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Weekly Market Update

Catch My Latest Updates: Every week, I share valuable insights and updates about the mortgage market. You can watch these updates right here or follow along on my social media channels for more interactive content:FacebookLinkedInInstagramUnderstanding Mortgage Rates: It's important to note that the average rates displayed on our site are based on the OBMMI™ methodology. This method takes the average rate of all appropriate locks locked through the Optimal Blue product eligibility and pricing engine on a given day. However, these averages do not account for rates that are bought down. Therefore, they might not accurately represent Par rates (rates with no discount points).Personalized Rate Information: Every homebuyer's situation is unique, and so is the rate they qualify for. If you're looking for personalized rate information that takes into account your specific circumstances, don't hesitate to reach out to me. I'm here to provide you with tailored advice and help you understand how rate buy-downs can impact your mortgage.

How We’re Different

In this video, I go into the often-overlooked aspects of securing a mortgage that can save you thousands in the long run.From helping you to compare apples to apples to make an educated decision despite confusing and sometimes misleading quotes to personalized wealth strategies, we're not just about getting you a loan; we're about setting you up for financial success.Our comprehensive approach to home financing goes beyond just numbers to provide you with peace of mind and a path to growing your wealth. Because we believe in offering you a service that's not just about the rate you pay, but the value you gain.I also wanted to share this to explain how mortgage rates shopping and the industry as a whole work. Unfortunately, advertised and quoted rates are confusing at best and misleading at worst, so if you see a rate that looks better, please send it over. A written quote, preferably a loan estimate or fee worksheet so that we can see what you're really being offered and what it's actually costing, will help me to request an exception to meet or beat a competitor if we aren't already.I also provided a PDF with some questions that you might want to ask loan officers as you shop around because you'll want to know that they are going to take care of you before, during, and after you get your keys and they're compensated.

Reel Estate with Gabe Candea

Welcome back to Reel Estate, the show that's all about breathing new life into your homeownership dreams and beyond. Today, we're thrilled to introduce you to Gabe Candea-1031 Exchange & DST expert.Dive into the world of real estate investment with Gabe Candea from Emerson Equity. In this insightful interview, we explore the intricacies of 1031 exchanges and Delaware Statutory Trusts (DSTs), uncovering strategies for tax deferral, diversification, and passive income streams. Whether you're a seasoned investor or new to the game, Gabe's expertise offers valuable guidance for navigating today's complex real estate market. Tune in for an engaging discussion that could transform your investment approach!

Expert Insights on Navigating Today’s Insurance Market: A Must-Watch for Homebuyers and Industry Professionals

Welcome back to Reel Estate, the show that's all about breathing new life into your homeownership dreams and beyond. Today, we're thrilled to introduce you to Eric Gillman, a man who's not just living the dream but helping others achieve theirs. Eric is a San Diego State University graduate who's turned his life around in the most inspiring way. From weighing 250 pounds as a high school freshman to becoming a Hall of Fame sales professional, accomplished marathon runner, and motivational speaker, Eric's journey is nothing short of awe-inspiring. In this episode, we dive deep into Eric's transformation and how he's using his experience to help others make healthier choices in life. As a dedicated philanthropist, Eric has been working with Angel Wings International for over five years, building medical clinics in Haiti. When he's not changing lives, you'll find him enjoying the great outdoors—running, biking, swimming, or even working on his next book. Don't miss this chance to get motivated and learn how to harness your personal power to create the life you've always wanted. At the Goldberg Team, we're not just about securing loans; we're about securing futures. Subscribe now for more episodes that help you achieve your unique financial goals and aspirations.

Lower Your Student Loan Payments

If you have some questions before getting started, you can give me a call or shoot me a text at (949)636-1981 or schedule some time with me here:https://outlook.office.com/bookwithme/user/fd1ba13c90384deb896e6c7d13c9990a@loandepot.com/meetingtype/hnH1Gy9eU0mj5VIjMHZcwA2?anonymous&ep=mLinkFromTile To see about lowering your student loan payments follow the link below. For annual income enter the lowest of the last two years. For Federal Student Loans Balance include the balances for any loans you have from the servicers below. You don't have to include your minimum credit card payments, car payments or other loans, but you can if you'd like. For the average student loan interest rate, you can use 6.5% if you're not sure, but you should be able to find this on your statements or in the online portals. For family size, include anyone living under the same roof as you. https://www.myloansense.com/c/brandon-goldberg Federal Loan Servicers: Edfinancial MOHELA Aidvantage (formerly Maximus Education) Nelnet

