though the economic seasons and generational seasons don't follow the Earth's four primary seasons during its 365.25 day annual axis cycle (the 0.25 adds up to Leap Year adjustment every four years), we are physically tied to the cycles of the planet; So now we're moving from Winter into Spring. We may associate spring with new life, growth, transitions, time for action, longer days. Business too can walk a fine line between the economic seasons. The US Dollar is in a precarious position and we're balancing on the leading edge. The choices you make now will impact the future financial seasons of abundance or scarcity. Mortgage rates have been going berserk the past few days with banks so backlogged, they're raising rates to slow things down. Add the lack of underwriting staff at banks and the increasing demand for mortgages, and you've got frustration for brokers and borrowers. Moral of the story; Take time to plan properly, set your expectations, be patient, and take time to smell the flowers while your new home loan secures your financial security. Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/

Words of Faith and Devotion

2009-03-19T20:46:00.000-07:00

How do we counterbalance the bombardment of negativity? I always try to put a positive spin on a situation, like when $1900 was ripped from my banking account 3 days before Christmas to find my ATM Card wouldn't work as I was buying my holiday gifts; Perfect timing. I found out that the money was spent at a grocery outlet in Argentina, so, I've got to believe that someone got fed and the food was put to good use. Everyday we've got to surround ourselves with more "Positive" input. For myself, before the rush of daily mortgage lender rate sheets come in by the dozens and the trading floosr open, I read my inspirational "Quote Action" from Productive Learning Inc. Then, I get my visual moment of zen from my daily feed from the Yosemite Blog. If a challenge comes my way, I ask "How can I handle this and enjoy the process?" Each day, I set myself up to win; armed with positive affirmation and faith that I'm going to make the most out of the 86,400 seconds given to me today. I'll put my energy behind your financing and your referrals. Let's do some positive business and enjoy the process. Pat Townsley, Mortgage Broker. 415-485-1776. www.ptre.net

Economic Apocalypse: Cash Infusion = Worthless Dollar

2009-03-17T23:04:00.000-07:00

How can I put this one lightly without pissing off either half my clients? As usual: Let's put Politics aside and CLICK HERE; It's a chart from the Federal Reserve here in Q1 2009 presented by Glenn Beck. Again, take off your political hat, have a sense of humor on the Fox-delivery, but look at this chart (this video has been emailed to me from friends both Left and Right, so something is striking a chord here). The infusion of cash into the system is one of the hot-button issues I've been warning/blogging about for some time. Add government "buying" US banks, increasing unemployment, an unprecedented generational occurrence called "The Boomers" and we've got some real challenges. Armed with only this video, please, take chart data and do your own research. It's coming. How will you be prepared? Do you remember my 2006 and 2008 postings on Fourth Turning and subsets of the Kondratieff Wave research? These forecasting models hit right on time and only a few were prepared. Do take a look at this clip from Glenn Beck. Have fun with the delivery, but do your own due diligence on the math and logic behind the chart and come up with your own conclusions. One last thought: What if OPEC decides to move from the US Dollar to the Euro as the medium of exchange? Thanks to everyone in my social network who sent in this video and other ongoing financial opinions. Left, Right or indifferent, the Chart itself is derived from real data.

Keep The Change!

2009-03-17T22:53:00.000-07:00

Change. It's what we all want, right? It was the slogan for the new president, it's what so many want socially, it's what we want environmentally, it's what the homeless are asking for on the street corner, it's what banks often say that you can keep. So, just be careful what you ask for. In the world of banking, there are two sides of the fundamental scales of service: Savings and Loan. Bank loan money (through, say, a broker like myself). Banks also want you to deposit money (savings, CD, money market, investments). The catch is: The cogs and gears are all jammed up. Banks aren't making enough spread on their money, so they're making a LOT of it up in FEES, or in this case, let's call it CHANGE. To increase income, banks are increase NSF fees, transfer fees, early termination fees, ATM fees, bounce check and stop-payment fees. So, check your statements, fight the system, make sure the Change in your bank is Change going into your account. Don't get killed on Bank Fees! Tip of the day. That's my two cents. Make sense? Everything counts in large amounts. http://www.ptre.net/

New High Balance Conforming Loan Limits

2009-03-17T22:42:00.001-07:00

Conventional Residential Home Loans: That's my bread and butter. One and two unit properties are what I've focused on over the past 15 years. The Fed raised "conforming" loan limits from a max of $417,000 to $725,500 which ended in December of 2008 as part of the stimulus package. This number varied from city, county, region (depending on the median values of the area). So this 725k number was really the max. However, when legislation was passed, they kinda forgot to ask Fannie and Freddie about it...so it took a long time to actually institute these loans. Now, come Q1 of 2009, they dropped the limit to a max of $625,500, and of course, Fannie and Freddie are "backing" these 30 and 15 year fixed loans, and now, new stimulus is moving the limits back up to the 725k mark again...but again, the plan versus the execution is the challenge. Bumps in the road; programs always changing and banks charging more fees. You can't read fast enough to keep up with it all, so, if you're on the fence, may I recommend that you climb down for a minute, give me a call and let's run some numbers. Get it rolling and we'll lock on the dip.
Pat Townsley: 415-485-1776. Broker #0123435. www.ptre.net

Life, Economy and The Power of Positive Thinking

2009-03-17T22:24:00.000-07:00

Ever watched a movie more than once? Maybe more than two or three times? Why? Probably because you enjoyed it and it gives you Certainty that you're going to have repeated good feelings from it. After being tortured with the continual economic news and subsequent self-fulfilling prophecies, I need that "good feeling" to make my day an inspiration to others. So I've just re-read "The Power of Positive Thinking" by Norman Vincent Peale. It's a classic. Many tales of old inspiration that still hold true today. What you focus on is what you attract, and thoughts become things. If I can be an inspiration to my friends, my family, my coworkers, my employees and my clients, it just may rub off. It's better than the alternative. Life's too short to focus on the negative. Shit happens; How you deal with it is up to you. Why do we fall? To get up again! I'm the guy who keeps getting up again. Every day, you are given 86,400 seconds. How will you use yours today? With a smile, I hope. Keep fighting. I'm an advocate in your corner. Need a sympathetic ear? Let's work it out. Pat Townsley, California Mortgage Advisors. Licensed broker in all 50 states (but let's do some business here in our back yard! Your referrals are appreciated.

Jessica Simpson, Chelsie Hightower, Kelly Clarkson and the The Fate of the World

2009-03-09T21:11:00.000-07:00

One of these things is not like the other. Bury your head in the sand, information over-load, detachment from what we perceive to be "reality." The first three in the heading here are the this week's most popular web searches by visitors to Yahoo. So, maybe Yahoo attracts a more "pop culture" user. At the bottom of the list: Foreclosures. Not Job Search, not Unemployment, Not Government Stimulus, not the Economy. Interesting. It's easy to get distracted, to procrastinate, to hope it's all going to get better. Sure, maybe there is nothing you can do to save the world by yourself, but you can at least work on saving yourself. If it's escaping to La La Land to find out pop culture, well, there goes the country. If it's to focus and save yourselves, your home, to get ahead and take advantage and take action in turbulent times: When would NOW be a good time to start talking with some advisors. Or, tune out, buy a Snuggie or a Flowbie and veg-out to someone esle's life on the network. If you don't plan, you'll be part of somebody else's plan. Let's talk about where we go from here with your financial future and security. Pat Townsley, California Mortgage Advisors. 415-485-1776. www.ptre.net

Riding Out The Storm

2009-03-07T12:42:00.000-08:00

Was it REO Speedwagon who sang about "riding out the storm?" That would make each on of us Riders on the Storm. Even though Morrison didn't make it, we can. Back in early 2008, got some negative comments where I said "In 2009, we're going to be in a Depression, begging and looking up for a Recession." There are those who said we'd never get into a Recession. So, I won't bang my drum about being some special forecaster; Lord knows I've blown a half million bucks the past year and "crapped out" on the financial craps table of life. So, what can YOU do now? PREPARE. Brace. Fortify. With unemployment at its worst since 1947 and the markets down and values falling and markets grinding to a global stop, we haven't seen the end of this. We may be at the quarter-way mark. It's all cycles and trends; it just sucks to be in the valley right now. For those who can: LOCK-IN your 30-Year fixed rates NOW. Get them going. For the Jumbo players, Get into at least a 5-year interest only loan (that's the only rate that makes sense on Jumbos right now). DON'T leave yourself in an adjustable situation. The rubber band will snap on rates and it will be too little too late. Gett'er done now: Pat Townsley; Mortgage Broker. http://www.ptre.net/. The next set is coming in, so line-up, outside break, get ready to ride the next wave.

