Another story this morning about a realtor that was robbed at an open house. A realtor told me this morning it is on HAR.com. It’s in addition to the story I sent last week. Be diligent guys, and stay safe. This is a great conversation piece for you with your sellers. Are open houses really worth the risk to everyone’s safety, as well as opening up their home to the public? Do open houses really sell homes? It’s a debatable topic.
So have you ever had a buyer under contract, and then find out at inspections that the unit was accidentally rented out (it’s a condo) to someone else? We did this week. A newbie tenant agent rented the wrong unit (our buyers under contract for sale). There were 2 units in the same complex for sale/lease. The tenant moved in, locks were changed, rents exchanged hands – for the other unit, but she moved into the wrong unit! What a tangled mess, but it was unraveled and all turned out fine. These things do happen! Not only do we need to focus on our safety, but on the details. It’s a busy time, and we are all stretched thin, so stay alert!
There was little reaction to the EU Summit this week. Investors really want to see a major new aid program for the European countries with debt problems (basically all except Germany!). It is believed that the EU debt crisis will be a major influence on US markets for some time. THE BIG STORY NEXT WEEK will be the Fed meeting on Tuesday, as investors are ‘hoping’ for hints of additional printing of money to boost the economy. Wait a minute! Isn’t that what got the EU into trouble?
Enjoy the weekend, stay warm, and be careful when you are out shopping.
RATES as of December 9, 2011 (DOWN 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*)
10 year (fixed) 3.000% APR 3.341% 15 year ( fixed ) 3.750% APR 3.959%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.875% APR 4.136%
7/1 ARM 3.000% APR 3.308% 5/1 ARM 3.250% APR 3.579%
7/1 ARM 3.625% APR 3.718%
10/1 ARM 3.875% APR 3.784%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.174%
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 & Team
Kenny, Brianna, Jason, and Jose
Patriot Bank Mortgage
Friday, December 9, 2011
Tuesday, November 22, 2011
November 18
Oh what to write about on the eve of Thanksgiving week? Should I tell you about my pending trip tomorrow to Peru? No…I’ll wait until I return. Just envision me on the top of Machu Pichu, having taken my altitude sickness medicine, viewing the beautiful scenery and fabulous climate. My team will be here in Houston, no worries, slaving away, awaiting to pre approve your buyers. (smile)
The article in last Sunday’s Chronicle regarding the couple that walked away from their contract in West U because of paperwork….you recall the one? Everyone in the real estate community seems to be buzzing about it. As a lender that deals with this daily, I have mixed emotions about the article. Nancy Sarnoff did a great job of highlighting the topic, as it is a very valid subject. But can I put it lightly? Borrowers have to expose everything. I mean everything. IF there is a large deposit, yes, we need to know where it came from. Was it a loan you are required to repay? How do we know? You have to trail it of course. Canceled rent check? Maybe there is an issue about credit worthiness. There must have been a reason. In defense of lenders out there, including myself; We ask for documentation in the very beginning, it’s true. However, that documentation MANY times opens a Pandora’s box of other questions. Then we ask for more. Then that documentation produces other questions. Believe me, we don’t like asking. However, every client has a different situation, as well as record keeping habits. The maze of paperwork is unbelievable, yes.
Now in the defense of the unfortunate luck of the West U couple that walked away: Did the loan officer take a thorough application in the beginning, where some of this after the fact information could have been anticipated? Could be. Is all this paperwork nonsense the result of lenders lack of oversight in 2003-2007? Most definitely. In summary, Shouldn’t we always have asked these questions? Absolutely. SOLUTION: Your buyers (and sellers!) must get with a trusted lender (on your list!) EARLY in the process. Maybe this situation could have been avoided, had they done the paperwork BEFORE they were under contract. We still do see some buyers waiting until the last minute. They are usually in the upper end spectrum of the market. They assume that with high credit scores and a large down payment, they are bullet proof. That is the communication gap. Everyone has the same paperwork responsibility, everyone, regardless of credit and assets.
There will be no update next week, as we are off Friday after the holiday.
We on the Hernandez Team wish you and yours the happiest Thanksgiving!!!!!!!!
RATES as of November 18, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.750% APR 3.959%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.950% APR 4.086%
7/1 ARM 3.125% APR 3.326% 5/1 ARM 3.375% APR 3.575%
7/1 ARM 3.750% APR 3.738%
10/1 ARM 4.000% APR 3.835%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.135%
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 & Team
Kenny, Brianna, Jason, and Jose
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
The article in last Sunday’s Chronicle regarding the couple that walked away from their contract in West U because of paperwork….you recall the one? Everyone in the real estate community seems to be buzzing about it. As a lender that deals with this daily, I have mixed emotions about the article. Nancy Sarnoff did a great job of highlighting the topic, as it is a very valid subject. But can I put it lightly? Borrowers have to expose everything. I mean everything. IF there is a large deposit, yes, we need to know where it came from. Was it a loan you are required to repay? How do we know? You have to trail it of course. Canceled rent check? Maybe there is an issue about credit worthiness. There must have been a reason. In defense of lenders out there, including myself; We ask for documentation in the very beginning, it’s true. However, that documentation MANY times opens a Pandora’s box of other questions. Then we ask for more. Then that documentation produces other questions. Believe me, we don’t like asking. However, every client has a different situation, as well as record keeping habits. The maze of paperwork is unbelievable, yes.
Now in the defense of the unfortunate luck of the West U couple that walked away: Did the loan officer take a thorough application in the beginning, where some of this after the fact information could have been anticipated? Could be. Is all this paperwork nonsense the result of lenders lack of oversight in 2003-2007? Most definitely. In summary, Shouldn’t we always have asked these questions? Absolutely. SOLUTION: Your buyers (and sellers!) must get with a trusted lender (on your list!) EARLY in the process. Maybe this situation could have been avoided, had they done the paperwork BEFORE they were under contract. We still do see some buyers waiting until the last minute. They are usually in the upper end spectrum of the market. They assume that with high credit scores and a large down payment, they are bullet proof. That is the communication gap. Everyone has the same paperwork responsibility, everyone, regardless of credit and assets.
There will be no update next week, as we are off Friday after the holiday.
We on the Hernandez Team wish you and yours the happiest Thanksgiving!!!!!!!!
RATES as of November 18, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.750% APR 3.959%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.950% APR 4.086%
7/1 ARM 3.125% APR 3.326% 5/1 ARM 3.375% APR 3.575%
7/1 ARM 3.750% APR 3.738%
10/1 ARM 4.000% APR 3.835%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.135%
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 & Team
Kenny, Brianna, Jason, and Jose
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, November 7, 2011
There is a horrible rumor around that it takes 45-60 days to close a purchase loan. NOT WITH PATRIOT BANK it doesn’t! Our average close time is 24 days. Jumbo’s , its 30. We also update borrowers, and both realtors each Tuesday, we attend closing….should I go on? If we are not on your trusted referral list, let’s talk about changing that! We are your friends in real estate. We LOVE realtors and their clients, and our goal in every transaction is to create raving lifelong fans and repeat customers.
Rates ended lower this week, amid increased concerns about Europe. Investors flocked to bonds, pushing yields a bit lower.
That’s all for now…..its late on a Friday, and I have kids to snuggle with.
Enjoy this cool weather!
RATES as of November 4, 2011 (LOWER 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.750% APR 3.938%
15 year (fixed) 3.375% APR 3.592% 30 year ( fixed ) 4.500% APR 4.609%
30 year (fixed) 4.00% APR 4.124%
7/1 ARM 3.000% APR 3.233% 5/1 ARM 3.000% APR 3.238%
7/1 ARM 3.500% APR 3.447%
10/1 ARM 4.000% APR 3.803%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.300%
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 & Team
Kenny, Brianna, Jason, and Jose
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Rates ended lower this week, amid increased concerns about Europe. Investors flocked to bonds, pushing yields a bit lower.
That’s all for now…..its late on a Friday, and I have kids to snuggle with.
Enjoy this cool weather!
RATES as of November 4, 2011 (LOWER 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.750% APR 3.938%
15 year (fixed) 3.375% APR 3.592% 30 year ( fixed ) 4.500% APR 4.609%
30 year (fixed) 4.00% APR 4.124%
7/1 ARM 3.000% APR 3.233% 5/1 ARM 3.000% APR 3.238%
7/1 ARM 3.500% APR 3.447%
10/1 ARM 4.000% APR 3.803%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.300%
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 & Team
Kenny, Brianna, Jason, and Jose
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, October 24, 2011
Friday, October 17, 2011
Each week I like to provide thought provoking questions, or relate the mortgage business to real life analogies. This week is the thought provoking question, having NOTHING to do with real estate: What will happen to all of our worlds water and air supply as the radiation fall out from the Japan nuclear plant collapse floats around the globe for hundreds of years? One of my clients is a scientist, and he said those particles, some of them, can last up to 1,000 years. Water is used for everything! Even buying organic…they need water to irrigate crops. And the problem seems to be worse than the governments of the world are leading on. I guess I'll think twice before visiting a sushi restaurant.
Interest Rates:
Volatile, volatile and more volatile. Catch them while you can. We are definitely not advising clients to float loan locks. We secure the rate immediately to protect them from rapid increases (that happen without notice!)
Appraisals:
Have you noticed the new 'language' in appraisals? They have now been reworked, so the format includes 'codes' (example: A1-6, or C1-5) for quality, materials used, location, just to name a few. They are not meant for a borrower, nor any person for that matter (except Fannie Mae's computer) to read. The codes are designed to have consistent variables when selling loans to Fannie later on. So don't be alarmed when you need a legend and a bucket of patience to read through one. This started October 1.
Underwriting Guidelines:
No major changes of late. Some of the PMI companies are allowing lower credit scores on loans. Down to 620 for a 5% down loan in some cases. This is encouraging for borrowers that don’t qualify for FHA.
There are some down payment alternatives <20% for Jumbo loans (over $417,000). Have your clients call us to find out more, or if they are eligible for the alternative options.
Enjoy this beautiful weekend!
RATES as of October 21, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.125% APR 4.336%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.250% APR 3.278% 5/1 ARM 3.125% APR 3.429%
7/1 ARM 3.500% APR 3.572%
10/1 ARM 4.125% APR 3.880%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.300%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Interest Rates:
Volatile, volatile and more volatile. Catch them while you can. We are definitely not advising clients to float loan locks. We secure the rate immediately to protect them from rapid increases (that happen without notice!)
Appraisals:
Have you noticed the new 'language' in appraisals? They have now been reworked, so the format includes 'codes' (example: A1-6, or C1-5) for quality, materials used, location, just to name a few. They are not meant for a borrower, nor any person for that matter (except Fannie Mae's computer) to read. The codes are designed to have consistent variables when selling loans to Fannie later on. So don't be alarmed when you need a legend and a bucket of patience to read through one. This started October 1.
Underwriting Guidelines:
No major changes of late. Some of the PMI companies are allowing lower credit scores on loans. Down to 620 for a 5% down loan in some cases. This is encouraging for borrowers that don’t qualify for FHA.
There are some down payment alternatives <20% for Jumbo loans (over $417,000). Have your clients call us to find out more, or if they are eligible for the alternative options.
Enjoy this beautiful weekend!
