Well, my desk is organized, I have worked out 6 times this week, AND been on time to pick up my son from school five days in a row. While these methods sound ideal, I function better with my chaotic life of running around with not a moment to spare and my cell phone ringing off the wall. It’s productive and energizing. My point here is that things are a bit slow. Since the hurricane, phones are ringing less, understandably, as people are putting lives back together. One thing I am hearing a lot of, is comments from prospective buyers that the stock market turmoil are making them consider twice before buying a home. I could not disagree more on their decision. For any buyer (in the nation) that has funds for down payment, good credit, and have debt to income ratios that are in line, it is an EXCELLENT time to buy! Good credit and down payment knows no boundaries, my friends. There is plenty of lending going on, believe me. What we do not have are buyers. They are holding off, during the most opportune time in perhaps history when inventories are high (meaning there are deals to be had), and rates are still historically low! 30 Year Fixed for 6.0% ? Come on….. you cannot get much better than that.
This week we did have quite a scare as the mortgage rates shot up ½% in a matter of days. But today we are exactly where we were a week ago. No banks went bankrupt this week, that is encouraging. As I visit with friends in the industry, I try to gather details you can use to support your business. To give you words that are encouraging in these troubled times. How about : (1) MSNBC.com wrote that Texas topped the list for job creation. Houston-Dallas-Fort Worth are 1-2-3 in the latest rankings of the 100 largest metropolitan areas. (2) Houston is forecasted have added 50,000-70,000 jobs total this year – that means that 33,000 new homes will be needed (1.5 homes for every job added) (3) That job creation number will be similar in 2009! (4) Patriot Bank STILL is offering their 4.0% high yield money market, and (5) The elections are almost over!!!!!
The uncertainty in the political leadership is touching every aspect of our economy. People naturally want to know what to expect. Then we can deal with it. Make a plan! In my opinion, that is why Wall Street has been so volatile, the mortgage rates are unpredictable, and buyers are adopting a wait and see approach. The smart folks are buying. They know opportunity when they see it.
Rates as of Friday, October 17, 2008 (net down for the week)
The following assumptions apply:
20% Down Payment
1% Origination Fee
Escrows Required (if no escrow, higher fees may apply)
Purchase Transactions,
Primary Residence
30 day closingCredit Score
720 +Full Documentation of Income/AssetsLoans
> 1 mm require 30% down for these terms Conforming
($250,000* - $417,000) Jumbo ($417,001- $1,500,000*)
30 year (fixed) 6.000% APR 6.130% 30 year ( fixed ) 7.005% APR 7.177% 15 year (fixed) 5.750% APR 5.966% 15 year ( fixed ) 6.350% APR 6.551% 3/1 ARM 5.600% APR 5.728% 3/1 ARM 5.600% APR 5.716% 5/1 ARM 5.375% APR 5.501% 5/1 ARM 5.500% APR 5.620%
7/1 ARM 5.625% APR 5.752% 7/1 ARM 5.750% APR 5.872%FHA/VA call for quote (max loan $270,000)
We do originate loans below $250,000. These amounts are chosen to show the most favorable rates. For other product options or for loan amounts less than $250,000 or above $1,500,000 please call for quote.We also do VA and FHA loans! 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 ConsultantPatriot Bank Mortgage
Office: 713-337-8400
Mobile: 713-446-7791
E-mail: jennifer@patriotbankusa.com
Web: www.loanwithjennifer.com
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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