The number one question I get asked is “what your interest rate?”. There are actually 8 different criteria that determines your interest rate, so I created this approx 7 minute video to try and educate borrowers so they can make sense of the myths and advertised rates.
Buying a home can be an unbelievably daunting task and saving for it equally as daunting, especially if you live in a high cost area. Most people are aware that there are loan programs that you may qualify for with his little as 3% down but 3% of $500,000 is still $15,000. This doesn’t even include the closing costs which can run between 2% – 2.5% and on a $500,000 home that can add another $10,000-$12,500. The programs I discuss in this video will help cover the down payment and also give relief for closing costs to borrowers who qualify. Most people think the days of getting into homes with no money down are over, however, there are down payment assistance programs that a buyer can use (if they qualify) that can get them in for little to no money down. I created this 11 minute video to try and simplify the programs that are the most widely used out there, so the average person could understand. In this video I explain how you can layer 3 programs CalHFA ‘s CalPlus, with My Home Assistance and ZIP (Zero Interest Program). This will give you some general information but it’s not designed for you to be able to figure out if you qualify. I suggest if you are interested in this program or you know somebody who might be interested in this program you have them call me at 949-735-4009.
The VA loan is arguably one the finest loans on the market and one of the most misunderstood loans by Veterans and Real Estate Agents alike. I got out of the Marine Corps in 1982 and I bought 3 homes before I was able to use my VA benefits. The reason why it took me so long is prior to the Internet, getting good information on the VA loan was next to impossible. If you went to your local bank and asked about the VA loan, they looked at you like the RCA dog with her head cocked to the side. When you went to your local Realtor they weren’t interested or they didn’t know anything about the VA loan. The VA loan has matured throughout the years and it’s never been easier for a Veteran, who is honorably discharged and qualifies for the VA loan, to be able to use their benefits. I currently serve as the Vice President of the Orange County chapter of the Veterans Association of Real Estate Professionals (VAREP). VAREP is a 501©(3) nonprofit dedicated to educating veterans about their benefits and educating other mortgage professionals about how they can best serve the Veteran community. I created this video in hopes of answering 99% of any questions a Veteran, Real Estate Agent or a seller who has a VA offer would ask. I hope you enjoy it, it’s about 11 minutes long but very informative.
Understanding the VA Loan has never been easier than it is now that we are in the information age. I can tell you that hasn’t always been the case. After I got out of the Marine Corps in 1982, I wanted to use my VA loan benefits but when I went for answers on how to take advantage of my benefits, I went to the VA, sought out realtors or visited the local bank and asked them about my benefits I got that RCA dog look with the head cocked to the side as if I was speaking Swahili. Once I became a loan officer and learned as much as I could about the VA loan, I made it my mission to try and help as many Veterans as I could. I still found that there is a stigma with Realtors because they really do not understand the loan.
I found an organization dedicated to educating and helping Veterans use their benefits called The Veterans Association of Real Estate Professionals (VAREP). I accepted the position of VP for the Orange County Chapter of (VAREP) specifically because I have found that even though we live in the information age, the VA loan continues to be a mystery to a lot of Vets and VAREP an outstanding organization with an incredible group of volunteers.
Here is an astonishing fact, only 13% of the 25 million veterans out there have used their VA loan benefits! Clearly we have a long way to go but I intend to do my part by helping as many veterans as I can, volunteering my time and I will be doing a series of articles on my blog. The video below is a short interview about debunking the VA Loan Myths with Kevin Smith with First Team. Kevin is an amazing Realtor, incredible human being in a volunteer who works tirelessly with VAREP so I was honored that he would ask me to do this video with him. It’s only about three minutes but it’s informative so I encourage you to go check it out.
The Fed is not expected to move on rates next week; the Fed working on how to frame it in the policy statement. Data dependent but also noting employment is improving and the economy is growing….slowly. Not only the normal FOMC policy statement next week but the Fed’s forecasts for growth and inflation over the next two years. Each quarter the Fed releases its detailed estimates. The ECB is widely expected to reduce its deposit rate by 10 basis points to -0.40% and many investment houses are also calling for a 10B€ expansion of the central bank’s current asset purchase program.
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Almost all of the recently released economic reports have been positive for the economic outlook…Yesterday’s equity market rally is momentary evidence that investors are more relaxed about buying. How many times have we talked about volatility and uncertainty? It is increasing in magnitude now. A lot of the trepidation that dominated in January has lessened. How long it will be sustained is of course, data dependent. Our technicals, as we have been noting have lost a lot of the momentum we had in Jan and early this month. Crude oil has settled down and presently not much of a concern to traders. Lots of bullish comments now, stocks up. Good jobs today; if Friday’s BLS data mirrors the ADP data the Fed will be back in play on debates of a rate increase in two weeks. Probably won’t happen but the clock is ticking; if the economic outlook remains upbeat the Fed has a short window to move. There isn’t likely to be any Fed movement after August this year. All of this depends whether the economy is growing; we don’t believe it is and still look for lower rates this year…click here for more news
Mike Ferry Introduces Finance of America; Most of you know Alpine/Pinnacle Mortgage was bought out by The Blackstone Group and now we are Finance of America. Although Finance of America maybe a fairly new name to most, we wont be for long. Watch this short video of Mike Ferry, one of the most influential people in the Real Estate Market talk about why he is excited about his relationship with Finance of America. Since 1975, The Mike Ferry Organization has been committed to providing Real Estate professionals with the very best in Real Estate sales training and coaching. We support Real Estate agents by producing innovative real estate training seminars, proven products to support those seminars, and developing ancillary programs that further enhance any agent’s ability to be more productive and highly profitable.