RATES as of October 21, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.125% APR 4.336%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.250% APR 3.278% 5/1 ARM 3.125% APR 3.429%
7/1 ARM 3.500% APR 3.572%
10/1 ARM 4.125% APR 3.880%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.300%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, October 17, 2011
October 14, 2011
There is just something wrong with Christmas decorations out on October 14! Town & Country and Highland Village both are way ahead of the game. I sure miss the days of Thanksgiving signaling the start of the holiday season. Probably a lot like borrowers miss the days of streamlined documentation. Yes those days are gone.
In the markets this week, RATES INCREASED almost 1/2% for the fixed rate products. When rates go up, markets move quickly!
Why did this happen?
• Investors grew more optimistic about US economic growth and less concerned about Europe this week. This helped the stock market rally. Investors moved their money from bonds to stocks, which increase the rates.
• September Retail Sales increased 1.1% from August, which was above the consensus forecast of 0.6%, signaling a stronger economy.
• In addition, the FOMC Minutes from the September 21 Fed meeting revealed that Fed officials expect the economy to avoid recession. Stronger growth is good for the economy, but it increases inflationary pressures, which is negative for mortgage rates.
It’s still a GREAT time to buy a house! Who can complain about a rate in the 4's?
Enjoy this beautiful weekend!
RATES as of October 14, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.125% APR 4.336%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.250% APR 3.330% 5/1 ARM 3.125% APR 3.421%
7/1 ARM 3.500% APR 3.565%
10/1 ARM 4.125% APR 3.875%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.217%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
In the markets this week, RATES INCREASED almost 1/2% for the fixed rate products. When rates go up, markets move quickly!
Why did this happen?
• Investors grew more optimistic about US economic growth and less concerned about Europe this week. This helped the stock market rally. Investors moved their money from bonds to stocks, which increase the rates.
• September Retail Sales increased 1.1% from August, which was above the consensus forecast of 0.6%, signaling a stronger economy.
• In addition, the FOMC Minutes from the September 21 Fed meeting revealed that Fed officials expect the economy to avoid recession. Stronger growth is good for the economy, but it increases inflationary pressures, which is negative for mortgage rates.
It’s still a GREAT time to buy a house! Who can complain about a rate in the 4's?
Enjoy this beautiful weekend!
RATES as of October 14, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.125% APR 4.336%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.250% APR 3.330% 5/1 ARM 3.125% APR 3.421%
7/1 ARM 3.500% APR 3.565%
10/1 ARM 4.125% APR 3.875%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.217%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, October 3, 2011
September 30, 2011
My 6 year old informed me he has a six pack. I did not need to go far to know where he heard that - his father, and or one of his adult TV shows. Not that it’s a bad word....just very adult sounding! It was rather funny too. But I still had to lecture my husband on TV etiquette for a 6 year old.
So why did rates rise this week? Market correction is the word on the street. This often happens when prices rise or fall rapidly as a result of the emotional roller coaster of investors from last weeks news. With little market news this week, there was time to focus on, well, nothing. And rates went up a bit. Also, some positive news in Europe made investor worry ease a bit. This also pushed rates up as investors once again sought the stock market.
But assure your buyers that it is still a great time to be buying a home!
That's all for this week - Enjoy the weekend!!!!!!!!!!!!!!!!!!!
RATES as of September 30, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.750% APR 3.884%
7/1 ARM 3.250% APR 3.305% 5/1 ARM 3.000% APR 3.347%
7/1 ARM 3.375% APR 3.481%
10/1 ARM 3.875% APR 3.698%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
So why did rates rise this week? Market correction is the word on the street. This often happens when prices rise or fall rapidly as a result of the emotional roller coaster of investors from last weeks news. With little market news this week, there was time to focus on, well, nothing. And rates went up a bit. Also, some positive news in Europe made investor worry ease a bit. This also pushed rates up as investors once again sought the stock market.
But assure your buyers that it is still a great time to be buying a home!
That's all for this week - Enjoy the weekend!!!!!!!!!!!!!!!!!!!
RATES as of September 30, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.750% APR 3.884%
7/1 ARM 3.250% APR 3.305% 5/1 ARM 3.000% APR 3.347%
7/1 ARM 3.375% APR 3.481%
10/1 ARM 3.875% APR 3.698%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, September 26, 2011
September 23, 2011
So Friday night is movie night at my house, as well as sleep in mommy’s bed night for my 6 year old. He used to ask me all week if it was Friday yet! So last night, a Thursday, I was too tired to go upstairs, so offered a bonus night to Diego. He said ‘It’s ok Mommy, because I know tomorrow is movie night and I will sleep with you then’. When did this kid become so independent and not need as much snuggle? I have to say I was quite sad.
Clients need a lot more snuggling these days. It’s been a great change in the marketplace from internet lending (now only about 10% of mortgage applications), and good ole’ face to face contact. I have always believed that people would revert back to human contact. Don’t they want to know who they are doing business with?
So every human in America knows that rates are down this week. The Fed announced new measures to boost the economy. (1) They will begin to reinvest principal payments from its MBS (mortgage backed securities) into additional MBS (currently going into treasuries). (2) Operation Twist, as they call it, will extend the average maturity of the Fed’s portfolio by purchasing $400 billion of longer term Treasury securities and selling an equal amount of short term ones. (3) The Fed confirmed to the investors that there are ‘significant downside risks’ to the US economic outlook. Slower growth reduces inflationary pressures, which pushes down mortgage rates.
Interesting times ahead………if your clients want to purchase in the next 6 months, it may be a GREAT time to accelerate the moving process to take advantage of these rates. And by the end of the year, there are the property tax exemption benefits!
Enjoy the weekend, and as always, call us if you need us to pre approve a client!
RATES as of September 23, 2011 (DOWN 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*)
10 year (fixed) 3.125% APR 3.467% 15 year ( fixed ) 3.625% APR 3.833%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.875% APR 4.010%
7/1 ARM 3.125% APR 3.238% 5/1 ARM 3.125% APR 3.381%
7/1 ARM 3.500% APR 3.532%
10/1 ARM 3.875% APR 3.6928%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Clients need a lot more snuggling these days. It’s been a great change in the marketplace from internet lending (now only about 10% of mortgage applications), and good ole’ face to face contact. I have always believed that people would revert back to human contact. Don’t they want to know who they are doing business with?
So every human in America knows that rates are down this week. The Fed announced new measures to boost the economy. (1) They will begin to reinvest principal payments from its MBS (mortgage backed securities) into additional MBS (currently going into treasuries). (2) Operation Twist, as they call it, will extend the average maturity of the Fed’s portfolio by purchasing $400 billion of longer term Treasury securities and selling an equal amount of short term ones. (3) The Fed confirmed to the investors that there are ‘significant downside risks’ to the US economic outlook. Slower growth reduces inflationary pressures, which pushes down mortgage rates.
Interesting times ahead………if your clients want to purchase in the next 6 months, it may be a GREAT time to accelerate the moving process to take advantage of these rates. And by the end of the year, there are the property tax exemption benefits!
Enjoy the weekend, and as always, call us if you need us to pre approve a client!
RATES as of September 23, 2011 (DOWN 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*)
10 year (fixed) 3.125% APR 3.467% 15 year ( fixed ) 3.625% APR 3.833%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.875% APR 4.010%
7/1 ARM 3.125% APR 3.238% 5/1 ARM 3.125% APR 3.381%
7/1 ARM 3.500% APR 3.532%
10/1 ARM 3.875% APR 3.6928%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Friday, September 9, 2011
September 9, 2011
Did you know that interest rates in Mexico are way into the double digits, like 30-40%, for homes and/or credit cards? So most people must pay cash, as borrowing is too punitive. Or that in many countries you can't even own your home- the government does. We take so many obvious liberties for granted. They are not freedoms for us anymore, they are expected. A way of life. This Sunday, September 11, let us remember and honor not only those that perished, but honor the living every day. The men and women who put themselves in harm’s way so that we may enjoy even the smallest freedoms.
I was quite impressed when I read the NAR magazine last month that Realtors have collectively donated 22 million dollars to relief efforts since 9/11. Hurricanes, tsunamis, and other major disasters, they have been there. You should be proud to be associated with such an active association. Get involved or stay involved, and keep contributing to your PAC. Because in years to come, you will need it. There is legislation on the rise in our industry from possible deletion of the mortgage tax deduction to the qualified residential mortgage that will affect realtors more than ever.
So changing the subject......Since April, the rates have come down almost .75%. On a $300,000 home, that is $90/month LOWER in monthly payment! Your buyers can qualify for more house than ever before! And while it seems that these low rates will be here forever, we need to be more realistic than that. In fact, one of the mortgage commentaries I subscribe to said this today; “with loan volume through the roof, and lenders barely able to handle current volumes, why would they offer better pricing?' That's a good point! In fact, from time to time we will see one of our investors have awesome pricing one day, only the next to shoot up, pricing themselves out of the market. It’s a basic strategy of curbing loan volume.
Current economic conditions look like, for the short term, rates should hold steady through the end of the year. Initial jobless claims were higher than expected, and Bernanke gave no warm fuzzies about the economy this week. He called the current situation dismal, offering no hope in sight. A total of 7 million people are collecting some type of unemployment. With news like this, bonds are sure to be popular for the near term as investors remain skittish about investing in the stock market.
That’s all I have, enjoy the weekend and this glorious weather.
RATES as of September 9, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.950% APR 4.086%
7/1 ARM 3.125% APR 3.223% 5/1 ARM 3.250% APR 3.408%
7/1 ARM 3.625% APR 3.577%
10/1 ARM 4.000% APR 3.761%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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
I was quite impressed when I read the NAR magazine last month that Realtors have collectively donated 22 million dollars to relief efforts since 9/11. Hurricanes, tsunamis, and other major disasters, they have been there. You should be proud to be associated with such an active association. Get involved or stay involved, and keep contributing to your PAC. Because in years to come, you will need it. There is legislation on the rise in our industry from possible deletion of the mortgage tax deduction to the qualified residential mortgage that will affect realtors more than ever.
So changing the subject......Since April, the rates have come down almost .75%. On a $300,000 home, that is $90/month LOWER in monthly payment! Your buyers can qualify for more house than ever before! And while it seems that these low rates will be here forever, we need to be more realistic than that. In fact, one of the mortgage commentaries I subscribe to said this today; “with loan volume through the roof, and lenders barely able to handle current volumes, why would they offer better pricing?' That's a good point! In fact, from time to time we will see one of our investors have awesome pricing one day, only the next to shoot up, pricing themselves out of the market. It’s a basic strategy of curbing loan volume.
Current economic conditions look like, for the short term, rates should hold steady through the end of the year. Initial jobless claims were higher than expected, and Bernanke gave no warm fuzzies about the economy this week. He called the current situation dismal, offering no hope in sight. A total of 7 million people are collecting some type of unemployment. With news like this, bonds are sure to be popular for the near term as investors remain skittish about investing in the stock market.
That’s all I have, enjoy the weekend and this glorious weather.
RATES as of September 9, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.950% APR 4.086%
7/1 ARM 3.125% APR 3.223% 5/1 ARM 3.250% APR 3.408%
7/1 ARM 3.625% APR 3.577%
10/1 ARM 4.000% APR 3.761%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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
Monday, August 29, 2011
August 26, 2011
My heart goes out to the families and businesses on the East Coast that are about to be pounded by Irene. CNN Money's headline was that many are not covered with flood insurance. We in Houston know all about that where hurricanes are concerned. The uncertainty of the storm, and pending damages, concerned investors today. Can we handle yet another financial disaster? The markets were rampant this week with news that cancelled out low rates. We had highs, lows and ended the week slightly higher.
