After 34 years of experience, we are specialists at helping bridge the distance for individuals who need additional financing to buy a new home, before selling their current house. Let us help you or someone you know with our popular Private Money Bridge loan program, like we did below.
Loan of the Week
Program: Bridge Purchase Loan Size: 1.4 million Location: San Luis Obispo County Reason Came To Us: A Mortgage Broker brought his Borrower to us for some fast help. Their financing was disapproved by underwriting at the last minute due to debt-to-income ratio being a bit too high. This wasn’t an issue with our programs due to the great equity in his current house. As we have no DTI requirements, we were able to rapidly get him approved and loan fully completed in just 13 days!
Visit our website at www.sunpacificmortgage.com or call today 707-523-2099 so we can let you know what we can do to help you or someone you know bridge the distance to a future home!
Just as the pandemic put a temporary damper on the housing market, so too did the jump in mortgage rates. But just as the economic shut down didn’t have a lasting effect on the market, neither will this increase in mortgage rates. And the reason is the same – very little inventory. There are still more Buyers than Sellers and that is driving the market right now.
Despite the slight increases in interest rates, and decreases in inventory, it doesn’t necessarily mean the market is going down. Because Builders have not built enough housing and interest rates remain relatively low, it is thought that the industry might slow, but not fall.
Waiting can be a gamble in this game of real estate. Even if you wait to purchase with the thought that prices could be coming down, if rates increase it will all be for nothing. And renting will not be a cheaper option in the long run.
The market is stable. It hasn’t been driven by Investors, Flippers, and bad mortgages, but by legitimate Buyers. While demand may slow down eventually, there are no signs of prices going down anytime soon.
If you need a loan fast or have not qualified for a conventional loan, consider a privately funded mortgage through Sun Pacific Mortgage. Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com if you are purchasing or refinancing in California.
Take advantage of our Private Money Programs if you are in need of FAST financing. We can also help if their debt-to-income ratio is too high or you’ve been turned down by another lender for any reason.
We’ve funded many loans in less than 1 week. No credit requirements. And with over 34 years in business, we’ve helped thousands of individuals get the financing they wanted!
Analysts, Economists, and Industry Commentators have much, and sometimes divergent, opinions about the present and future of real estate in Sonoma County. They all agree, however, that sales data in the coming months should provide more concrete indicators of the market condition.
The experts have commented that when hot markets shift to cooler, the effects are typically reflected in reductions in multiple offers, overbidding, and the number of homes going into escrow. All these realities result in less appreciation, but historically, over the longer term, real estate remains an excellent and robust investment.
The monthly median home price, 6-month rolling average proves the point:
The average days on the market typically ebb and flow seasonally with spring often seeing the highest demand. Spring 2022 has just seen the lowest average days on the market ever recorded.
The combination of quickly rising prices and the fastest mortgage rate increase in over forty years is going to affect purchase demand. As this phenomenon occurs, the private mortgage business picks up steam. Using this avenue of financing allows otherwise ineligible Buyers to get into the real estate market and profit from the appreciation which continues to rise.
Sun Pacific Mortgage, a family-owned and operated business located in Sonoma County, serving all of California, has been in the Private Money Mortgage business for over 34 years with impressive results and loyal, appreciative clients and investors. With our year of experience, we can close escrows in as little as a week. Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com to investigate the loan programs we have available in funding purchases and refinances or how we can help you start increasing your wealth. We look forward to your call.
FAST approvals and fundings – even when turned down elsewhere! Check out a recent scenario below:
Loan of the Week
Program: Business Purpose Refinance Loan Size: $950,000 Days To Fund: 12 days Location: Los Angeles County Reason Came To Us: Debt to income ratios too high so her conventional Broker brought her to us. This Borrower was looking to get cash out of her primary residency to further expand her business. This was no problem for us! With good LTV and credit, we were rapidly able to get her loan done.
If you are trying to refinance or purchase but don’t qualify for a conventional loan just yet – let us help! We have this HOT Alt-A Private Money loan program with lower rates, so call us at 707-523-2099 or visit our website at www.sunpacificmortgage.com and we’ll quickly get back to you.
At the top of the question list for Buyers last year and this year is, “Why is it so hard to find a house to buy?” Simply stated: The number of Buyers greatly outstrips the homes available for sale. There are two main reasons the housing supply is low and what it may mean for you:
New home construction fell behind for the past five decades except for 2008. Builders exceeded the average of new homes during these years of the housing bubble. As a result, an oversupply of homes caused home values to decline. That was one of the factors that led to the housing crash in 2008. Since then, the level of new home construction has fallen off, and for the last 13 straight years, Builders haven’t been able to construct enough homes to meet the demand.
When the pandemic hit, the meaning of “home” became even more appreciated. With work and school moving into homes, there was a rush to find suitable housing for all the new activities happening in a sometimes- too- small space. At the same time, Sellers hesitated to put their homes on the market because of concerns about the pandemic. Not to forget mortgage rates dropping to the lowest seen in decades, adding to the urgency to buy now.
