VanDyk Mortgage is proud to introduce our new Jumbo Loan Programs. We call it our Premier Jumbo Line.
Here are the basics:
> Available in 3yr ARM, 5 yr ARM, or 7 yr ARM
> Principal & Interest or Interest Only (10 yr period)
> Loan to Value ratios up to 80% (70% in declining markets)
> Loan amounts up to $2 million
> Competitive rates, similar to Conforming Jumbo Rates (unlike most Jumbo programs that are well over 9%, these are typically under 6.375% and sometimes even lower)
We can beat virtually all major banks on loans over $625,500. This loan product isn't available at Countrywide, Bank Of America, Chase, Citi, Wells Fargo, or Suntrust. You can only find it at VanDyk Mortgage.
Get out of your Option ARM before the index rises back up or your payment recasts into fully amortized (usually after 5 years).
VanDyk Mortgage - Call Brian Skaar - 760-752-4480 or online at www.vandykfunding.com
Showing posts with label VanDyk. Show all posts
Showing posts with label VanDyk. Show all posts
Tuesday, December 2, 2008
Wednesday, April 2, 2008
FHA Jumbo loans are finally here
They are now here. FHA Jumbo loans. The new stimulus bill allows FHA loans up to $729,750 in the highest cost markets. Even if you are not in one of these markets, your loan limits have increased. Click here to access the limits for your area. (pdf will take a moment to load).
The FHA jumbo loan is fast becoming our most popular loan with the wider range of qualifying rules, (lower fico's, credit hiccups, etc), but also for the sheer economy of the loan.
>FHA Mortgage Insurance is cheaper on a monthly basis
>FHA loan are the most affordable loans on the market today
>FHA loans still go to 97% loan to value (require just 3% down payment)
There is no "declining market" hit for FHA (other loan programs have increased the down payment to 5, 10 or 20%)
And FHA loans are 30 year fixed rates.
>no Rate Adjustments
>no Interest Only
>no Negative Amortization.
Call the FHA loan pros to help with your safe, secure, affordable FHA loan. Call me at 866-900-2342 (toll free) or apply online at www.vandykfunding.com
Monday, December 24, 2007
The Credit Crisis - Subprime Mortgages & Various Idiots
Here is an Article that really educates and also pinpoints the root of the problems we are facing. It looks like the real villains have a Wall Street work address.
The Credit Crisis - Subprime Mortgages & Various Idiots
December 7, 2007 by Richard Whitworth, Morsystems CEO
We are in a credit crisis brought on by a lack of confidence – so what’s next?
The crisis has exploded beyond Wall Street, driving the Dollar to record lows - and now, it appears to be sending the prices of commodities, especially oil, to historic new highs. The results could be extremely destructive for the economy in general. The subprime crisis and the ripple effect in commodity and foreign exchange markets raise the odds of a recession.
Estimates from various sources show that the subprime mess will ultimately cause $250 to $500 billion of losses. It is inevitable that more players will have to revalue at least a portion of assets that are presently held. Another important point - the majority of these Collateralized Debt Obligation or “CDO” assets do not reside in institutions, they are scattered through various pension funds, insurance portfolios, hedge funds, etc. Those losses haven’t even been addressed yet.
The banks are not forthcoming with any detailed information on their true positions, making it difficult for anyone to assess what the future really holds. Uncertainty is holding the financial and real estate markets in a huge vacuum, where it is difficult to function normally.
So let’s see if we can get a clearer picture of the players, and the mistakes made by some of the most powerful institutions in America. How did the banks begin purchasing huge amounts of high-risk mortgage debt and Bonds that most investors and analysts thought the firms were selling to their customers?
Instruments of Doom: First on the list of instruments involved; the Collateralized Debt obligation, or CDO, a type of investment vehicle that buys and sell Bonds. Wall Street banks typically do not actually operate CDO’s; instead, they create CDO’s for their clients, take a fee, and then move on.
This is the main point of departure AND the critical mistake made by the Wall Street banks – greed and fear set in, and they began to change their normal mode of operation – they became huge investors in the funds they generated. A very risky move – more on this as we move ahead.