Some of the biggest reports are:
• Second Quarter GDP was revised lower from 1.3% to 1.0% (bad for economic recovery)
• Jobless Claims fell to the lowest level since Sept 08 (ditto)
• Fed Chief Bernanke gave no hint of any change in policy (investors were disappointed, hoping for looser monetary conditions)
All in all, we are enjoying the lowest rates in our country's history! Borrowers can afford more house than ever before for the mere fact rates are so low. In fact, we had a past client today say that her 'coworker' was off to sign an application for a 2.0% refinance. I had to LAUGH....there is absolutely no way that is 30 or 15 year fixed. Caution your clients against scams or advertising that sounds too good to be true. We have 3 new clients this week we are saving from 'other lender' disasters. Unkept promises, etc. In fact, one we are closing in 5 days!!!!! So just remember, we are your trusted friends in real estate!
Enjoy the weekend!
RATES as of August 26, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.125% APR 4.336%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.750% APR 4.874%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.125% APR 3.213% 5/1 ARM 3.250% APR 3.395%
7/1 ARM 3.625% APR 3.566%
10/1 ARM 4.125% APR 3.833%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
Monday, August 15, 2011
August 12, 2011
Yes, I survived the triathlon. Actually, I placed 829 out of 1300, which makes me rather proud for my first race. The run was brutal and I only stopped to drink a quick water. Had I stopped, I knew I may not get going again. So I endured. Sounds like our week at the office- we have not stopped. Rates are at an all time low. Buyers are executing contracts, others are refinancing. We are racing against time, as who knows if/when rates will go up? So we don’t stop.
This week was definitely one of the most ‘wild’ we have ever seen. Here’s what happened, and has kept rates low:
• Last Friday the S&P downgraded the US credit rating to AA (from AAA)
• European banks were at risk of failing, especially France, and this sent a scare to the markets
• Investors were then comforted by the STRONG demand of 3 and 5 year treasury notes. High demand means we are financing our debt, usually through foreign investment.
• Tuesday the FED announced they anticipate low fed funds for two more years, and that the economic growth will be ‘considerably lower’. Remember, the interest rates like bad news.
And this was all before Wednesday!
Enjoy the weekend. School starts for some next week….another race about to begin! Ready, set, GO!!!!!!!!!!!!!!!!!!!!!!!!!!!
RATES as of August 12, 2011 (DOWN 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.000% APR 4.136%
7/1 ARM 3.250% APR 3.256% 5/1 ARM 3.625% APR 3.510%
7/1 ARM 4.000% APR 3.731%
10/1 ARM 4.125% APR 3.822%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.470%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
This week was definitely one of the most ‘wild’ we have ever seen. Here’s what happened, and has kept rates low:
• Last Friday the S&P downgraded the US credit rating to AA (from AAA)
• European banks were at risk of failing, especially France, and this sent a scare to the markets
• Investors were then comforted by the STRONG demand of 3 and 5 year treasury notes. High demand means we are financing our debt, usually through foreign investment.
• Tuesday the FED announced they anticipate low fed funds for two more years, and that the economic growth will be ‘considerably lower’. Remember, the interest rates like bad news.
And this was all before Wednesday!
Enjoy the weekend. School starts for some next week….another race about to begin! Ready, set, GO!!!!!!!!!!!!!!!!!!!!!!!!!!!
RATES as of August 12, 2011 (DOWN 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.000% APR 4.136%
7/1 ARM 3.250% APR 3.256% 5/1 ARM 3.625% APR 3.510%
7/1 ARM 4.000% APR 3.731%
10/1 ARM 4.125% APR 3.822%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.470%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
Tuesday, July 26, 2011
July 25, 2011
So my 1 year old Pablo is extremely frustrated. His Daddy put kiddie locks on all the cabinets, including the pantry. He has nothing to open and throw around! My little angel is no different than some homebuyers, just smaller problems! People get frustrated when they don’t understand, so I believe that my job as a professional is to bridge that gap. We do that on our team by constantly revising checklists, doing weekly status update calls to buyers and realtors, and asking the question to buyers frequently in the process: are we meeting your expectations? We hit it head on! We want happy homeowners! My challenge for you this week is to fine tune your processes to make sure that your clients’ frustration is identified early on and handled with ease. It’s a fun process.
In the markets, there was lots of rumble with news of the US increasing their debt ceiling with aid to help troubled European countries. As the perceived risk of default in Europe decreased, investors then retreated from bonds, raising rates a bit, but was later neutralized by the debt ceiling talks. This left us flat for the week on rates.
Recent low yields (rates) for the Treasury market and mortgage backed securities leaves investors concluding that the debt ceiling will rise before August 2. Rates could rise if the ceiling is simply lifted, but not addressed on how to meaningfully control it. If Congress does a good job at coming up with solutions, this could in turn cause rates to fall further. This is because a smaller government deficit would mean a reduced supply of treasury securities, meaning lower yields. Furthermore, less government spending would slow economic growth, reducing inflationary pressures.
I will leave you with a hint of what we are seeing as typical, the new ‘norm’. Buyers are coming to us earlier to make application (yea!) and therefore we can tackle any issues early on. Wether its credit or extra documentation needed, we are thankful to have the time to hit issues head on, and early. WE see this happen to the most unsuspecting of borrowers. So keep encouraging your buyers and sellers to get pre approved early! It really works!
So this Sunday Morning, at 5:30 a.m, if you have nothing else to do , tune in to my interview with Kim Davis (KPRC 2 ‘Beyond The Headlines’.
Enjoy the weekend!
RATES as of July 22, 2011 (FLAT (conv) TO HIGHER (Jumbo) 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.250% APR 4.462%
15 year (fixed) 3.750% APR 4.990% 30 year ( fixed ) 5.125% APR 5.251%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.359% 5/1 ARM 3.375% APR 3.403%
7/1 ARM 4.000% APR 3.716%
10/1 ARM 4.250% APR 3.895%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.715%
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
In the markets, there was lots of rumble with news of the US increasing their debt ceiling with aid to help troubled European countries. As the perceived risk of default in Europe decreased, investors then retreated from bonds, raising rates a bit, but was later neutralized by the debt ceiling talks. This left us flat for the week on rates.
Recent low yields (rates) for the Treasury market and mortgage backed securities leaves investors concluding that the debt ceiling will rise before August 2. Rates could rise if the ceiling is simply lifted, but not addressed on how to meaningfully control it. If Congress does a good job at coming up with solutions, this could in turn cause rates to fall further. This is because a smaller government deficit would mean a reduced supply of treasury securities, meaning lower yields. Furthermore, less government spending would slow economic growth, reducing inflationary pressures.
I will leave you with a hint of what we are seeing as typical, the new ‘norm’. Buyers are coming to us earlier to make application (yea!) and therefore we can tackle any issues early on. Wether its credit or extra documentation needed, we are thankful to have the time to hit issues head on, and early. WE see this happen to the most unsuspecting of borrowers. So keep encouraging your buyers and sellers to get pre approved early! It really works!
So this Sunday Morning, at 5:30 a.m, if you have nothing else to do , tune in to my interview with Kim Davis (KPRC 2 ‘Beyond The Headlines’.
Enjoy the weekend!
RATES as of July 22, 2011 (FLAT (conv) TO HIGHER (Jumbo) 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.250% APR 4.462%
15 year (fixed) 3.750% APR 4.990% 30 year ( fixed ) 5.125% APR 5.251%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.359% 5/1 ARM 3.375% APR 3.403%
7/1 ARM 4.000% APR 3.716%
10/1 ARM 4.250% APR 3.895%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.715%
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
Tuesday, July 19, 2011
July 18, 2011
Uncertainty……about life, love, the weather, you name it! This one word has so much power it is unbelievable. That is what drove markets this week. Instability in Europe and Fed comments about a still staggering economy drove investors to safer investments (i.e. the bond market). That makes prices higher due to increased demand, and the yields (or rates) lower. Yea! All I know is we just locked an FHA borrower at 4.375%!!! I almost fell out of my chair. What great news for borrowers that are buying houses!
Today is my son Pablo’s first birthday, so I must dash….Elmo , Big Bird and Cookie Monster are awaiting me.
Enjoy your weekend!
RATES as of July 15, 2011 (DOWN 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.125% APR 4.336%
15 year (fixed) 3.750% APR 4.990% 30 year ( fixed ) 5.000% APR 5.126%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.359% 5/1 ARM 3.375% APR 3.403%
7/1 ARM 4.000% APR 3.716%
10/1 ARM 4.125% APR 3.812%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.715%
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
Today is my son Pablo’s first birthday, so I must dash….Elmo , Big Bird and Cookie Monster are awaiting me.
Enjoy your weekend!
RATES as of July 15, 2011 (DOWN 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.125% APR 4.336%
15 year (fixed) 3.750% APR 4.990% 30 year ( fixed ) 5.000% APR 5.126%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.359% 5/1 ARM 3.375% APR 3.403%
7/1 ARM 4.000% APR 3.716%
10/1 ARM 4.125% APR 3.812%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.715%
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
Wednesday, July 6, 2011
Friday, July 1
This week I had to write my sister’s obituary. My sweet Lori was 43, and was fighting cancer for 5 years. My comfort is to know she is resting now. So as I sat down to write this obituary…..what would I say? How could I express in a condensed manner the way in which she touched all of our lives? So that exercise led me to ponder my own mortality, and what would my obituary look like? That led to, of course, questioning how I am living my life.
The life lesson I would love to share with you this long holiday weekend is this: How do you want to be remembered? Are you conducting yourself personally and professionally in the manner in which want to? How do you treat others? How do they treat you? Do you surround yourself with those persons that reflect how you want to live your life? Are you spending enough time with your family?
No market news this week (but rates are listed below). I am not sure why they went up or down, they just happened! Know that we at Patriot remain your friend in real estate, and are a team you can count on to treat your clients with respect, courtesy, and the utmost professionalism. We look forward to earning your business if we have not already.
We wish you the most safe and joyous holiday weekend!
RATES as of July 1, 2011 (UP 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*)
10 year (fixed) 3.375% APR 3.719% 15 year ( fixed ) 4.750% APR 4.922%
15 year (fixed) 3.875% APR 4.116% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.750% APR 4.922%
7/1 ARM 3.875% APR 3.534% 5/1 ARM 3.750% APR 3.532%
7/1 ARM 4.250% APR 3.833%
10/1 ARM 4.875% APR 4.296%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.582%
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
The life lesson I would love to share with you this long holiday weekend is this: How do you want to be remembered? Are you conducting yourself personally and professionally in the manner in which want to? How do you treat others? How do they treat you? Do you surround yourself with those persons that reflect how you want to live your life? Are you spending enough time with your family?
No market news this week (but rates are listed below). I am not sure why they went up or down, they just happened! Know that we at Patriot remain your friend in real estate, and are a team you can count on to treat your clients with respect, courtesy, and the utmost professionalism. We look forward to earning your business if we have not already.
We wish you the most safe and joyous holiday weekend!
