So Friday night is movie night at my house, as well as sleep in mommy’s bed night for my 6 year old. He used to ask me all week if it was Friday yet! So last night, a Thursday, I was too tired to go upstairs, so offered a bonus night to Diego. He said ‘It’s ok Mommy, because I know tomorrow is movie night and I will sleep with you then’. When did this kid become so independent and not need as much snuggle? I have to say I was quite sad.
Clients need a lot more snuggling these days. It’s been a great change in the marketplace from internet lending (now only about 10% of mortgage applications), and good ole’ face to face contact. I have always believed that people would revert back to human contact. Don’t they want to know who they are doing business with?
So every human in America knows that rates are down this week. The Fed announced new measures to boost the economy. (1) They will begin to reinvest principal payments from its MBS (mortgage backed securities) into additional MBS (currently going into treasuries). (2) Operation Twist, as they call it, will extend the average maturity of the Fed’s portfolio by purchasing $400 billion of longer term Treasury securities and selling an equal amount of short term ones. (3) The Fed confirmed to the investors that there are ‘significant downside risks’ to the US economic outlook. Slower growth reduces inflationary pressures, which pushes down mortgage rates.
Interesting times ahead………if your clients want to purchase in the next 6 months, it may be a GREAT time to accelerate the moving process to take advantage of these rates. And by the end of the year, there are the property tax exemption benefits!
Enjoy the weekend, and as always, call us if you need us to pre approve a client!
RATES as of September 23, 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) 3.125% APR 3.467% 15 year ( fixed ) 3.625% APR 3.833%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.875% APR 4.010%
7/1 ARM 3.125% APR 3.238% 5/1 ARM 3.125% APR 3.381%
7/1 ARM 3.500% APR 3.532%
10/1 ARM 3.875% APR 3.6928%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
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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.
Monday, September 26, 2011
Friday, September 9, 2011
September 9, 2011
Did you know that interest rates in Mexico are way into the double digits, like 30-40%, for homes and/or credit cards? So most people must pay cash, as borrowing is too punitive. Or that in many countries you can't even own your home- the government does. We take so many obvious liberties for granted. They are not freedoms for us anymore, they are expected. A way of life. This Sunday, September 11, let us remember and honor not only those that perished, but honor the living every day. The men and women who put themselves in harm’s way so that we may enjoy even the smallest freedoms.
I was quite impressed when I read the NAR magazine last month that Realtors have collectively donated 22 million dollars to relief efforts since 9/11. Hurricanes, tsunamis, and other major disasters, they have been there. You should be proud to be associated with such an active association. Get involved or stay involved, and keep contributing to your PAC. Because in years to come, you will need it. There is legislation on the rise in our industry from possible deletion of the mortgage tax deduction to the qualified residential mortgage that will affect realtors more than ever.
So changing the subject......Since April, the rates have come down almost .75%. On a $300,000 home, that is $90/month LOWER in monthly payment! Your buyers can qualify for more house than ever before! And while it seems that these low rates will be here forever, we need to be more realistic than that. In fact, one of the mortgage commentaries I subscribe to said this today; “with loan volume through the roof, and lenders barely able to handle current volumes, why would they offer better pricing?' That's a good point! In fact, from time to time we will see one of our investors have awesome pricing one day, only the next to shoot up, pricing themselves out of the market. It’s a basic strategy of curbing loan volume.
Current economic conditions look like, for the short term, rates should hold steady through the end of the year. Initial jobless claims were higher than expected, and Bernanke gave no warm fuzzies about the economy this week. He called the current situation dismal, offering no hope in sight. A total of 7 million people are collecting some type of unemployment. With news like this, bonds are sure to be popular for the near term as investors remain skittish about investing in the stock market.
That’s all I have, enjoy the weekend and this glorious weather.
RATES as of September 9, 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 ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.950% APR 4.086%
7/1 ARM 3.125% APR 3.223% 5/1 ARM 3.250% APR 3.408%
7/1 ARM 3.625% APR 3.577%
10/1 ARM 4.000% APR 3.761%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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
I was quite impressed when I read the NAR magazine last month that Realtors have collectively donated 22 million dollars to relief efforts since 9/11. Hurricanes, tsunamis, and other major disasters, they have been there. You should be proud to be associated with such an active association. Get involved or stay involved, and keep contributing to your PAC. Because in years to come, you will need it. There is legislation on the rise in our industry from possible deletion of the mortgage tax deduction to the qualified residential mortgage that will affect realtors more than ever.
So changing the subject......Since April, the rates have come down almost .75%. On a $300,000 home, that is $90/month LOWER in monthly payment! Your buyers can qualify for more house than ever before! And while it seems that these low rates will be here forever, we need to be more realistic than that. In fact, one of the mortgage commentaries I subscribe to said this today; “with loan volume through the roof, and lenders barely able to handle current volumes, why would they offer better pricing?' That's a good point! In fact, from time to time we will see one of our investors have awesome pricing one day, only the next to shoot up, pricing themselves out of the market. It’s a basic strategy of curbing loan volume.
Current economic conditions look like, for the short term, rates should hold steady through the end of the year. Initial jobless claims were higher than expected, and Bernanke gave no warm fuzzies about the economy this week. He called the current situation dismal, offering no hope in sight. A total of 7 million people are collecting some type of unemployment. With news like this, bonds are sure to be popular for the near term as investors remain skittish about investing in the stock market.
That’s all I have, enjoy the weekend and this glorious weather.
RATES as of September 9, 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 ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.950% APR 4.086%
7/1 ARM 3.125% APR 3.223% 5/1 ARM 3.250% APR 3.408%
7/1 ARM 3.625% APR 3.577%
10/1 ARM 4.000% APR 3.761%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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
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