10-Year Treasuries fell slightly to 3.92% which has been hovering between 3.72 to 4.15 the past four weeks fluctiating mortgage rates and relieving the fear rates may go higher for consumers, realtors, and loan officers. 30-year fixed rate mortgages trading down -0.29 putting rates at 6.49%. 15-year fixed-rate mortgages dropped -0.013 placing 15-year fixed-rate mortgage rates at 5.90% for prime borrowers. 5/1 ARM fell 0.67 pricing mortgage rates at 5.90%. Housing inventory remains tight and inventory lags with the demand for homes nationwide. Part of the imbalance of falling rates, high inflation, skyrocketing home prices, and a weak unpredictable economy with questionable validity on numbers and data released is a large percentage of homeowners who purchased homes two to four years ago have locked in mortgage rates around 3.0% and at the same time home prices have gone up an average of 50% over a period of three years, many homeowners do not want to sell and intend in staying put. If the circumstances were different, so will the homeowners agenda and may consider selling the current home or keeping the current home as a rental and purchase a new home whether upgrading or downsizing. Mortgage rates increased more than double of what it was just two years ago. The sudden interest rate jump to 8% have Americans with the mentality of not being able to justify investing in a new home for their primary home as well as investment homes. Many first-time home buyers who were qualfied and pre-approved around mid 2020 through the coronavirus outbreak in February 2021 who decided to wait because they were under the impression of a housing market correction and mortgage rates plummeting from 3.625% found it disappointing and disheartening that home prices have gone by 20% to 50% or more depending on the area and state and mortgage rates skyrocketing past 8.0%. Many homebuyers are now priced out of the market due to the sudden massive spike in housing prices. The monthly housing payment would have gone up from 50% to 100% where they can no longer afford with their wages. Wages have not kept up with inflation and high cost of goods and services. Americans still feel betrayed by the media and politicians at all level of government due to the deception, lies, truth being not told, fake news, political divide, and economic uncertainty in the nation. The country is maliciously divided by political party and the ideology globalists and extreme liberals are putting out is enough to make the American people not trust anything they hear until it has been fact checked and confirmed by reliable sources. Deaths from people who took the coronavirus vaccine and its boosters is increasing. More younger Americans in good health and shape are dying in their sleep due to blood clots or are getting diagnosed with fatal cancel losing their life prematurely. Many believe it is due to the coronavirus vaccine. The coronavirus vaccine has been cause of these premature deaths or illnesses of healthy individuals and many from all levels of society and profession swear the coronavirus vaccine has been engineered, created, and promoted to be the death tool and the solution to depopulate the world.

I have never purchased mortgage leads since I started the mortgage business. Are there any good mortgage lead companies?

THIS Message is for Mr. Mike Neill. Can GCA Oakbrook Terrace get loan officers from AXEN do third party processing? Mr. Bill Burger-King said we could. Can we explore that possibility.

Mortgage Rates Today: January 10, 2024— 30-year fixed mortgage rates are steady. 15-Year Mortgage Rates Increase. Today, the current average mortgage rate on a 30-year fixed mortgage is 7.35% compare to last week when the mortgage rate was 7.29% while the average rate on a 15-year mortgage is 6.49%. The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.24%. The APR was 7.22% last week. APR is the all-in cost of your mortgage loan. On a 30-year jumbo mortgage, the average rate is 7.20% @ source bank rate. With today’s interest rate of 7.35%, a 30-year fixed mortgage of $100,000 costs approximately $689 per month in principal and interest (taxes and fees not included), the GCA Best Mortgage Calculator shows. Borrowers will pay about $148,054 in total interest over the life of the loan.

The average interest rate on a 15-year mortgage (fixed-rate) is 6.49% compared to last week, the 15-year fixed-rate mortgage rate was at 6.35%.

The APR on a 15-year fixed is 6.43% compared to 6.30% this time last week. At today’s interest rate of 6.49%, a 15-year fixed-rate mortgage would cost an estimated $870 per month in principal and interest per $100,000. You would pay around $56,681 in total interest over the life of the loan.

