Market Update for February 12 2018: Thank You, Clients!

February 13th, 2018 • By: chrisking News

You are my bread-and-butter. Yes, YOU. September 28th of this year will be CPK Mortgage’s 10th anniversary of being in business. Each and every year that I’ve been in business I can document the proof that my Clients and referrals from Clients are the life-blood of CPK Mortgage. So, I humbly say, “Thank You.”

Every year I do annual business planning, re-set 30/60/90 Day Goals and re-set my 1, 3 and 5 Year Plans. A key part of that process is analyzing what is going right and what needs to be improved. I compile data on annual loan fundings, the sources of those loans and the types of loans that we do. Over the past 10 years, the results are powerful in their consistency: 60% of our business is either from repeat clients or from referrals from previous clients. That percentage is nearly iron-clad: it has ranged from a low of 57% to a high of 63.7%. Again, YOU are the life-blood of CPK Mortgage. Thank you.

Some of you may know that while maintaining the mortgage company and bringing on several new, amazing agents, I have also become a Fire Fighter-Paramedic. That has meant that I have not been as focused on maintaining relationships with all of you as I should have been. Now that things are normalizing, I need to correct that. So, I hope that this newsletter is but a small first step in re-connecting. And more importantly, please take it as a small but important note of thanks, to you.

Alternative Programs: Adding Value — VA Loan Rates

February 13th, 2018 • By: chrisking News

As I write this newsletter, I looked back to the last newsletter update that I had written, which was July 27th of 2015. The 30 year fixed rate stood at 3.875% whereas today it’s at 4.250%. We’ve crossed into the threshold of the “4s,” so it is important to consider every loan program available to ensure the best rate over the long term. VA Loans provide a low rate haven for refinances, purchases and cash out loans. These loans are available not just for Veterans, by the way. A Veteran’s spouse and/or certain family members of a deceased Veteran are eligible, so contact us today for more information. We have a VA Loan in the pipeline now for $449,000, which in Los Angeles County, is considered within the new conforming loan limit. The rate: 3.990% (APR 4.005%) on a 30 year fixed rate mortgage. Let us help you find great rates that can provide long-term safety while potentially being below the new 4% threshold.

Pulse on Politics: Fannie/Freddie Loan Limits

February 13th, 2018 • By: chrisking News

Fannie Mae and Freddie Mac got it right this year with loan limits. Logic prevailed: why should each county across the nation have the same maximum loan limit when the average price of a home in certain counties is much higher than in others? While the maximum loan limit in most counties is now $453,100, counties like Los Angeles County go up to $679,650. 4 unit properties in Los Angeles County can be financed to loan amounts of $1,307,175! Investors take note of this: call us for more details.

Social Responsibility: Fire Fighter Paramedic

February 13th, 2018 • By: chrisking News

As I referenced in the Market Update above, I’ve become a Fire Fighter. I did some serious soul-searching and decided that the best way I can use my talents to make a difference in the world would be through the Fire Service. It has been an extremely challenging and ultimately, tremendously fulfilling change. The schedule enables me to also keep the mortgage company, working primarily with existing clients and referrals from existing clients. At this point, I’m completing my Paramedic License, the highest level of medical training that a first responder “in the field” can have. On February 22nd, I’ll be taking the last portion of the national exam. After a two and a half year journey, I’m excited to be weeks away from the Paramedic licensure.

02/12 — 30 YR Fixed: 4.250%*

February 12th, 2018 • By: chrisking 30-yr, rates

FIXED Mortgage Rate* Points APR* 30 Year 4.250% 0.037 4.327% 15 Year 3.750% 0.000 3.879% ARM LOANS 5/1 LIBOR ARM 3.500% 0.750 3.630% 10/1 LIBOR ARM 3.750% 0.750 3.882% JUMBO LOANS 5/1 LIBOR ARM 3.750% 1.000 3.868% 30 Year 4.375% 0.750 4.476(1) Disclosures