August 23, 2022

I hope you had a great weekend, and I understand that most kids are back to school, so let’s get to work!

Today would have been Kobe Bryant’s 44th birthday. Tomorrow is the official Mamba Day 8-24.

Yes, Kobe left us early, but he did a lot in his short time here. His Mamba Mentality and work ethic was unmatched in his career. I think the five pillars of the Mamba Mentality fit well in our world as we have daily challenges. ‘Mamba Mentality’ is about focusing on the process and trusting in the hard work when it matters most!” the five pillars of the Mamba Mentality are:

• Resilience, Fearlessness, Obsessiveness, Relentlessness, and Passion.

Nothing about compassion and kindness, LOL! He was serious business, but in life and sales, a lot of the above is true, but we must add a few things. Look at those words above and think about your business and tell me those five qualities are not necessary for business or being a parent. Patience comes to mind in the parenting gig and many others, including anger, fear, and stupidity, lol!

If you sell real estate, you have at least a little Mamba!
You must be resilient when a client cancels escrow for no reason, or they walk into an open house and buy a house after you showed them 32 homes the prior week.
You have to be fearless when you are prospecting! You can’t worry about what others think when they hang up on you for the 24th time.
You must obsess over the market to find the right house for your client and know all the ins and outs. Know what is coming on the market and what deal you can get for your client!
You have to work relentlessly toward a common goal to sell your client’s house or find a home for your client.
You must have a passion for the business, love Real Estate, and want to help your clients find that dream home.
I know we can’t be all of these things, but we could all use Mamba Mentality in our life a little more.
It’s the fire that makes us the best at what we do. Keep up the hard work, and wear your Kobe jersey tomorrow to celebrate Mamba Day! No, it’s not a paid vacation day! Remember that Kobe and Gigi are watching, so make them proud!

Interest rates increased a bit last week and yesterday, but today they are getting better due to new Home Sales missing estimates by a large margin.
As we know, builders are not too flexible in pricing, and reports show they now have ten months of inventory nationwide. The recession is winning today, but inflation kicked our butt last week! We will keep you posted on where rates go from here!

• 30-year Government Loans (FHA / VA) are in the mid to high 4’s.
• Conventional Loans up to $647,200.00 - low 5’s.
• High Balance Loans $647,201.00-$ 970,800.00 are in the low to mid 5’s
• Jumbo loans above $970,801 are in the high low, to mid 5’s
• 5/1, 7/1, 10/1 Arms are in the low 4’s to low 5’s for over $647,201. Under that, don’t bother right now!
• Bank statement loans - They are available with 10% down again! 6’s + depending on down and credit score.
• Stated income loans – I have one bank with 30% down, but everything else has to be perfect! Interest rates are in the high 6’s.
• 0 down loans are in the 5’s – 620 credit score min right now! Mid 6’s, for the most part, up to $670,000.00.
• 0 down Jumbo to $975,000.00 – 680 credit score – call for a quote
• Private Money lenders - hard Money Loans – 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans - are typically 6.99% with limited fees – But they get you where you need to go!

Interest rates are subject to change without notice! Above are LA County Loan Limits.

I will be around all week if you have any questions or if someone interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 xt. 2222. Please text me at 661-714-6258 or email me at Mike@AugustaFinancial.com. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!