RATES as of July 1, 2011 (UP 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*)
10 year (fixed) 3.375% APR 3.719% 15 year ( fixed ) 4.750% APR 4.922%
15 year (fixed) 3.875% APR 4.116% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.750% APR 4.922%
7/1 ARM 3.875% APR 3.534% 5/1 ARM 3.750% APR 3.532%
7/1 ARM 4.250% APR 3.833%
10/1 ARM 4.875% APR 4.296%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.582%
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
Monday, June 20, 2011
June 20, 2011
This morning our home media company came out. Jack from At Home Media. They are GREAT. My husband and I are not exactly tech savvy. Well, I am decent, but Fernando is still in the 20th Century. We trust Jack implicitly. We don’t' doubt him ever- he is the expert! The company came as a trusted referral, so I never questioned. And my experience with them has been top notch, always. So what about the referrals your buyers get? How much do they trust your endorsement? How many times have you referred, and they don't listen, only for the deal to go bad? It’s so hard not to say 'I told you so', even though I know we think it. So when you refer, refer with GUSTO! Let them know exactly why they need to use that person(s). Our experience has been that the stronger the referral, the more pleasant the transaction. Why is that? It’s about trust. Be sure your clients TRUST your recommendations. I guarantee you, the transaction will go smoother.
Is roof repair on some HAR checklist? All joking aside...we have seen a lot of roof repair amendments. Some offered, some mandated. The point is, there are some simple strategies that lenders (or at least Patriot) love to see, to make the transaction smoother! A simple sentence saying ' Roof to be replaced (NOT REPAIRED!) by seller. Period. Then we can escrow for it! The minute the word repair hits the contract, the appraiser has to address it, and it has to be a funding condition. But if it is replacement, we can, for example, do an escrow holdback from seller’s funds at closing! It’s that simple. If you ever need assistance writing such verbiage BEFORE the contract is accepted, we are happy to help! Just call.
This week we had an appraisal come in low that had the sale price 4k higher than the original list price, with a large 6 k seller concession. Just a hint for realtors..........beware when accepting any offer ABOVE the list price with seller concessions to buyers closing costs. Lenders don't like it at all, and those are usually the deals that coincidentally don't appraise.
A realtor commented to me this week that she had a very busy 1st Qtr (yea!), and that every single listing that was priced right, and in good condition/repair had multiple offers. In several market areas, not just one. That is great news!!!!!!!!!!
Interest rates are, well, still awesome! A great time to be buying a home in Houston, TX !
Enjoy the weekend!
RATES as of June 17, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.250% APR 4.462%
15 year (fixed) 3.750% APR 3.990% 30 year ( fixed ) 5.000% APR 5.126%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.351% 5/1 ARM 3.375% APR 3.393%
7/1 ARM 3.875% APR 3.647%
10/1 ARM 4.250% APR 4.3886%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.582%
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
Is roof repair on some HAR checklist? All joking aside...we have seen a lot of roof repair amendments. Some offered, some mandated. The point is, there are some simple strategies that lenders (or at least Patriot) love to see, to make the transaction smoother! A simple sentence saying ' Roof to be replaced (NOT REPAIRED!) by seller. Period. Then we can escrow for it! The minute the word repair hits the contract, the appraiser has to address it, and it has to be a funding condition. But if it is replacement, we can, for example, do an escrow holdback from seller’s funds at closing! It’s that simple. If you ever need assistance writing such verbiage BEFORE the contract is accepted, we are happy to help! Just call.
This week we had an appraisal come in low that had the sale price 4k higher than the original list price, with a large 6 k seller concession. Just a hint for realtors..........beware when accepting any offer ABOVE the list price with seller concessions to buyers closing costs. Lenders don't like it at all, and those are usually the deals that coincidentally don't appraise.
A realtor commented to me this week that she had a very busy 1st Qtr (yea!), and that every single listing that was priced right, and in good condition/repair had multiple offers. In several market areas, not just one. That is great news!!!!!!!!!!
Interest rates are, well, still awesome! A great time to be buying a home in Houston, TX !
Enjoy the weekend!
RATES as of June 17, 2011 (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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.250% APR 4.462%
15 year (fixed) 3.750% APR 3.990% 30 year ( fixed ) 5.000% APR 5.126%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.351% 5/1 ARM 3.375% APR 3.393%
7/1 ARM 3.875% APR 3.647%
10/1 ARM 4.250% APR 4.3886%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.582%
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
Wednesday, June 8, 2011
June 6, 2011
My husband Fernando used to hear me making fun of him for his 2 hour workouts. Where did he ever find the time??????? Well now I am doing them! We compete in a couple’s triathlon in July (my first one!) and training is hard stuff! Now I have learned it’s all a matter of priority. You make time. The same in our business! We have to make time for the things that are important. Have you revisited your priorities lately? Reworked your time block/time management? It requires hyperfocus, and I challenge you to do it this weekend! I am reworking mine.
There was an article in the Chronicle this week about rates going up. Well we know that....we have said that for the last year! Yet they are still low. But really folks, they will go up, and when they do, it will be fast. Just encourage your clients to lock in sooner than later, don’t delay once under contract. Lock in that rate!
This week there was a MAJOR letdown in the jobs market. Analysts expected 170,000 added jobs, and it came in at 54,000. That was a blow. The bond market saw prices soar (which normally would have lowered rates, but they stabilized as traders floated some positions and the effect today was close to flat. So not much to report other than enjoy things as they are! Buyers can continue to enjoy the low bond yields for now, and get into homes at historic lows!
Have a wonderful weekend, and as always let us know if we can assist with your buyers!
RATES as of June 3, 2011 (DOWN 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.500% APR 4.726%
15 year (fixed) 3.750% APR 3.990% 30 year ( fixed ) 5.375% APR 5.511%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.351% 5/1 ARM 3.125% APR 3.311%
7/1 ARM 3.625% APR 3.535%
10/1 ARM 4.625% APR 4.137%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.663%
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
There was an article in the Chronicle this week about rates going up. Well we know that....we have said that for the last year! Yet they are still low. But really folks, they will go up, and when they do, it will be fast. Just encourage your clients to lock in sooner than later, don’t delay once under contract. Lock in that rate!
This week there was a MAJOR letdown in the jobs market. Analysts expected 170,000 added jobs, and it came in at 54,000. That was a blow. The bond market saw prices soar (which normally would have lowered rates, but they stabilized as traders floated some positions and the effect today was close to flat. So not much to report other than enjoy things as they are! Buyers can continue to enjoy the low bond yields for now, and get into homes at historic lows!
Have a wonderful weekend, and as always let us know if we can assist with your buyers!
RATES as of June 3, 2011 (DOWN 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*)
10 year (fixed) 3.250% APR 3.593% 15 year ( fixed ) 4.500% APR 4.726%
15 year (fixed) 3.750% APR 3.990% 30 year ( fixed ) 5.375% APR 5.511%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.351% 5/1 ARM 3.125% APR 3.311%
7/1 ARM 3.625% APR 3.535%
10/1 ARM 4.625% APR 4.137%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.663%
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
Tuesday, May 31, 2011
May 31, 2011
So really, there is only ONE THING to talk about these days…..How are rates so low ??????? Unbelievable. A 5/1 ARM at 3.0% ?
I had lunch today with a client who trades mortgage backed securities. Great conversation! We solved the world’s problems , of course. But we came up with the conclusion that the #1 reason is the government has kept the borrowing rate at 0% (low!) so that the banks have more incentive to lend and makeup for the losses they are facing in their mortgage portfolios. The margins they are making are incredible! It’s helping keep them capitalized so they don’t collapse. So that’s the answer.
Oh, and we can still guarantee closings in 21 days (for conforming/FHA- Jumbo is 30 days). Let us help you sell your homes!
So that’s it! I am off early to start the long weekend.
RATES as of May 27, 2011 (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*)
10 year (fixed) 3.375% APR 3.502% 15 year ( fixed ) 4.750% APR 4.892%
15 year (fixed) 3.750% APR 4.006% 30 year ( fixed ) 5.375% APR 5.477%
30 year (fixed) 4.625% APR 4.892%
7/1 ARM 3.500% APR 3.416% 5/1 ARM 3.000% APR 3.355%
7/1 ARM 3.875% APR 3.653%
10/1 ARM 4.500% APR 4.052%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.500% APR 3.832%
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
I had lunch today with a client who trades mortgage backed securities. Great conversation! We solved the world’s problems , of course. But we came up with the conclusion that the #1 reason is the government has kept the borrowing rate at 0% (low!) so that the banks have more incentive to lend and makeup for the losses they are facing in their mortgage portfolios. The margins they are making are incredible! It’s helping keep them capitalized so they don’t collapse. So that’s the answer.
Oh, and we can still guarantee closings in 21 days (for conforming/FHA- Jumbo is 30 days). Let us help you sell your homes!
So that’s it! I am off early to start the long weekend.
RATES as of May 27, 2011 (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*)
10 year (fixed) 3.375% APR 3.502% 15 year ( fixed ) 4.750% APR 4.892%
15 year (fixed) 3.750% APR 4.006% 30 year ( fixed ) 5.375% APR 5.477%
30 year (fixed) 4.625% APR 4.892%
7/1 ARM 3.500% APR 3.416% 5/1 ARM 3.000% APR 3.355%
7/1 ARM 3.875% APR 3.653%
10/1 ARM 4.500% APR 4.052%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.500% APR 3.832%
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
Monday, May 16, 2011
May 13, 2011
So Pablo (10 months) has been thinking for the last 7 days that 4 am is wakie wakie time. WHAAAT? Doesn’t he know that is serious dreamtime? So for 45-60 minutes I rock, pat, sing, chant, hum, ANYTHING to get this kid to sleep. This while at the same time doing my self talk to keep my cool (“ Jennifer, he is a sweet , innocent baby. You have to TEACH him how to fall asleep and not wake up). Okay, okay. I have come up with a plan, and we are working on it. Dilute the bottle, a little more each night. Last night he slept 8 hours straight instead of 5. We are onto something!
Our buyers and sellers are no different than my precious Pablito! Whether a seasoned homeowner or first time, the market has changed. It is our responsibility as professionals to TEACH them and guide them through the process. Do you have a checklist for the beginning of a transaction letting them know the steps 1, 2, 3 ? Well, I just devised one for the financing side, and we mail to EVERY prospect within 24 hours of them calling. After 16 years of doing this, it finally hit me! Clients need a checklist! In fact, I think they crave one. Set yourself apart, and start developing one today!
Some Industry News………
Freddie Mac reported its first true net profit in almost two years, earning $676 million in the first quarter and not asking the taxpayer for more money. But Fannie reported at $6.5 billion loss for the quarter, and asked Treasury for $8.5 billion in taxpayer money. How could that be you ask? It ‘could be’ concluded that the difference rests in the amount of Countrywide business that Fannie bought in the past - CW was Fannie's best customer for several years, selling Fannie a variety of A-paper, alt-A, pay option ARMs, and other products. I bet that if you take Countrywide out of the equation, Fannie would show similar results to Freddie. But last year Fannie agreed to one lump sum from BofA to settle the bulk of buyback claims - good for BofA, bad for Fannie."
Some tips for prospective homeowners that have faced hard times:
You can finance another home in…….
• 2 years after a Short Sale and must put 20% down)
• 5 years after a Foreclosure
• 4 years after a Bankruptcy (2 years if FHA)
Have a wonderful weekend!
RATES as of May 6, 2011 (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*)
10 year (fixed) 3.375% APR 3.719% 15 year ( fixed ) 4.500% APR 4.753%
15 year (fixed) 3.875% APR 4.139% 30 year ( fixed ) 5.250% APR 5.377%
30 year (fixed) 4.625% APR 4.780%
7/1 ARM 3.750% APR 3.310% 5/1 ARM 3.250% APR 3.362%
7/1 ARM 3.750% APR 3.599%
10/1 ARM 4.500% APR 4.061%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.500% APR 3.832%
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!