Even today, Buyers find themselves looking at scant inventory and higher prices. Offers exceed listing prices by a considerable margin. Basically, inventory is still low. Still, you shouldn’t put your plans to buy on hold because you are waiting for additional houses to hit the market. With prices continuing to rise and construction materials becoming ever harder to obtain, that could end up being a longer wait than makes sense.
If you need a loan today but can’t meet the stiffer qualifications of a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099 or email us through our website at www.sunpacificmortgage.com, to discuss a Private Money loan mortgage. We have helped thousands of Californians over the past 34 years to purchase or refinance their own residence or a rental property. We can make your offer look better than others with a fast, all-cash close, often closing in 1 week to 1 month!
Have you or someone you know been turned down for a loan at the last minute?
We specialize in providing direct and fast financing for Owner Occupied/Primary Residences as well as Investment Properties. Credit issues, difficult-to-prove income, property doesn’t qualify – not a problem with us! See recent examples below:
If you, or someone you know, has been turned down by another lending institution, we can work with you to help get a fast Private Money loan! Visit our website at www.sunpacificmortgage.com or give us a call to 707-523-2099. We’ll quickly let you know what we can do to help.
The short answer to this persistent question is, “Nobody knows.” This statement comes from Edward Seller, Associate Vice President for Housing Economics at the Mortgage Bankers Association.
So, where does that leave the everyday Homebuyer with rents soaring faster and steeper than mortgages? One Redfin Realtor said that she hears people are more worried about the stock market, rather than mortgage rates because they believe housing will be a better investment. Many Buyers see that the time is right for going all-out in bidding for scarce housing right now before it gets worse.
This anxiety regarding the unpredictability of rising rates explains the reason the housing market has not cooled yet and explains the surge in Buyers trying to get ahead of those higher rates now.
But do you keep getting turned away by other Lenders? Sun Pacific Mortgage has the answer with our Private Money loan programs: home or land purchases, refinancing, and bridge loans for business or commercial purposes. We have hundreds of Real Estate Investors who can finance your housing loans even if you do not qualify for conventional lending. Even poor credit, bankruptcy and less-than-perfect properties are not show-stoppers for our mortgage qualifications. Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com to discover a possible road to homeownership for you in these unpredictable times.
Do you or someone you know want to consolidate debt? How about upgrade your house, purchase a rental for additional income, get your kid set up for college, etc.?
Then you may just want to take advantage of our FAST Private Money loan programs!
We can help bridge the distance between the problem and the solution – like we did for the Borrower below:
Loan of the Week
Program: Owner-Occupied Temporary Loan Loan Size: $735k Days to Fund: 11 days Location: Orange County Reason Came To Us: Borrower was turned down by two other conventional lenders because of her debt-to-income ratios. She was already in contract to buy a property but now had no financing. This Borrower wanted to access the equity in her current home, to purchase an investment property that would offer her great return each month. She needed a fast solution to her problem which is where we came in to bridge the distance and get her loan done. Funded fast, both Buyer and Agent were grateful for our program!
Private Money can be a new beginning for anyone trying to purchase a home, a new investment, or to pull additional cash out of their existing equity. If your Buyer gets turned down, call us at 707-523-2099 or visit our website at www.sunpacificmortgage.com and we’ll quickly respond with what we can do to bridge the distance to get that loan done!
Some might consider interest rates to have the most influence on the housing market, but that is only one factor in a confluence of factors including: local economic conditions, financial markets, housing affordability, consumer confidence, inflation, migration, the pandemic, war, debt, and government policies. Each of these conditions can have major market impacts, both positive and negative.
In Sonoma County the market remained overheated for all of Q1 with home-price appreciation and supply-and-demand leading the pack. With mortgage rates rising at the beginning of Q2, the outlook is difficult to predict. Low inventory will continue to have an influence on pricing, but to what extent is still unclear. In the past, Q2 has typically been the highest demand and most active selling season of the year.
In Q1 2022, the median home price was $820,000. This statistic is a generalization which indicates that half of the homes sold closed below this figure and half sold for more than this amount. The median days on the market for Q1 2022 ranged from a high of 95 days (Kenwood) to a low of 22 days (Cotati).
Looking at the number of active listings over the past 6 years for the month of March would be a good indicator of how volatile the market has been:
March 2017: 515
March 2018: 528
March 2019: 761
March 2020: 800
March 2021: 554
March 2022: 360
Regardless of all the extenuating circumstances affecting the real estate market in Sonoma County, experts say we should only see a slight slow-down in appreciation and activity because Buyers are still looking to live in an area where they can have more for less when compared to other neighboring regions.
If you are hoping to buy anywhere in California soon, but are finding the tighter lending restrictions unforgiving, give Sun Pacific Mortgage a call at 707-523-2099 to discuss our Private Money loan programs or visit our website at www.sunpacificmortgage.com. These loans are specifically tailored to those who can’t qualify for conventional loans or who need a fast closing whether purchasing and refinancing.