Interview with a Professional coming to PTRE

2009-03-05T23:09:00.000-08:00

I'm going to start a weekly "Interview With A Professional" series that I'll be posting to my WordPress site. I'll be including two of my top credit people including the Identity Theft agent from a previous blog, a credit repair specialist, and a contact from a reporting bureau. I'll also be talking with Realtors, CFPs, Attorneys, Loan Modification brokers, Headhunters, CPAs, solid business associates of mine that I know are a wealth of knowledge. My goal is to keep you informed and give you additional referral/reference sources to protect your your assets and life, help you get motivated and networked. Food for thought. Be looking for Interview With A Professional" coming soon to http://www.ptre.net/. In the meantime, contact me with any questions. Pat Townsley, Advisor to the star. 415-485-1776. http://www.ptre.net/

Credit Fraud: A hot button topic

2009-03-05T22:51:00.000-08:00

Wow: Lots of responses to my posting on credit fraud last week. As a Mortgage Broker, I've seen thousands of credit reports and have had a high level of success helping clients improve their scores, finding errors and ways to fix them. It is getting more difficult. Right now, I see three primary ways people are opening themselves up to getting hosed:
ONE: Not Shredding documents (bank statements, checks, etc). TWO: Using un-secure sites for online purchases.
THREE: Not using best practices for mailing out checks or sensible credit card run receipts.
Crime is on the rise. Use your brain. If mailing a check, put it into a secure blue post box or in mail center; Don't leave it with "flag up" in your front yard. In the meantime, contact me with any questions. Pat Townsley, Advisor to the star. 415-485-1776. www.ptre.net

1 in 5 Homeowners Underwater: What to do

2009-03-05T22:37:00.001-08:00

The map here shows the Lay-off Hot Spots nationwide. Red being high, white, not so bad. So, who wants to be a 'red state' in this map? Stats are indicating that 1 in 5 homeowners owe MORE for their homes than they home has Value. We call this being Upside Down or "underwater." Not a comfortable place to be. Add that to the unemployment and there are several word starting with the letter F that come to mind. A bank that begins with the letter W predicts that by the end of Q4 2009, 34% of all of their current loans in their bank will be in foreclosure. That's probably a bit high to pad shareholder's positions when the number comes in at a similar 1 in 5, but that's still 20% of the country upside down and/or and additional 20% in foreclosure. Long story short: Stick it out as long as you can. See counseling on many levels, and get multiple opinions from objective professionals. And lastly, try to find something positive in the mix. Focus on what's good in your life. Keep your faith high; This is the beginning of when we're going to need it most. Need counseling. I'm here to lend and ear. Pat Townsley, Mortgage Veteran of a Thousand Psychic Wars. 415-485-1776. www.PTRE.net

Capital One buys Chevy Chase

2009-03-05T22:20:00.000-08:00

Over the past decade, one of my favorite mortgage lenders was Chevy Chase Bank. I always envisioned Chevy Chase with a loan file tripping into chairs and papers flying, or Ty Webb with Danny on the golf course at Bushwood. But Chevy Chase Bank was a serious player; They basically had their own money, had some nicely priced ARM products, a great local rep (Amy, I hope you're doing well), and decent, sensible underwriting. But like so many, Capital One recently acquired Chevy Chase. Another lender in the Implode-o-meter. Perhaps Capital One wants some access to Government "TARP" funds so adding additional banking to their portfolio will help get some. Washington Business Journal stated "Capital One Financial (NYSE: COF), one of the nation’s largest credit card issuers, only recently entered the retail banking industry with bank acquisitions in New York, New Jersey, Texas and Louisiana. It posted a $1.42 billion fourth quarter loss after boosting reserves to cover bad loans. It's a mad mad mad mad world. With High Risk can come High Returns if the notes are good. Need good advice on where to take you real estate financing: Come to daddy: Pat Townsley, Mortgage Broker. 415-485-1776. King of research. www.PTRE.net

Stolen Goods and Identity Theft: You're next!

2009-02-26T00:01:00.000-08:00

This morning, my wife found that her car was broken into last night and her iPod docking station was stolen and the glove boxes opened (it was a fast, smart, tech-gear oriented lift). SAPD noted several cars had been hit the same night. Now, sure, we live is "safe" San Anselmo, so the point here is to "Lock your car doors" and start locking your house. But it doesn't stop here: As the economy declines, more jobs lost and depression is in air, Desperate times call for Desperate Measures: In short, we see CRIME INCREASE. The point-in-case theft (above) in our community is NOTHING compared to the ever-expanding world of International IDENTITY THEFT. You really have NO IDEA how much of your information is at large. This evening I attended a San Anselmo Chamber of Commerce presentation featuring State Farm agent Kris Kelson plus Identity Theft expert John Taylor. I HIGHLY recommend that you reach out to John Taylor (click here to email him) and get informed. The threat is real, the solutions are available. Protect your ass...ets. You can also call John Taylor at Taylor and Associates at 415-454-3977 for a consultation. In the meantime, rest assured that California Mortgage Advisors has always had measures set in place to safeguard your personal information. Your loan and data is safe with me: Pat Townsley, Mortgage Broker. 415-485-1776. www.ptre.net

The Carrot or the Stick?

2009-02-21T12:16:00.000-08:00

The Carrot or the Stick... sometimes known as The Carrot AND the Stick; Basics of human psychology and life: Pleasure or Pain. Sometimes the pain of FEAR (False Evidence that Appears Real) paralyzes people. This paralyzing (complacency) seems safe, therefore, no pain. Conversely, they also know if they don't take action, they'll face Pain of loss of not trying, not doing their best, not taking the chance or taking charge of their own actions towards exceptional opportunities. Who's going to come out of this Recession ahead? Those who sit in Fear, or those who step up here in 2009, make the bold moves, make the investments in markets, new businesses, in education; those who work harder and go the extra mile will receive the carrots. So, while you sit on the sidelines, straddle the fence, know that I'm working harder than ever to make 2009 the best year ever, securing my future, my family's future, and for the future of my clients and friends as Your Mortgage broker. Pat Townsley, moving up. www.ptre.net. Let me help make your 2009 the Best Year Ever.

Giving it away: Sleepy Hollow Home for Sale on Butterfield!

