Do those bouncy places make ALL the money? (Bounce U, Inflatable Zone, Pump it Up, etc...). If you have a kid or grandkid under the age of 7 you KNOW what I am talking about. We have 2 birthday parties this weekend (the story of my life), and now I just have to figure out which present I will recycle - just kidding!
On the business side of things, yes, the rates are still low. But don't be fooled! It WILL NOT STAY THIS WAY FOREVER! Currently, the fact that 8.5 million people are receiving some type of unemployment benefits, and that elections are in November...that is keeping things stable. Some economists and analysts predict that if the Republicans gain ground in November, confidence will be regained in the markets, and that could be bad for bonds (so increasing rates). No one really knows, but I would not want to get caught in the upswing! If the time is right, and the house is right......what the heck! Take a rate in the high 3's or low 4's. Someday soon you will have bragging rights at a cocktail party.
Now I would like to give you a marketing tip. How well do you keep in touch with your past clients? I have heard stories recently of people that would gladly refer their realtor or lender, but cannot recall their name. That is why you should be mailing to your past client database MONTHLY! Things like, time change cards, annual reviews , market stats, recipe cards, letter from the heart (a personal reflection of something special in your life), reminder to file homestead exemption. Do you get my drift? Something. And make it consistent. You never know when they want to get a CMA, but just have been too distracted to call, and then 'viola!' your name and phone number appear on a mailer! So, to give you a personal experience, I recently have implemented this (mailing monthly instead of quarterly), and my phone will not stop ringing. Our leads have increased 50%. You better get going.........................
My team and I are here to help you every step of the way! If you and your clients need an ON TIME and ACCURATE closing, give us a call. We just saved 4 purchases this week from other lenders that could not close on time, or denied the borrower, and closed all of them within 10 days .
Enjoy the weekend!
RATES as of October 22, 2010 (UNCHANGED FOR THE WEEK)
The following assumptions apply:
20% Down Payment (Conforming) / 25% Down Payment Jumbo (Lower down payments available – call for details)
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions, Primary Residence (Refinances have different rates)
30 day closing
Credit Score 740 +
Debt to income ratio <=40%
Full Documentation of Income/Assets
Conforming ($200,000* - $417,000)
Jumbo ($417,001- $1,000,000*)
30 year (fixed) 4.125% APR 4.252%
30 year ( fixed ) 4.875% APR 4.987%
15 year (fixed) 3.750% APR 3.973%
15 year ( fixed ) 4.250% APR 4.440%
5/1 ARM 3.000% APR 3.129%
7/1 ARM 3.250% APR 3.244%
5/1 ARM 3.250% APR 3.362%
7/1 ARM 3.500% APR 3.477%
10/1 ARM 4.875% APR 4.293%
FHA/VA call for quote (max loan $270,000)
We do originate loans below $200,000. These amounts are chosen to show the most favorable rates.
For other product options or for loan amounts less than $200,000 or above $900,000 please call for quote.
Call for details!
If you know of someone who would appreciate my services, please contact me with their name and number and I will be happy to help them!
Jennifer Hernandez
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
