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
Friday, January 21, 2011
Tuesday, January 18, 2011
The Name of the Game
Nothing like starting the year off with a bang. The economic data releases are in full swing. This week, we have seen lots of data that once again that volatility is the name of the game. At the end of the day Wednesday, investors were ‘giddy’ with news of the 10 year treasury auction. The notes for sale were being gobbled up by investors (a good sign, and pushes the yield down). That means that investors are interested in buying our debt (whoever they may be: the Chinese, mutual fund managers, etc…..).
How could the investors wake up this morning, after yesterday’s good news, and now be on the fence again? Well, its because investors have the same temper tantrum level as my 5 year old. One minute things are great, and the next, he is wailing because I won’t let him watch TV, or have a chocolate or something ………… Yesterday Diego told me that I had no idea what I was talking about, and “You’re not inside of my brain mommy”. WHAT????????????????????
Back to real news, our economy continues to be on rocky waters, and will be for some time. Jobless Claims are ‘improving’ but is that just because more people have expired the EUC (Emergency Unemployment Compensation)? They don’t qualify anymore. And inflation is up (the PPI was up 1.1% this month). That is huge! There are only 2 ways to pay for the inflation (1) the economy has to absorb (eat) the cost- which has been happening for some time. And (2) the increased costs get passed onto the consumer.
Let’s dig further into option 2 (the costs getting passed onto the consumer), as it relates to mortgages. How do we think the cost of compliance (thanks Barney Frank) is going to get ‘absorbed’? Or the fact that Fannie and Freddie continue to lose MILLIONS each month! I can assure you with certainty that it is the consumer that is paying. They do it in the pricing. We have seen ‘small’ changes to our pricing, that is called risk based pricing. Not putting 25% down? The rate is .125% higher (that’s right, 25%, NOT 20%). There is no incentive for 20% anymore, there is a hit. Or credit score not 740? That is a .125% hit as well. Earlier in 2010, the best price was given at 720. These ‘hits’ to pricing are creeping into our rate sheets little by little. THAT IS HOW BIG BANKS WILL FUND COMPLIANCE AND LOSSES FROM FORECLOSURE. Who do we complain to? How do we change this? Contribute to your PAC. NAR is fighting for lender issues currently, because they realize the importance of the fluidity and availability of capital in order to save homeownership.
Have a FANTASTIC weekend. Call us if you need us, and remember……..we can close a conventional purchase (loans 417K or below) in under 21 days GUARANTEED.
Jennifer Hernandez
RATES as of January 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*)
30 year (fixed) 4.750% APR 4.882%
30 year ( fixed ) 5.250% APR 5.368%
15 year (fixed) 4.125% APR 4.350%
15 year ( fixed ) 4.875% APR 5.072%
5/1 ARM 3.375% APR 3.434%
7/1 ARM 3.750% APR 3.623%
5/1 ARM 4.000% APR 3.642%
7/1 ARM 4.250% APR 3.847%
10/1 ARM 5.250% APR 4.645%
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
How could the investors wake up this morning, after yesterday’s good news, and now be on the fence again? Well, its because investors have the same temper tantrum level as my 5 year old. One minute things are great, and the next, he is wailing because I won’t let him watch TV, or have a chocolate or something ………… Yesterday Diego told me that I had no idea what I was talking about, and “You’re not inside of my brain mommy”. WHAT????????????????????
Back to real news, our economy continues to be on rocky waters, and will be for some time. Jobless Claims are ‘improving’ but is that just because more people have expired the EUC (Emergency Unemployment Compensation)? They don’t qualify anymore. And inflation is up (the PPI was up 1.1% this month). That is huge! There are only 2 ways to pay for the inflation (1) the economy has to absorb (eat) the cost- which has been happening for some time. And (2) the increased costs get passed onto the consumer.
Let’s dig further into option 2 (the costs getting passed onto the consumer), as it relates to mortgages. How do we think the cost of compliance (thanks Barney Frank) is going to get ‘absorbed’? Or the fact that Fannie and Freddie continue to lose MILLIONS each month! I can assure you with certainty that it is the consumer that is paying. They do it in the pricing. We have seen ‘small’ changes to our pricing, that is called risk based pricing. Not putting 25% down? The rate is .125% higher (that’s right, 25%, NOT 20%). There is no incentive for 20% anymore, there is a hit. Or credit score not 740? That is a .125% hit as well. Earlier in 2010, the best price was given at 720. These ‘hits’ to pricing are creeping into our rate sheets little by little. THAT IS HOW BIG BANKS WILL FUND COMPLIANCE AND LOSSES FROM FORECLOSURE. Who do we complain to? How do we change this? Contribute to your PAC. NAR is fighting for lender issues currently, because they realize the importance of the fluidity and availability of capital in order to save homeownership.