Shopping Around For Lenders

The lowest interest rate doesn't always mean the most savings. In this video, I go into the often-overlooked aspects of securing a mortgage that can save you thousands in the long run. From helping you to compare apples to apples to make an educated decision despite confusing and sometimes misleading quotes to personalized wealth strategies, we're not just about getting you a loan; we're about setting you up for financial success. Our comprehensive approach to home financing goes beyond just numbers to provide you with peace of mind and a path to growing your wealth. Because we believe in offering you a service that's not just about the rate you pay, but the value you gain. I also wanted to share this to explain how mortgage rates shopping and the industry as a whole work. Unfortunately, advertised and quoted rates are confusing at best and misleading at worst, so if you see a rate that looks better, please send it over. A written quote, preferably a loan estimate or fee worksheet so that we can see what you're really being offered and what it's actually costing, will help me to request an exception to meet or beat a competitor if we aren't already. I also provided a PDF with some questions that you might want to ask loan officers as you shop around because you'll want to know that they are going to take care of you before, during, and after you get your keys and they're compensated.

Making Sense of Moving Up

Are you or your clients struggling with the decision to move because they're reluctant to give up their current low interest rate? This video is for you. I’m Brandon from the Goldberg Team, and I specialize in meticulously dissecting complex mortgage scenarios. Here I walk you through some ways clients can make a financially sound choice of 'right-sizing' their home without draining their bank account. How to creatively structure offers that let your clients buy down their rate, either temporarily or permanently, or using a combination of the two. Strategies for ensuring short-term affordability, giving your clients the breathing room they need. How our surgical precision in loan assessments uncovers unique opportunities and solves potential challenges, increasing the chances of loan approval when others can't. Don't let a low interest rate hold your clients back from finding a home that truly fits their needs. Together, we can breathe new life into their homeownership dreams and make you the go-to realtor for challenging mortgage solutions.

Reel Estate with Eric Gillman

Welcome back to Reel Estate, the show that's all about breathing new life into your homeownership dreams and beyond. Today, we're thrilled to introduce you to Eric Gillman, a man who's not just living the dream but helping others achieve theirs. Eric is a San Diego State University graduate who's turned his life around in the most inspiring way. From weighing 250 pounds as a high school freshman to becoming a Hall of Fame sales professional, accomplished marathon runner, and motivational speaker, Eric's journey is nothing short of awe-inspiring. In this episode, we dive deep into Eric's transformation and how he's using his experience to help others make healthier choices in life. As a dedicated philanthropist, Eric has been working with Angel Wings International for over five years, building medical clinics in Haiti. When he's not changing lives, you'll find him enjoying the great outdoors—running, biking, swimming, or even working on his next book. Don't miss this chance to get motivated and learn how to harness your personal power to create the life you've always wanted. At the Goldberg Team, we're not just about securing loans; we're about securing futures. Subscribe now for more episodes that help you achieve your unique financial goals and aspirations.

Reel Estate with Caroline Magdaleno

In this episode of Reel Estate, we interview Caroline Magdaleno, the founder of Fierro Ventures. Caroline shares her story of how she went from a career in fashion to successfully partnering with real estate developers. She talks about the power of networking and how she built a strong network of professionals that helped her achieve her goals. Caroline also shares her insights on the challenges of new construction and how to find the right pieces of the puzzle when investment opportunities arise.

A Deep Dive into ChatGPT & AI Tools for Agents

Are you tired of the grind that comes with writing listing descriptions, crafting emails, and brainstorming social media content? Ali Jackson of Centennial Escrow's Marketing Monday, led by Brandon of the Goldberg Team, unveils the game-changing potential of ChatGPT and other AI tools in the real estate sector. Learn how to automate mundane tasks without losing your personal touch, and stay ahead of the curve in this rapidly evolving industry

