Another story this morning about a realtor that was robbed at an open house. A realtor told me this morning it is on HAR.com. It’s in addition to the story I sent last week. Be diligent guys, and stay safe. This is a great conversation piece for you with your sellers. Are open houses really worth the risk to everyone’s safety, as well as opening up their home to the public? Do open houses really sell homes? It’s a debatable topic.
So have you ever had a buyer under contract, and then find out at inspections that the unit was accidentally rented out (it’s a condo) to someone else? We did this week. A newbie tenant agent rented the wrong unit (our buyers under contract for sale). There were 2 units in the same complex for sale/lease. The tenant moved in, locks were changed, rents exchanged hands – for the other unit, but she moved into the wrong unit! What a tangled mess, but it was unraveled and all turned out fine. These things do happen! Not only do we need to focus on our safety, but on the details. It’s a busy time, and we are all stretched thin, so stay alert!
There was little reaction to the EU Summit this week. Investors really want to see a major new aid program for the European countries with debt problems (basically all except Germany!). It is believed that the EU debt crisis will be a major influence on US markets for some time. THE BIG STORY NEXT WEEK will be the Fed meeting on Tuesday, as investors are ‘hoping’ for hints of additional printing of money to boost the economy. Wait a minute! Isn’t that what got the EU into trouble?
Enjoy the weekend, stay warm, and be careful when you are out shopping.
RATES as of December 9, 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) 3.000% APR 3.341% 15 year ( fixed ) 3.750% APR 3.959%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.875% APR 4.136%
7/1 ARM 3.000% APR 3.308% 5/1 ARM 3.250% APR 3.579%
7/1 ARM 3.625% APR 3.718%
10/1 ARM 3.875% APR 3.784%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.174%
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
