Monday, April 23, 2012
April 20, 2012
Many of you have asked me how my son’s Fundraiser Gala went (that I was the Chair of), we raised NET $65,000! We made history for the little school of 170 students. I like breaking records!
We are breaking records with our realtor referrals as well! Since the beginning of the year, our leads are up 50%, so that means the prospective buyers are OUT THERE! To help handle all our client calls, we added a new team member last week: Diana Smith! She takes the initial information from borrowers, and schedules an appointment with me so we can do the pre -approval on the spot! Our clients leave the office with a letter in hand!
In the markets, the S&P ended higher at the close today, with positive corporate earnings in the news. There are rumors of rates increasing by the end of the summer, due to 3rd Quarter Quantitative Easing http://en.wikipedia.org/wiki/Quantitative_easing .
For the time being, we are enjoying these rates! Appraisers, underwriters, and lenders in general are all pushing the limit on capacity. We are at 30 days closing (we were at 21), but trying furiously every day to get that down. We are still well below our industry average. Let us help you!
Enjoy the weekend, rain and all. It’s a good time to clean out closets maybe? Or just enjoy the kiddos, doing nothing.
RATES as of April 20, 2012 (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 3.315% 15 year ( fixed ) 3.625% APR 3.821%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.250% APR 4.363%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 2.875% APR 3.222% 5/1 ARM 2.875% APR 3.257%
7/1 ARM 3.125% APR 3.325%
5/1 ARM 2.625% APR 3.183% 10/1 ARM 3.625% APR 3.608%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.051%
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, Diana, Jason, and Jose
Patriot Bank Mortgage
NMLS# 514497
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.
Monday, April 16, 2012
This time I am getting to the point! Weak data about employment helped the interest rates this week (remember, bonds like bad news, as investors pull money out of stocks, into safe haven of bonds, which pushes prices up due to demand, and yields down). The Unemployment rate dropped, yes, but it was largely due to people leaving the labor force rather than finding jobs.
We are still seeing lots of applications, and many multiple offers. Keep in mind that we turn pre-approval letters around within the hour that clients bring us paperwork. We are here to give you quick answers! Oh, and by the way, a national NBC correspondent on the news this morning said that closings are taking an average of 60 days- not with Patriot Bank Mortgage it’s not. We are currently on a 30 day turn time for Conventional/FHA loans, and with Jumbos, 45 days.
Have a glorious weekend!
RATES as of April 13, 2012 (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) 3.000% APR 3.315% 15 year ( fixed ) 3.625% APR 3.821%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.250% APR 4.363%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 2.875% APR 3.222% 5/1 ARM 3.000% APR 3.301%
7/1 ARM 3.250% APR 3.383%
5/1 ARM 2.625% APR 3.183% 10/1 ARM 3.750% APR 3.686%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.051%
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, Diana, Jason, and Jose
Patriot Bank Mortgage
NMLS# 514497
We are still seeing lots of applications, and many multiple offers. Keep in mind that we turn pre-approval letters around within the hour that clients bring us paperwork. We are here to give you quick answers! Oh, and by the way, a national NBC correspondent on the news this morning said that closings are taking an average of 60 days- not with Patriot Bank Mortgage it’s not. We are currently on a 30 day turn time for Conventional/FHA loans, and with Jumbos, 45 days.
Have a glorious weekend!
RATES as of April 13, 2012 (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) 3.000% APR 3.315% 15 year ( fixed ) 3.625% APR 3.821%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.250% APR 4.363%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 2.875% APR 3.222% 5/1 ARM 3.000% APR 3.301%
7/1 ARM 3.250% APR 3.383%
5/1 ARM 2.625% APR 3.183% 10/1 ARM 3.750% APR 3.686%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.051%
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, Diana, Jason, and Jose
Patriot Bank Mortgage
NMLS# 514497
Tuesday, April 10, 2012
April 6
Given my prior year track record, my mother started ‘coaching’ me about the importance of a child’s Easter basket (with grass), 7 days ago. It’s just never been on my radar ok? But now with 2 kids, I am under enormous pressure to keep this tradition going. Ok Mom, just know that I got the grass today (well my assistant did). The Easter Bunny is coming to see your babies. They will even get the chocolate bunny.
Just as important as the tradition and structure of a basic holiday basket, so is the importance of structure and repetition with our mortgage clients. This week, in fact, we updated our checklists so that once clients make application, they know EXACTLY what to expect. Another part of our structure is to update our borrowers and realtors under contract EVERY Tuesday. This lets everyone know we are on track, and alleviates anxiety for everyone! These are just a few of the many benefits of using the Hernandez Team!
In the markets……we are seeing unemployment numbers fall, and job growth slowly rise – which is great for the economy. It’s also positive for stocks (as investors have more confidence in company profits). On the other hand, this week there were recurring worries about Europe, as Spain’s debt auction was weak, meaning there is not much interest in financing their debt. There is worry they could be the next Greece. So the bottom line here is: VOLATILITY.
