Author Archive: Ed Brophy
Ed Brophy is the Co-Owner/REALTOR® of Desert Realty and Newport Beach Realty. He's been in the real estate and mortgage industry over 10 years and has helped thousands of homeowners buy, sell, and refinance their homes both in Palm Springs and Newport Beach.
Ed helps clients navigate today's complicated real estate process with his knowledge of the current real estate and mortgage markets.
E-Mail: e...@g...l.com
Reduce Costs with a 15 Year Mortgage
It’s a great time for Palm Springs buyers and homeowners to Reduce Costs with a 15 Year Mortgage. According to Freddie Mac’s weekly Primary Mortgage Market Survey, the relative “discount” of a 15-year fixed rate loan as compared to a comparable 30-year product is the largest in recorded history. The interest rate spread between the [...]
History of Reverse Mortgage
Reverse mortgage first started in Great Britain in the 1930s. In the United States, reverse mortgages have been available to senior citizens in various forms for the past five decades. The first reverse mortgage was given in 1961 by Deering Savings and Loan to a Maine resident named Nellie Young. She was a widow struggling [...]
Palm Springs Reverse Mortgage
A Home Equity Conversion Mortgage (HECM) most commonly referred to as a reverse mortgage is a special type of home loan that allows you to convert the equity in your home into cash. The equity that you built up over years as you made your mortgage payments can be paid to you in a lump [...]
Palm Springs Interest Rates Where are They Going
Rates ended last week up .125%, which is the smallest increment consumer rates can move. So if you call that a roughly flat week, then it’s the sixth week of flat rates. But this rise is the result of an inflationary tone building in markets, and the latest business and consumer inflation data are released [...]
Palm Springs Mortgage Interest Rates Increase
Palm Springs Mortgage interest rates increased this week, with the average on 30-year fixed-rate mortgages rising slightly to 4.87%, according to Freddie Mac’s weekly survey. Palm Springs Mortgage interest rates generally track U.S. bond yields, which move inversely to Treasury prices. Rates have climbed this year after slumping most of last year when prices rallies [...]
Mortgage Relief for Unemployed: Keep Your Home California
It’s here, Mortgage Relief for Unemployed: Keep Your Home California! Unemployed homeowners are now eligible to receive loans that will help them to avoid foreclosure, thanks to a new program by the Obama administration. After months of delays delays and efforts to terminate the Mortgage Relief for Unemployed: Keep Your Home California program, the $1 [...]
Shields Date Garden Continues its Legacy
In 1924, Floyd and Bess Shields came to the desert and opened Shields Date Garden and started a tradition that would soon become a Palm Springs legacy. Actually, Shields is in Indio on the East end of The Coachella Valley about 20 miles from Palm Springs but regardless of where you are, a visit to [...]
Mortgage Rates Continue to Inch Up
For the second straight week, mortgage rates were on the rise, but still remain overall low, reports Freddie Mac in its weekly mortgage market survey. While interest rates for the 30-year fixed-rate still stand below 5 percent, rates inched up slightly this week averaging 4.86 percent. Last week, rates averaged 4.81 percent. Last year at [...]
Make Your Adjustable Rate Mortgage Work for You
Make Your Adjustable Rate Mortgage Work for You is a follow-up to our previous articles, Adjustable Rate Mortgages Return to Popularity and 30 Year Fixed Rate vs ARM, Which is Better? Today we’re going to take a look at a five year Adjustable Rate Mortgage with a fully amortized principle and interest payment and a [...]
30 Year Fixed Rate vs ARM, Which is Better?
Yesterday I told you about the Adjustable Rate Mortgage Return to Popularity, today we’re going to take a look at myth vs. reality. MYTH: A 30-year mortgage fixed rate is always the most desirable option when buying a home. REALITY: While 30-year fixed-rate mortgage is the most common home loan (more than two-thirds of borrowers [...]
REO Homes Get Cleaned Up
With large numbers of foreclosed properties crowding the inventories of many mortgage lenders, the Chicago Tribune reports that despite their concerns, many banks are putting money into their properties to help them sell. The paper says that by putting up some money for renovations, lenders can turn many of their properties from “uninhabitable” into livable [...]
For Sale: 341 Gran Via – Monterey Country Club – Palm Desert, CA
341 Gran Via, Palm Desert, CA Bed/Bath: 3 br, 2.00 ba Property Type: Condo Square Footage: 1,670 square feet Property Subtype: Condo Attached Asking: $525,000 Cross Street: Gran Via & Monterey MLS: #21423709 Map: click here to view map See Picture Gallery Below Virtual Tour: click here to view Nothing for sale compares with [...]
Adjustable Rate Mortgages Return to Popularity
Adjustable Rate Mortgages Return to Popularity despite the fact that some borrowers still associate them with a stigma from the global financial crisis, adjustable-rate loans have picked up a slowly increasing share of the market in recent months, several lenders told the New York Times. The paper says many lenders have turned adjustable-rate loans into [...]
How to Buy a Duplex
Highlights Financing options vary, depending on whether the owner occupies a unit. How lenders treat rental income is complex. Loan limits reflect the higher cost of multifamily dwellings. Mortgages are available for buyers of duplexes, as well as of three- and four-unit dwellings. The options for financing multifamily homes depend on whether the buyer intends [...]
Chase to be Sued
Chase to be sued, Keller Rohrback LLP has announced that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all mortgagors in the State of California whose home mortgage loans are serviced by Chase Home Finance LLC or JPMorgan Chase Bank and who [...]
Field Poll: Quality of life plunges in California
Californians are bummed out. The Golden State’s residents rated their quality of life at its lowest mark in almost 20 years, citing the economic downturn and stagnant personal finances, according to a joint UC Berkeley and Field Poll. “Residents are reconsidering the image of the Golden State and showing more ambivalence toward it,” said Jack [...]
The LO Compensation Fed Rule Scandal
The Fed Rule on LO compensation was written and is based on four reports. Two were pro-broker and two were anti-broker. Well the Fed has opted to ignore the more scientific pro-broker studies, in favor of one extremely shallow study, and another that was conducted by two billionaires that got rich in the sub-prime market [...]
California home sales decline in February as market adjusts to post-foreclosure freeze environment
LOS ANGELES (March 15) – Following three months of sales gains, California home sales posted a weaker-than-expected performance and declined in February, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 497,660 in February, according to information [...]
