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
Monday, June 20, 2011
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
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