2009-02-16T10:53:00.001-08:00

981 Butterfield Road, San Anslemo CA, MLS Listing # 20903596 with Listing Agent John Vantress with Bradley RE in San Anselmo. I know this house Intimately, and it's on the market for a song; Probably the best value in all of Marin County. I hate to see it on the market and hate that I'm personally not able to swoop in and pick it up right now. If you know anyone looking for the best school district, great house, pool and privacy; Here it is. Need to finance it? Contact me. Do you want to preview it? HURRY UP and take action! This beauty is priced to move! If you need a referral to represent you as a Buyer, please contact me as well. http://www.ptre.net/

Lessons from Legos; Keep moving forward

2009-02-16T10:32:00.000-08:00

I've had some down-time with the family the past week, intertwined with emails and Facebook postings from friends and business clients where, perhaps it's "post-election blues" where there was all this expectation of immediate change and hope...and now that the hype is over, everyone is just; BLAH. A Blah added to winter, rain and econmic blues. So, Richard (my 7-year old) is building a house from Legos last night. He turns proudly and says "Mommy, Daddy, check out my...." and as he turns, the whole Lego house wall falls off and the foundation drops and the whole thing ends up on the floor in a pile. The result was frustration, tears, "I don't want to build another one," "this always happens." So, in my infinite wisdom, I sit down and simply re-start something else supercool. He slowly re-engaged in the building of the new project, and I calmly explained the old "pick yourself up by your bootstraps" and just keep going. Because, in the end, what else it there? Life is simply learning and relearning. So, pick up the pieces, get a plan, get busy, and Keep Moving! Motion creates Emotion. Wanna talk about it? Let's talk: Pat Townsley, mortgage and Lego therapist: www.ptre.net

Inflation Cometh, Oh Yes, Brace for impact

2009-02-12T20:41:00.000-08:00

It's gonna hurt later than sooner: Ladies and gentlemen, please put your tray tables up and return your seatback cushions into thier upright and locked positions; We're NOT in for a soft-water landing. This goes back to the old statement "be careful what you ask for." Look, the massive infusion of funds into the US economy is only a bandaid. It is NOT the cure to the cause. Remember your Greek mythology: Cut the head off the Hydra, and two grow back in its place. Such is true in the short term stimulus package here. In two years, maybe up to five (but I'm taking the "under" in this bet)...we're screwed. Interest rates WILL BE back in the double digits; 12 to 16% rates on loans will not be a surprise. Remember when the Dow would change 400 points in a day and it would be in 6000 point font on the newspaper? Today we have 800 point swings in a day and it lands in the classifieds on page D-7. Unemployment; Half Million jobs lost; sweep that under page C-3 under the local murder story. Folks. Conspiracy theories abound, but it is COMING. Learn from your history. For over 24 months I've been blogging on the forecasts; and they've been dead on with the exception of ONE rate cut miscalculation. Infusion of cash will fix a few roads, repair some buildings, buy some government office furniture...but the so-called "pork" of what is coming is a slaughterhouse. This won't be a soft water landing in the waterways of NYC, this will be Flight 800. Lock in your rates now. http://www.ptre.net/ Pat Townsley, Agent to the stars. 415-485-1776.

California Financing Takes Another Hit; "ING BANK"

2009-02-12T14:07:00.000-08:00

Yikes, as predicted, the ripples will continue in the world of Real Estate Financing. Today, ING Bank announce effective immediately that they will no longer consider 2nd homes, interest only loans or any incentives for "really good" loan to values. What does this mean to you? Simply adding fuel to the trend analysis that real estate financing is getting MUCH HARDER so you must ACT NOW if you want to refi or buy. So far, we've lost the big boys: WaMu, Chase, jumbo loans at Wells, and now ING showing signs of fears and doubt. The government package ISN'T going to save you and pump money into consumer's hands. Just because we have a new president doesn't mean the wheel of fortune will be lubricated and money is easy. Quite the opposite. Change takes time, and the perception of fear is a killer! So, Buckle-Up and Honker-down...but look at the facts, get the real data, make your own informed decision. Don't dream up shit that hasn't happened, but prepare yourself for it instead "I have been through some terrible things in my life, some of which actually happened." Writer, Mark Twain. Let's talk. Pat Townsley, Broker. www.ptre.net 415-485-1776. Real rates, real service, real person for today's real estate.

Bailout Fundamental Math; S & L 101.

2009-02-04T10:30:00.000-08:00

Savings and Loan 101: Banks attract customer deposits by offering a guaranteed rate of return on investment (usually a guaranteed rate and secure investment). So, the bank takes your money and says we'll give you....5% return on the money you're depositing for the next "X" months/years. The rate (percent) needs to be attractive for someone to put their money in the bank. That's the "savings" portion. Next is the "loan" portion, where a bank loans out the money you've invested to someone who agrees to pay the bank back, say, at 7% interest. So, the bank is basically "brokering" and earning the difference of the money invested at 5% and the money loaned at 7%, in this case, they're making 2% gross profit. Now, if there is no "carrot" for people to invest money, for example, an offering of a 2.5% return on a 6-month CD, then borrowers say; Screw it, I'm' better off with my money stuffed in my pillow; It feels safer there plus the rate of return isn't appealing at the bank. Next, the banks are loaning out money at something silly like 4.5%... so now the banks have no profit margin, plus loans are defaulting, and the whole thing turns to shit. The fundamentals of banking are being manipulated in a way that is us-sustainable as a business model and consumers have no confidence. It's deeper than this, but if you can get a loan in the 4%'s right now on 30-fixed, I'd recommend that you sack-up and do it. Do it now. It's the ONLY thing in your advantage in banking right now. www.ptre.net Pat Townsley Real Estate Network. 415-485-1776

Groundhog Day and Real Estate Financing

2009-02-01T22:03:00.000-08:00

If Punxsutawney Phil says 6 more weeks of winter, are you going to continue to F-off and not pull the trigger on the best 30-year fixed rates we've seen in three generations? If he comes out and Spring is upon us, we're equally screwed, because we'll have NO WATER coming our way...which will be a slower death through higher water costs, conservation, and a diversion of the American mindset away from the fundamentals of fiscal reform to either We Need Water or Mars Needs Women. It reminds me of some futuristic movie with Bruce Dern where it's Mad-max-esqe and we have no water. Perhaps is the vicodin I've been on this past week post surgery. Either way, Groundhog Day 2009 also marks the 44th passing of my father's death via deceleration trauma at Hamilton Air Force Base in 1965 where his "widow maker" F-104 made didn't quite give him the time to announce the third "Eject." Too little too late. Don't wait for your wings to sheer off your jet and go from 600 mph to Zero before you protect your family estate with today's mortgage opportunities. Let's get down to business, with our without the shadow of Phil. Pat Townsley. Live online at www.PTRE.net

Getting a loan is like a Holmes' TD

2009-02-01T21:51:00.000-08:00

Turn the Superbowl off for an hour mid-game and the Cardinals make a sweeping come back...only to be dashed by an amazing three man coverage TD catch by Holmes in the deep back pocket of the Steelers' end zone. Funding a loan today can be much like that. People are crossing their fingers hoping that their loan will get approved. You've got lots of defenders against the American consumer right now. You've got man-to-man coverage, zone-D and some sucker-punches off camera to mess ya up along the way. How do you get financing in today's world? Get in the game! You can't win if you don't play. Suit up, get something going, and as we say in BNI: I Refuse To Participate in the Recession. Call me to coach you though the defense with a good playbook and network. I'm that guy. Pat Townsley; Coach, mentor, Monday morning QB, advisor and in charge of the Sheep Dip. Cheers. New online: www.PTRE.net The Pat Townsley Real Estate Network. A network of the best of the best for your team. No overtime, no penalties: You win. Game Over.

Murphy's Law strikes PTRE 2.0 launch

2009-01-31T11:28:00.000-08:00

Murphy's Law: "Whatever can possibly go wrong, will go wrong." This basic axiom of life and business holds true for my new website. Perfect. We've been in beta for four months; no problem. I've hosted my site at the same platform for 8 years. No problem. I launch and announce the release of PTRE.net 2.0 yesterday afternoon and the server has so many hits the entire network crashes, bring down hundreds of websites and associated POP and SMTPs. I blame Bob. He said he invented the Internet, and the question mark. So, hang tight, we'll be back after something else unimaginable happens. Some day I'll look back on this and laugh.