Here's how a typical CDO backed by subprime mortgages worked. The game begins when a client comes to a Wall Street bank and requests financing for a CDO that will hold, for example, $2 Billion worth of Bonds backed by subprime mortgages. The banks also created a variety of Bonds backed by the interest and principal payments the CDO collects. Wait – there’s more…the bankers also create tranches of securities with different interest rates and levels of risk.
The banks then peddle their wares to hedge funds, pension funds, Money Market funds and other investors. The appeal to investors is simple: The CDO’s pay better rates than corporate issues with identical credit ratings – which brings me to the rating agencies.
Here’s another genius move made by the banks – many of those instruments offered in essence guaranteed returns. The refund policies, technically known as “liquidity puts,” were crucial. Those guarantees allowed the credit rating agencies to bless the investments with AAA ratings. An example of the idiocy of this particular move: The two now defunct Bear Sterns hedge funds relied on guarantees from Citi to raise $10 billion from money-market investors for three CDOs, well derrr!!
The rating agencies may be the main culprit in the game. They were extremely lax in their initial ratings on subprime mortgages – none of those offerings EVER deserved an AAA rating. Never mind that now with the cat out of the bag, they are still slow to downgrade subprime paper and securitizations.
This should not be a surprise to anyone, because the ratings agencies also prosper from the rising tide of credit issuances. Moody's, Fitch, & S&P literally ignored the erosion in the credit quality of the offerings and they basically elected to give the issuers the ratings they asked for. Amazing that issues that were rated AAA just months ago are now being re-written at junk bond status. Sadly – the rating agencies are great at passing the buck when things go wrong and they will probably sneak by any SEC scrutiny.
Back to the Banks…as the fees kept rising through the good times, the banks got greedy, they began buying big chunks of AAA paper themselves, loading the debt onto their own books. Even when the markets began to sour – foreclosures, home prices dropping, etc. the banks continued on their buying binge – all of a sudden they found that they needed to feed those CDO’s in order to keep the game alive. That was the kiss of death for Merrill’s CEO, Stanley O’Neal and for Citi’s CEO Charles Prince.
Wall Street banks are now holding tens of Billions in risky securities on their own books. And at this point in the game, it is difficult to assign an actual value to them. The banks are changing their estimates of the value of these assets as frequently as they change their underwear.
The SEC is on the attack, requesting real numbers and information from Merrill and other banks on what they knew at the time they were telling investors and the public that all was wonderful and they were in control of the situation.
Bottom line - the subprime story is far from over…and it will likely take a few years for the whole thing to shake out.
Sadly, this is Richard Whitworth’s last economic report that you’ll receive, he was in a fatal motorcycle accident 12-8-07. Since he nearly finished this report the night before, we needed to share it with you. Thank-you for your support,
The Whitworth family business at morsystems.com where his dream lives on for
Richard Whitworth, CEO, MorSystems
The Credit Crisis - Subprime Mortgages & Various Idiots
December 7, 2007 by Richard Whitworth, Morsystems CEO
We are in a credit crisis brought on by a lack of confidence – so what’s next?
The crisis has exploded beyond Wall Street, driving the Dollar to record lows - and now, it appears to be sending the prices of commodities, especially oil, to historic new highs. The results could be extremely destructive for the economy in general. The subprime crisis and the ripple effect in commodity and foreign exchange markets raise the odds of a recession.
Estimates from various sources show that the subprime mess will ultimately cause $250 to $500 billion of losses. It is inevitable that more players will have to revalue at least a portion of assets that are presently held. Another important point - the majority of these Collateralized Debt Obligation or “CDO” assets do not reside in institutions, they are scattered through various pension funds, insurance portfolios, hedge funds, etc. Those losses haven’t even been addressed yet.
The banks are not forthcoming with any detailed information on their true positions, making it difficult for anyone to assess what the future really holds. Uncertainty is holding the financial and real estate markets in a huge vacuum, where it is difficult to function normally.
