HOW IS YOUR CREDIT?

The other day, I came across an article in “The Wall Street Journal” of November 30 – December, 2024 titled “Know the Score on Fair Isaac”. The article pointed out that “Fair Isaac’s shares have been among the top performers in the S&P 500 over a decade, returning in excess of 40% annualized. Quite impressive. And all of this starts with a simple question,  «Do you know how is your credit?». This is one of the first questions we ask potential borrowers.

Credit scores are a critical part of decision making. They affect loan-to-value (LTV), as well as the interest rate, and even the ability to qualify for the mortgage. Nevertheless, in most cases we find solutions. When one of the partners had bad credit, we used the other to qualify for the mortgage; however, both of them were on the title. In another case we found a lender, who was able to lend to a couple by issuing a loan to the wife apart from her husband, who had a low credit score, but had income. Yet in another situation, the client decided to delay running her credit report until she paid down her credit card debts.

Every case requires a different solution. To find what it is, we need to order our own credit report, which is acceptable to the lenders and costs about 70 dollars, since the reports offered for free do not report scores. The credit report shows three sources, and the lenders use the middle number, regardless of the source. Please contact me by phone or email for free evaluation before you decide to get a mortgage.

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

Cell: (415) 225-7920
Email: mannykagan@comcast.net

NMLS #205637
DRE #00874630

 

WHY IS FRIDAY CALLED BLACK?

For years I was thinking that Black Friday was related to the brisk sales that stores offered after Thanksgiving Day, since that is always on a Thursday. I read in a story that in the older times when ledgers were filled by pencil, red indicated a loss of income and black revealed profit. This made perfect sense. But then, browsing online, I have found some other explanations associated with historic facts.

For the first time the term Black Friday was used in financial context on September 24, 1869, when the price of gold plummeted causing stock market panic resulting in significant economic disruption. Sixty years later, on Tuesday of October 29, 1929, yet another “black” weekday occurred –  on that day the collapse of the market ignited a major economic downturn known as the Great Depression. Additionally, there is a Black Friday in July, which refers to major mid-year sales, also known as Amazon Prime Day.

But, according to numerous historical records, the name “Black Friday” actually came to prominence because of logistical nightmares caused by the annual Army vs. Navy football games in Philadelphia during the 1960’s. The game took place every year the day after Thanksgiving, and cab drivers, police, and drivers bemoaned the massive influx of people into the Philadelphia infrastructure and referred to the day as “Black Friday.” Storeowners, on the contrary, considered it one of their most profitable days of the year.

I was surprised to have read about that. The lesson for me – never say that you have the answer, regardless of the question.

The three images I am posting for you today, were taken on a Black Friday in San Francisco.

Enjoy and Share!

DEAR FRIENDS,
ESTEEMED CLIENTS AND PARTNERS! 

In this season of gratitude, I am wishing you a great holiday filled with appreciation, love and laughter. 

May your Thanksgiving be full of happy moments, good food, and great company.

Thank you all for the years of support and confidence in our business! 

Enjoy this wonderful holiday and share your joy with your nearest and dearest!

TRADITION

In the musical “Fiddler on the Roof”, the opening number is the well-known song “Tradition”, sung by Tevye the milkman. Many things, which surround our lives, are based on traditions. When I checked online what was served at the First Thanksgiving in 1621, I learned that though there were turkeys around, pilgrims, who came from England, more likely had more familiar foul, like ducks, geese and even swans, which were plentiful in the region. They were welcomed by the local Native American Wampanoag tribe, who likely shared the food they ate with the newcomers.

For meat, it was deer, as well as sea food, such as bass, cod and shellfish, like fresh clams and mussels. Of course, there was corn, beans, squash, oats, herbs, nuts and fruits. And there were definitely no potatoes, nor cranberry sauce or pumpkin pies.

Then, where from did the tradition of eating turkey come from? Turned out that it was George Washington who encouraged Americans to celebrate the holiday, and Alexander Hamilton said, “No person should abstain from having turkey on Thanksgiving Day.” This was on October 3^rd, 1789. There are also reasons for how cranberry sauce and pumpkin pie joined the Thanksgiving tradition, which you can explore on your own.