Our buyers and sellers are no different than my precious Pablito! Whether a seasoned homeowner or first time, the market has changed. It is our responsibility as professionals to TEACH them and guide them through the process. Do you have a checklist for the beginning of a transaction letting them know the steps 1, 2, 3 ? Well, I just devised one for the financing side, and we mail to EVERY prospect within 24 hours of them calling. After 16 years of doing this, it finally hit me! Clients need a checklist! In fact, I think they crave one. Set yourself apart, and start developing one today!
Some Industry News………
Freddie Mac reported its first true net profit in almost two years, earning $676 million in the first quarter and not asking the taxpayer for more money. But Fannie reported at $6.5 billion loss for the quarter, and asked Treasury for $8.5 billion in taxpayer money. How could that be you ask? It ‘could be’ concluded that the difference rests in the amount of Countrywide business that Fannie bought in the past - CW was Fannie's best customer for several years, selling Fannie a variety of A-paper, alt-A, pay option ARMs, and other products. I bet that if you take Countrywide out of the equation, Fannie would show similar results to Freddie. But last year Fannie agreed to one lump sum from BofA to settle the bulk of buyback claims - good for BofA, bad for Fannie."
Some tips for prospective homeowners that have faced hard times:
You can finance another home in…….
• 2 years after a Short Sale and must put 20% down)
• 5 years after a Foreclosure
• 4 years after a Bankruptcy (2 years if FHA)
Have a wonderful weekend!
RATES as of May 6, 2011 (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*)
10 year (fixed) 3.375% APR 3.719% 15 year ( fixed ) 4.500% APR 4.753%
15 year (fixed) 3.875% APR 4.139% 30 year ( fixed ) 5.250% APR 5.377%
30 year (fixed) 4.625% APR 4.780%
7/1 ARM 3.750% APR 3.310% 5/1 ARM 3.250% APR 3.362%
7/1 ARM 3.750% APR 3.599%
10/1 ARM 4.500% APR 4.061%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.500% APR 3.832%
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!
Monday, May 2, 2011
April 29, 2011
My mother is one of the greatest of all time. Every holiday, every occasion, we get cards, gifts, and hugs like clockwork. Never late, always on time. She is sentimental that way. So Easter morning, she asked me if the Easter Bunny came for her 2 only grandsons. Well……………I never found the time to put that whole charade together. All I could hear was gasping through the phone line. “Jennifer, don’t tell me you did not get them an Easter Basket! My baby (Diego, 5) will be horrified when his friends at school are bragging about what the EB brought them and he got nothing!” Boy did I feel bad. Later that day let’s just say the EB basket appeared and we all acted surprised. How could I have been so lame? The life lesson I learned here is that small details are important. Very important. My mother has it down packed. I felt very loved growing up knowing she was always there for me for the little details. She cared.
Let’s fast forward to your business. What ‘small’ things are you doing consistently, like clockwork in order to make your clients feel special? A handwritten note at introduction, a gift at closing, or delivering food the day of closing? There are dozens of things you could implement, consistently, that would enhance the transaction and make your clients feel special. Repeat referrals guaranteed. On the Hernandez Team (we are now 5!) we have a 9 step process that we implement from the time clients call us to post closing. Our everyday goal is to ensure we give raving fan service, so that we and the referring realtor get future referrals! And we genuinely care about our clients.
In the markets, the Federal Reserve made no change this week in the rates. As expected. Bernanke did allude to the fact that rate hikes are not far away, maybe in 2 meetings, and that we should not expect much continued government support. This means that no longer will the buy our own debt! This has been somewhat stabilizing the economy as the Fed has gobbled up our own treasuries when sold, where no other buyers have been standing in line. Since the mortgage crisis began in 2007, foreign investors have been hesitant to purchase our bonds. It’s a trust factor.
Jobless claims were unexpectedly higher this week at 429,000. This has done no favors for rates. The trend is that rates are edging higher. We continue to encourage our clients to lock and not ‘float’ rates, in order to reduce their exposure to rising interest rates.
Have a wonderful weekend, and Spring is finally here! Now if it would only rain………
RATES as of April 29, 2011 (DOWN 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*)
10 year (fixed) 3.500% APR 3.845% 15 year ( fixed ) 4.375% APR 4.587%
15 year (fixed) 3.875% APR 4.116% 30 year ( fixed ) 5.250% APR 5.377%
30 year (fixed) 4.750% APR 4.892%
7/1 ARM 3.750% APR 3.488% 5/1 ARM 3.500% APR 3.459%
7/1 ARM 3.875% APR 3.666%
10/1 ARM 4.625% APR 4.142%
5/5 ARM 3.500% APR 3.992%
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
Let’s fast forward to your business. What ‘small’ things are you doing consistently, like clockwork in order to make your clients feel special? A handwritten note at introduction, a gift at closing, or delivering food the day of closing? There are dozens of things you could implement, consistently, that would enhance the transaction and make your clients feel special. Repeat referrals guaranteed. On the Hernandez Team (we are now 5!) we have a 9 step process that we implement from the time clients call us to post closing. Our everyday goal is to ensure we give raving fan service, so that we and the referring realtor get future referrals! And we genuinely care about our clients.
In the markets, the Federal Reserve made no change this week in the rates. As expected. Bernanke did allude to the fact that rate hikes are not far away, maybe in 2 meetings, and that we should not expect much continued government support. This means that no longer will the buy our own debt! This has been somewhat stabilizing the economy as the Fed has gobbled up our own treasuries when sold, where no other buyers have been standing in line. Since the mortgage crisis began in 2007, foreign investors have been hesitant to purchase our bonds. It’s a trust factor.
Jobless claims were unexpectedly higher this week at 429,000. This has done no favors for rates. The trend is that rates are edging higher. We continue to encourage our clients to lock and not ‘float’ rates, in order to reduce their exposure to rising interest rates.
Have a wonderful weekend, and Spring is finally here! Now if it would only rain………
RATES as of April 29, 2011 (DOWN 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*)
10 year (fixed) 3.500% APR 3.845% 15 year ( fixed ) 4.375% APR 4.587%
15 year (fixed) 3.875% APR 4.116% 30 year ( fixed ) 5.250% APR 5.377%
30 year (fixed) 4.750% APR 4.892%
7/1 ARM 3.750% APR 3.488% 5/1 ARM 3.500% APR 3.459%
7/1 ARM 3.875% APR 3.666%
10/1 ARM 4.625% APR 4.142%
5/5 ARM 3.500% APR 3.992%
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
Tuesday, April 26, 2011
April 22, 2011
Well, the day has come that I think I will actually buy an IPhone, and maybe even an IPad. After all, according to www.CnnMoney.com’s article today, I can buy a hotdog with it at a ball game (who would have thought?) http://money.cnn.com/2011/01/24/pf/end_of_credit_cards/index.htm
A thought provoking question was asked to me this week : “Why it is so difficult for borrowers that have money in the bank and perfect credit to be approved, while an FHA buyer that has a gift of 3.5% down payment and no cash reserves zips right through the system – and with a below par credit score at that?”.. I did not know what to say……. It’s true. Our society rewards those on the lower end, while making it difficult for those on the upper end of the scale. If it makes everyone feel better though, all of them have the same amount of paperwork.
Here is another thought provoker for you for the weekend: Our treasury (government) owns 70% of the US Treasury market right now (in bonds). Hmmmm. What will happen when they start selling them off as they announced last month they will begin doing every month little by little? You guessed it, rates will go up. So check out these rates below! The market is still great! Interest rates are low!
Jumbo money is getting better and better! We have a new credit union we can sell to that has 25% down to 4 million!!!!!!!!!!!! Wow. It’s a 5/5 ARM in the 3.5% range. Borrowers can keep their money working in the market, and have a low down, low interest loan!
Have a great weekend, and we look forward to your trusted mortgage referrals.
RATES as of April 22, 2011 (DOWN 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*)
10 year (fixed) 3.625% APR 3.970% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.000% APR 4.242% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.750% APR 4.892%
7/1 ARM 3.875% APR 3.549% 5/1 ARM 3.5.00% APR 3.460%
7/1 ARM 3.875% APR 3.666%
10/1 ARM 4.750% APR 4.225%
5/5 ARM 3.500% APR 4.072%
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!
A thought provoking question was asked to me this week : “Why it is so difficult for borrowers that have money in the bank and perfect credit to be approved, while an FHA buyer that has a gift of 3.5% down payment and no cash reserves zips right through the system – and with a below par credit score at that?”.. I did not know what to say……. It’s true. Our society rewards those on the lower end, while making it difficult for those on the upper end of the scale. If it makes everyone feel better though, all of them have the same amount of paperwork.
Here is another thought provoker for you for the weekend: Our treasury (government) owns 70% of the US Treasury market right now (in bonds). Hmmmm. What will happen when they start selling them off as they announced last month they will begin doing every month little by little? You guessed it, rates will go up. So check out these rates below! The market is still great! Interest rates are low!
Jumbo money is getting better and better! We have a new credit union we can sell to that has 25% down to 4 million!!!!!!!!!!!! Wow. It’s a 5/5 ARM in the 3.5% range. Borrowers can keep their money working in the market, and have a low down, low interest loan!
Have a great weekend, and we look forward to your trusted mortgage referrals.
RATES as of April 22, 2011 (DOWN 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*)
10 year (fixed) 3.625% APR 3.970% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.000% APR 4.242% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.750% APR 4.892%
7/1 ARM 3.875% APR 3.549% 5/1 ARM 3.5.00% APR 3.460%
7/1 ARM 3.875% APR 3.666%
10/1 ARM 4.750% APR 4.225%
5/5 ARM 3.500% APR 4.072%
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!
Wednesday, April 20, 2011
April 15
My baby Pablo is almost walking at 9 months! No!!!!!! I am not ready for that yet. Off I go to Babies R Us in a complete frantic to purchase baby proofing items. Five years ago is a distant memory when I did this the last time. I'll catch on quick. The one thing I know for sure is that his walking is inevitable.
Also inevitable is that markets will change, the economy will rise and dip, and we will all have to pay our fair share of taxes, eventually! Speaking of taxes, we still have self employed clients that cannot grasp that we qualify on after expense income. "But I really make xxx, we just have a creative CPA" they say. That's great and all.....until they need to buy a home. Being tax time (don't forget April 18 this year!), we have been able to catch a few clients and show them the benefit of declaring more income so they can qualify!
What about these gas rates? It cost me $65 to fill my car this week. Wow........... The Fed says that inflation is still low, excluding food and essentials, but we all need those, right? So to me, that would mean there is inflation. What do I know?
This week the Fed's Hoening says the Fed should boost the Fed Funds Rate to 1% then pause before hiking to 2%. This sent markets looming. In addition, all eyes were on mortgage lenders this week, as bank regulators filed enforcement actions against the 5 largest banks and 9 others for "compliance failures and unsafe and unsound practices at these institutions." READ MORE: http://finance.fortune.cnn.com/2011/04/13/fed-says-it-will-fine-banks-for-foreclosure-mess/
The economy is swirling, that is for sure. The good news for Houston is we are still seeing lots of buyers, multiple offer situations, or stories of buyers not moving 'fast enough' to make an offer.
Remember we are your trusted source for mortgage financing and would love to work with your referrals! We are still closing transactions in under 21 days! Actually we just turned a Jumbo around in 10 days...really!!!!!
Enjoy the weekend!