PTRE 2009 Goes Live Today

2009-01-30T03:23:00.000-08:00

After ten years of my own hacking and crappy coding of my own website design and maintenance, the all new PTRE.net 2009 launches today. Built by Abigail Gorton Websites, my new site is cleaner, friendlier, and more about you and me. As a visitor, you'll have the typical ramblings that any website will tell you about their services, but at http://www.ptre.net/, I hope you feel at home, relaxed in my favorite place, Yosemite Valley. I'm taking the hype and hard sell out of my site, making it a peaceful, green site to do business with a professional broker who won't pressure you, set false expectations or give you the old "bait and switch." You'll get me, real guy, real service. Please take a moment to let me know what you think of the site, the feel and the functionality. Refer my site on to anyone considering a Purchase or Refinance, and when you're ready for a website make-over, please consider my referral partner, Abigail Gorton, "Building beautiful websites to showcase your business."

Any Press Is Good Press...

2009-01-30T03:04:00.000-08:00

IBD: Investor's Business Daily reporter Kathleen Doler has again graced me with an interview on my thoughts on the market. Although slightly misquoted on my "Jumbo Rates," the article does cover the challenges and opportunities today and ahead. Today's online and print article entitled and linked at Lending Is Changing; Getting A Mortgage May Take Bank Visit doesn't really help the independent mortgage broker's plight, but, hey, at least I'm honest. Now, Back to the rates: Jumbos are in the mid 5%'s right now on 5 year fixed rates or the "ARMs" where the Jumbo 30-Year fixed is closer to 7 and 8 percent. So, Jumbos are still getting done, but you'll be more "liquid" on a monthly basis in the 5's on an Option ARM type loan where the payment is manageable on loans from $600,000 to $10,000,000. Every borrower is different, and it's is getting sticky; but give it time. This too shall pass and planning now is a smart move. Go with the honest broker: Pat Townsley. 415-485-1776. http://www.ptre.net/
Thanks Kathleen for your continued support and writing where others don't often tread.

test; Monday night

2009-01-26T22:56:00.001-08:00

Test only

Layoff A Go-Go: Refuse to participate in the recession!

2009-01-26T14:53:00.000-08:00

Sprint/Nextel just announced 8000 layoffs, Autodesk lays off 10%, Home Depot closing stores; There's nowhere to run, nowhere to hide; It's getting tougher and tougher. From Telecom to Dot-com to the kitchen sink, retailers, e-tailers, corporations to Ma & Pa shops are tightening or closing. There isn't a piece of good news out there. So, what's the solution? STOP LISTENING TO THE NEWS! We're all products of our peer groups, what we immerse ourselves in and then acting out our own self-fulfilling prophecies. So you sew, so you reap. May I recommend getting into a forward thinking Master Mind group; A group that focuses on solutions, ideas, support and accountability. I'm guilty of saying what loans I cannot do, how programs are being pulled away and that banking is becoming completely socialistic; Wrong approach. I'm focused on what I can do, what I can provide for you and your referrals, finding opportunity where others see only doom and failure. If you have interest in the Mastermind Group of Marin, please contact me. Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/. PTRE 2.0 Launching soon! 3 days to release.

Prelaunch Test Blog

2009-01-25T17:55:00.000-08:00

PTRE.net 2.0 launching soon.

Test Posting for RSS feed to Facebook

2009-01-25T16:34:00.000-08:00

Good Lord; Attempting to set up my own RSS feeds is like being dragged through glass! Any great ideas? I'm working with NetBizExpert.com founder Ted Prodromou and his MeetUp seminar, but it's seeming more like I should leave the set up of RSS feed linking to the pros (like Ted) and i'll just ramble on and hope the feeds actually work. Linking in LinkedIn, Facebook, Blogger, PTRE.net, Twitter and Delicious is going to cause me to drink. more. I'll stick to my core; Providing financing solutions in a turbulent market. Let's talk, or link me into your RSS feeds on your social media sites. Thanks for your support and referrals! Announcing that PTRE.net 2.0 is Launching this week.

Lowering Your Standards

2009-01-21T08:57:00.000-08:00

Many people are lowering their expectations based on today's economy, coming up with the obvious excuse that everything in the world is in a decline, and "we're not alone in this" so they rationalize that there is no way to achieve their 2009 goals. That's a decision. I offer a better solution: How about if you get clear and focused on what you must achieve to Increase your standards, life, health and income. Buck the trend and focus on where YOU want to be by the end of 2009, not "readjust to lower your expectations." Taking action and being held accountable to your objectives is critical. Don't talk yourself out of it through rationalization. Have a compelling "Why" (a really strong motivator) and make it a "Must." One of you needs might be a financial check up on your home mortgage or finding out how you can get into real estate while prices and rates are low (a winning combination for maximizing cash flow). Call or email me. I'll hold you accountable, and visa versa; A win-win. Take action. Call Pat Townsley, Mortgage Advisor. 415-485-1776. http://www.ptre.net/

Bumpy But Powerful Start for Obama

2009-01-20T09:41:00.000-08:00

I've got a 1/2 ton 5.3L Chevy Avalanche. It's a powerhouse of a vehicle; it holds a lot as well as having the potential to go fast and power through any situation. However, the front left wheel has a shimmy to it. I can feel it most right in the beginning of my ride, and sometimes when I'm zipping along and the road gets rough. It could be the trans axle, loose bearings, out of alignment and require wheel balancing. It's probably bits of all these creating a sometimes bumpy ride, but I don't throw it out and laugh at it. Today, president elect Obama became President Obama with a few bumps starting with the oath as "the oaf" and a hang up within the brief reciting of the oath (I would have asked for a mulligan). Unfortunate as that moment was (and how many times will the media rehash that moment until we're sick of it) we still a very powerful engine with potential to go fast and power through any situation. Left, Right, Right, Wrong, Up, Down, the resulting message is clear: Lead, follow and get out of the way~! Let's get busy America. So say we all. http://www.ptre.net/

Money Is Cheap (if you can get to it!)

2009-01-19T15:18:00.000-08:00

A friend just contacted me, said that he heard "money is cheap, gimme a call." Media hype and misleading advertising has the general population thinking that any loan should be at 4.5%. Then there are those who believe it will go lower. I talk to people daily who say they're simply holding out for 30-year fixed rates under 4%. The fact is, some money is cheap, however, the goal of a cheap payment or the mindset of under 4% might cloud the challenges to get that cheap money. As I replied; Getting cheap money may be like climbing a barb wire fence to go swimming in salt water (or maybe even lemon juice). While money is cheap, the cost to acquire that cheap money is not cheap, and that's what the majority of lenders fail to tell borrowers. Even with disclosure, the closing costs are higher than years gone by. So, get the facts before you storm the castle. Call me for real deal. Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/

Just When You Thought Things Would Get Better...

2009-01-14T10:50:00.000-08:00

Look-out below! No time to rest on deck and take in the sun. If you have a Jumbo Loan that's set to adjust, Now would be a good time to get things going. As anticipated, banks are tightening up more as their values deteriorate on Wall Street. Getter' done now. For those of you with Conforming Loans, you're looking at the LOW 4% range for 30-year fixed rate loans. Don't get greedy; make the call now and let's get down to business. Pat Townsley, loan shark licensed by the state of California, Broker #01234350.

