Legacy Home Loans

06/13/2022

Shareholder meeting today at 3PM in the Regency Room! Email went out last week. See you in a few hours.

02/20/2019

THIS.......is why we love doing what we do! Congratulations Sam Gelberger and Ashley McClure it was a pleasure working together!!!!!

JUST CLOSED ESCROW!!!

Congratulations to one of my best friends in the world on becoming a homeowner. The process couldn't have been more fun. Thank you for allowing me to share this part of your journey & wishing you many happy years in this beautiful home. Can't wait to celebrate when we officially get the keys on Thursday!

01/31/2019

LEGACY RATE UPDATE

BY: MATTHEW GRAHAM
Mortgage Rates Quietly Thunder to 1-Year Lows
Jan 31 2019, 2:31PM
Mortgage rates fell more triumphantly today, extending their reaction to yesterday's Federal Reserve announcement. The Fed isn't in direct control of interest rates, although the opposite often seems to be true. The free market largely decides rates due to factors like growth, inflation, and supply/demand of bonds. That said, the Fed plays a big role in helping/hindering the natural economic currents. They adjust accordingly to try to keep the economy firing on all cylinders without inflation overheating and without big financial stability risks.

Yesterday's adjustment was fairly big and somewhat unexpected. Some of the market reaction may be due to the economic implications of the Fed's apparent concern. In other words, it could be seen as wake-up call about the economic risks underpinning the Fed's logic (and economic risks = lower rates, in general). But the fact that stocks have also improved today suggests markets are simply continuing to bask in the warm glow of a surprisingly friendly refocusing of the lens through which the Fed views the economy.

This second day of celebration has been a much bigger deal for the bond markets that underlie interest rates. Yesterday, we saw a nice move that may or may not have been real. Today, we rubbed our eyes and the same move was still in progress. Mortgage lenders adjusted their rate sheets accordingly. On average, conventional 30yr fixed rates/fees are as low as they've been since the first few days of February 2018. I'm OK with calling that a "1-year low" if you are.

Today's Most Prevalent Rates

30YR FIXED - 4.375
FHA/VA - 4.125 - 4.25%
15 YEAR FIXED - 4.0 - 4.125%
5 YEAR ARMS - 4.25%-4.625% depending on the lender

01/29/2019

Officially Approved and Ready for Business in Tennessee!
Who do you know that is looking to buy a home or refinance?

01/23/2019

Tom and Darlene,

On behalf of the Andrews Family, I wanted to extend our sincerest appreciation for all of your help with our loan arrangements on the San Clemente condo. We have worked with you several times over the years and every time we have experienced the best in customer service and professional support. We can’t thank you enough. We signed Escrow papers this morning and should be funded tomorrow. It was a record 20 day Escrow.

Again, thank you and we will spread the word at every opportunity.

Best Regards,

Karl

01/18/2019

19 DAY CLOSE
60 Paseo Vista, San Clemente

Application Date 12/31/2018
Close of Escrow 1/18/2019

01/12/2019

Pre Approval Made Fast and Simple

01/10/2019

13113 Oakwood Lane, La Mirada, CA

12/07/2018

Legacy Rate Update
Still Lower

Mortgage rates held on to their recent improvements today after the important Employment Situation (the big "jobs report") showed November job creation was lower than expected. In general, weaker job creation is good for interest rates because it speaks to slower economic growth and inflation (both of which are enemies of rates). This report was particularly important because a strong result would have cast doubt on several speeches from members of the Federal Reserve. Those speeches have warned about slower economic growth in 2019 and the potential for fewer rate hikes than previously anticipated.

There were no clear winners or losers at first--probably because job creation is still historically solid. Additionally, the unemployment rate remained ultra low, and wage growth remained above 3.0% on an annual basis. Markets were indecisive at first, but stocks and bond yields eventually began to move lower. Multiple mortgage lenders offered small improvements on rate sheets in the afternoon, after the bond market gained enough ground. Today's mortgage rates are the lowest in months and current trends are about as strong as they've been in more than a year.
BY: MATTHEW GRAHAM

Today's Most Prevalent Rates

30YR FIXED APR - 4.75%
FHA/VA APR - 4.25%
15 YEAR FIXED APR - 4.25%
5 YEAR ARMS APR - 4.375%-4.875% depending on the lender

11/29/2018

Legacy Rate Update
BY: MATTHEW GRAHAM
Mortgage Rates Surge Lower

Mortgage rates surged lower today, falling at the fastest single-day pace in more than a year. In order to see the average lender offer lower rates, you'd need to go back to October 2nd at least. For many lenders, it would be a few weeks before that. Granted, this merely restores rates to what had been 7-year highs at the time, but you know what they say about journeys of 1000 steps and what not...

Much of the improvement was driven by an ongoing reaction to a speech by Fed Chair Powell from yesterday. Markets perceived Powell as softening his stance on rate hikes. US markets reacted to that yesterday, but European and Asian markets took their turn overnight. The opening levels in US markets (which have a bearing on mortgage rates) are heavily influenced by overseas trading during the night. The bigger the overseas movement is, the bigger the domestic effects can be.

With all of the above in mind, bond markets began the day in the strongest territory since mid-September. Given that US markets had already undergone their reaction to Powell, bonds began to erase some of the overnight gains. Most lenders didn't end up raising mortgage rates to account for that market weakness, so it will be passed along with tomorrow morning's rate sheets unless there's another big market move overnight.

Today's Most Prevalent APR Rates

30YR FIXED - 4.875%
FHA/VA - 4.375%-4.5%
15 YEAR FIXED - 4.375%
5 YEAR ARMS - 4.375%-4.875% depending on the lender

11/27/2018

New Conventional Loan Limits

The Federal Housing Finance Agency (FHFA) announced the 2019 general and high-cost area loan limits. The maximum loan limits will increase in 2019.
• The new base loan limit in most of the country will be $484,350.
• This represents a 6.9% increase over the 2018 limit.
• The ceiling limit for most high-cost areas will be $726,525.

11/12/2018

Legacy is always Excited to help Veterans Purchase Homes with 0 Down payment!

Veterans Affairs mortgages are a great option for anyone who’s served the country, offering better borrowing terms and underwriters who understand vets’ unique profiles.