Ten Ways to Get More Listings When Inventory Is Low

Unlock the secrets of effective real estate lead generation with our comprehensive training session. This recording delves into the powerful potential of tools like Homebot, the timeless effectiveness of direct mail, and the nuances of successful Open House strategies. But that's not all! Depending on your device: Below or To The Right, you'll find: -Slides used during the presentation for easy reference. -Detailed information about our expert team, showcasing our commitment to excellence in the real estate industry. -An engaging video about our team, giving you a closer look at the professionals behind the strategies. AND Essential resources such as: Questions to Ask Lenders As You Shop: Make informed decisions as you navigate the lending landscape. The True Cost of Refinancing: Understand the intricacies and implications of refinancing your property. How to Shop for Rates & A Quick Explanation of the Mortgage Industry: Equip yourself with the knowledge to make smart decisions in the dynamic world of real estate financing. Dive in now to elevate your understanding of real estate and empower your decision-making with industry-leading insights.

Out of State Investing

Hope you had a great day! This explains what I'm trying to help people accomplish if they want to buy a house, but would have to sacrifice their lifestyle to do it in California

Fully Approved By Underwritting Offer for XXX Street Name

As the market has turned back into a highly competitive market for buyers, we've adjusted our approach in the way that we submit our offers. It looks more professional, gives us a chance to explain how we'll handle an appraisal gap if there is one, and lets us connect with the listing agent to explain the strength of our offer, even if they don't take our call and delete our voicemail. The thumbnail picture is a photo of the actual property that we're submitting an offer on to help get attention. I've also included a video to the right or below if you're on mobile that mirrors what I always send to our clients. This makes sure our clients know exactly what they're getting into in terms of estimated cash to close and monthly payment. I'm happy to talk about some of the other things that we do to set us apart from average lenders.

Reel Estate

Help More Clients Buy Houses

In this recorded training, we discuss non-traditional financing options for realtors to offer their clients who have been turned down for a standard Jumbo, conventional, FHA, or VA loan. We cover a variety of options, including bank statement loans, asset depletion, foreign national loans, DSCR investor loans, non-warrantable condos & Condotels, as well as bridge loans. These options can help clients who have unique financial situations or are struggling to secure a traditional loan. Additionally, we explore how realtors can use these financing options to give their clients more flexibility when buying a home, including making non-contingent offers even if the client has to sell their current home first. Watch this training to learn more about how you can help your clients achieve their dream of homeownership with non-traditional financing options.

LLPA Changes-What Are They?