Mortgage interest rates are determined by a complex interplay of various economic, financial, and individual factors. Here are some of the key factors that influence mortgage interest rates:

Economic Conditions: The overall health of the economy plays a significant role. When the economy is strong, with low unemployment and robust economic growth, interest rates tend to rise. Conversely, during economic downturns or recessions, rates tend to fall as central banks may lower their policy rates to stimulate borrowing and spending.

Central Bank Policies: Central banks, such as the Federal Reserve in the United States, set short-term interest rates through their monetary policy. Changes in these rates can have a cascading effect on longer-term interest rates, including mortgage rates.

Inflation: Inflation erodes the purchasing power of money over time. Lenders typically require higher interest rates to compensate for the expected loss in value of the dollars they will be repaid in. Therefore, when inflation expectations rise, mortgage rates tend to go up.

Supply and Demand: The supply and demand for mortgage loans in the secondary market can affect rates. When there’s high demand for mortgages and a limited supply of funds, rates may rise. Conversely, when there’s less demand or more supply, rates may fall.

Creditworthiness: Your personal credit score and credit history influence the interest rate you’ll be offered. Borrowers with higher credit scores and better credit histories are typically offered lower interest rates because they are considered less risky.

Loan Term: The term of the mortgage (e.g., 15 years, 30 years) can also impact the interest rate. Shorter-term loans often come with lower interest rates than longer-term loans because they pose less risk to lenders.

Down Payment: A larger down payment can often lead to a lower interest rate. Lenders may view borrowers who make a substantial down payment as less risky.

Type of Mortgage: Different types of mortgages, such as fixed-rate and adjustable-rate mortgages (ARMs), have different interest rate structures. ARMs typically start with lower initial rates but can adjust over time, while fixed-rate mortgages maintain the same rate for the entire loan term.

Market Conditions: Mortgage rates can be influenced by market sentiment, investor demand for mortgage-backed securities, and geopolitical events. These factors can lead to short-term fluctuations in rates.

Regulatory Environment: Government policies and regulations can impact mortgage rates. For example, government programs and incentives can make certain types of mortgages more attractive to lenders and borrowers.

It’s important to note that these factors can change over time and can interact in complex ways. Mortgage rates are also influenced by a wide range of regional and local factors, making it essential for borrowers to shop around and compare offers from different lenders to find the best mortgage rate available to them based on their unique financial circumstances.

What determines APR? APR stands for “Annual Percentage Rate.” It is a financial term used to express the true cost of borrowing or the annualized cost of a financial product, such as a loan, credit card, or mortgage. The APR includes not only the interest rate on the borrowed funds but also any additional fees, points, or other costs associated with obtaining the loan or credit.

The APR provides borrowers with a more comprehensive understanding of the total cost of borrowing, making it easier to compare different loan or credit offers from various lenders. Lenders are typically required to disclose the APR to borrowers to ensure transparency in lending practices and help consumers make informed financial decisions.

It’s important to note that the APR is expressed as a percentage, and a lower APR generally indicates a more favorable loan or credit offer because it represents a lower overall cost of borrowing. However, it’s essential to consider other factors, such as loan terms, repayment schedules, and your specific financial situation, when evaluating loan or credit options. Demand for mortgage loans is down despite lower mortgage rates.

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The CPI numbers were released this morning higher than expected. TThe Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The consumer price index numbers released this morning show the CPI increased 0.3% in December and 3.4% from a year ago. What this means is the CPI was higher by 0.30% than one year ago. Excluding volatile food and energy prices, the CPI rose 0.3% for the month and 3.9% from a year ago, compared with respective estimates of 0.3% and 3.8%.

Mortgage rates was not affected by the release of the CPI numbers.

https://www.youtube.com/watch?v=OiloFSVyfkk

• This discussion was modified 1 year, 1 month ago by  Gustan Cho.