US Mortgage Crisis 2.0

2009-01-13T18:37:00.000-08:00

Remember my posting and definition of "Dead Cat Bounce?" That bounce was the past few months, and now we're most likely beginning the next slide down the razorblade of life as US Banks go into crisis mode, lock-down and even failure. This will continue to erode US consumer confidence to an all-time new low and people will simply NOT make deposits into banks due to fear. If the banks don't get deposits, they can't loan. Any "US Bailout" money will continue to get hoarded by the banks and not passed on to the intended consumer. "The best laid plans..." "Time heals all..." "I could..." "...but I'd have to..." "How bad could it..." "You're not alone..." "We're all in this..." ...and other statements aren't going to help. Who's next to close either Jumbos or all financing? Likely players: Countrywide, ING, Union Bank, US Bank. Here's a familiar saying: Take Action! May I recommend not asking "How bad can it get." Ask and you receive. Ask better questions. Ask me for a new loan while you can lock it in, as the forecast calls for rain. Pat Townsley, mortgage forecaster. 415-485-1776. www.ptre.net

Chase this: Chase Closes Wholesale Lending

2009-01-13T17:51:00.000-08:00

I'll put this in the list of the Top 10 crappy things going on in the world of real estate financing. A lot of people were just put out of work and a lot more people won't be getting loans at Chase announces that they're closing the doors to wholesale lending. That's TWO MAJOR BANKS with bad news for homeowners in the first two weeks of the new year. First Wells terminates all Jumbo loans, now JPMorgan Chase just going bye-bye. This is only the beginning. Could the debt of the Bear Stearns acquisition be a factor, or is it all a conspiracy theory, or just the next of 1000 papercuts on global financing? Brace yourselves by Locking In and Refinancing NOW before it's impossible. This lock-down could last years, and you might not. Let's talk. Pat Townsley, navigating the incoming shitstorm of 2009. http://www.ptre.net/

Winning the Lottery Takes Balls

2009-01-13T07:52:00.000-08:00

I love studying probability and statistics. In the California Super Lotto, the "odds" are 1 to 3.12. Doesn't sound bad. These however are the "overall statistics" where it accounts for the number of $1 and $2 win tickets. The probability of correctly matching 5 randomly selected numbers plus an additional 6th mega ball are near impossible; 18,009,460 possible number combinations between the 6 balls. Remember: You can't lose if you don't play. Play responsibly. Your schools don't win either (they have their own probability model for distribution). Keep dreaming. Keep hoping the infinite probability drive will take you to the Restaurant at the end of the Universe. You can also dream that home mortgages will come down to 4% on super jumbos. For those who want better odds, jockey your loan for position now. The race is on and all the balls are in the air. Place your bets (lock in your loans) now before the window closes. Pat Townsley, mortgage broker. 415-485-1776

PTRE 2.0 and the Death of Jumbo Loans

2009-01-13T01:03:00.001-08:00

Bringing a website up to date with static yet relevant content is time consuming. PTRE.net 2.0 will launch soon, not a second too late for the mad rush for refinancing the great conforming and high-balance conforming loans that are in the 4.0% range. My team is busy underwriting and funding daily. For those of you who had faith and rolled with my recommendations; congratulations. I heard that there is going to be a FREEZE on ALL JUMBO LOANS...as in: Nobody will be offering them. Two big players already made that announcement, so if you have been considering refinancing your loan which may be over $625,000... you'd better do it now before the shock wave runs through all the banks, conduits and resellers. Remember when I said "Quick, refinance before they pull Stated Income loans" or when I said "We'll be looking up from the pit of a Depression praying for a Recession"? OK then. I think you'd better cowboy-up if you're a Jumbo and adjusting or you're gonna get burned. Let's talk. Pat Townsley, mortgage broker. 415-485-1776. www.ptre.net

Find a Happy Place, Find a Happy Place...

2009-01-05T22:43:00.001-08:00

Some things, money can't buy. In a busy world where we start to lose the good feelings of the holidays, money gets tight, stress gets high, there's always a moment for an escape. Sometimes a picture is worth a thousand words. When motivational quote-actions don't quite do it, demotivational posters (while hilarious) actually embrace your despair, sometimes a picture is what you need to help clear, zone-out, then prioritize and refocus your energy. Over the past year, I've found www.yosemiteblog.com to be a great daily resource, sending a moment of nirvana just at the right time every day. If you can't Hike Half Dome today, you can take a quick mental vacation. Then, rested, come back and let's do some business. Pat Townsley, using loan proceeds to fund annual trips to Yosemite and supporting YOSAR.
Picture from Yosemiteblog.com (photographer credit to be posted shortly)

New Appraisal Rules from Lenders in 2009

2009-01-02T18:18:00.000-08:00

More flies in the ointment, clogs in the drain, crap in the gears for the real estate banking industry as lenders are cutting out third-party appraisers and using their own "in house" appraisers for property valuation. What this means is another disadvantage for the borrower. In house appraisers will take longer to get an appraisal done, will be "motivated" or "demotivated" and possibly "result guided" by there parent institute based on volume and desire to actually fund a loan. A property owner may apply for a loan and the bank may be too backed up with appraisals or over-charge and then possibly "influence" the value. Even if that's not the case, the real rub is lack of Flexibility. You're going to be forced to take whatever you get from the bank and the appraiser might no know your neighborhood or special regional attributes or specific "comps" that add true value. Also, if a client starts with "Bank A" and then decides to go with "Bank B," you'll probably have to get an additional appraisal from each bank; More cost, less opportunity to "shop" your loan to the best lender. Get it right the first time; http://www.ptre.net/

4% Rates: Rock Solid!

2009-01-02T15:07:00.001-08:00

The Federal Reserve released implementation details on its previously announced program (dated November 25, 2008) to purchase mortgage-backed securities. This is a new step that the government has taken to demonstrate its resolution to keep mortgage rates low, help the housing market & distressed home owners. Only fixed-rate MBS securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae are eligible for purchase. Other products such as hybrid ARMs, jumbo loans, and structured bonds (CMOs, REMICs, Trust IO/POs, and other derivatives) are excluded. Purchases are expected to begin in early January 2009, and up to $500 billion will be bought, which is in addition to the Treasury’s agency MBS purchase program, which has been running at $20-25bn in recent months. The potential size of the Fed’s purchase program ($500bn) can take down most of the 2009 agency MBS net supply. Therefore, the program may drive conforming mortgage rates even lower, possibly solidly into the 4% range (compared with 5.25% which is about where they are now). Come get some! Pat Townsley, Senior Mortgage Broker, California Mortgage Advisors. http://www.ptre.net/ 415-485-1776

Financing in 2009

2008-12-31T17:00:00.000-08:00

Wow. I don't recall wanting a year to end as much as this one, well, maybe other than 2007. Looking at financing and credit markets in the first two quarters of 2009, I don't see anything "technical" that is going to be a bright spot, however, the touchy-feely vibe of a new administration may be the confidence booster that starts people from hoarding and recoiling. The plan to infuse cash into American's pockets, as predicted in previous postings, went straight into the mattress or into vital staples to sustain life; No extra cash for play things or speculation and driving consumer confidence to its lowest rating. 2009 just might bring some optimism to slightly counter-balance the tight markets. There are some great loan programs for loans in two tiers: $417,000 and under and 625,00 and under. The New Year will bring a New Look to www.PTRE.net, launching January 5th, 2009. Pat Townsley. 415-485-1776

Your 2009 Goal Setting Workshop

2008-12-27T18:06:00.000-08:00

Make Goal Setting an ongoing process. Don't fall into the "New Year's Syndrome" and think out a couple of goals and then not look back at them until December 31st of the next year and say "oops, oh shoot." Any plan is better than no plan. A few quick reminders on Goal Setting:

Focus: Get into a space where you aren't interrupted.
Write them down: Writing gives you a road map to work on
Clarity: The more specific, the more achievable.
Present tense: Write them now, and "as if" they were achievable Now
Time based: Give them a reasonable timeline, but set a "do by" date
Personal: Write them in first person, as in "I will..." or "I am..."

Have personal, family, work, material wants and financial goals. Let your Goal Workshop flow. Put on some inspiring music, think of what you want, and put it on paper. You can edit and clean it up later. With your new goals defined, review them in every morning and every night before you go to bed. The conscious and superconsious minds work 24/7. Share some of your goals with friends who will hold you accountable to their achievement. Nothing like Pressure to keep you on track. You might not be honest with yourself, but you'll keep a commitment to a friend. As they say: No Pressure, No Diamonds. On the other hand, Biggie once said "Mo Money, Mo Problems." I'll help you with both. Pat Townsley. http://www.ptre.net/ 415-485-1776 pt@ptre.net

Mind over Money

2008-12-27T17:57:00.000-08:00

Perhaps it's all a state of mind, and the mind is in the gutter right now. With each approaching New Year, we tend to find Optimism around January 1st. Hopefully it will be on a global level. These past few months, I'm guilt of watching the news, getting "brought down" and asking the wrong question; and you know what happens when you ask the wrong questions! I recommend avoiding the question "What else can go wrong?" at all cost. Even as a humorous thought to self, don't do it. It tends to get answered. Going into 2009, it's simply time to Ask the Right Questions; Ask empowering questions. As I continue looking for solutions and opportunities for my clients, I hope you look to me for your real estate financing solutions and referrals.
Thoughts become things; Choose the good ones! www.ptre.net Pat Townsley, Broker. 415-485-1776. pt@ptre.net

Take a Stand!

