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
Tuesday, July 26, 2011
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
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