So why are rates not falling fast you ask? VOLATILITY. That word again! You see, Mortgage Backed Securities (MBS) are ‘similar’ to Treasuries, but really not exactly the same. They are both ‘fixed income’ assets, yes. But mortgage lenders are slow to give back gains in volatile environments because there is increased cost of doing business. One example is that they have to worry about borrowers leaving them for lower rates somewhere else. So many mortgage lenders are slow to drop, so they can retain some profits, on an already hedged pipeline. There is also fear to jump on lower rates too quickly, if there is a sharp rise again, they could lose as well. It’s a very fine art, let me tell you. The takeaway here though, is that there is a lot of volatility, and your borrowers should lock in once under contract. Floating to ‘wait’ for that perfect rate is probably not a smart move.
Have a glorious weekend!
RATES as of April 6, 2012 (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) 2.875% APR 3.189% 15 year ( fixed ) 3.625% APR 3.607%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.375% APR 4.489%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 2.875% APR 3.694% 5/1 ARM 3.000% APR 3.302%
7/1 ARM 3.250% APR 3.384%
5/1 ARM 2.750% APR 3.228% 10/1 ARM 3.875% APR 3.765%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.051%
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!
Just as important as the tradition and structure of a basic holiday basket, so is the importance of structure and repetition with our mortgage clients. This week, in fact, we updated our checklists so that once clients make application, they know EXACTLY what to expect. Another part of our structure is to update our borrowers and realtors under contract EVERY Tuesday. This lets everyone know we are on track, and alleviates anxiety for everyone! These are just a few of the many benefits of using the Hernandez Team!
In the markets……we are seeing unemployment numbers fall, and job growth slowly rise – which is great for the economy. It’s also positive for stocks (as investors have more confidence in company profits). On the other hand, this week there were recurring worries about Europe, as Spain’s debt auction was weak, meaning there is not much interest in financing their debt. There is worry they could be the next Greece. So the bottom line here is: VOLATILITY.
So why are rates not falling fast you ask? VOLATILITY. That word again! You see, Mortgage Backed Securities (MBS) are ‘similar’ to Treasuries, but really not exactly the same. They are both ‘fixed income’ assets, yes. But mortgage lenders are slow to give back gains in volatile environments because there is increased cost of doing business. One example is that they have to worry about borrowers leaving them for lower rates somewhere else. So many mortgage lenders are slow to drop, so they can retain some profits, on an already hedged pipeline. There is also fear to jump on lower rates too quickly, if there is a sharp rise again, they could lose as well. It’s a very fine art, let me tell you. The takeaway here though, is that there is a lot of volatility, and your borrowers should lock in once under contract. Floating to ‘wait’ for that perfect rate is probably not a smart move.
Have a glorious weekend!
RATES as of April 6, 2012 (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) 2.875% APR 3.189% 15 year ( fixed ) 3.625% APR 3.607%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.375% APR 4.489%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 2.875% APR 3.694% 5/1 ARM 3.000% APR 3.302%
7/1 ARM 3.250% APR 3.384%
5/1 ARM 2.750% APR 3.228% 10/1 ARM 3.875% APR 3.765%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.051%
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!
Monday, April 2, 2012
March 30, 2012
Just rates today friends. I promise that after my fundraiser Gala, which is tomorrow…I will have the brain cells back to write some informative content. The last 6 weeks has been a blur, and apologize for my less than informative newsletters!
Enjoy the weekend, Jen
RATES as of March 30, 2012 (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) 2.875% APR 3.198% 15 year ( fixed ) 3.750% APR 3.946%
15 year (fixed) 3.250% APR 3.468% 30 year ( fixed ) 4.500% APR 4.615%
30 year (fixed) 4.000% APR 4.126%
7/1 ARM 3.000% APR 3.278% 5/1 ARM 3.000% APR 3.229%
7/1 ARM 3.250% APR 3.381%
5/1 ARM 2.750% APR 3.224% 10/1 ARM 3.625% APR 3.607%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.212%
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
NMLS# 514497
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.
Enjoy the weekend, Jen
RATES as of March 30, 2012 (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) 2.875% APR 3.198% 15 year ( fixed ) 3.750% APR 3.946%
15 year (fixed) 3.250% APR 3.468% 30 year ( fixed ) 4.500% APR 4.615%
30 year (fixed) 4.000% APR 4.126%
7/1 ARM 3.000% APR 3.278% 5/1 ARM 3.000% APR 3.229%
7/1 ARM 3.250% APR 3.381%
5/1 ARM 2.750% APR 3.224% 10/1 ARM 3.625% APR 3.607%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.212%
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
NMLS# 514497
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.
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