Have a FANTASTIC weekend. Call us if you need us, and remember……..we can close a conventional purchase (loans 417K or below) in under 21 days GUARANTEED.
Jennifer Hernandez
RATES as of January 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*)
30 year (fixed) 4.750% APR 4.882%
30 year ( fixed ) 5.250% APR 5.368%
15 year (fixed) 4.125% APR 4.350%
15 year ( fixed ) 4.875% APR 5.072%
5/1 ARM 3.375% APR 3.434%
7/1 ARM 3.750% APR 3.623%
5/1 ARM 4.000% APR 3.642%
7/1 ARM 4.250% APR 3.847%
10/1 ARM 5.250% APR 4.645%
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
Monday, January 10, 2011
Leading the Way
Happy Friday (on Monday!),
For the last 2 weeks I have mentioned goal setting. Not to sound like a broken record...but it’s IMPORTANT! My wish for you this year is to accomplish all your goals! Furthermore, what about tracking systems to be sure you are on track? Or are you one to set goals in January, to only look to see how you did the next December? Do you know what your average number of leads is per month? Or where your leads come from? Referrals you say? What about the TYPE of referral? Was it a past client? A past client referring a friend? Your farm? Relo? Advertising? Personal Friend? Business relationship? A channel account? Knowing this information could really assist you in knowing where to spend your dollars.
There are just 5 forms (in my opinion and experience) that you need. (1) A lead tracker that also tallies the type of referral (2) Monthly pay log showing all transactions in a month and split between buyer/listing . "Maybe" your average dollar transaction is highest in one or the other, and will benefit where you should spend your dollars!? (3) Profit and Loss (monthly) to show money coming in, and expenses (4) Personal budget - to forecast your money and savings! Imagine paying bills once a month at the beginning, and know where you stand before spending the next month! (5) A weekly time tracker (one page!) that has each day and groups of activities like phone calls, face to face meetings, thank you notes, group presentations, lunches/coffees, # referrals received. This one page snapshot can really tell you where you spend your time.
Of course all of the above cannot be implemented overnight. But I hope maybe this information will get you started in the baby steps to jump start your business, or enhance an already mature one. After 15 years in the business, I needed something new, and the 5 forms above have transformed my business.
The other most important thing I would like you to know this week is WE ARE STILL ABLE TO CLOSE BY JAN 31!!! Until Friday 1/14, if the client makes full application with an accepted contract (conforming loans only), we can close quick! Let us know if we can help.
Rates….up and down. You can still get something in the 4-s!
Jennifer Hernandez
RATES as of January 10, 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*)
30 year (fixed) 4.750% APR 4.882%
30 year ( fixed ) 5.625% APR 5.744%
15 year (fixed) 4.125% APR 4.350%
15 year ( fixed ) 4.875% APR 5.072%
5/1 ARM 3.500% APR 3.328%
7/1 ARM 3.875% APR 3.558%
5/1 ARM 4.000% APR 3.653%
7/1 ARM 4.250% APR 3.856%
10/1 ARM 5.250% APR 4.557%
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
For the last 2 weeks I have mentioned goal setting. Not to sound like a broken record...but it’s IMPORTANT! My wish for you this year is to accomplish all your goals! Furthermore, what about tracking systems to be sure you are on track? Or are you one to set goals in January, to only look to see how you did the next December? Do you know what your average number of leads is per month? Or where your leads come from? Referrals you say? What about the TYPE of referral? Was it a past client? A past client referring a friend? Your farm? Relo? Advertising? Personal Friend? Business relationship? A channel account? Knowing this information could really assist you in knowing where to spend your dollars.
There are just 5 forms (in my opinion and experience) that you need. (1) A lead tracker that also tallies the type of referral (2) Monthly pay log showing all transactions in a month and split between buyer/listing . "Maybe" your average dollar transaction is highest in one or the other, and will benefit where you should spend your dollars!? (3) Profit and Loss (monthly) to show money coming in, and expenses (4) Personal budget - to forecast your money and savings! Imagine paying bills once a month at the beginning, and know where you stand before spending the next month! (5) A weekly time tracker (one page!) that has each day and groups of activities like phone calls, face to face meetings, thank you notes, group presentations, lunches/coffees, # referrals received. This one page snapshot can really tell you where you spend your time.