Mike Ferry’s mission statement; To provide effective Real Estate coaching, seminars and audio/video training products that improve and enrich the productivity, profitability, and lifestyle of our Real Estate clients. To uphold the integrity and trust of our clients as individuals and the Real Estate industry as a whole.
Rates drop as increasing concerns multiplying daily now; not yet a panic but inching closer. Gold is rapidly increasing, from $1100.00 three weeks ago to $1238.00 this morning +11%. Definitely a flight to safety as uncertainty continues to grow. If you want cheer leaders now, go to CNBC, Bloomberg, or Fox; most of the guests remain optimistic. Crude oil continues to decline today even as the dollar weakens; crude trades in US dollars.
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FOMC: Leaves Key Interest Rate Unchanged:
No longer viewing risk as “balanced”
Labor market has improved but economic grown slowed
Expectations that Inflation will march upward to 2% are reduced.
Said slow and steady pace of future rate hikes
The market is viewing this as telegraphing no rate hike in March and this is generally good for back end pricing but this is bascially what was expected and not a shock to the system.
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ECB’s Mario Draghi this morning commenting that inflation is way down the line; he said there is no end to what the ECB will do to improve the outlook. Blowing in the wind; as we have noted recently central banks regardless of what they will or could do are becoming more impotent every day in the context of driving economic growth. Draghi said the bank needs to review its policy stance at its next meeting. The ECB left its key interest rates unchanged, but Draghi hinted the bank will review its stimulus at the March ECB meeting. The inflation rate in Europe was expected to pick up from the 0.2% recorded in December and average 1% this year, rising further in 2017. But Mr. Draghi said it is now possible that prices will start to fall again over coming months.
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Barry Krevoy did an outstanding Job on my refinance! I work for Bank of America and was in the process of doing a loan with Wells Fargo when I was introduced to Barry Krevoy. Barry beat the rate I would've gotten with Wells Fargo and saved me an additional $2000 in closing costs, I would definitely recommend Barry… Thank you Barry!
Barry David Krevoy helped us refinance our current home in Newport Beach, CA. We had never refinanced before and had tons of questions and different scenarios. Barry helped us work through each scenario to identify the best option for our situation. He was available after hours and on weekends to answer questions, discuss rates, file paperwork, etc. My husband researched rates online and with several different companies. Barry always had the best rate out of all of them. I would definitely recommend and work with Barry again.
Barry is the best hands down, he has guided and encouraged me through this stressful time in my life. Highly recommend him!!!!Leann BennettCustomerimortgage
I cannot thank Barry and his team enough for working so hard and efficiently. We were first time home buyers with ZERO experience or knowledge related to purchasing a home. Barry had the patience, acumen, and empathy for us to make the entire process understandable and simple. Barry does not hesitate to take calls (sometimes on a Sunday night!--sorry) when we have questions. He recognizes that this is a special and worrisome time for people like me and my family, and he handled it like a true professional. If you are even remotely thinking of buying a home, do yourself a favor and call Barry. We are more than happy with Barry and iMortgage and would recommend to anyone.
After talking to several lenders, I decided to choose Barry David Krevoy to refinance my house. Barry and his team were very patient and available to me (even after hours). Barry is an expert in watching the bond market and giving expert locking advice, so I was able to get the absolute lowest rate. It's tough to trust anyone with such a big decision, but Barry took great care of me and my refinance better than I could have ever imagined. I have and will continue to refer all my family and friends...BIG thumbs up. Thank you, Barry!
Barry Krevoy has helped us every step of the way in obtaining a home loan. We are first time buyers and knew nothing about obtaining a loan and Barry made things very simple for us, walked us through every step, and explained the pros and cons of all of our options. Barry is professional and extremely competent---what more do you want from a mortgage lender? You need someone who can be responsive to your needs and guide you in the right direction so that you can get a loan! Not only did Barry do that, but he went above and beyond his duties to make sure we were comfortable and well informed. We appreciated his excellent advice and feedback... truly a trustworthy professional. We highly recommend him
This is the second time I have used Barry for a refinance and there is no one else I would trust with this type of financial transaction. Barry is honest and holds your hand step by step through the process. He was able to get us what we needed at a great rate and found creative ways in which to meet our needs. I would recommend Barry Krevoy to anyone in the market for a refinance.
I was referred to Barry Krevoy through my Realtor Rossana Aliaga. I was fairly new to the home buying process but having the patience and overwhelming expertise of Barry Krevoy far exceeded my expectations of a loan consultant and client relationship. There were many moments when I had my doubts about the type of loan or the various options for an APR but Barry took the time to walk me through the process. I would highly recommend Barry Krevoy to friends and family. Thanks Barry From Emilio & ViriEmilio and ViriSherrifOrange County Sherrifs Dept
Barry David Krevoy is a true professional. His responsiveness alone would make me recommend him to friends and family in need of a home loan. But that was not his only attribute, Barry is very knowledgeable and takes the time to make you knowledgeable as well. His staff was very nice too. This was the easiest home loan process I have ever experienced. I will trust Barry as my loan officer for all future needs.
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