Arcus Lending and Shashank Shekhar were both featured on Yahoo! News on Friday June 3, 2011 on an article about low Mortgage Rates in California. The article mentioned that Arcus Lending consistently quotes its clients Mortgage Rates lower than Freddie Mac reported rates. It also refers to a post written by Shashank which explains the reason behind falling mortgage rates. The same article was also carried by SF Gate.com an online version of San Francisco Chronicle. Here is the full post from Yahoo! News.
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3.50% HomePath Financing bonus coming to end in June
Fannie Mae HomePath Financing for California homes come with added bonus in June - 3.5% towards closing cost assistance. Thats right, Fannie Mae is paying 3.5% towards your closing cost if you close your transaction by June 30, 2011. HomePath financing is available for houses that are currently owned by Fannie Mae. To get a full list of properties that qualify for HomePath financing go to the official HomePath website. Benefits of HomePath financing: Only 3% down payment required for Primary Residence (this can come as a gift) Available to Investors too with…
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San Jose, CA Real Estate Market – Home Sales and Median Price up
Both the Median Price and Home Sales for Single Family houses were up in San Jose, CA real estate market in April, 2011 compared to previous month. However, on a year over year comparison both the values were slightly down. See the full report below. San Jose Condominium Market Report: The Condo market took a hit both on Number of sales and Median Price compared to March, 2011. However, compared to a year ago the sales was up 10.4%. Get the full report in the chart below. Note that the Real Estate is…
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California Mortgage Rates at the lowest level of the year
Both 30 Year Fixed and 5 Year ARM mortgage rates for California Refinance and Home Purchase are at their lowest level for 2011 after declining for the fourth consecutive week. Freddie Mac reported last week that the 30-year fixed-rate averaged 4.63%, 5 Year ARM averaged 3.41% and the 15-year fixed averaged 3.82%. 30-year fixed-rate mortgage averaged 4.63 percent with an average 0.7 point for the week ending May 12, 2011, down from last week when it averaged 4.71 percent. 5-year adjustable-rate mortgage (ARM) averaged 3.41 percent this week, with an average 0.6 point,…
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Financing Options for California First Time Home Buyers – Free Web Class
As part of our Home Ownership Workshop of free Web Classes, Shashank Shekhar Mortgage Broker/Banker with Arcus Lending and author of the book "First Time Home Buying 101" will talk about: What are the different financing options for Home Buyers? When should you pick an Adjustable Rate Mortgage (ARM) vs Fixed Rate loan? What are the downpayment requirements? Are there any 100% loans available? FHA vs Conventional Mortgage - which is better? Reserve your Webinar seat now at: The web class will be followed by open Q&A session, where you are free to…
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San Jose, CA Real Estate Market Report – March 2011
San Jose Single Family Real Estate Market Report Median Price, Average Price and number of Sales - All went up in March compared to February 2011. However all three numbers were down from March 2010. Days on market (the time it takes for a home to sell after it's listed for sale) is down to 64 days compared to last month when it was 70 days. Sale vs List price continues to be almost at 100, meaning most of the homes are selling close to what the listing price is. In some cases…
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San Francisco Bay Area Real Estate Market Trends – March 2011
Best March in 4 years for San Francisco Bay Area Real Estate A total of 7,051 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 41.3 percent from 4,991 in February and up 0.2 percent from 7,040 in March 2010, according to San Diego-based DataQuick. Last month sales count was the highest for a March since 8,317 homes sold in March 2007. The median price paid for all new and resale houses and condos in the Bay Area was $360,000 last month, up 6.7 percent…
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Santa Clara County Real Estate Market Report – March 2011
Real Estate Prices and Sales Bounce Back in March in Santa Clara County Sales of single-family, re-sale homes continued to gain ground last month in Santa Clara County, rising 52.1% from February, and up 11.8% year-over-year.The median price for single-family, re-sale homes in Santa Clara County was up 7.1% from February, but down 5.4% year-over-year. This is the fifth month in a row the median price has been lower than the year before. The average price was up 14% from February and posted a 3.8% year-over-year gain. The rise in the average price…
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Bay Area Real Estate Market Report for February 2011
Bay Area home's median sale price fell below the year-ago level for the fifth consecutive month while the sales volume remained virtually unchanged from a year ago. The share of homes sold to investors and Cash Buyers continued to be at record levels. A point to note is that January and February are usually the slow months and may or may not provide any accurate indication for the rest of the year. A total of 4,991 new and resale houses and condos sold in the nine-county Bay Area last month. That was up…
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California Mortgage Rates Outlook for Purchase and Refinance Loans
California Mortgage Rates for Refinance and Home Purchase Loans have been all over the place this year. According to Freddie Mac Primary Mortgage Market Survey 30 Year Fixed Rate started at 4.77%, went over 5% in week 2 of February and since started the climb down to be now at exactly the same level where they started at the beginning of the year (see chart below). Most of the climb down in recent weeks have been caused by impact on stock markets due to uncertainties in Japan and Libya (and most part of…
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