What is the best artificial intelligence tool for blogging with original content

Here are the best updated numbers for everything Mortgage Statictics including the number of loan officers as of January 2024. A lot of Mortgage Companies, even companies who we worked for are no longer in business. For example, Loan Cabin, Inc. Is completely closed and two states California and Texas revoked their NMLS full eagle Mortgage Lender and Mortgage Broker licenses. Here is the statistics for mortgage industry

https://www.statista.com/topics/1685/mortgage-industry-of-the-united-states/#topicOverview

statista.com

Topic: Mortgage industry in the U.S.

Find the most up-to-date statistics and facts on the mortgage industry in the United States

Cute cat and dog video making a break in. Funny

https://youtube.com/shorts/wKc-eshuaEo?si=9cYXpKQuM9VTq2ip

Like to welcome my Tim Cho of Cho Time Fitness to GCA FORUMS. Tim is my son and has been a champion wrestler in high school, and is a former professional mixed martial arts fighter. Time is also a drill sergeant in the United States Army reserves and does personal training, and coaches groups like local police departments and other agencies in defensive tactics. Tim is going to launch and run the eGym and Nutrion subforum under the HEALTH, WELLNESS, AND FITNESS FORUM here and will answer any questions viewers have about setting up a work out regiment, defensive tactics, and nutrition. His company, Cho Time Fitness is a one on one personal training curriculum. He is taking a working business model and plans on expanding his successful work out coaching program to those who want to be in the best health through regular exercise, and proper eating.

Doctors suggest to exercise for diabetics but many people have a busy schedule. Is there a sucessful workout regiment for diabetics with a heavy work schedule. Many people who are tied to computers and remote workers have a busy schedule they do not have the opportunity to execise. Any suggestions would be greatly appreciated.

Updating old content that got penalized with the latest Google Algorithm UPDATE in September 2023 has helped rankings. Ravinder Sharma, our digital marketing and SEO director has been monitoring our websites after the 2023 latest Google Algorithm changes and found that blogs that have been updated and refreshed has increased in rankings on all search engines. I will have Ravinder post more on this topic.

Fix-and-flip real estate loans are a type of financing used by real estate investors to purchase distressed or undervalued properties, renovate them, and then sell them for a profit. These loans are specifically designed for short-term investment projects and are commonly used in the real estate industry. Here’s how they work:

1. Property Acquisition: Investors identify properties that are in need of renovation or improvement and are typically priced below market value. They then apply for a fix-and-flip loan to purchase the property.

2. Loan Approval: Lenders review the investor’s creditworthiness, the property’s potential value after renovation, and the investor’s business plan for the project. If approved, the lender provides the funds needed to purchase the property.

3. Renovation: Once the property is acquired, the investor uses the loan proceeds to fund the renovation or rehabilitation of the property. This can include repairs, upgrades, and improvements to increase the property’s value.

4. Sale: After the renovations are complete, the investor lists the property for sale on the real estate market. The goal is to sell the property quickly and at a higher price than the initial purchase price and renovation costs.

5. Repayment: Once the property is sold, the investor repays the fix-and-flip loan, including interest and fees, to the lender. The remaining proceeds from the sale are typically the investor’s profit.

Key characteristics of fix-and-flip loans:

1. Short-Term: Fix-and-flip loans are typically short-term loans, with loan terms ranging from a few months to a few years. They are not intended for long-term property ownership.

2. Higher Interest Rates: These loans often come with higher interest rates compared to traditional mortgage loans. Lenders charge higher rates because of the short-term nature and higher risk associated with fix-and-flip projects.

3. Quick Approval: Fix-and-flip loans are designed for fast approval and funding, allowing investors to move quickly when opportunities arise.

4. Asset-Based: Lenders primarily assess the value of the property and the potential for profit when approving fix-and-flip loans, rather than focusing solely on the borrower’s creditworthiness.

5. Potential for High Returns: Successful fix-and-flip projects can generate significant profits for investors, but there are also risks involved, such as market fluctuations, construction delays, and unexpected costs.

It’s important for real estate investors to carefully plan their fix-and-flip projects, conduct thorough market research, and have a realistic budget in order to maximize their chances of success. Additionally, working with experienced lenders and real estate professionals can be beneficial when pursuing fix-and-flip opportunities.