Of course all of the above cannot be implemented overnight. But I hope maybe this information will get you started in the baby steps to jump start your business, or enhance an already mature one. After 15 years in the business, I needed something new, and the 5 forms above have transformed my business.
The other most important thing I would like you to know this week is WE ARE STILL ABLE TO CLOSE BY JAN 31!!! Until Friday 1/14, if the client makes full application with an accepted contract (conforming loans only), we can close quick! Let us know if we can help.
Rates….up and down. You can still get something in the 4-s!
Jennifer Hernandez
RATES as of January 10, 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*)
30 year (fixed) 4.750% APR 4.882%
30 year ( fixed ) 5.625% APR 5.744%
15 year (fixed) 4.125% APR 4.350%
15 year ( fixed ) 4.875% APR 5.072%
5/1 ARM 3.500% APR 3.328%
7/1 ARM 3.875% APR 3.558%
5/1 ARM 4.000% APR 3.653%
7/1 ARM 4.250% APR 3.856%
10/1 ARM 5.250% APR 4.557%
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
Monday, January 3, 2011
New year and New Reforms
Most of us are control freaks, that is the nature of a highly successful business person. Knowing this about myself, imagine how I felt when the biggest snowstorm of 2010 hit the Northeast the day before my return flight to Houston (from Newark). After about 200 redials to Continental, and over 5 cumulative hours on hold, I got through. The first available flight home was 5 days later. Unbelievably, I did not wig out (true to my nature). It is what it is. Book it and lets get on with it!!!
As my last blog of the year 2010, I ponder of what should I write about? What do my readers want to hear? That 2010 is behind us and the best is yet to come? I really believe that it is. As our industry is continuing to consolidate, and the real players are emerging (both realtors and lenders alike). The financial reform to come in 2011 and beyond will have its share of unforeseen consequences , and we will survive that too, just as we have the last 3 years. The important thing for all of you to remember, is that let's WORK TOGETHER and concentrate on what we CAN control, like our teams, tightening our systems and processes. Those things we cannot control, well, they will happen anyway. Like rising interest rates, a delayed closing due to the buyers lender (well, you can control that by ensuring they use Patriot Bank Mortgage!) or changing market values. When you find yourself fretting over things, step back and say ' let's concentrate on what we can control'. This one thing sure has kept me sane this year.
My hope for you this year is that before the New Year you can (a) set your goals and/or revisit them (b) put an action plan into place and (c) accomplish them all! Remember to set your aspirations to be attainable, like picking 2 goals for every area of your life (Work, Family, Self, Love life, Money, Spirituality). First establish where you are now, identifying challenges in each area (pick 2). Then on another sheet, label it 2011, and choose 2 new goals in those areas you will accomplish in the next 365 days!
No rates this week. Let's take a break from all the hoopla, and concentrate on ourselves for a change!
May the rest of your holiday be safe, warm and merry. Happy New Year! I look forward to WORKING TOGETHER in 2011!
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
As my last blog of the year 2010, I ponder of what should I write about? What do my readers want to hear? That 2010 is behind us and the best is yet to come? I really believe that it is. As our industry is continuing to consolidate, and the real players are emerging (both realtors and lenders alike). The financial reform to come in 2011 and beyond will have its share of unforeseen consequences , and we will survive that too, just as we have the last 3 years. The important thing for all of you to remember, is that let's WORK TOGETHER and concentrate on what we CAN control, like our teams, tightening our systems and processes. Those things we cannot control, well, they will happen anyway. Like rising interest rates, a delayed closing due to the buyers lender (well, you can control that by ensuring they use Patriot Bank Mortgage!) or changing market values. When you find yourself fretting over things, step back and say ' let's concentrate on what we can control'. This one thing sure has kept me sane this year.
My hope for you this year is that before the New Year you can (a) set your goals and/or revisit them (b) put an action plan into place and (c) accomplish them all! Remember to set your aspirations to be attainable, like picking 2 goals for every area of your life (Work, Family, Self, Love life, Money, Spirituality). First establish where you are now, identifying challenges in each area (pick 2). Then on another sheet, label it 2011, and choose 2 new goals in those areas you will accomplish in the next 365 days!
No rates this week. Let's take a break from all the hoopla, and concentrate on ourselves for a change!
May the rest of your holiday be safe, warm and merry. Happy New Year! I look forward to WORKING TOGETHER in 2011!
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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