RATES as of April 15, 2011 (DOWN 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*)
10 year (fixed) 3.500% APR 3.845% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.125% APR 4.367% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.875% APR 5.018%
7/1 ARM 3.750% APR 3.491% 5/1 ARM 3.875% APR 3.579%
7/1 ARM 4.375% APR 3.911%
10/1 ARM 4.750% APR 4.226%
5/5 ARM 3.500% APR 4.069%
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
Also inevitable is that markets will change, the economy will rise and dip, and we will all have to pay our fair share of taxes, eventually! Speaking of taxes, we still have self employed clients that cannot grasp that we qualify on after expense income. "But I really make xxx, we just have a creative CPA" they say. That's great and all.....until they need to buy a home. Being tax time (don't forget April 18 this year!), we have been able to catch a few clients and show them the benefit of declaring more income so they can qualify!
What about these gas rates? It cost me $65 to fill my car this week. Wow........... The Fed says that inflation is still low, excluding food and essentials, but we all need those, right? So to me, that would mean there is inflation. What do I know?
This week the Fed's Hoening says the Fed should boost the Fed Funds Rate to 1% then pause before hiking to 2%. This sent markets looming. In addition, all eyes were on mortgage lenders this week, as bank regulators filed enforcement actions against the 5 largest banks and 9 others for "compliance failures and unsafe and unsound practices at these institutions." READ MORE: http://finance.fortune.cnn.com/2011/04/13/fed-says-it-will-fine-banks-for-foreclosure-mess/
The economy is swirling, that is for sure. The good news for Houston is we are still seeing lots of buyers, multiple offer situations, or stories of buyers not moving 'fast enough' to make an offer.
Remember we are your trusted source for mortgage financing and would love to work with your referrals! We are still closing transactions in under 21 days! Actually we just turned a Jumbo around in 10 days...really!!!!!
Enjoy the weekend!
RATES as of April 15, 2011 (DOWN 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*)
10 year (fixed) 3.500% APR 3.845% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.125% APR 4.367% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.875% APR 5.018%
7/1 ARM 3.750% APR 3.491% 5/1 ARM 3.875% APR 3.579%
7/1 ARM 4.375% APR 3.911%
10/1 ARM 4.750% APR 4.226%
5/5 ARM 3.500% APR 4.069%
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
Monday, April 11, 2011
April 8, 2011
Do you ever have moments where the world seems like its crashing in? Working mommy, loving wife, school board of directors, HOA treasurer, manager of 10, loan officer extraordinaire, counting 1500 calories a day, working out 5-6 times a week.....man it loads on! So I was having a pity party until......my bimonthly coaching call yesterday. Rick reminded me that when I am down, I need to look at my list of 200 things I am grateful for (like I had one....but that was homework). It’s true. I am so grateful for so many things, I just have to remind myself.
So why can't the government do that and have a balanced budget? For real estate, this would affect the closing of FHA and VA loans. Patriot Bank Mortgage has made a company decision to keep funding these loans. The only thing we still have to work out is not being able to receive IRS audited tax returns on all our clients (a mandate on loans from Fannie, Freddie and FHA). We will find a solution I am sure. But the bigger question is .....how can this really happen for an extended period of time? It can't. Something or someone will come in and save the day last minute, or at least soon after, to put all in its place. It’s the American way.
As for rates, the markets seemed flat this week after all the dust settled. Charlie Sheen is tweetering for cash, and the Middle East is still in turmoil.
Check out our Jumbo rates below! We have a 5/5 ARM (fixed for 5 years and then adjusts every 5 years) that only requires 25% down up to 4 million! Buyers can keep their cash in the market and put a minimum amount into the house at a rate below 4.0%! Now that is like free money.
Have a great weekend! Godspeed to my hubby Fernando who is competing in a triathlon in Galveston tomorrow!
RATES as of April 8, 2011 (UP 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*)
10 year (fixed) 3.750% APR 4.072% 15 year ( fixed ) 4.875% APR 5.079%
15 year (fixed) 4.250% APR 4.476% 30 year ( fixed ) 5.750% APR 5.874%
30 year (fixed) 5.000% APR 5.134%
7/1 ARM 4.000% APR 3.606% 5/1 ARM 3.875% APR 3.598%
7/1 ARM 4.375% APR 3.909%
10/1 ARM 4.750% APR 4.221%
5/5 ARM 3.750% APR 4.079%
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
So why can't the government do that and have a balanced budget? For real estate, this would affect the closing of FHA and VA loans. Patriot Bank Mortgage has made a company decision to keep funding these loans. The only thing we still have to work out is not being able to receive IRS audited tax returns on all our clients (a mandate on loans from Fannie, Freddie and FHA). We will find a solution I am sure. But the bigger question is .....how can this really happen for an extended period of time? It can't. Something or someone will come in and save the day last minute, or at least soon after, to put all in its place. It’s the American way.
As for rates, the markets seemed flat this week after all the dust settled. Charlie Sheen is tweetering for cash, and the Middle East is still in turmoil.
Check out our Jumbo rates below! We have a 5/5 ARM (fixed for 5 years and then adjusts every 5 years) that only requires 25% down up to 4 million! Buyers can keep their cash in the market and put a minimum amount into the house at a rate below 4.0%! Now that is like free money.
Have a great weekend! Godspeed to my hubby Fernando who is competing in a triathlon in Galveston tomorrow!
RATES as of April 8, 2011 (UP 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*)
10 year (fixed) 3.750% APR 4.072% 15 year ( fixed ) 4.875% APR 5.079%
15 year (fixed) 4.250% APR 4.476% 30 year ( fixed ) 5.750% APR 5.874%
30 year (fixed) 5.000% APR 5.134%
7/1 ARM 4.000% APR 3.606% 5/1 ARM 3.875% APR 3.598%
7/1 ARM 4.375% APR 3.909%
10/1 ARM 4.750% APR 4.221%
5/5 ARM 3.750% APR 4.079%
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
Tuesday, April 5, 2011
April 1, 2011 Do you know what QRM means?
Do you know what QRM means? Being in real estate, we all should. It’s a topic that has been blown over and swept under the carpet of late by legislators, kind of like the tax to a property seller that was whirled up in the Medicare bill last year (Medicare = residential home sales?) I just don't get that logic. That's why I will never be President of the United States, among other reasons. The Frank Dodd bill that has gotten so much attention has a provision that must be passed by SIX (6) different agencies of the federal government. It says that if a lender/bank (or whomever) makes a mortgage loan that is NOT a Qualified Residential Mortgage (QRM) they have to have 5% of the loan amount in reserves for possible default of that loan. So what is a QRM? That is the big question. Rumors have flown around that all jumbos will not meet the criteria. So 5% of those loans will have to be in reserve. That would greatly affect a market that is making a comeback. FHA loans do not count. So they are safe. What we need to be concerned about is that it has been proposed (this week) that a QRM be the following: 20% down (purchase), or 25% equity (refinance). Housing ratio does not exceed 28% (currently we are seeing as high as 42%), and that there are NO 60 day lates on any credit at all in the last 2 years. So this means, that if you are purchasing above the FHA loan limit of $271,000- then you have to put 20% down. That is what it means, plain and simple. Once defined over the next weeks, there will be a comment period until June. Be sure to visit your HAR /TAR /NAR website and comment on how this will affect an already hurt industry. We have already gotten conservative, is this really needed? I could go on for hours. But get involved. Google QRM and read up, and make sure you let your voice be heard in the comment period. We have to fight guys. No one listens to mortgage lenders anymore, so it may be up to the realtors. Have a great weekend, and go sell some houses- we can do 5% down as of right this minute on all conforming loan amounts. We can even do 10% down to $650,000 and 15% down to $850,000. And I even have 25% down to 4 million. That’s' right, it’s not a typo. If you have a super jumbo client right now, he can keep his money working in the market, and get 25% down for a 5/5 ARM rate with a 3 in it! Call me for details. RATES as of April 1, 2011 (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*) 10 year (fixed) 3.625% APR 3.939% 15 year ( fixed ) 4.750% APR 4.952% 15 year (fixed) 4.250% APR 4.472% 30 year ( fixed ) 5.50% APR 5.622% 30 year (fixed) 4.875% APR 5.005% 7/1 ARM 3.875% APR 3.548% 5/1 ARM 3.750% APR 3.392% 7/1 ARM 4.000% APR 3.596% 10/1 ARM 4.750% APR 4.225% 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 To opt out hit Reply and put Unsubscribe in the subject. Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, March 21, 2011
Friday, March 18
The joys of Spring Break! I saved at least 10 minutes on my home commute this week! The impact of school vacation is just amazing. Summer here we come! Can't wait for that either!
This week I will talk in bullet points. I have some good 'news you can use', for several different topics:
Homepath Financing: Fannie Mae tags certain properties as 'eligible' for this program. It can ONLY be offered for those properties. There is no appraisal, no mortgage insurance, and you can put 3% down! (primary residence), and investors qualify too! The investors have to put 25% down, but they can have up to 10 properties financed! Yea!!!!! All properties are listed on MLS, but to do a more rapid search, you can visit http://www.homepath.com/ and do a search by zip code! I think there are 1,000 properties in Harris County alone! At Patriot Bank Mortgage, we can finance these properties in most cases (except when repairs included). Call us!
Condos - Attention to you listing agents! Did you know that your condo listing has to now be FHA approved to accept an FHA loan? We have to have the HOA submit documents to HUD in Denver, and the process takes 4-6 weeks currently. A marketing idea! You can approach a condo building, and have the HOA get the building approved, so that you get more listings! If your price range is $280,000 or below....you want to be sure FHA financing is available!
FHA- some lenders accepting 620 scores now. Recently the requirement went to 640, but we have some investors that will accept 620. There are a 'few' lenders out there advertising 580...but I don’t think many of those close. So beware.
FHA Mortgage Insurance Premiums will be going up again on April 18. Upfront premiums (affecting the loan amount) will stay the same. But the monthly will go up from its current .90% (of the loan amount) to 1.15% (if they put 5% down only 1.10%). On a $200,000 loan, that is an extra $41.66 a month. One more nail in the coffin for low income borrowers. They are the ones that can least afford upticks in the payment. But FHA has to pay for its losses in all the foreclosures somehow, right? Also, FHA/VA guidelines have recently become a bit more stringent on 2 year work history. Once again, be sure that your borrowers get pre approved early so we can anticipate any extra paperwork needed.
Jumbo Loans- We now have a 10/1 arm in the low 4's with no points! And also a 5/5 ARM (fixed for 5 years, then adjusts only ever 5 years (as opposed to 1 year). This could get some great rates for your borrowers. And ......qualify them for a lower house with the lower payment over a traditional 30 fixed! Call me if you have a scenario.
We love your referrals! So keep them coming. Have a great weekend!
RATES as of March 18, 2011 (DOWN 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*)
10 year (fixed) 3.500% APR 4.107%
15 year ( fixed ) 4.750% APR 5.106%
15 year (fixed) 4.125% APR 4.551%
30 year ( fixed ) 5.375% APR 5.587%
30 year (fixed) 4.875% APR 5.126%
7/1 ARM 3.875% APR 3.640%
5/1 ARM 3.750% APR 3.631%
7/1 ARM 4.125% APR 3.868%
10/1 ARM 4.750% APR 4.308%
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
This week I will talk in bullet points. I have some good 'news you can use', for several different topics:
Homepath Financing: Fannie Mae tags certain properties as 'eligible' for this program. It can ONLY be offered for those properties. There is no appraisal, no mortgage insurance, and you can put 3% down! (primary residence), and investors qualify too! The investors have to put 25% down, but they can have up to 10 properties financed! Yea!!!!! All properties are listed on MLS, but to do a more rapid search, you can visit http://www.homepath.com/ and do a search by zip code! I think there are 1,000 properties in Harris County alone! At Patriot Bank Mortgage, we can finance these properties in most cases (except when repairs included). Call us!
