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    Friday, December 4, 2009

    Sean La Rue's Rate and Market Update (2 Mins)

    Friends,

    Rates are great, but they won’t stay at these levels much longer. Make sure to explain to your clients that rates will be on the rise in the coming months.  Help them get off the fence

    30 Year Fixed Rates BELOW 5%............

    5 Year Fixed Rates BELOW 4%................

    Market Update

    Fannie Mae has finally differentiated between a Short Sale or a Deed in Lieu of Foreclosure & an actual foreclosure. Banks used to view a short sale and Foreclosure the same, and that was that you needed to wait 4 years to buy another home. Now, they require you to wait 4 years on a short sale & 5 years on a foreclosure. Your credit score will also be much higher after a short sale than when compared to a foreclosure, but that has always been the case.

    Another important tidbit, is that under both situations, you will also not be allowed to buy a 2nd home or investment property for 7 years after a short sale or foreclosure. You also will not be allowed to do a cash out refinances on any property for 7 years. They are trying to penalize people for walking from their homes.

    Feel free to call me to discuss any of these changes, your lender

    Event Update

    Tune in on Sunday this morning from 11am to 12 noon to get an update on information you definitely don’t want to miss about Short Sales today. Knewsradio.com FM 94.3

    Attached is my flyer for “The Technical Side to Social Media” come find out the how of social media and the message you want to be sending.

    Make It A Great Day,

    Sean K. La Rue
    Sr. Vice President
    | Franklin Loan Center | Se Habla Español

    Direct: 760-837-1488 | Mobile: 760-835-5663 | Fax: 800-784-9089

    44-800 Village Court Palm Desert, CA 92260
    “Your KEY to Moving Home!”

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