Mortgages by Alex Berger

02/02/2023

We are less than 2 weeks away. This will be a casual event for PHYSICIANS in LA to network with peers, and get some valuable financial and legal information at no charge. RSVP via QR code.

02/01/2023

As we await the Fed rate decision (likely 0.25 increase), remember that jumbo mortgage rates came down after December's 0.5 rate hike. We are near 6 month rate lows, with many jumbo loans locked in the low 5% and high 4% range this week.

Think of me for Doctor, Jumbo, Asset Based Private Bank Program, and Construction loans.

01/19/2023

This is an exciting milestone for BMO. While certain banks are backing away from from lending and laying off employees, BMO is bolding growing the good in business and life. I'm looking forward to having a physical branch network in LA, and hopefully getting some of BofW's unique mortgage products.

I was on the wrong side of a misaligned acquisition last year, and it can be mentally and professionally trying. I can tell my BofW friends and future teammates that BMO a great company to work for, with competitive products, and culture of collaboration and dignity.

BMO Financial Group has secured the all-clear from U.S. regulators to close its US$16.3-billion takeover of California-based Bank of the West from BNP Paribas.

01/11/2023

Mortgage Banking, Lending, Doctor Loans, Construction, Noncitizen

01/11/2023

Many clients are asking if I think rates will fall next year, and if an ARM is worth investigating. The Chief Economist for Freddie Mac shared an interesting statistic. In 1981, rates increased 2.1 points... then fell by 3.7 points in 1982.

Mortgage Banking, Lending, Doctor Loans, Construction, Noncitizen

12/01/2022

FUNDED!
5% Down Doctor/Dentist loan on a $770K purchase. The borrower completed dental school last year, and splits his work week between 2 dental offices (one paid 1099). The employer verified the minimum income and we used the income based repayment calculation for a student loan in forbearance. Most banks require 2 years of 1099 history and use 0.5-1% of the loan balance when it's in forbearance. We were able to approve the loan with a 6.25% rate. The borrower was declined by another lender with a call center loan officer operating in the middle of nowhere. Borrowing money is complicated. If you are making the biggest purchase of your life, don't rely on a call center.

09/19/2022

I thought this was a good article about this week's FED meeting and mortgage response to rate hikes.

https://reports.mortgagenewsdaily.com/article/print/6324e587a73d40bb95ec2eac?hr=true

"it's still not the size of next week's hike that matters most. What matters most (or at least more) in no particular order will be the Fed's own rate hike outlook. This is conveyed in the form of a dot plot in the Fed's "summary of economic projections" or SEP. The SEP is released at 2pm along with the rate hike announcement. It frequently moves markets far more than anything in the announcement itself, and thus frequently leads to the faulty conclusion that the market is responding to the Fed's rate hike. "

06/17/2022

Every bank is taking a different approach to rapidly rising rates. On a call with a peer from a big bank (bank name rhymes with Grace), I realized that my bank's rates were 0.25%+ better across the board. Another call I found that we were more than 0.625%+ lower than a very well known mortgage brokerage. Our 30 year jumbo rates are still in the 4%s and ARMs are in the low 4%s. Call me for a quick quote.

06/11/2022

Rates on conforming loans under $647,200 are more than 1% higher than JUMBO loans over $647,200. So an $809,000 purchase with 20% down has a mortgage, tax and insurance payment of about $4,800. A $927,000 purchase with 20% down also has a mortgage, tax, and insurance payment of $4,800.

Think of me for JUMBO, Physician and Construction loans.

05/31/2022

Great news! After 10+ years with BBVA (purchased by PNC in 2021), I made the decision to move to BMO (Bank of Montreal). BMO purchased Bank of the West this year, and the branches should be rebranded by the end of the year.

BMO has a remarkable array of products, including best in market Jumbo, Physician and Construction loans. Although BMO is the 8th largest bank in North America by assets (Forbes 2021), they operate like a boutique bank; focusing on customer service, make sense underwriting, progressive/inclusive product development, top to bottom collaboration, and social responsibility. The rates and processing are best in market. I feel that this is the best bank for me, my referral partners, and my valued clients.

I'd love to continue serving you. Please feel free to call, email or text.