Interest Rate Update from Jennifer Hernandez

Have a Safe Labor Day Weekend Jennifer,

Let's start the 3 day weekend with some TRIVIA. You can impress all your friends at the barbecue, lake or beach - whatever you will be doing this weekend! Stay safe and have fun by the way.

There are 1.37 million realtors in the US
Average age of a realtor - 53
Average homebuyer is 25-30 years younger than the average realtor
1 in 6 persons in the US is unemployed or underemployed - got this stat from Obama’s speech
10% of buyers last year bought a home in foreclosure (up from 3% in 2008)
By 2006, homeownership in the US reached an all time high of 69.2%
Today, homeownership rates are 62%- probably as high as they will ever be.
Monthly foreclosure filings in Texas are approximately 10,000 / month, and nationally its 120,000 - another reason to be a Texan!
Only 4% of realtors are CRS designated (Certified Residential Specialist) yet they represent 25% of the transactions. Do you have your designation to set yourself apart? visit www.crs.com to find out more.
Bill Jones, TAR Chairman of the Board, predicts that someday a 'whiz kid' will design a model to appraise homes with computerized data, forcing out the need for appraisers. Could you imagine? No adjustments for those upgrades. This would be a nightmare for values. Keep supporting your PAC.
Doug Foster, Director of the Dept of Saving and Mortgage Lending, fought the US Congress for you and has retained the right for sellers to owner finance up to 5 properties every 12 months before needing to be licensed? He should be your friend! Write him a thank you note.


Today I heard Bill Jones, Chairman of TAR, speak to the Houston CRS group - he is a great speaker by the way (he gave me permission to plajorize his speech! Thanks Bill) He talked about the how the dynamics are changing with buyers and sellers. The generational diversity , the technological diversity , and also all the misinformation with the internet. He thinks about 95% of what is out there is inaccurate/incomplete. Consumers need confidence! They also need a professional (YOU!) to be the authority for them. To clarify what they are reading at 1:00 am when they send you the email of properties they find on MLS or Zillow.com. Do they really expect you to respond at that hour? Yes indeed, the attitudes, expectations and communication of the consumers is changing right before our eyes. The takeaway to this: educate yourself, keep up with the times (technology) and define what sets you apart!

Lastly, Bill had a great observation, that rings so true with mortgage loan officers as well. The most successful reatlors/lenders (a) show up, (b) pay attention, and (c) tell the truth. Many times, they have B and C down...but does everyone show up? We know the answer is that they do not. BE PRESENT! Also, while the email and internet are good ways to communicate and attract leads, NOTHING can replace a good 'ole handshake and look your prospective client in the eye, and ask him for his business. People really are starving for personal attention , no matter what they say.

Do you need to implement processes in your business?
Or fine tune how you work with your assistant /buyers agent (or need to hire one)?
Or generate more leads?
How about net more income?
If you close at least 10 million/year, and need some fresh ideas............Come to the forum I am hosting Sept 21 (3-5pm) at Maggianos. I am flying in one of the top realtor coaches in the nation FREE for you! His company coaches realtors and lenders. For example, Tom Daves, the #1 KW agent. I am also one of them, and can tell you their ideas I have implemented have changed the course of my business in the 7 months I've coached with them. I work less hours, my team is smoother than ever, and my income increased 30% this year (in a down market!) We are not selling a thing. Its my gift to you, for supporting my business. You cannot afford to miss this event, I promise you. For only 2 short hours.....and I will even provide cuppachino and dessert! Seating is limited, so simply reply to this email to reserve your spot, or get more information.

To your continued success...................................


RATES as of September 3, 2010 (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*)
30 year (fixed) 4.375% APR 4.504%
30 year ( fixed ) 5.375% APR 5.492%
15 year (fixed) 3.875% APR 4.099%
15 year ( fixed ) 4.750% APR 4.946%
5/1 ARM 3.250% APR 3.331%
7/1 ARM 3.625% APR 3.515%
5/1 ARM 3.250% APR 3.477%
7/1 ARM 3.500% APR 3.572%
10/1 ARM 5.000% APR 4.443%

FHA/VA call for quote (max loan $270,000)




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
Vice President/Mortgage Consultant
Patriot Bank Mortgage

Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com