2008-11-03T19:13:00.000-08:00

November 4th, 2008 will be one of them most historic voting days in American history, and you have the right, the honor and the duty to cast your vote for any one of the fine Americans running today. Some will vote for Nader just because they can't stand the others. Some will play party lines regardless of the candidate's position. Other just because they're so pissed off at the state of the union. On this election day, vote FOR something, not Against something. Take your stand and stand behind it. And whoever wins, remember that this is YOUR president. As a member of the US of A, we get the leadership we vote for. So embrace it and find out how you can survive and thrive with the candidate we will call Mister President in 2009. Regardless of the outcome, you've got some tough years ahead. Position your real estate financing now while rates are rock-bottom. You'll never see them like this in another Four generations. Take a stand on your financing. Pat Townsley, Loan guru. Non partisan financing. 415-485-1776. www.ptre.net and I approve of this message.

World Domination

2008-11-03T19:02:00.000-08:00

Ben Franklin, the $100 dollar bill guy, wanted the Turkey as the National bird of the USA instead of the Eagle. Turkeys can drown in an average rain storm. Ben Franklin is the only figure on US currency who was not a US President, yet he had a huge impact on the country and the world. He was a forward thinker. One thing Ben continually did was keep pressing on; Creating, evolving, sharing. In the face of hundreds of failures and nay-sayers, he kept on creating, communicating and leaving a legacy unparalleled by others since. As the US begins its upcoming shifts, remember to keep fighting your fight, regardless of who you wanted to be President in this election. This is still a great country. There is a wake of destruction behind, and many years of destruction to come before we unscrew what has been done. All of this has happened before, and it will all happen again. Learn from history and take your own actions. Surround yourself with supportive team players and dominate your own world. I'll play on your team if you ask. Pat Townsley, Mortgage Broker, fighting for you. 415-485-1776. http://www.ptre.net/

2008-10-23T16:37:00.000-07:00

Economic woes are just beginning. As I've said, even with any Fed cuts in rates, the banks will continue to raise rates. Rates are as low as they're going to be right now, and as home prices continue to fall, this might be the best time to refinance before we go into a cold, dark economic winter. Representing the remaining lenders in the US; Let's get down to business and secure your estate. California Mortgage Advisors: One of the last wholesale brokers standing. Pat Townsley, Broker. 415-485-1776. www.ptre.net

Politics, Finance, Religion

2008-10-04T23:25:00.000-07:00

The trifecta of dinner party taboo topics: Politics, Finance, Religion. Today, it's all that the media and people are talking about unless Dancing With The Stars is on or OJ is back in court or Brad and Angela have a spat, then of course, we must shift focus on to distractive pop culture. Some are saying that the signs of the Apocalypse are upon us, that either candidate is the work of the devil, and that the financial crisis is another indicator of our doom. This certainly covers the trifecta. Here's the deal, here's where the rubber hits the road: WHO CARES? It's all about YOU. It's nice to be able to support others, but right now your focus must be on your bottom line, your family, your security. If you don't take care of yourself, you can't take care of others. So, prepare yourself for dark days ahead. We're going into multiple "winters" right now. Let's look at shoring up your home financing (defensive) and reviewing real estate purchase plans (offensive). Get Crackin'. Let's Talk. Pat Townsley, Team Townsley. 415-485-1776. www.ptre.net

Mistakes

2008-09-25T23:48:00.000-07:00

"It could be that the purpose of your life is only to serve as a warning to others." http://www.despair.com/

Brilliant. Need a mortgage lifeline? Pat Townsley, Broker. 415-485-1776. http://www.ptre.net/

US Bailout: Herding Cats

2008-09-25T23:35:00.000-07:00

Wow. What times we have brought upon ourselves. Greed, complacency, stupidity, market timing. I've been saying it's going to be bad by Q4 2008, but I wouldn't have guessed this bad. So, who's left, and how are we as a country going to wrangle up these cats and survive financial disaster. This is all going to further decrease consumer spending, confidence, liquidity. Ahead we have increasing unemployment (or decreasing employment) and increasing interest rates. As long as the stock market holds, we might make it through...but it's going to really hurt. Time to gather your herd and stow ye'r gear. There's a storm coming. There are ways to secure your home financing. It starts with a call: Pat Townsley, Mortgage Rustler. 415-485-1776. http://www.ptre.net/

2008-09-25T23:27:00.000-07:00

It's been said "If you think you can or if you think you can't, either way, you're right." All hands on deck and brace for impact; we're just at the beginning of this bank failure stuff, but, nobody listens. Pretty soon, we'll be so over-imprinted with headlines, information, conversations and media blasts that we'll just tune it out and become complacent(er)...if that's possible. For over a year, I've been screaming "Take Action Now"...and now what can you do? Your choices are narrowing, the lenders are tightening, the water is frightening. Mortgage Brokers still have the most flexible options by representing the remaining lenders on the Wholesale level. I happen to know a mortgage broker who can help you out! Pat Townsley, Broker. 415-485-1776. www.ptre.net

Exit, Stage Right...

2008-09-03T18:15:00.000-07:00

Financial Freedom. What does it mean? Stop the world, I want to get off! If there is one word that will get you to the exit of freedom it is PLANNING. Lord knows I'm guilty as charged, buying high, selling low, bucking the odds, while at the same time I'm telling my clients to get into a Fixed Secure loan now. If you don't have a Certified Financial Planner, you should start shopping for one. Income must exceed Outflow. We've all be trapped in Parkinson's Law: Expenditures rise to meet Income. Debt is rampant. "Get out of debt" (John Cummuda) programs are nice in theory and applications only for a small few. At least they're a Plan. I recommend speaking with a Certified Financial Planner, one with experience under their belts. I've worked side by side with Bruce Frankel of Yerba Buena Financial Partners for the past 3+ years. He's approachable, won't sell you on anything, is of the highest degree of honesty and will give you clarity. CLARITY, being the second most important word toward you financial freedom. To fix your mortgage, contact Pat Townsley at California Mortgage Advisors, 415-485-1776. To fix your LIFE, contact Bruce Frankel at Yerba Buena Financial Partners, 415-334-8000.

Splitting Up Your Mortgage: Wise or not?

