April 22, 2011

Well, the day has come that I think I will actually buy an IPhone, and maybe even an IPad. After all, according to www.CnnMoney.com’s article today, I can buy a hotdog with it at a ball game (who would have thought?) http://money.cnn.com/2011/01/24/pf/end_of_credit_cards/index.htm

A thought provoking question was asked to me this week : “Why it is so difficult for borrowers that have money in the bank and perfect credit to be approved, while an FHA buyer that has a gift of 3.5% down payment and no cash reserves zips right through the system – and with a below par credit score at that?”.. I did not know what to say……. It’s true. Our society rewards those on the lower end, while making it difficult for those on the upper end of the scale. If it makes everyone feel better though, all of them have the same amount of paperwork.

Here is another thought provoker for you for the weekend: Our treasury (government) owns 70% of the US Treasury market right now (in bonds). Hmmmm. What will happen when they start selling them off as they announced last month they will begin doing every month little by little? You guessed it, rates will go up. So check out these rates below! The market is still great! Interest rates are low!

Jumbo money is getting better and better! We have a new credit union we can sell to that has 25% down to 4 million!!!!!!!!!!!! Wow. It’s a 5/5 ARM in the 3.5% range. Borrowers can keep their money working in the market, and have a low down, low interest loan!

Have a great weekend, and we look forward to your trusted mortgage referrals.

RATES as of April 22, 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) 3.625% APR 3.970% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.000% APR 4.242% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.750% APR 4.892%
7/1 ARM 3.875% APR 3.549% 5/1 ARM 3.5.00% APR 3.460%
7/1 ARM 3.875% APR 3.666%
10/1 ARM 4.750% APR 4.225%
5/5 ARM 3.500% APR 4.072%
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!