September 23, 2011

So Friday night is movie night at my house, as well as sleep in mommy’s bed night for my 6 year old. He used to ask me all week if it was Friday yet! So last night, a Thursday, I was too tired to go upstairs, so offered a bonus night to Diego. He said ‘It’s ok Mommy, because I know tomorrow is movie night and I will sleep with you then’. When did this kid become so independent and not need as much snuggle? I have to say I was quite sad.

Clients need a lot more snuggling these days. It’s been a great change in the marketplace from internet lending (now only about 10% of mortgage applications), and good ole’ face to face contact. I have always believed that people would revert back to human contact. Don’t they want to know who they are doing business with?

So every human in America knows that rates are down this week. The Fed announced new measures to boost the economy. (1) They will begin to reinvest principal payments from its MBS (mortgage backed securities) into additional MBS (currently going into treasuries). (2) Operation Twist, as they call it, will extend the average maturity of the Fed’s portfolio by purchasing $400 billion of longer term Treasury securities and selling an equal amount of short term ones. (3) The Fed confirmed to the investors that there are ‘significant downside risks’ to the US economic outlook. Slower growth reduces inflationary pressures, which pushes down mortgage rates.

Interesting times ahead………if your clients want to purchase in the next 6 months, it may be a GREAT time to accelerate the moving process to take advantage of these rates. And by the end of the year, there are the property tax exemption benefits!

Enjoy the weekend, and as always, call us if you need us to pre approve a client!


RATES as of September 23, 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) 3.125% APR 3.467% 15 year ( fixed ) 3.625% APR 3.833%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.875% APR 4.010%
7/1 ARM 3.125% APR 3.238% 5/1 ARM 3.125% APR 3.381%
7/1 ARM 3.500% APR 3.532%
10/1 ARM 3.875% APR 3.6928%

FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%


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 & Team
Kenny, Brianna, Jason
Patriot Bank Mortgage

Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com

To opt out hit Reply and put Unsubscribe in the subject.



Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.