2008-08-25T18:04:00.000-07:00

A friend just emailed me a familiar scenario to check out. I've seen it done and heard brokers recommending it in the past. Just remember, if it sounds too good to be true, it probably is: Say you have a $700,000 mortgage now at 6.5%. A loan agent may recommend that you can save $500 per month by refinancing your first into a $417,000 first at, say, 6% and getting a 2nd mortgage for $300,000 at 4.5%. Wow. Saves you a gang!?? The Rub is that the 2nd is typically a line of credit with an Adjustable Rate. The "Pitch" is the lower fixed rate on the first mortgage and less emphasis on the potentially explosive Home Equity Line of Credit. PLUS you may be blowing a big mortgage interest tax write off as you can only write off up to $100,000 on a 2nd mortgage, leaving $200k's interest blowing in the breeze. Buyer Beware. I'll show you the right way home. Pat Townsley, Mortgage Broker to the stars. 415-485-1776, http://www.ptre.net/

The Dog Days of Summer

2008-08-14T20:31:00.000-07:00

Definition: "Dog Days can define a time period or event that is very hot or stagnant, or marked by dull lack of progress." Indeed: Coasting to the end of summer; School's Open, Drive Safe, My Other Car is also a Hybrid, Visualize Whirled Peas. For many, it's time to put off for a few more weeks, the damage control they've been putting off: Refinancing. For others, it's time to Invest in the myriad of low priced homes. Everything begins with a PLAN. So, start making your plans now. Remember, it's easier to get INTO something than it is to GET OUT OF SOMETHING...or so they say. Not always the case in real estate financing. My team and I will do our best to get you Out of your adjustable loan and Into something secure for years. You can't do it alone, so put the power, experience and excellence of California Mortgage Advisors behind your success. Let's Talk. Pat Townsley, Broker. 415-485-1776. http://www.ptre.net/

Suicidal Tendencies; Death in Yosemite

2008-08-05T14:20:00.000-07:00

A week ago today, I was the unfortunate witness to a man committing suicide. I was the only one who saw it; The sole witness to a man's last seconds. He jumped from a great height and plummeted off the sheer cliff face of Half Dome. It was surreal and has haunted me this past week. I didn't have time to save him; He was up and over the edge before I could move. I quickly grabbed my camcorder and documented the scene and peered over the edge to the rocky ground some 3000 feet below. I called 911 moments later as I was still in disbelief at what I thought I just saw. Search and Rescue were first on scene. I borrowed binoculars to see if I could locate the body. There was no body left. No skin, no bones, no torso; Only a red explosion on a very large boulder. May God have mercy on his soul. TODAY, many have the opportunity to save themselves from financial suicide. Life is a serious game and you get one shot at it. Let me serve you. Let me save you. A serious message at a serious time.
Thinking of you.
Pat Townsley, Mortgage Broker. http://www.ptre.net/

Feds leave rates unchanged: A Push.

2008-08-05T14:04:00.000-07:00

Well, today was a benchmark: It was my first prediction that didn't come true: I anticipated a half point increase split between the Funds rate and Discount rate in a blog last month. Consider yourself lucky that this is the first prediction in years that hasn't come true. You've been given an incredible reprieve here; In Blackjack, we call this "a push." You didn't lose your money or chance and can play again. If you're on the fence or screwing around, waiting and thinking that rates will come down, I guarantee disappointment. We lost JP Morgan/Chase as a lender of Jumbo loans last week. That's a Huge upset in both Wholesale and Retail lending. Add a stack of additional required disclosures to you new loan applications and things are getting tough. NO LOAN is easy right now, but you've got to take action while there are still banks lending! Let's Talk...sooner than later. Pat Townsley, Mortgage Broker. My team and I are ready to get you through these tough times with the best rates. 415-485-1776; http://www.ptre.net/.

Exodus; Movement of Jah People

2008-07-22T19:39:00.000-07:00

All of this has happened before, and it will all happen again. The opening line from Peter Pan. Cycles, trends, changes, history repeating itself, prophecies coming true. Bob Marley sang about it, scriptures tell about it, history records it. So, WTF does it matter to you? It's a relative question. Each person is unique. The most uncomforting comfort that anyone has given is "Hey, you're not alone." Not helping. This time it's not personal: It's global. There are many people who are completely un-phased by global events, stocks, equities, economic, social and political change. They simply continue to make money in any market. That's a small percentage. The majority of "Joe Americans" are really in a tight spot right now. There is one thing you can do to secure one aspect of your pain: Refinance your home loan into a 30 year fixed rate now for security. One less worry in your life. I've got the remaining lenders under my belt to serve you so that you don't have to make a forced exodus from your home. It's times like now when you need the support of your friends, family and solid advisors who know what to do. I'm one of those advisors in the trenches, fighting to save the American way of life and save your home. Pat Townsley, humble smart guy. http://www.ptre.net/. 415-485-1776. Real world answers for today's real world challenges facing you and your family. Your referrals are appreciated.

Pop Goes the World

2008-07-22T19:28:00.000-07:00

Wachovia took over World Savings a year or two ago. They liked World Savings' tried and true adjustable program portfolio and wanted a new mortgage solution as part of their services. My long-time wholesale rep, Linda, was a bit apprehensive, but thought that good things would come from it. Not so. Right off the bat, Wachovia tried to alter the programs, change what they paid to utilize. In the end, Wachoiva announced today that it's canning over 6300 employees and shutting down the Wachovia mortgage wholesale division. This still leaves one of their mortgage companies, Vertice, in tact and doing business, but you can guess that they're next on the chopping block. Result: More fear in the banking world, more bad news for the media to spread, more fear in the minds of consumers, fewer lenders to do deals, fewer buyers able to buy, less money to lend, a fly in the ointment, sand in the Vaseline, another shoe in the self fulfilling sabotage of the financial gears of lending. Moral of the story: Secure your refinance or purchase loan NOW while you can or you'll be out of options. I've got the options: Pat Townsley, the Loan Survivor. www.ptre.net.

Bottom's Up: This Real-Estate Rout May Be Short-Lived

2008-07-12T13:53:00.000-07:00

Barron's had an optimistic outlook on the market. Finally, one lone voice in the "we're all dead" real estate media frenzy. In a nutshell, Fannie Mae and Freddie Mac's impending doom and savior may be the sign of the turning point. This could be the lowest point and pivot for all future financing. Without financing options, only cash buyers will be able to buy a home. The system of finance, the economic engines require buying, spending, loaning and borrowing. Somethings gonna have to give. The only thing outside of this Fannie/Freddie theory is the continuation of foreclosures. Foreclosures have only just begun. If you have an adjustable loan, let's lock that thing in. Pat Townsley, Mortgage Broker...still open for business. 415-485-1776. www.ptre.net

Indymac Fails: Do I still have to pay my mortgage?

2008-07-12T13:41:00.000-07:00

Yes. Pay up. When a bank fails, they will still be sending you the mortgage bill. Someone will be there to pick up the pieces and put Humpty Dumpty back together again. Same with Countrywide and other acquired, merged or failed banks. Now, some of the banks may try do sell-off your loan to another bank, but the terms of your loan will remain the same, but right now, the "secondary market" doesn't really have the appetite for mortgages, so it's likely your current service provider will still continue to be your mortgage holder on your home which is probably going to take a bit more hit in value before this whole thing starts over. Sometimes you have to fail before you can start again. Just like Ben Franklin (the one hundred dollar bill guy) failed far more times than he ever accomplished and invented. Old Ben is also the only non-president on U.S. currency. He also wanted the Turkey over the Bald Eagle for the country's national bird. Pointless trivial. Pay your mortgage or get a new one from me: Pat Townsley, Mortgage Advisor. 415-485-1776. http://www.excellenceinrealestatefinancing.com/

Indymac, Fannie, Freddie, Recesssion, Depression

2008-07-12T13:31:00.000-07:00

Ouch. Another red hot poker in the eye of banking and mortgage. When banks fail, there's no short-term good news. Is this a prequel to a "run on banks" and a sequel to the Great Depression? Time will tell, like this photo from yesterday via LA Times where customers find that they're locked out of their Indymac bank. Scary, a little, but Don't Panic (Your deposits to 100k are FDIC insured). There are differences between the Original Great Depression and the upcoming remake: This time, we have a more global economy, more proactive controls coming, lots of wealth and tenacity, yet high energy costs, inflation, a bit of a deficit challenge and the one wild card never seen before in any historic economic-generational paradigm: The Boomers. What we do know is what we can do today. Mortgage rates will go higher and loans harder to come by. I'm still here, advocating fixing in a new loan while you can. Pat Townsley, Broker. 415-485-1776. It all starts with YOU. Click here for a bit of get-up-and-go juice.