There will be many positive changes to the GCA Forums. We have created and launched Great Content Authority (GCA) Forums to be a one stop non-spammed online community that has everything to do with everyday needs, goals, and access to homeownership, real estate investment, furthering one’s career, answers to any and all questions you may have. We are in the process of vetting out experts in their field to become mderators. You will see positive changes and useful resources that most people may ask daily and go to various different sources for answers. Our goal is to create a one-stop shop resource center mainly centered on real estate and mortgages but everything else. So instead of looking at dozens of different sources, our goal is for you to come to our online community first and then branch out. No hate content, hateful politics and religion, or Fake News that will offend anyone. Only humor is allowed. If you have a product or service that will benefit our community and the public, you can address it on this forum. We will not ban you from advertising useful specialty product that is a benefit to all of us. Thank you all

• This discussion was modified 1 year ago by  Sapna Sharma.
• This discussion was modified 10 months, 3 weeks ago by  Sapna Sharma.
• This discussion was modified 5 months, 4 weeks ago by  Sapna Sharma.
• This discussion was modified 5 months, 4 weeks ago by  Sapna Sharma.

Latest Google Algorithm Changes

If your rates are at or near 8% on your home loan and have higher credit scores you may be in luck. Higher rate borrowers are priced in the 5% due to rates dropping

Mortgage rates are forecasted to plummet in 2024.Homeowners are going to are going to enjoy the down ward slide of Mortgage Rates. Here’s a video about how rates are dropping

https://www.youtube.com/live/eGIq0UNH4MQ?si=sFw-XDzLsFaHn29m

Two unit one month and two to four units three months reserves on VA loans.

To become a loan officer, you need to complete a 20 hour pre-licensing course and pass the 125 hour three hour national NMLS federal exam. The key in passing the national NMLS exam is to go through hundreds of practice multiple choice question. I highly recommend Angie Crippen of On Course Learning. Angie is hands on and will go above and beyond to get you what you need, whether it is now passing the 125 hour course or throughout your mortgage career. Below is the link the NMLS mortgage licensing school On Course Learning with Angie Crippen as our account executive.

https://gustancho.com/mlo-license-school/

• This discussion was modified 1 year, 1 month ago by  Gustan Cho.

gustancho.com

MLO License School

MLO License School

Does any loan officers know how much tri-merger credit report fees will be increased to?

Here’s some photos of my babies. Not all of them. Will post the rest of them.

Bella is a 5 year old 21 pound Labrador mix that is one of the most cutest 😍 smartest dog 🐕 I have met. Belongs to my sister Claudia and brother in law Jeff and Bella knows she is precious and loved 😍 🥰 ❤️ 💖 💗 Stumpy legs and a Godsend

Auto insurance is a type of insurance coverage that protects individuals and businesses from financial loss in the event of a car accident or theft. It is a contract between the policyholder and the insurance company, where the policyholder pays a premium, and in return, the insurance company provides coverage for specified risks.

Here are some key components and coverages typically included in auto insurance:Liability Coverage: This covers the policyholder’s legal responsibility for bodily injury or property damage to others in the event of an accident for which they are at fault.

Collision Coverage: This covers damage to the policyholder’s vehicle in the event of a collision with another vehicle or object.

Comprehensive Coverage: This provides coverage for non-collision events, such as theft, vandalism, natural disasters, or hitting an animal.

Medical Payments Coverage (MedPay): This covers medical expenses for the policyholder and passengers injured in an accident, regardless of who is at fault.

Personal Injury Protection (PIP): Similar to MedPay, PIP covers medical expenses but may also include coverage for lost wages and other expenses.

Uninsured/Underinsured Motorist Coverage: This protects the policyholder if they are involved in an accident with a driver who has little or no insurance.

Auto insurance is mandatory in many places, and the minimum required coverage can vary. The cost of insurance premiums depends on various factors, including the driver’s age, driving history, type of vehicle, coverage limits, and geographic location.

It’s important for individuals to carefully review and understand their auto insurance policy to ensure they have adequate coverage for their needs. Additionally, laws and regulations regarding auto insurance can vary by jurisdiction, so it’s essential to be aware of the specific requirements in your area.