So let’s see if we can get a clearer picture of the players, and the mistakes made by some of the most powerful institutions in America. How did the banks begin purchasing huge amounts of high-risk mortgage debt and Bonds that most investors and analysts thought the firms were selling to their customers?
Instruments of Doom: First on the list of instruments involved; the Collateralized Debt obligation, or CDO, a type of investment vehicle that buys and sell Bonds. Wall Street banks typically do not actually operate CDO’s; instead, they create CDO’s for their clients, take a fee, and then move on.
This is the main point of departure AND the critical mistake made by the Wall Street banks – greed and fear set in, and they began to change their normal mode of operation – they became huge investors in the funds they generated. A very risky move – more on this as we move ahead.
Here's how a typical CDO backed by subprime mortgages worked. The game begins when a client comes to a Wall Street bank and requests financing for a CDO that will hold, for example, $2 Billion worth of Bonds backed by subprime mortgages. The banks also created a variety of Bonds backed by the interest and principal payments the CDO collects. Wait – there’s more…the bankers also create tranches of securities with different interest rates and levels of risk.
The banks then peddle their wares to hedge funds, pension funds, Money Market funds and other investors. The appeal to investors is simple: The CDO’s pay better rates than corporate issues with identical credit ratings – which brings me to the rating agencies.
Here’s another genius move made by the banks – many of those instruments offered in essence guaranteed returns. The refund policies, technically known as “liquidity puts,” were crucial. Those guarantees allowed the credit rating agencies to bless the investments with AAA ratings. An example of the idiocy of this particular move: The two now defunct Bear Sterns hedge funds relied on guarantees from Citi to raise $10 billion from money-market investors for three CDOs, well derrr!!
The rating agencies may be the main culprit in the game. They were extremely lax in their initial ratings on subprime mortgages – none of those offerings EVER deserved an AAA rating. Never mind that now with the cat out of the bag, they are still slow to downgrade subprime paper and securitizations.
This should not be a surprise to anyone, because the ratings agencies also prosper from the rising tide of credit issuances. Moody's, Fitch, & S&P literally ignored the erosion in the credit quality of the offerings and they basically elected to give the issuers the ratings they asked for. Amazing that issues that were rated AAA just months ago are now being re-written at junk bond status. Sadly – the rating agencies are great at passing the buck when things go wrong and they will probably sneak by any SEC scrutiny.
Back to the Banks…as the fees kept rising through the good times, the banks got greedy, they began buying big chunks of AAA paper themselves, loading the debt onto their own books. Even when the markets began to sour – foreclosures, home prices dropping, etc. the banks continued on their buying binge – all of a sudden they found that they needed to feed those CDO’s in order to keep the game alive. That was the kiss of death for Merrill’s CEO, Stanley O’Neal and for Citi’s CEO Charles Prince.
Wall Street banks are now holding tens of Billions in risky securities on their own books. And at this point in the game, it is difficult to assign an actual value to them. The banks are changing their estimates of the value of these assets as frequently as they change their underwear.
The SEC is on the attack, requesting real numbers and information from Merrill and other banks on what they knew at the time they were telling investors and the public that all was wonderful and they were in control of the situation.
Bottom line - the subprime story is far from over…and it will likely take a few years for the whole thing to shake out.
Sadly, this is Richard Whitworth’s last economic report that you’ll receive, he was in a fatal motorcycle accident 12-8-07. Since he nearly finished this report the night before, we needed to share it with you. Thank-you for your support,
The Whitworth family business at morsystems.com where his dream lives on for
Richard Whitworth, CEO, MorSystems
Thursday, August 16, 2007
The ARM quiz
Do you know when your mortgage is going to adjust?
Do you know what your new payment will be?
Do you know what your options are?
If you do not know the answer to all three questions above, or are uncomfortable with the answers, Please don't hesitate to give us a call at 866-900-2342, x106 or visit us online at www.vandykfunding.com . We are here to help.
Sincerely,
Brian Skaar
Mortgage Banker
VanDyk Mortgage
Do you know what your new payment will be?
Do you know what your options are?