There’s been a lot of alarm in the real estate investment community lately over a newly enacted Federal Housing Finance Agency rule for Fannie Mae and Freddie Mac loans regarding mortgage fees. The gist of the complaint is that homebuyers with good credit will now have to subsidize those with bad credit. Technically, this is true. However, the way it is being framed is quite misleading. The general argument goes something like this: Those with a 620 FICO score will get a 1.75% discount, and those with a 740 FICO score will pay 1%. Or another example would be this particularly popular tweet saying "Homebuyers with credit scores of 680 or higher will pay ~$40 per month more on a home loan of $400,000. Buyers with down payments of 15% to 20% will get socked with the largest fees. Buyers with riskier credit ratings and lower down payments will get lower rates and fees." While what is said is technically correct, it sounds much worse than it is. First and foremost, this would only affect Fannie Mae and Freddie Mac loans. This accounts for most loans made to homeowners but would not affect FHA and VA loans nor the non-conforming loans that many investors get. The fee being discussed here is called the Loan-Level Price Adjustment or LLPA, which predominantly takes into account the borrower’s FICO score and the LTV of the mortgage. To a lesser extent, it also takes into account whether the property is owner-occupied or not, if it’s a condo or single-family residence, whether it’s a second or first mortgage, and if there is any cash-out on a refinance. The LLPA fee is then effectively added to the mortgage. So, for example, if the mortgage is $100,000 and has a 1% LLPA, the LLPA would be $1,000. This could be paid as a fee but is more often absorbed by the lender in exchange for a higher interest rate on the loan. This added cost on the mortgage is to cover Fannie Mae and Freddie Mac from the added risk of lending to riskier borrowers. Riskier Borrowers Are Still Paying More The mistake being made by many here is that the percentages given are the changes, not the totals. Well, not quite even that. The 1% fee mentioned is what someone with a 740 FICO score would pay if they are taking out an 80-85% LTV loan. The 1.75% “discount” is not the fee someone with a 620 FICO score would pay, but instead the reduction in that fee from before. And in this case, it is for someone taking out a 95% LTV loan or higher. Before this rule was passed, the LLPA fee for someone with a 620 FICO score taking out a 95% loan was 3.5%. Now it is 1.75% (a 1.75% reduction). Here is a chart from Mortgage News Daily showing the effects the changes of this rule would have on loans for borrowers depending on the LTV and FICO score. purchases, change from previous mortgage rule change LTV Change from Previous Rate Depending on LTV and FICO Score – Mortgage News Daily And here are the actual rates people would pay. Screenshot 2023 04 25 at 5.28.31 PM Actual Rates Depending on FICO Score and LTV – Mortgage News Daily As Mortgage News Daily sums up, “As you can now plainly see, if you have a score of 640, you’ll be paying significantly more than if you had a 740. Using an 80% loan-to-value ratio as an example, your LLPA at 640 is 2.25% versus 0.875% for a 740 score. That’s a difference of 1.375%, or just over $4000 on a $300k mortgage. This is almost half the previous difference, and that’s certainly a big change.” In fact, this rule change was made back on January 1, 2023, and only came into effect now. Here is the announcement from the Federal Housing Finance Agency, and here is the full loan-level price adjustment matrix from Fannie Mae itself. The long and short story of it is, however, that those with low credit will still pay more than those with high credit. The real estate world has not been put completely upside down. Is it Still a Subsidy for Those with Low Credit? At the beginning of this article, I said this new rule still involved those with good credit subsidizing those with bad. Given those with good credit still pay less, how is that so? The reason is that those with low credit scores are much more likely to go into default than those with good credit. And the difference is probably bigger than most people realize. For example, a white paper from FICO concluded their model showed that “at a score of 800, we expect approximately 180 borrowers to consistently pay their loans on time for every one borrower that defaults. This compares quite favorably to consumers with a score of 600, where one out of every 11 borrowers is expected to have payment problems.” Overall, this was the relationship they found between FICO scores and mortgage default rates was as follows: Screenshot 2023 04 25 at 5.30.10 PM Estimated Default Rate and Odds Ratio Compared to Credit Score – FICO Another paper found that between 2000 and 2002, those with a FICO score of 750 or more had a probability of default of just 1%, whereas those with a score of 600-649 had a default rate of 15.8%, and those under 500 had a default rate of a whopping 41%. Similar results were found in another study by the SEC of mortgages taken out between 1997 and 2009. The general result should not be surprising, although the size of the discrepancy might be too many (Does the 2008 financial crisis make a little more sense now?). The LLPA is meant to cover some of this added risk. But from just eyeballing the chart above, it would appear that even the old LLPAs were a bit generous (especially given the average loss a bank takes on a mortgage that gets foreclosed on is something like 40%). Reducing the LLPA for risky borrowers is likely going to increase the costs to Fannie and Freddie even more so. And as basic economics would indicate, that loss would need to be made up for by increasing rates across the board, including on borrowers with high credit ratings. Thus, it is true this rule is likely to mean that borrowers with high credit ratings will be subsidizing those with low ratings. But no, the outrage clickbait headlines are false. Borrowers with low credit ratings will not be paying less than borrowers with high credit ratings. And it’s important to be precise about what exactly is happening. Written by Andrew Syrios of Stewardship Investments and published on BiggerPockets here: https://www.biggerpockets.com/blog/will-investors-with-high-credit-scores-pay-more-now?utm_source=Iterable&utm_medium=email&utm_campaign=Newsletter04/30/23(Free)

Mortgage rates rise as housing market remains tight

Mortgage rates continue to rise as housing inventory remains scarce. CBS News' Elaine Quijano and Meg Oliver are joined by Akin Oyedele, the deputy editor for investing at Insider.

Reviews

"Fairway helped my husband and I buy our first home. They made the purchasing process literate. Not only did they push to get us a historically low interest rate, but they gave us a $10k incentive for closing costs. That alone is worthy of a five star review. As a bonus, the staff are very friendly and personable. Looking forward to working with them on the purchase of our second home."

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"We worked with Goldberg Team on our first home and we have a very smooth and stress free experience with them. Will choose to work with them again if we ever need home loan."

claudia quilitorio

"Brandon and team worked closely with me to address all aspects of my loan application and shepherd me through the loan approval process. Great customer service here!"

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