Just How Lucky We Are.........

Just How Lucky You Are..the book by Dr. Suess. I was reading it last night to my 5 year old, Diego. My thoughts exactly. We still are rather lucky to live in one of the most robust towns in the USA. Really lucky. Who cares about hot summers, or no mountains? I think Houston is beautiful, and has very down to earth, polite people (except when on 610 loop).

This week I heard something I hadn't in a while...." Do you have stated income loans?". I almost fell out of my chair. This first time homebuyer was repeating the question from her husband (self employed) as she talked to him on the cell phone. This was after I told them they did not qualify for the house they wanted, but in fact 40K lower. Have they been locked up for the last three years? She was born in the 80's. Maybe that explains it! (no offense to any readers that were)

Another volatile round of trading this week as mortgage rates are trying to push their way up. Currently, inflation fears around the globe are spooking the markets. Also the 10 year T-Bill auction (which most closely mirrors mortgage rates) was weak this time around. Rates are still relatively low...but about .50% higher than before the holidays.

Rates below 6.0% for the last several years on average? We even saw 30 fixed in the high 3's? Just how lucky we are.................................

Enjoy this chilly weekend, and remember, Patriot Bank Mortgage closes on time and accurately! We are closing purchases on average of 21 days. Consider us for your next mortgage referral!

Jennifer Hernandez

RATES as of January 21, 2011 (UP 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) 4.875% APR 5.008%
30 year ( fixed ) 5.625% APR 5.746%
15 year (fixed) 4.250% APR 4.476%
15 year ( fixed ) 5.000% APR 5.201%
5/1 ARM 3.500% APR 3.316%
7/1 ARM 3.875% APR 3.548%
5/1 ARM 4.000% APR 3.645%
7/1 ARM 4.250% APR 3.850%
10/1 ARM 5.250% APR 4.554%
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