• Freddie Mac says mortgage applications at recent lows and explains why

    By Escala Financial on August 22, 2014

    Freddie Mac says new mortgage applications are at recent lows due to three main reasons: First, the refinance boom is over.  Most people who can refinance already did so.  Rates do remain low so if you haven’t refinanced or couldn’t before because of value, please consider it now before rates go up.  Second, Home sales are slowing down.  Buyers are resisting

  • Troubling Decision favors homeowner who sues the lender

    By Escala Financial on August 21, 2014

    A New Jersey judge, who happens to have the last name of Escala, awarded an elderly borrower roughly $34,000 in damages and attorney fees over a refinance that only marginally dropped her payment and did little else.  The woman was elderly and originally wanted to cash out some equity.  As the loan process continued, what she got was a rate

  • Lenders dropping criteria

    By Escala Financial on August 19, 2014

    A major lender recently announced reductions in minimum FICO scores to attain a loan through them.  While there are many lenders who already accept these types of FICO scores, the news is significant to me because it shows that lenders are dropping their criteria to sustain their loan activity and create more buyers in the market.  The general trend is

  • LA Housing Unaffordable?

    By Escala Financial on August 15, 2014

    As prices go up, the key question inevitably comes up: How far can they go?  Everyone has an opinion.  A new bubble on the horizon?  Should you wait till prices drop?  In our opinion while there surely is a lot of hot air in the market, it’s not quite a bubble that will pop with a precipitous drop in home

  • Buyers have more power now when Home Shopping

    By Escala Financial on August 14, 2014

    The Los Angeles Daily News recently wrote an article about the shifting tides of power from Seller to Buyer in this Real Estate market.  The essence of the situation lies in prices increases which, in our opinion, were based more on momentum, lack of supply and low interest rates.  Prices have without a doubt plateaued and homes with any kind