Condos - Attention to you listing agents! Did you know that your condo listing has to now be FHA approved to accept an FHA loan? We have to have the HOA submit documents to HUD in Denver, and the process takes 4-6 weeks currently. A marketing idea! You can approach a condo building, and have the HOA get the building approved, so that you get more listings! If your price range is $280,000 or below....you want to be sure FHA financing is available!
FHA- some lenders accepting 620 scores now. Recently the requirement went to 640, but we have some investors that will accept 620. There are a 'few' lenders out there advertising 580...but I don’t think many of those close. So beware.
FHA Mortgage Insurance Premiums will be going up again on April 18. Upfront premiums (affecting the loan amount) will stay the same. But the monthly will go up from its current .90% (of the loan amount) to 1.15% (if they put 5% down only 1.10%). On a $200,000 loan, that is an extra $41.66 a month. One more nail in the coffin for low income borrowers. They are the ones that can least afford upticks in the payment. But FHA has to pay for its losses in all the foreclosures somehow, right? Also, FHA/VA guidelines have recently become a bit more stringent on 2 year work history. Once again, be sure that your borrowers get pre approved early so we can anticipate any extra paperwork needed.
Jumbo Loans- We now have a 10/1 arm in the low 4's with no points! And also a 5/5 ARM (fixed for 5 years, then adjusts only ever 5 years (as opposed to 1 year). This could get some great rates for your borrowers. And ......qualify them for a lower house with the lower payment over a traditional 30 fixed! Call me if you have a scenario.
We love your referrals! So keep them coming. Have a great weekend!
RATES as of March 18, 2011 (DOWN 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*)
10 year (fixed) 3.500% APR 4.107%
15 year ( fixed ) 4.750% APR 5.106%
15 year (fixed) 4.125% APR 4.551%
30 year ( fixed ) 5.375% APR 5.587%
30 year (fixed) 4.875% APR 5.126%
7/1 ARM 3.875% APR 3.640%
5/1 ARM 3.750% APR 3.631%
7/1 ARM 4.125% APR 3.868%
10/1 ARM 4.750% APR 4.308%
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
Monday, March 7, 2011
March 7
As my Ipod is blaring to Dynamite by Taio Cruz (http://www.youtube.com/watch?v=VUjdiDeJ0xg ), I’m running my 4th mile in the neighborhood. I’m back in the game!!!!!!! Ten baby pounds lost so far, and 30 to go. My trainer at the gym has specific instructions to have no mercy. In fact we did stadium stairs last Tuesday. BRING IT ON!!!!!!!!!
Also back in the game is Houston,TX! As of late, each Monday, we have at least 1 client that lost a contract over the weekend because they did not (a) move fast enough or (b) were outbid. It’s becoming a normal thing again. For homes in top condition and priced right, they go fast (or if you are in Frostwood, like the one that had 13 offers a few weeks ago…..it was outdated from the original owner). Gone in a few days. A well respected mortgage newsletter we subscribe to had a headline this morning: ‘there are also many potential homebuyers who have been waiting on the sidelines to step in and purchase a home at still affordable rates and home prices. Waiting much longer could prove to be costly for those homebuyers, who will likely see both home prices and home loan rates move higher in the year ahead’.
The economy is getting back in gear as well, as we saw with this morning’s Jobless Claims Report on target with expectations, and Wednesday we saw an improving payroll number reported by ADP (the payroll processing company). Also the unemployment rate has declined the last 3 months in a row. So great news for the economy! But I hate to report, that is bad for bonds. Remember: the worse the news, the better the rates! As the economy recovers, so does love for the stock market. Investors feel like taking risk, kind of like the new girlfriend syndrome! And they buy,buy, buy. They take the money from the bond market, which pushes yields up in hope to attract those investors back. Or at least you can think of it that way…its easier logic than the more complicated answer (so I won’t bore you).
Watch out in the coming week for turmoil abroad. Baghdad unrest, rising oil prices…this market is a real doozie. All I know is, Houston is getting back into its zone, and it’s once again a great time to be a homeowner!
Enjoy the weekend! A great time to check out the Azalea Trail! http://www.riveroaksgardenclub.org/AzaleaTrail.cfm
RATES as of March 4, 2011 (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*)
10 year (fixed) 3.750% APR 4.072%
15 year ( fixed ) 4.250% APR 4.443%
15 year (fixed) 4.250% APR 4.476%
30 year ( fixed ) 5.750% APR 5.870%
30 year (fixed) 5.000% APR 5.134%
7/1 ARM 4.250% APR 3.732%
5/1 ARM 4.000% APR 3.644%
7/1 ARM 4.250% APR 3.848%
10/1 ARM 5.150% APR 4.468%
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!
Also back in the game is Houston,TX! As of late, each Monday, we have at least 1 client that lost a contract over the weekend because they did not (a) move fast enough or (b) were outbid. It’s becoming a normal thing again. For homes in top condition and priced right, they go fast (or if you are in Frostwood, like the one that had 13 offers a few weeks ago…..it was outdated from the original owner). Gone in a few days. A well respected mortgage newsletter we subscribe to had a headline this morning: ‘there are also many potential homebuyers who have been waiting on the sidelines to step in and purchase a home at still affordable rates and home prices. Waiting much longer could prove to be costly for those homebuyers, who will likely see both home prices and home loan rates move higher in the year ahead’.
The economy is getting back in gear as well, as we saw with this morning’s Jobless Claims Report on target with expectations, and Wednesday we saw an improving payroll number reported by ADP (the payroll processing company). Also the unemployment rate has declined the last 3 months in a row. So great news for the economy! But I hate to report, that is bad for bonds. Remember: the worse the news, the better the rates! As the economy recovers, so does love for the stock market. Investors feel like taking risk, kind of like the new girlfriend syndrome! And they buy,buy, buy. They take the money from the bond market, which pushes yields up in hope to attract those investors back. Or at least you can think of it that way…its easier logic than the more complicated answer (so I won’t bore you).
Watch out in the coming week for turmoil abroad. Baghdad unrest, rising oil prices…this market is a real doozie. All I know is, Houston is getting back into its zone, and it’s once again a great time to be a homeowner!
Enjoy the weekend! A great time to check out the Azalea Trail! http://www.riveroaksgardenclub.org/AzaleaTrail.cfm
RATES as of March 4, 2011 (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*)
10 year (fixed) 3.750% APR 4.072%
15 year ( fixed ) 4.250% APR 4.443%
15 year (fixed) 4.250% APR 4.476%
30 year ( fixed ) 5.750% APR 5.870%
30 year (fixed) 5.000% APR 5.134%
7/1 ARM 4.250% APR 3.732%
5/1 ARM 4.000% APR 3.644%
7/1 ARM 4.250% APR 3.848%
10/1 ARM 5.150% APR 4.468%
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!
Monday, February 14, 2011
Happy Valentines Day
Where is the love this Valentine's Day? Today Obama released his plan to 'phase out' Fannie Mae and Freddie Mac. Below I will summarize some points for you, but you can read the article here: http://money.cnn.com/2011/02/11/news/companies/fannie_mae_freddie_mac_white_house_proposal/index.htm
By 2018, Fannie and Freddie are planned to be essentially gone. It’s hard to imagine what 'private equity' they expect to handle the trillion dollar market. Not to say change is not necessary, but I hope the extra money they are looking for will enter into our market. Will it be the Chinese or the Saudi's that close the gap on our market? Is that what kind of 'private' equity they are talking about? Will America be America anymore? I heard a foreign buyer is looking at buying the NYSE...seriously?
Back to Fannie Mae, there are some sentences in the above article that caused me to pause. Phrases like: "recommends requiring Fannie Mae and Freddie Mac to price their loan guarantees to the same standards as private banks". So...does that mean to charge higher yields? Private bank portfolio loans usually come at a cost. Hmmmmm.... With regulatory changes coming this April 1, the cost of loans is set to increase anyway (this is my opinion) with the increased cost to lenders. It will pass off to the borrowers.
Other phrases bothered me like: "Increasing down payment requirements in order to shrink Fannie and Freddie's portfolio". In other words, to phase them as market players over the next (couple) of years. That will really help dig us out of the recession.
"Increase premiums on FHA loans by .25%". Fact: they already have done that this year! The cost to borrowers for these low income loans has already increased about $20/mo on a $100,000 loan. That is a lot of money for many people. How again will this help support homeownership and encourage families to buy a home? Increase the cost? Will it be affordable?
Lots of questions left unanswered this week, I know. Sorry! I am just going to keep plugging along, implementing and improving my systems to WOW our clients and referral partners, and close as many transactions as I can! Today. One thing is for sure, there will be a mortgage market, there has to be! For the lucky son of a gun that gets creative and provides this 'private equity' Obama is talking about...more power to him. I'll be ready.
Enjoy the beautiful weekend!
BHBK (Big Hug Big Kiss) this Valentine's Day.
Jennifer
RATES as of February 11, 2011 (UP 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) 5.125% APR 5.260%
30 year ( fixed ) 5.875% APR 5.997%
15 year (fixed) 4.375% APR 4.602%
15 year ( fixed ) 5.250% APR 5.425%
5/1 ARM 3.875% APR 3.625%
7/1 ARM 4.375% APR 3.935%
5/1 ARM 4.000% APR 3.654%
7/1 ARM 4.250% APR 3.857%
10/1 ARM 5.250% APR 4.652%
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!
By 2018, Fannie and Freddie are planned to be essentially gone. It’s hard to imagine what 'private equity' they expect to handle the trillion dollar market. Not to say change is not necessary, but I hope the extra money they are looking for will enter into our market. Will it be the Chinese or the Saudi's that close the gap on our market? Is that what kind of 'private' equity they are talking about? Will America be America anymore? I heard a foreign buyer is looking at buying the NYSE...seriously?
Back to Fannie Mae, there are some sentences in the above article that caused me to pause. Phrases like: "recommends requiring Fannie Mae and Freddie Mac to price their loan guarantees to the same standards as private banks". So...does that mean to charge higher yields? Private bank portfolio loans usually come at a cost. Hmmmmm.... With regulatory changes coming this April 1, the cost of loans is set to increase anyway (this is my opinion) with the increased cost to lenders. It will pass off to the borrowers.
Other phrases bothered me like: "Increasing down payment requirements in order to shrink Fannie and Freddie's portfolio". In other words, to phase them as market players over the next (couple) of years. That will really help dig us out of the recession.
"Increase premiums on FHA loans by .25%". Fact: they already have done that this year! The cost to borrowers for these low income loans has already increased about $20/mo on a $100,000 loan. That is a lot of money for many people. How again will this help support homeownership and encourage families to buy a home? Increase the cost? Will it be affordable?
Lots of questions left unanswered this week, I know. Sorry! I am just going to keep plugging along, implementing and improving my systems to WOW our clients and referral partners, and close as many transactions as I can! Today. One thing is for sure, there will be a mortgage market, there has to be! For the lucky son of a gun that gets creative and provides this 'private equity' Obama is talking about...more power to him. I'll be ready.
Enjoy the beautiful weekend!
BHBK (Big Hug Big Kiss) this Valentine's Day.