Meanwhile, I am going to share with you another Thanksgiving tradition. A husband noticed that his wife was cutting the ends of the holiday turkey. When he asked her about it, she referred him to her mom, who, in turn, sent him to her grandmother. “Why were you cutting both sides of the turkey?” he asked. “Well, this started many years ago. I had only one pot and it was too small for the turkey. So, I had to cut both ends of it to fit.”

What are your traditions?

The three images you that can see above are related to the holiday.

Enjoy and Share!

COMMERCIAL LOANS
MADE EASY

Many of you are familiar with the residential lending through the process of getting your own mortgages.

Though mortgage business evolved through the years, the basic premises, i.e. underwriting guidance, which I outlined in my book “The Mortgage 5 C’s and How to Connect Them”, remained the same.

But, as we all know, we are surrounded by commercial buildings. And there are completely different rules how to finance them; and different lenders who are the players in another “mortgage game”.

If for the residential loans we check a few lenders to find who can offer a better rate, in the commercial arena the question is who gets/gives the money to a borrower.

Our strong suit is in knowing the banks and players, and we know exactly how to package the file.

The attached flyer highlights a number of property types that we can help you get financing for.

With any questions, please call:  (415) 225-7920.

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602

US AND THEM

Recently, I’ve read an article in the San Francisco Chronicle about coyotes who attacked a child and killed three dogs. As a result, Federal Officials confirmed they killed the coyote responsible for the attacks. By 1925 coyotes were fully eradicated from San Francisco. However, after laws were passed banning animal killing, in 2002 coyotes began to return to San Francisco. There are an estimated 70 to 80 coyotes living in the city, and I have encountered them in our neighborhood and in Golden Gate Park.

Some time ago, there was an incident with our labradoodle Max. As you may know, there are certain areas in the park where dogs can run off-leash. On a recent walk, I unleashed Max and he suddenly darted into the bushes, barking. I forgot that my knees were hurting and ran after him, yelling at the coyote. Luckily, Max wasn’t hurt. However, since that day we only walk with Max keeping him on the leash, primarily around Blue Heron Lake where we encounter racoons, who, as other small animals like gophers and mice, serve as food for coyotes.

One day, a coyote came to our backyard when Max was outside. My wife Elfa, alerted by Max’s barking, confronted the animal yelling, and the “intruder” ran away. Coyotes are very smart animals, as you can learn from this video, “25 Surprising Facts About Coyotes That You Won’t Forget.”

The three images you can see above, captured my encounters with the creatures mentioned in this story.

Enjoy and Share!

 

Being in the advanced age presents many challenges. One of them is how to have enough money to stay alive. Since many live a longer life, often money runs out, before they are ready to go into the next world. If this person owns a property without a mortgage, they might be lucky, since in these cases we might be able to get them a reverse mortgage. If there is still a mortgage, the amount of money is going to be less.

Recently, I was helping a client who is in her late 90’s. She lives in her house and has a 24-hour in-home support. That costs her family $17,700 each month. I was able to arrange a $711,000 reverse mortgage for the lady that will give her 40 months to stay afloat. Fortunately, her daughter had the power of attorney. However, she needed to coordinate everything with her brother, who was not very cooperative.

You can learn more about how to deal with these circumstances from the video, which was taken during our recent staff meeting where we listened to a presentation by Longbridge Financial.

If you need assistance, please don’t hesitate to contact me:
Cell: (415) 225-7920;
Email: mannykagan@comcast.net

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602

 

YOU ARE WHAT YOU EAT

In 1826, Jean Anthelme Brillat-Savarin wrote: “Tell me what you eat, and I will tell you what you are.”

The reason I share this with you is because about six months ago, when I stepped on the scale, it showed 184.4 lb. It was more than I liked it to be, but I had no idea what I could do to lower it. As it often happened in my life, the solution came from my wife, Elfa.

In preparation for our daughter’s wedding in September, she decided to fit into her old beautiful dress again. To do this, she needed to limit the intake of her food. And since Elfa oversees feeding me, I ended up eating less as well.

