Santa Clarita's Real Estate Lender

FHA Mortgage Insurance Change Increase Monthly Payments

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Thu, 26 Aug 2010 20:02:50 -0400

Santa Clarita Real Estate| Why Buy Now?

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Wed, 11 Aug 2010 11:03:21 -0400

According to a recent survey commissioned by Move Inc., 23% of adults plan to purchase a home in the next five years and 53.5% of them happen to be first-time homebuyers. If you have potential homebuyers who are sitting on the fence thinking about purchasing a house, here are some talking points you can share with them.

Lower property values are making homeownership more attractive than renting in many markets throughout the country. Paying for a mortgage is now less expensive than renting in many large metropolitan areas, including Miami, Las Vegas, Phoenix and Washington, D.C., as well as smaller cities like San Antonio and Fresno, California.

For full aritcle click here www.SCVrealestateBOX.com

Santa Clarita Mind Your Money|Congress Extends Tax Credit.....

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Fri, 02 Jul 2010 11:06:47 -0400

Congress Extends Tax Credit Closing Deadline Until September 30, 2010
President Expected to Sign Measure into Law

Congress has passed a bill to give Santa Clarita homebuyers another three months to close on their home loans and receive tax credits up to $8,000. The bill applies ONLY to homebuyers who met the April 30, 2010, deadline with a signed contract to purchase a new or existing primary residence. The bill would extend the deadline to September 30, 2010, for homebuyers to close on their real estate transaction. The previous deadline was June 30, 2010. President Obama is expected to sign the measure into law.

The National Association of Realtors estimates that as many as 180,000 homebuyers who met the contract deadline of April 30, 2010, may be affected by the extension. They will now have additional time to close their transactions.

Even if you do not qualify for the homebuyer tax credit, there is still a tremendous opportunity available through the combination of low home prices in Santa Clarita and historically low interest rates. I urge you to act now on this opportunity before market conditions change.

The Renno Lending Team of Prospect Mortgage is available to get a loan application started for you or answer any questions you may have. We're am also available to serve the real estate financing needs of your family members, friends, neighbors or colleagues. Feel free to have them call or email us today!

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.

Historic Low Mortgage Rates for Santa Clarita, CA

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Thu, 05 Aug 2010 11:27:52 -0400

Santa Clarita's Mortgage Knowledge Builder

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Mon, 02 Aug 2010 11:25:11 -0400

Making Good Use of Renovation Loans

When showing your clients a home that needs repair, give them some information on our Federal Housing Administration (FHA) 203K renovation loans. These loans are perfect for a bargain hunter who has spotted a fixer-upper or a foreclosure in need of immediate repair, or a client who has found a home that would be ideal if only there were a third bedroom and a second bathroom.

Our renovation loans provide the money to both purchase the home and finance the homeís renovation. With one loan, there is only one application, one set of fees, one closing and one monthly payment. At closing, the house is paid for, and the repair money is put into a trustee account for disbursement as repairs are completed. Improvements can include anything that adds value to the home, such as a room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen. The loan can also be used for energy-efficiency improvements that qualify for tax credits* under the new stimulus package.

Another great advantage of a renovation loan is that it provides borrowers a loan based on the increased property value after renovation. But that's not the only financial upside. The required down payment on a renovation loan can be as low as 3.5%. As a tax deductible first mortgage, the renovation loan will usually feature a lower interest rate than a second mortgage and improvement costs can be spread over the term of the loan. The loan can also provide financing for up to six months of mortgage payments if the house is not occupied during construction.

Just knowing about our renovation loans may make the vital difference to motivate buyers to purchase. Give me a call today to learn more about how I can advise your clients on the right loan for their needs!

*Always consult your tax advisor for tax information and advice.

New Credit Card Legislation

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Wed, 28 Jul 2010 10:33:28 -0400

New laws have radically changed how credit card companies can operate. Here's what you need to know about the new credit card legislation and how it may affect you.

Over-limit fees have been banned. Purchases are now denied if there are insufficient funds. And if cardholders want overdraft coverage, they must choose to opt in for this service. This is a huge loss of revenue for credit card companies and they've mounted an aggressive campaign to convince cardholders to opt in. The fees are typically $30 for each time you use your credit card and don't have sufficient funds available.

For the full article please visit http://www.scvrealestatebox.com/

Click here to visit my website and apply on line:
http://www.RennoLending.com

Mortgage Update| Santa Clarita| Valencia| Stevenson Ranch, CA|

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Thu, 15 Jul 2010 12:36:10 -0400

Santa Clarita Mortgage Update| Tax Credit Extension

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Wed, 30 Jun 2010 12:43:34 -0400

For more more informaiton on the Tax Credit Estension visit: http://money.cnn.com/2010/06/29/news/economy/homebuyer_tax_credit/index.htm

Valencia's Real Estate| Mortgage| Update 06/25/2010

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Fri, 25 Jun 2010 12:17:16 -0400

Senate Passes Homebuyer Tax Credit Extension

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Tue, 22 Jun 2010 13:17:44 -0400

The Senate has passed a bill to give Santa Clarita homebuyers another three months to close on their homes and receive tax credits up to $8,000. The Tax Extenders Bill would apply to homebuyers who met the April 30, 2010 deadline with a signed contract to purchase a new or existing primary residence. The amendment would extend the deadline to September 30, 2010 for homebuyers to close on their real estate transaction..... for more informaiton please click here.

