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!
Tuesday, April 26, 2011
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.
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