When I stepped on the scale today, it showed 174.4 lb. The result made me very happy, and I intend to keep it this way.

And now comes another quote; this one is from Earl Nightingale, “We become what we think about most of the time.” I think about myself as a healthy, (i.e. not an overweight) person.

However, thinking alone was not enough. The results required taking action. Perhaps my actions might motivate you; therefore, I am going to share with you what I’ve been eating, which helped me bring the weight down.

My morning starts with the fresh squeezed vegetable juice (above). A half an hour later, I have porridge with berries (below).

Under the porridge, I slice up half of a banana, cut up kiwi with the skin and various nuts and apples topped with pomegranate seeds, cayenne pepper, chia seeds and cinnamon.

For lunch I walk to Sprouts supermarket near my office, and order a deliciously toasted sandwich with veggies and tuna or two small salads.

For dinner, we usually have soup and salad or a large bowl of salad. On the weekend, we usually have brunch and an early dinner. We rarely go to restaurants. All those meals not only save on calories, but also on our budget.

I live a very active life. I work in the office for eight hours and process my photos and write in the evening. I also stretch every morning and walk with our labradoodle Max after dinner.

Recently, a person whom I saw for the first time in a number of years, remarked, “You age backwards.” This is a nice compliment for someone who is going to be seventy-eight in two months.

I hope that my experience can encourage you as well. If you need motivation, give me a call: (415) 225-7920.

 

 

BRIDGE LOANS: PART THREE

Unlock Efficient Home Purchases with an Innovative Bridge Solution!

Over the past two weeks, we explored how buyers can purchase new properties before selling existing ones. But what happens when the perfect new property isn’t yet available in the market? There is a compelling alternative!

SOLUTION OVERVIEW

Borrowers can:

• First, secure a mortgage against existing personal property
• Second, use mortgage funds to buy another property when it’s available or pay cash for a better deal found in the market
• And, finally, sell old home to pay off the loan

Key Benefits and Features:

• No verification of income required to qualify
• 70% Loan-to-Value (LTV) limit
• 9.75% interest rate (comparable to private money loans)

Additional Costs:

• 2.25% lender fee
• One agency point
• Closing costs

While the above costs may seem substantial, the benefits often outweigh expenses.

Recently presented in our office by LendSure Mortgage, this program offers:

• Flexibility in competitive markets
• Strategic advantage in securing new homes

Follow this link to watch a piece of the original presentation to learn more about the above program.

Please don’t hesitate to contact me to explore how this innovative solution can streamline your new home purchase journey!

Cell: (415) 225-7920;
Email: mannykagan@comcast.net

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602

What $9.1 billion and Apple Peels Have in Common

When I walk in our neighborhood with our labradoodle Max, I see some neighbors decorating their lawns with skeletons for Halloween. We usually associate this holiday with dressing up, children trick and treating and carved pumpkins. But why skeletons? To find the answer, I checked “The History of Halloween – Dark Origins of the Holiday”. It was a rather long read, so I will share with you some fascinating tidy bids.

The origins of Halloween go back two thousand years, to the Celtic celebration of the Samhain holiday. One of the beliefs of that time was the veil between the living and the dead, especially thin, so people could communicate with their loved ones who had passed away. Perhaps this explains the skeletons. After the Romans conquered the Celtic territory by 43 A.D., the holiday spread and combined with other traditions, superstitions and holidays. The Christians adopted it as “All Souls’ Day” or “All Hallows” and later it became known as Halloween.

In the 1700s and 1800s, unmarried women performed rituals on Halloween in hopes of finding a husband. Single ladies used to throw apple peels over their shoulders, hoping to see their future husband’s initials in the shapes they made where they fell.

Trick-or-treating skyrocketed in popularity by the 1950s when Halloween became a true national event. Today, over 179 million Americans celebrate the holiday and spend about 9.1 billion dollars annually in the process.

If you would like to learn more, just read the stories available at the highlighted links provided above.

Meanwhile, enjoy some of Halloween decorations that  I photographed earlier!