If you do not know the answer to all three questions above, or are uncomfortable with the answers, Please don't hesitate to give us a call at 866-900-2342, x106 or visit us online at www.vandykfunding.com . We are here to help.
Sincerely,
Brian Skaar
Mortgage Banker
VanDyk Mortgage
Jumbo Help
The Secondary Market for non-conforming mortgages has become very Volatile. This means all loans over $417,000 (excellent, good or poor credit alike) or with rough credit history have become more expensive overnight. Excellent credit Jumbo mortgages jumped from 6.5% to over 8% in the span of 2 days this month. Now that is Volatile. To quote Cramer from Mad Money, "Rich People like me can't get a loan" . Well that isn't quite the whole truth, he just doesn't know the right people. He should call us.
If you have a Jumbo Adjustable Rate Mortgage or ARM, it is imperative that you act now to get that converted into another loan product, as we do not know what the future holds, both for rates and will you qualify to refinance.
Many folks had refinanced into Pay-Option, Neg-Am or Option ARM loans in the past couple years thinking their rate was actually 1% (not even the Fed lends money that cheaply) and have found their interest rate accrual much higher than they thought, their loan balances climbing upwards with every "minimum payment" (Negative amortization), and many are dangerously close to their trigger point.
What is a trigger point? When your loan balance grows to a predetermined level, your minimim payment option, and your Interest Only options disappear, leaving you with Principal & Interest Option for your monthly payment. This is a huge payment increase that few can afford. If you don't understand or are concerned about your loan, please don't hesitate to contact us. (contact info below and in the profile).
If you want the best available options to refinance your mortgage, you must choose a Loan professional, one that is truly savvy with this market. A loan pro that knows what investor is offering that same Excellent Credit Jumbo Fixed loan at 1% below the rest of the market. (we know this) But more importantly, the Loan Pro who can get your loan done before things change again.
We are students of the Mortgage Market, The Investors that lend mortgage money, and our clients needs & wants. Summary, we are here to cover you, so call us, we can get it done. We bank loans, and we also broker. We are like a Quick Strike Tactical Mortgage Operation. We can get your loan done before things change.
Do you know when your mortgage is going to adjust?
Do you know what your payment is going to adjust to?
Do you know what your options are?
If you do not know the answer to all three questions above, or are uncomfortable with the answers, Please give us a call at 866-900-2342, x106 or apply online at www.vandykfunding.com . We are here to help.
Thanks, Brian Skaar
If you have a Jumbo Adjustable Rate Mortgage or ARM, it is imperative that you act now to get that converted into another loan product, as we do not know what the future holds, both for rates and will you qualify to refinance.
Many folks had refinanced into Pay-Option, Neg-Am or Option ARM loans in the past couple years thinking their rate was actually 1% (not even the Fed lends money that cheaply) and have found their interest rate accrual much higher than they thought, their loan balances climbing upwards with every "minimum payment" (Negative amortization), and many are dangerously close to their trigger point.
What is a trigger point? When your loan balance grows to a predetermined level, your minimim payment option, and your Interest Only options disappear, leaving you with Principal & Interest Option for your monthly payment. This is a huge payment increase that few can afford. If you don't understand or are concerned about your loan, please don't hesitate to contact us. (contact info below and in the profile).
If you want the best available options to refinance your mortgage, you must choose a Loan professional, one that is truly savvy with this market. A loan pro that knows what investor is offering that same Excellent Credit Jumbo Fixed loan at 1% below the rest of the market. (we know this) But more importantly, the Loan Pro who can get your loan done before things change again.
We are students of the Mortgage Market, The Investors that lend mortgage money, and our clients needs & wants. Summary, we are here to cover you, so call us, we can get it done. We bank loans, and we also broker. We are like a Quick Strike Tactical Mortgage Operation. We can get your loan done before things change.
Do you know when your mortgage is going to adjust?
Do you know what your payment is going to adjust to?
Do you know what your options are?
If you do not know the answer to all three questions above, or are uncomfortable with the answers, Please give us a call at 866-900-2342, x106 or apply online at www.vandykfunding.com . We are here to help.
Thanks, Brian Skaar
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