Faster and Faster, Higher and Higher

2008-07-07T18:44:00.000-07:00

As the song goes; "Life is a Highway," and right now, the highway is moving pretty fast, things are getting blurry, and we may be in the center of the road (the most dangerous place to be). How do we navigate that high speed of change and challenges. Just today, Indymac Bank folded its lending division (and the whole bank may follow shortly). This bank had solid underwriting, great construction loans and a talented, driven staff...yet they crashed into the wall. So where do we take your loan to secure it from the upcoming head-on? 166 lenders have now crashed and burned since 2006. Rate are going higher and higher as Risk comes into play. We haven't bottomed out yet, so buckle in with a quality new home loans with side air bags, not empty sales wind bags. I've still got the best banks to shop your loan. Pat Townsley, your nitro burnin' Mortgage Broker & Track Advisor. 415-485-1776. www.ptre.net

Finding the Right Loan for You...

2008-06-30T19:35:00.000-07:00

It's an abomination. Wasn't the Internet supposed to make life easier, less work, and more money? Now, we suffer from information overload, scams and far too many websites with their mortgage lending shenanigans. As a California Mortgage Advisor, I offer real world loans. There are many lenders with many scenarios. One is right for you right now as we all know that rates are going UP. I offer 15, 20, 30 and 40 year amortization loans with fixed rates. The infamous 3, 5 , 7 and 10-year fixed rate ARMs, plus the lowest rate on the planet right now, the "LIBOR" interest only loan at 3.9% with no negative amortization. Now is also the time to jump like trout on to the government stimulus package "Agency" loan where you can really get a tremendous rate on a higher balance loan. Stated Income loans are also available as are FHA loans. So, quit burning daylight on the computer. Talk to you local home loan expert for your Purchase or Refinance loan: Pat Townsley, Mortgage Broker. 415-485-1776. http://www.excellenceinrealestatefinancing.com/

Summertime...Hammer Time: 3 Ways to Pay

2008-06-30T19:25:00.000-07:00

In my neighborhood, I'd say there is as much construction going on as there are homes for sale; A surprising amount or work going on, given the economy. Rather than moving out, many are adding on, fixing up and remodeling, spending their investment and vacation money on their homes rather than other risky or gas eating activities. Construction takes many things. The top Two: Money and Planning. You've got to have the money to get the plan, and the plan will show you how much money you need to spend, and it ain't cheap. At California Mortgage Advisors, I offer many New Construction loans as well as Cash-Out loans prior to construction on your existing home. Always make sure you have a nice buffer (cost over-run) as you'll need it. The Third financing option is Post-sign-off inspection. Once you're done with the construction, you might want to refinance to consolidate debts or take out invested cash based on your new value. I've got your construction Lending Trifecta: Pat Townsley, Mortgage Broker.
415-485-1776. www.ptre.net

Body Count, Greenspan, Fourth Turning, Dead Pool

2008-06-28T12:01:00.000-07:00

I just look at "Greenspan's Body Count" blog from a post to my site "Buy California" which someone recommended I should call "Short California." Indeed, but it's also a good time to buy. The old model; Buy low, sell high. So, at Greenspan's Body Count, my take is that the entire blame for today's US economic wreck is due to Greenspan's impact over the years. I believe it goes far beyond Greenspan. His policies are only one piece of the pie. The "body count" is the increase in suicides, O.D.s, heart attacks and human stress as a result of Alan's impact on the market. I subscribe to the models and theories of the Fourth Turning and subsets of the Kondratieff Wave which, in general, show four sets of 20 year generational cycles, equalling eighty years, and then the pattern repeats. There is similar overlaying wave of the life of a country. So, the Country and the People have these waves overlapping, roughly every so many years, and history repeats itself economically. Tony Robbins did an AMAZING interview in 1999 with the authors of the Fourth Turning (William Strauss and Neil Howe) and a follow up after 9/11. So, before we put all the blame on Grenspan or a president, or a policy, Check out the Fourth Turning. You don't know what you don't know. Grab that Anthony Robbins interview from his Power Talk series, probably available on Amazon or a download. It's fun, enlightening, and bone-chillingly DEAD ON. There's your Body Count. All of this has happened before, and it will all happen again.

Going Under, Walking Away, Foreclosure

2008-06-28T11:45:00.000-07:00

I try to focus on the positive in my Blog, but I also don't want to bury my head in the sand to the negatives and realities facing homeowners. Yes. One comment posted my blog says "Why keep paying on a house that's going under?" Another says "Walk Away"... which means either Going Short or Foreclosure. That's the rub for many homeowners; Creating the disconnect between Ego and Emotional attachment to their home versus a pure analytical evaluation. It can be very difficult to face the sinking ship. For many, this is your home, your identity, your life, the place where your kids are growing up, your neighborhood, your friends. It's an emotional tie that you just don't want to give up regardless of the cost, and the optimist says that values will rebound...some day. ON THE OTHER HAND; Screw it. I'm upside down by $400,000 and my adjustable loan just doubled my payment. I'm negative, in the hole, no equity and paying two to three times the mortgage payment versus walking away and renting. And that's what many are doing: Walk away, rent, know that your credit is history, and start saving. Reality is relative. My reason to pay the mortgage over credit card payments is because "mortgage lates" are far more damaging than credit card "lates." But, if you're going to go BK and get foreclosed on, your hosed on your credit anyway and you lose a piece of your soul. Wanna talk about it? 415-485-1776. http://www.ptre.net/, Pat Townsley, Broker with heart.

Bankruptcy versus Credit Counseling versus Suicide

2008-06-25T20:43:00.000-07:00

So what do you do? Your home has lost 1/4 of its value, your income has been cut in half, gas prices, food prices, kids, camps, costs all leading to the additonal costs of family counseling, personal counseling, visits to the doctor for Ambien, Valium and Alazopram. Wash all those down with a stiff cocktail and in the morning, should you be able to sleep, the bill still haven't been paid; They're going late. The calls begin; Random 800 numbers and Unavailable caller IDs. When all else fails, Don't do any more Ping-Ponging. Don't borrow from direct relatives, don't draft more cash from accounts. Do EVERYTHING to keep the mortgage payments current and give me a call. You may be polishing brass on the Titanic, but you may stay afloat a while longer. I'm and advisor, I've been there. I'm here to help. Pat Townsley, State Licensed Broker. Cal Mortgage Advisors, Inc. 415-485-1776. http://www.ptre.net/. "Just keep Swimming" Dory.

Flying Sharks

2008-06-25T20:17:00.001-07:00

Mortgage Brokers, Realtors, used car salesmen... I often feel that we're all grouped together under this horrific stigma of being bottom feeders. Amongst the many things my mom told me and I didn't listen, being in Real Estate was on the top of her "don't do" career advices. Yes, there are and have been some real horrific scams and profit grubbing brokers. There are also a handful of professional mortgage advisors who help you navigate the waters of financial success. Like any industry, there are some bad seeds, bottom feeders, killer sharks and blowfish. Luckily, You have a choice. Only the strong, professional, seasoned veterans are still in the game. Let's get down to business: The business of securing your future from whatever beasts and demons coming our way. Pat Townsley, Broker. Real Estate Financing, Reeling in real estate loans for my clients for over a decade; Still here. 415-485-1776. http://www.excellenceinrealestatefinancing.com/

What's a Quarter?

2008-06-25T19:33:00.000-07:00

A Quarter; One fourth, two eighths, 0.25%, half of a half, four bits, 25 basis points, one in Four, one of four, twenty five cents, more than a little and less than a lot. In the mortgage world, a quarter of a percent can be the difference in hundreds of dollars in interest, in cost, in savings, in broker compensation, in rate. It can be the straw that blows your "back-end ratio" out of the water and prohibits you from refinancing or qualifying for a new loan. It's also about the same number of homes that are expected to get closed upon in the United States between now and 2009. That's a lot. Too many. Even if your little piggy built his house of straw, it's time to take action to secure your loan before rates skyrocket and you're left without a home and wish you had a quarter in your pocket. Pat Townsley, Mortgage Advisor. California Mortgage Advisors, Inc. 415-485-1776. www.LoansForMarin.com. Your referrals are appreciated!