Click here to visit my website and apply on line:
http://www.RennoLending.com

Santa Clarita Mortgage|Real Estate- Update 06/10

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Thu, 10 Jun 2010 15:44:23 -0400

Call today to take the first step by obtaining loan pre-approval! 661-290-3817

Santa Clarita Mortgage|Real Estate- Update

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Mon, 07 Jun 2010 12:10:23 -0400

Last Week in the News

The Institute for Supply Management reported that the monthly composite index of manufacturing activity was 59.7 in May, after reaching 60.4 in April. A reading above 50 signals expansion. It was the 10th straight month of expansion.

Total construction spending rose 2.7% to $869 billion in April, following an upwardly revised 0.4% rise in March. April's gain was the biggest since August 2000.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6% in April, after a revised 7.1% increase in March. On a year-over-year basis, pending home sales are up 22.4%.

Factory orders rose 1.2% in April, below the 1.8% increase economists had anticipated. It was the eighth straight gain and follows an upwardly revised 1.7% increase in March.

The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity was 55.4 in May, unchanged from 55.4 in April. A reading above 50 signals expansion. It was the fifth consecutive month of growth. Economists had anticipated a reading of 55.6.

The Labor Department reported that in the first quarter productivity rose at an annual rate of 2.8% and labor costs fell at an annual rate of 1.3%.

Initial claims for unemployment benefits fell by 10,000 to 453,000 for the week ending May 29. Continuing claims for the week ending May 22 rose by 31,000 to 4.66 million. Employers added 431,000 jobs in May, following a 290,000 advance in April. This pushed the unemployment rate down from 9.9% in April to 9.7% in May.

Upcoming on the economic calendar are reports on wholesale trade on June 9, international trade on June 10 and retail sales on June 11.

Click here to visit my website and apply on line:
http://www.RennoLending.com

Santa Clarita Mortgage Update- The FHA Loan

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Wed, 02 Jun 2010 11:39:30 -0400

In 1934, the Federal Housing Administration (FHA) was created by the National Housing Act for the primary purpose of insuring long-term residential mortgage loans and, thereby, promoting home ownership in the United States. Today, the FHA is the largest government insurer of mortgages in the world and is our popular in Santa Clarita, CA.

FHA loans have surged in popularity. In 2005, government-backed FHA loans represented about 2.8% of total loans originated. Today, the number is closer to 30%. Over the past couple of years, as credit standards tightened, FHA loans have become the loan of choice for many homebuyers.

Contributing to the popularity of FHA loans is that the maximum loan amount limit has increased from $417,000 to as much as $729,750, depending on the county in which the home is located. Also, if you qualify for a loan, the loan-to-value (LTV) ratios are potentially higher than those for conventional mortgage loans. With FHA loans, a buyer can borrow up to 96.5% of the value of a home. The potential for a higher LTV also makes FHA loans an attractive option for homeowners wanting to refinance. And FHA loans come with fixed mortgage rates providing stable payments over the life of the loan. Also, FHA closing costs can be financed into the total amount of the mortgage.

Traditionally, FHA mortgages were used to assist first-time homebuyers who may not have otherwise qualified for a loan. But FHA loans are no longer just for first-time homebuyers. They are increasingly used by move-up buyers. The only restriction is that a purchaser may have only one FHA loan at a time.

If you would like to learn more about the FHA loan process - and how it might help your move into a new Santa Clarita home - please call us today.

Referral Request:
Please forward my contact information to anyone you know with a need for real estate financing!

What's going on with Interest Rates? Santa Clarita Mortgage Update

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Wed, 19 May 2010 13:49:22 -0400

Remeber the 1st step to purchaseing real estate in getting pre-approved and reviewing your loan options. We’re here to help, so please feel comfortable contacting us in Santa Clarita. The Renno Lending Team of Prospect Mortgage, LLC. Loan Officers Keith Renno and Jason Renno Office: 661-290-3817 Cell: 818-521-8515

Santa Clarita Mortgage Economic Update

Keith Renno & Jason Renno (Prospect Mortgage, LLC) — Tue, 18 May 2010 15:06:02 -0400

Last Week in the News for Santa Clarita Real Estate.

The Commerce Department said wholesalers increased their inventories by 0.4% in March, following a 0.6% rise in February. Sales at the wholesale level rose a robust 2.4% in March, marking the 12th straight monthly gain.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending May 7 rose 3.9%. Refinancing applications jumped 14.8%. Purchase volume decreased 9.5%.

The trade deficit increased 2.5% to $40.4 billion in March, from a revised $39.4 billion gap in February. Economists had expected the trade deficit to widen to $40.1 billion. Exports rose 3.2% to $147.87 billion. Imports increased 3.1% to $188.3 billion.

Retail sales rose 0.4% in April, following an upwardly revised 2.1% increase in March. Economists had anticipated retail sales to rise 0.2% in April. On a year-over-year basis, retail sales increased 8.8%.

Industrial production at the nation's factories, mines and utilities increased 0.8% in April, following a 0.1% gain in March. It was the 10th consecutive monthly increase. The overall factory-operating rate rose to 73.7% of capacity in April, the highest reading since November 2008.

Total business inventories rose 0.4% in March, following an upwardly revised 0.5% increase in February. All components showed nearly uniform increases in March: manufacturers up 0.3%, retailers up 0.4%, wholesalers up 0.4%.

Initial claims for unemployment benefits fell by 4,000 to 444,000 for the week ending May 8. Continuing claims for the week ending May 1 rose by 12,000 to 4.627 million.

Upcoming on the economic calendar are reports on the housing market index on May 17, housing starts on May 18 and the index of leading economic indicators on May 20. Stay tuned for more Santa Clarita updates.

Click here to visit my website and apply on line:
http://www.RennoLending.com