Jennifer
RATES as of February 11, 2011 (UP 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) 5.125% APR 5.260%
30 year ( fixed ) 5.875% APR 5.997%
15 year (fixed) 4.375% APR 4.602%
15 year ( fixed ) 5.250% APR 5.425%
5/1 ARM 3.875% APR 3.625%
7/1 ARM 4.375% APR 3.935%
5/1 ARM 4.000% APR 3.654%
7/1 ARM 4.250% APR 3.857%
10/1 ARM 5.250% APR 4.652%
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!
Friday, February 11, 2011
Belated IRU
This weeks’ note will be quick! My new assistant (5 year old Diego came with mommy to work today) and he just informed me that it’s time to go home…….
Rates are up for 3 days in a row! Why? Instability in Europe, most specifically there are fears of inflation as food and energy prices are increasing. The ECB yesterday said they are not going to rise the interest rates, but the markets aren’t going for it, as inflation seems to already be on the rise. So bond markets reacted.
On our home turf, there were mixed signals today, which isn’t good market news either. Only 36,000 jobs were created in January, while 148,000 were expected. Normally that would lower rates, but with news of increased hourly wages (up .4%) and unemployment claims down, it signaled to the markets that we are slowly but surely recovering.
Don’t let your buyers and sellers be discouraged by short term spikes in rates! We are still at historically low levels of interest rates. And, we live in one of the most prosperous cities in the country.
Have a safe and warm weekend, and remember, we can still close loans in 3 weeks or less!
RATES as of February 4, 2011 (UP .25% 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) 5.125% APR 5.258% 30 year ( fixed ) 5.875% APR 5.997%
15 year (fixed) 4.250% APR 4.476% 15 year ( fixed ) 5.125% APR 5.326%
5/1 ARM 3.625% APR 3.535%
7/1 ARM 4.000% APR 3.751% 5/1 ARM 3.625% APR 3.520%
7/1 ARM 4.000% APR 3.737%
10/1 ARM 5.250% APR 4.552%
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
Rates are up for 3 days in a row! Why? Instability in Europe, most specifically there are fears of inflation as food and energy prices are increasing. The ECB yesterday said they are not going to rise the interest rates, but the markets aren’t going for it, as inflation seems to already be on the rise. So bond markets reacted.
On our home turf, there were mixed signals today, which isn’t good market news either. Only 36,000 jobs were created in January, while 148,000 were expected. Normally that would lower rates, but with news of increased hourly wages (up .4%) and unemployment claims down, it signaled to the markets that we are slowly but surely recovering.
Don’t let your buyers and sellers be discouraged by short term spikes in rates! We are still at historically low levels of interest rates. And, we live in one of the most prosperous cities in the country.
Have a safe and warm weekend, and remember, we can still close loans in 3 weeks or less!
RATES as of February 4, 2011 (UP .25% 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) 5.125% APR 5.258% 30 year ( fixed ) 5.875% APR 5.997%
15 year (fixed) 4.250% APR 4.476% 15 year ( fixed ) 5.125% APR 5.326%
5/1 ARM 3.625% APR 3.535%
7/1 ARM 4.000% APR 3.751% 5/1 ARM 3.625% APR 3.520%
7/1 ARM 4.000% APR 3.737%
10/1 ARM 5.250% APR 4.552%
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
Tuesday, February 1, 2011
The Bottom Line
Just when I was taking a breath, and thought things were maintaining some 'normalcy'.........Fannie Mae and Freddie Mac made changes as of January 10 to their risk based pricing models. What does risk based pricing mean? That for certain loan levels (based mainly on credit score and loan to value) there is a risk factor involved. Well, they just went up. ALOT. Why the change? Well, to make up for losses on the loans they made that they should not have, of course.
Here is a summary of some changes (keep in mind these 'hits' can come in the form of % to the rate, or upfront fee). These are 'examples' only.
25% is the new 20%. If you have an 800 credit score, and put 20% down. HIT. Equivalent to about .125% in rate, or $625 on a $250K loan. Investors do not consider 20% down the 'best' anymore, is my takeaway.
740 is the new 720. If you have below a 740 score, there are some significant hits to the price, depending on the down payment. For example:
20% down, score 700-719 is approximately .50% rate hit, or $2500 fee upfront
Add an 80/10 (total 90) - add another .25% in rate (that would be on top of the already increased fee for a score <720)
10% down (one 90% loan), score below 680- a 1.0% hit to the rate, or a fee of $6,875 upfront.
Should I continue? The matrix is quite extensive.
The BOTTOM LINE is that your buyers and sellers need to be sure and get preapproved BEFORE they start shopping for homes. I have seen clients with 20 years of pristine credit, and a recent collection to Time Warner of $30 they disputed for a late fee , drops the score 100 points. Really. No joke. Also, we see 'errors' all the time. On the most qualified of borrowers.
Everyone's credit is suceptible to mistakes. Everyone's. The most VALID website to pull credit for borrowers is www.myfico.com. The score given here most resembles mortgage credit scores. We have seen Equifax, Experian and Trans Union vary more than 50 points in some cases. The scores they are 'selling' is not the same as a mortgage credit score. They are selling a generic product. A money maker. Please encourage your buyers to discuss this with a mortgage professional.
As always, we are here to assist you with your clients mortgage needs! Just give anyone on my team a call (Kenny, Brianna, Nancy or myself). We are here to serve you and ensure an ontime and accurate closing. Also, did I tell you we can still close in 21 days or less on a conforming or FHA transaction?
Enjoy the weekend!
Jennifer Hernandez
RATES as of January 28, 2011 (FLAT 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) 4.875% APR 5.008%
30 year ( fixed ) 5.625% APR 5.746%
15 year (fixed) 4.250% APR 4.476%
15 year ( fixed ) 5.000% APR 5.201%
5/1 ARM 3.500% APR 3.300%
7/1 ARM 3.875% APR 3.532%
5/1 ARM 4.000% APR 3.643%
7/1 ARM 4.250% APR 3.848%
10/1 ARM 5.250% APR 4.552%
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
Here is a summary of some changes (keep in mind these 'hits' can come in the form of % to the rate, or upfront fee). These are 'examples' only.
25% is the new 20%. If you have an 800 credit score, and put 20% down. HIT. Equivalent to about .125% in rate, or $625 on a $250K loan. Investors do not consider 20% down the 'best' anymore, is my takeaway.
740 is the new 720. If you have below a 740 score, there are some significant hits to the price, depending on the down payment. For example:
20% down, score 700-719 is approximately .50% rate hit, or $2500 fee upfront
Add an 80/10 (total 90) - add another .25% in rate (that would be on top of the already increased fee for a score <720)
10% down (one 90% loan), score below 680- a 1.0% hit to the rate, or a fee of $6,875 upfront.
Should I continue? The matrix is quite extensive.
The BOTTOM LINE is that your buyers and sellers need to be sure and get preapproved BEFORE they start shopping for homes. I have seen clients with 20 years of pristine credit, and a recent collection to Time Warner of $30 they disputed for a late fee , drops the score 100 points. Really. No joke. Also, we see 'errors' all the time. On the most qualified of borrowers.
Everyone's credit is suceptible to mistakes. Everyone's. The most VALID website to pull credit for borrowers is www.myfico.com. The score given here most resembles mortgage credit scores. We have seen Equifax, Experian and Trans Union vary more than 50 points in some cases. The scores they are 'selling' is not the same as a mortgage credit score. They are selling a generic product. A money maker. Please encourage your buyers to discuss this with a mortgage professional.
As always, we are here to assist you with your clients mortgage needs! Just give anyone on my team a call (Kenny, Brianna, Nancy or myself). We are here to serve you and ensure an ontime and accurate closing. Also, did I tell you we can still close in 21 days or less on a conforming or FHA transaction?
Enjoy the weekend!
Jennifer Hernandez
RATES as of January 28, 2011 (FLAT 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) 4.875% APR 5.008%
30 year ( fixed ) 5.625% APR 5.746%
15 year (fixed) 4.250% APR 4.476%
15 year ( fixed ) 5.000% APR 5.201%
5/1 ARM 3.500% APR 3.300%
7/1 ARM 3.875% APR 3.532%
5/1 ARM 4.000% APR 3.643%
7/1 ARM 4.250% APR 3.848%
10/1 ARM 5.250% APR 4.552%
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
Friday, January 21, 2011
Just How Lucky We Are.........
Just How Lucky You Are..the book by Dr. Suess. I was reading it last night to my 5 year old, Diego. My thoughts exactly. We still are rather lucky to live in one of the most robust towns in the USA. Really lucky. Who cares about hot summers, or no mountains? I think Houston is beautiful, and has very down to earth, polite people (except when on 610 loop).
This week I heard something I hadn't in a while...." Do you have stated income loans?". I almost fell out of my chair. This first time homebuyer was repeating the question from her husband (self employed) as she talked to him on the cell phone. This was after I told them they did not qualify for the house they wanted, but in fact 40K lower. Have they been locked up for the last three years? She was born in the 80's. Maybe that explains it! (no offense to any readers that were)
Another volatile round of trading this week as mortgage rates are trying to push their way up. Currently, inflation fears around the globe are spooking the markets. Also the 10 year T-Bill auction (which most closely mirrors mortgage rates) was weak this time around. Rates are still relatively low...but about .50% higher than before the holidays.
Rates below 6.0% for the last several years on average? We even saw 30 fixed in the high 3's? Just how lucky we are.................................
Enjoy this chilly weekend, and remember, Patriot Bank Mortgage closes on time and accurately! We are closing purchases on average of 21 days. Consider us for your next mortgage referral!
Jennifer Hernandez
RATES as of January 21, 2011 (UP 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) 4.875% APR 5.008%
30 year ( fixed ) 5.625% APR 5.746%
15 year (fixed) 4.250% APR 4.476%
15 year ( fixed ) 5.000% APR 5.201%
5/1 ARM 3.500% APR 3.316%
7/1 ARM 3.875% APR 3.548%
5/1 ARM 4.000% APR 3.645%
7/1 ARM 4.250% APR 3.850%
10/1 ARM 5.250% APR 4.554%
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
This week I heard something I hadn't in a while...." Do you have stated income loans?". I almost fell out of my chair. This first time homebuyer was repeating the question from her husband (self employed) as she talked to him on the cell phone. This was after I told them they did not qualify for the house they wanted, but in fact 40K lower. Have they been locked up for the last three years? She was born in the 80's. Maybe that explains it! (no offense to any readers that were)
Another volatile round of trading this week as mortgage rates are trying to push their way up. Currently, inflation fears around the globe are spooking the markets. Also the 10 year T-Bill auction (which most closely mirrors mortgage rates) was weak this time around. Rates are still relatively low...but about .50% higher than before the holidays.
Rates below 6.0% for the last several years on average? We even saw 30 fixed in the high 3's? Just how lucky we are.................................
Enjoy this chilly weekend, and remember, Patriot Bank Mortgage closes on time and accurately! We are closing purchases on average of 21 days. Consider us for your next mortgage referral!
Jennifer Hernandez
RATES as of January 21, 2011 (UP 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) 4.875% APR 5.008%
30 year ( fixed ) 5.625% APR 5.746%
15 year (fixed) 4.250% APR 4.476%
15 year ( fixed ) 5.000% APR 5.201%
5/1 ARM 3.500% APR 3.316%
7/1 ARM 3.875% APR 3.548%
5/1 ARM 4.000% APR 3.645%
7/1 ARM 4.250% APR 3.850%
10/1 ARM 5.250% APR 4.554%
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
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