March 6th, 2014

Best Friends to the Rescue

Posted by at 4:11 pm

Bay Equity PFQC Associate, Brooke Rex, is spending time at a very special place – an animal rescue center. Brooke works out of Bay’s Operations Center in Concord, CA. She began volunteering last month at the Best Friends Pet Resort/Westside Animals for Adoption, and has met many great dogs in need of a permanent home. Brooke’s first love was 3 ½ year old Pia; a German Shephard/Malinois mix – a gentle, sweet dog who soon found the right home. Pia’s new human is a retired veteran who builds specialty aircraft. She now spends her “work day” with him at the airport hangar. The rescue has been in existence since 1980 and also offers boarding, grooming, daycare and training. Their mission is to find great “forever” homes for their pets, educate about responsible pet ownership, and partner with the community to...
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January 29th, 2014

Housing starts are still strong despite a fall

Posted by at 12:56 am

Housing starts are a critical predictor of future homebuilder sales Housing starts are released jointly by the Census Bureau and the Department of Housing and Urban Development. Analysts use the information to anticipate future production for homebuilders, future demand for raw materials, and labor costs. This data will even affect the forecasts for home-related retailers, like Lowe’s and Home Depot. Housing starts cover the number of privately owned housing units that started in a given period. For multi-family units, each individual unit is considered a housing start. If there’s a lot of multi-family construction happening, then housing starts can become elevated, and investors must take care not to read too much into the builders of single-family homes. Single-family and multi-family starts both fall Housing starts fell from 1,091,000 to 999,000. Multi-family and single-family starts both decreased. Multi-family starts were 312,000...
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January 25th, 2014

All-cash offers are crushing first-time homebuyers

Posted by at 12:34 am

The San Francisco housing market has become difficult for first-time home buyers. Due to the increase in demand, buyers are coming in with full-cash offers that are significantly higher than asking. This is leaving first time home buyers out of the race, and struggling to find good homes available. While the Bay Area saw weak housing sales in December, according to DataQuick, prices continue to rise. That is largely due to tight supply and investor cash. The median home price in the Bay Area was up 24 percent from December of 2012. Many homebuyers can’t compete with that. First-timers historically account for about 40 percent of the market, but accounted for just 27 percent of homebuyers nationally in December. Their reasons for dropping out are manifold: High student loan debt, poor employment and poor wage growth, and less-than-pristine credit. First-time...
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December 6th, 2013

15 or 30-year mortgage? Five questions to help you choose

Posted by at 12:29 am

The housing market is finally in recovery, and home purchases are on the rise. Since the housing bust, regulators have focused on preventing borrowers from entering into potentially toxic loans. To help accomplish this, the U.S. government established the Consumer Financial Protection Bureau (CFPB) in 2010. As part of this effort, the CFPB has proposed new disclosure forms to help borrowers understand the real risks and costs associated with their mortgage. But many potential borrowers are still unsure about the type of mortgage that is right for them. Many borrowers may be attracted to 15-year mortgages, which have a shorter term and lower interest rates than 30-year mortgages. But such a mortgage may not be right for their needs. Borrowers must understand how payments, which consist of principal repayment and interest, will be structured under the different types of mortgages...
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December 2nd, 2013

Record year for VA Loans

Posted by at 10:29 pm

2013 has been a record year for putting active military members and veterans in a new home with VA loans. Bay Equity is proud to announce that more VA loans have been given out this year than ever before, assisting veterans in refinances and home purchasing. VA guaranteed 629,300 single-family loans in FY 2013, beating the old record of 600,000 loans made during the huge refinancing boom of FY 1994. Refinances averaged 49% of VA loan endorsements during FY 2013, which ended September 30. When refinances dipped in late summer, purchase mortgage transactions jumped 23% from third quarter to 98,600 in the fourth quarter.   To read the full article, visit
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October 17th, 2013

Economists See Continuing Real Estate Growth

Posted by at 4:05 pm

Expectations for housing and commercial real estate are high among real estate experts. The latest forecast from economists and analysts from nearly 40 of the country’s leading real estate organizations projects continued improvement, not just in residential real estate, but also shows improved confidence about commercial mortgage backed securities and the industrial sectors. Among the key findings in the three-year forecast: Forecasters projecting a strong ending to 2013 and continued growth through 2015. Single family housing starts, which were 535,000 unites, are expected to reach 675,000 units in 2013, and grow to 800,000 units in 2014 and 900,000 units in 2015. Unemployment should be effected in this growth. It is expected that 2.2 million jobs will be created in 2013, followed by 2.4 million in 2014 and 2.6 million in 2015, reducing the unemployment rate by .9%. Vacancy rates are...
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October 1st, 2013

Government Will Continue Lending, But Problems Are Present

Posted by at 9:29 pm

Government Will Lend During Shutdown, But Snags May Still Derail Closings The shutdown of the federal government will not halt government lending, as many believed would happen. The Federal Housing Administration and the U.S. Department of Veterans Affairs have announced that they will still process loans, though with a much smaller staff. Here are some of the details regarding federal housing loans during this time: Approximately 15 percent of US mortgages are backed by the FDA. Multifamily project will still be able to close. New construction loans cannot be issued at this time. Single-family home loans, including those made through FHA-staffed Home-ownership Centers, will be endorsed. FHA Loans will be serviced. Ginnie May will continue to perform its secondary market functions. Only 68 of the 2,972 HUD’s Office of Housing employees, which includes the FHA, will be on staff during the...
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September 24th, 2013

Bay Equity Expands in Southern California

Posted by at 10:22 am

Bay Equity Expands in Southern California with Addition of CalPacific and The Touchstone Group Bay Equity President and CEO Brett McGovern said, “We are honored to align with Craig Bramlett, Rick Jones and the men and women of CalPacific, CalPacific – The Rafii Group and The Touchstone Group. They are highly experienced loan professionals who have provided the people of San Diego County with exceptional service for more than 20 years.” Bay Equity Chief Operating Officer Casey McGovern added, “They are a perfect fit for our family owned and operated company and share our commitment to customer service. We’re excited about the future and pleased they chose to become a part of us.” CalPacific co-founder Craig Bramlett noted, “We have found the right company in Bay Equity. It shares our ethics and values. Plus, it’s a California company with regional...
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September 20th, 2013

Are You Ready? 10 Steps to Home Ownership

Posted by at 8:11 am

You’ve done the research, you’ve browsed homes, and now you finally made the decision to purchase a home. The home-buying experience can be challenging for home-buyers because of the detailed process and the involvement of so many outside parties.  Do you know if you’re truly ready to purchase a home? shares 10 Steps to Home Ownership. Decide what you want, and if you are ready. Whether you are a first-time home buyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Get a Realtor. Buying and selling real estate is a complex matter. In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with professionals who know the community and much more. Those professionals are the local REALTORS® who serve your area. Get Pre-approved for a Loan. Contact...
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September 18th, 2013

How Much House Can You Afford?

Posted by at 12:14 pm

How much house you can afford is contingent upon numerous factors, but your DTI, debt-to-income ratio, is a significant indicator to lenders. It’s easy to calculate and monitor your DTI, but lenders use different ratios to determine if a buyer is qualified.  DTI is significant when financing a home because lenders have to see that there is minimal risk in approving any type of loan – a buyer qualifies when their DTI is low because they can afford to make timely payments, therefore reducing any risk of foreclosure, or worse, bankruptcy. explains this and more in this article:
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