April 15

My baby Pablo is almost walking at 9 months! No!!!!!! I am not ready for that yet. Off I go to Babies R Us in a complete frantic to purchase baby proofing items. Five years ago is a distant memory when I did this the last time. I'll catch on quick. The one thing I know for sure is that his walking is inevitable.

Also inevitable is that markets will change, the economy will rise and dip, and we will all have to pay our fair share of taxes, eventually! Speaking of taxes, we still have self employed clients that cannot grasp that we qualify on after expense income. "But I really make xxx, we just have a creative CPA" they say. That's great and all.....until they need to buy a home. Being tax time (don't forget April 18 this year!), we have been able to catch a few clients and show them the benefit of declaring more income so they can qualify!

What about these gas rates? It cost me $65 to fill my car this week. Wow........... The Fed says that inflation is still low, excluding food and essentials, but we all need those, right? So to me, that would mean there is inflation. What do I know?

This week the Fed's Hoening says the Fed should boost the Fed Funds Rate to 1% then pause before hiking to 2%. This sent markets looming. In addition, all eyes were on mortgage lenders this week, as bank regulators filed enforcement actions against the 5 largest banks and 9 others for "compliance failures and unsafe and unsound practices at these institutions." READ MORE: http://finance.fortune.cnn.com/2011/04/13/fed-says-it-will-fine-banks-for-foreclosure-mess/

The economy is swirling, that is for sure. The good news for Houston is we are still seeing lots of buyers, multiple offer situations, or stories of buyers not moving 'fast enough' to make an offer.

Remember we are your trusted source for mortgage financing and would love to work with your referrals! We are still closing transactions in under 21 days! Actually we just turned a Jumbo around in 10 days...really!!!!!

Enjoy the weekend!

RATES as of April 15, 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) 3.500% APR 3.845% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.125% APR 4.367% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.875% APR 5.018%
7/1 ARM 3.750% APR 3.491% 5/1 ARM 3.875% APR 3.579%
7/1 ARM 4.375% APR 3.911%
10/1 ARM 4.750% APR 4.226%
5/5 ARM 3.500% APR 4.069%
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