Tight Mortgage Standards Making it harder to get loans!

This morning I was preparing for my next “Credit/1st Time Home Buyer Worksho” at the City of Ontario on Thursday, I came upon this great article in the New York Times about what I have been experiencing for last 6 months. Banks are just making it harder and harder to qualify for loan, even with good credit.

Right now is important time to work with your Credit or Real Estate consultant to make sure your financial aspects are in line to not only qualify for loan but to see what are the most recent guidelines to get a new mortgage loan.

You can read this great article by Daid Streitfeld at NY times at::

If you like a free consultation feel free to contact me personally at my direct line at

Your Credit Coach
Carlos Samaniego

New Credit & Home Buying Workshops Coming Up!

It looks like the Workshops we have been conducting are a huge success, we are now doing workshops in Both the City of Fontana and City of Ontario. I have posted new workshops dates coming up below:

City of  Ontario Workshops

All workshops held at the De Anza Community Center
1405 S. Fern Ave. Phone 395-2030

1st Time Home Buyers Workshop

Dates: 7/16 or 8/20 Thurs.

Time: 6:30pm-7:30pm

How to Improve Your Credit Score

Dates:7/2 or 8/6 Thurs.

Time: 6:30pm-7:30pm

Discover Reverse Mortgages

Dates:7/7 or 8/4 Thurs.

Time: 6:30pm-7:30pm

Cost for any one of these classes


Free 72 Hour Emeregency Pack Giveaway!

As many of you know I have been training with CERT (Civilian Emergency Response Team). One of the Large_67_4-person-full-lg_2 most important thing any family can do is have a 72 hour emergency pack ready in case of any disaster, emergency, anything.

Locally, we all know that we can have an earthquake at any given time!

Sometimes, it can be as simple as getting stuck in Cajon Pass because of huge traffic pile up. My sister Ruth and her husband where stuck in the pass for 18 hours during a fogg and care pileup!

The now know the importance of having an emergency pack.

We today at one of my favorite stores online the ReadyStore.com they are having a 4-person 72 hour Emergency Pack Giveaway..

Go there now and get yours


Your friend,
Carlos Samaniego, CMPS

Don’t Touch That Dial!

“DON’T TOUCH THAT DIAL.”That familiar broadcasting statement certainly applied to the
markets last week, as the volatility continued and the markets changed
direction quickly.

Take a look at the chart below, which shows how home loan rates
have climbed dramatically over the last several weeks. In fact, home loan
rates are at their highest levels since the Federal Reserve announced their
Mortgage Backed Security purchase plan at the end of 2008. While the chart
below is just a rough indicator of present rates that require points and fees
to be paid, it’s clear to see the dramatic climb rates have taken in recent

Chart: Freddie Mac 30-Yr Fixed Rates

As we’ve mentioned in recent issues of this newsletter, added
supply has been one of the main culprits behind the recent sell-off in Bonds
and corresponding climb in home loan rates. So where is that supply coming
from? First, all those refinances you’ve heard about lately are actually
turned into Mortgage Backed Securities after they’re closed, which adds more
Bonds to the market. Plus, government spending plans have to be paid for
somehow.so record levels of Treasury Securities are being auctioned off these
days. Although the Fed has a program to purchase some of these Mortgage
Bonds, the number of new Bonds simply outweighs what the Fed is able to buy –
therefore driving Bond prices lower and home loan rates higher.

There was some good news for the economy as Consumer Sentiment
came in at its highest level in 9 months, and Retail Sales were inline with
estimates, marking the biggest rebound for Retail Sales in 4 months. There
was mixed news on the Jobs front: While Initial Jobless Claims were below
estimates, continuing claims rose to 6.82 million, which is another new
record. And US exports fell to the lowest level in almost 3 years, as the US
Balance of Trade widened in April for the second month. However, US exports
should improve a bit in the coming days, as the US Dollar recently sank
against foreign currencies, which makes US goods cheaper and more attractive
to buy. The flip side of that coin however, is that since oil is Dollar
denominated, the price per barrel rises to compensate for the erosion in the
Dollar.meaning higher prices at the pump and elsewhere.

Bonds and home loan rates were able to muster up some
improvement on Thursday and Friday, helped in part by news that the Paulson
& Co. hedge fund is purchasing distressed debt and Mortgage Backed
Securities, which will help alleviate some of the supply mentioned above.
However, home loan rates still ended the week
.25% to .375% worse than where they began.

Since Bond prices
react negatively to any news of economic recovery, it’s important to work
with a knowledgeable advisor who monitors the markets every move. Let me know
if you have any questions about your situation.