My husband Fernando used to hear me making fun of him for his 2 hour workouts. Where did he ever find the time??????? Well now I am doing them! We compete in a couple’s triathlon in July (my first one!) and training is hard stuff! Now I have learned it’s all a matter of priority. You make time. The same in our business! We have to make time for the things that are important. Have you revisited your priorities lately? Reworked your time block/time management? It requires hyperfocus, and I challenge you to do it this weekend! I am reworking mine.
There was an article in the Chronicle this week about rates going up. Well we know that....we have said that for the last year! Yet they are still low. But really folks, they will go up, and when they do, it will be fast. Just encourage your clients to lock in sooner than later, don’t delay once under contract. Lock in that rate!
This week there was a MAJOR letdown in the jobs market. Analysts expected 170,000 added jobs, and it came in at 54,000. That was a blow. The bond market saw prices soar (which normally would have lowered rates, but they stabilized as traders floated some positions and the effect today was close to flat. So not much to report other than enjoy things as they are! Buyers can continue to enjoy the low bond yields for now, and get into homes at historic lows!
Have a wonderful weekend, and as always let us know if we can assist with your buyers!
RATES as of June 3, 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) 3.250% APR 3.593% 15 year ( fixed ) 4.500% APR 4.726%
15 year (fixed) 3.750% APR 3.990% 30 year ( fixed ) 5.375% APR 5.511%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.351% 5/1 ARM 3.125% APR 3.311%
7/1 ARM 3.625% APR 3.535%
10/1 ARM 4.625% APR 4.137%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.663%
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
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