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
Tuesday, May 31, 2011
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
Subscribe to:
Posts (Atom)