November 18

Oh what to write about on the eve of Thanksgiving week? Should I tell you about my pending trip tomorrow to Peru? No…I’ll wait until I return. Just envision me on the top of Machu Pichu, having taken my altitude sickness medicine, viewing the beautiful scenery and fabulous climate. My team will be here in Houston, no worries, slaving away, awaiting to pre approve your buyers. (smile)
The article in last Sunday’s Chronicle regarding the couple that walked away from their contract in West U because of paperwork….you recall the one? Everyone in the real estate community seems to be buzzing about it. As a lender that deals with this daily, I have mixed emotions about the article. Nancy Sarnoff did a great job of highlighting the topic, as it is a very valid subject. But can I put it lightly? Borrowers have to expose everything. I mean everything. IF there is a large deposit, yes, we need to know where it came from. Was it a loan you are required to repay? How do we know? You have to trail it of course. Canceled rent check? Maybe there is an issue about credit worthiness. There must have been a reason. In defense of lenders out there, including myself; We ask for documentation in the very beginning, it’s true. However, that documentation MANY times opens a Pandora’s box of other questions. Then we ask for more. Then that documentation produces other questions. Believe me, we don’t like asking. However, every client has a different situation, as well as record keeping habits. The maze of paperwork is unbelievable, yes.
Now in the defense of the unfortunate luck of the West U couple that walked away: Did the loan officer take a thorough application in the beginning, where some of this after the fact information could have been anticipated? Could be. Is all this paperwork nonsense the result of lenders lack of oversight in 2003-2007? Most definitely. In summary, Shouldn’t we always have asked these questions? Absolutely. SOLUTION: Your buyers (and sellers!) must get with a trusted lender (on your list!) EARLY in the process. Maybe this situation could have been avoided, had they done the paperwork BEFORE they were under contract. We still do see some buyers waiting until the last minute. They are usually in the upper end spectrum of the market. They assume that with high credit scores and a large down payment, they are bullet proof. That is the communication gap. Everyone has the same paperwork responsibility, everyone, regardless of credit and assets.
There will be no update next week, as we are off Friday after the holiday.
We on the Hernandez Team wish you and yours the happiest Thanksgiving!!!!!!!!


RATES as of November 18, 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 ) 3.750% APR 3.959%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.950% APR 4.086%
7/1 ARM 3.125% APR 3.326% 5/1 ARM 3.375% APR 3.575%
7/1 ARM 3.750% APR 3.738%
10/1 ARM 4.000% APR 3.835%

FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.135%


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, and Jose
Patriot Bank Mortgage

Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.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.

There is a horrible rumor around that it takes 45-60 days to close a purchase loan. NOT WITH PATRIOT BANK it doesn’t! Our average close time is 24 days. Jumbo’s , its 30. We also update borrowers, and both realtors each Tuesday, we attend closing….should I go on? If we are not on your trusted referral list, let’s talk about changing that! We are your friends in real estate. We LOVE realtors and their clients, and our goal in every transaction is to create raving lifelong fans and repeat customers.
Rates ended lower this week, amid increased concerns about Europe. Investors flocked to bonds, pushing yields a bit lower.
That’s all for now…..its late on a Friday, and I have kids to snuggle with.
Enjoy this cool weather!


RATES as of November 4, 2011 (LOWER 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 ) 3.750% APR 3.938%
15 year (fixed) 3.375% APR 3.592% 30 year ( fixed ) 4.500% APR 4.609%
30 year (fixed) 4.00% APR 4.124%
7/1 ARM 3.000% APR 3.233% 5/1 ARM 3.000% APR 3.238%
7/1 ARM 3.500% APR 3.447%
10/1 ARM 4.000% APR 3.803%

FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.300%


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, and Jose
Patriot Bank Mortgage

Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.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.