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Ryan’s Mortgage Blog:
Hello from the Bay Area once again. I definitely have a love/hate relationship going on with the Bay Area. I have spent more time in traffic up here than my actual destinations…and I have gone through 2 rental cars while I’ve been waiting for my car to be fixed (transmission). Long story but I have had some good moments as well. I visited a nice bar/brewery called the Park Chalet right outside of Golden Gate Park in San Francisco. Connected to the bar is a park area where you can get drinks while your dog plays with other dogs and fellow bar patrons. The atmosphere reminded me a bit of the summer concert series “Live at the Rocks” that the Cliff’s Resort in Shell Beach hosts, which by the way starts in late July and I highly recommend it. I also spent a day visiting downtown Palo Alto and I was VERY impressed with how beautiful it was and the amount of cafés and shops there were. To finish up my trip I will be visiting the Alameda County Fair in Pleasanton which I’ve tried to attend at least once for the last 10-15 years…it’s always a good time.

So enough of the small talk…let’s get down to business. The Fed kept the rates the same this afternoon, which was expected. They still voiced their concern for inflation, but it didn’t really affect mortgage rates. Mortgage rates have eased up since their increase last month.

A product that I wanted to mention to you guys in case you aren’t familiar with it is a “pledge-asset mortgage”. I briefly spoke with a representative from Merrill Lynch recently and he told me this is a hot product right now. He is sending me more literature and a powerpoint all about it so I will let you know when I hear more…but basically you are able to take your current investments in the market and put them into one of Merrill Lynch’s investments (one option is the S&P) and this transfer will count as your down payment for a mortgage with their company. So this means no money out of pocket and your money is still invested (pledged). This sounds like a great idea for parents who have students going to Cal Poly but don’t want to cash in their investments to buy a second house while their children go to school. If your kids are going to pay rent, why not have them and their friends pay your mortgage J. If you are interested in hearing more about this product, let me know and I can explain it to you a little better and will be able to forward you some information straight from the company. You can reach me at or 805-540-0866.

Written by Keith Byrd - Go to Keith's Website/Profile