Friday, January 27

The very good news is that our phones are ringing off the wall with new buyers! Our leads for January are up 58% (I have not counted refinance calls, only buyers). So that means our realtor friends are BUSY! Yea!!!!!! We are pre approving buyers instantaneously, so let’s say within an hour. Keep your referrals coming, and we are so appreciative! In addition, our closing times are still averaging 21 days. Please be sure to call us and confirm a quick close before the contract is finalized.

In the markets…………
Wednesday’s Fed announcement was favorable for mortgage rates. There were some major surprises in the forecasts, like “economic conditions will allow the fed funds rate to remain at low levels until 2014”. Wow, that is 2 years from now. Secondly, Fed Chief Bernanke suggested that Fed officials would like to see stronger economic growth, and they are open to the possibility of additional Fed easing (aka: the Fed would continue to purchase their own mortgage backed securities).
To sum it all up, for now, the rates are so very nice, and will fuel our economy this year as home sales continue to rise! It’s great to live in Houston TX!
Enjoy your weekend!



RATES as of January 27, 2012 (UNCHANGED 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) 2.875% APR 3.189% 15 year ( fixed ) 3.625% APR 3.821 %
15 year (fixed) 3.000% APR 3.217% 30 year ( fixed ) 4.375% APR 4.489%
30 year (fixed) 3.750% APR 3.874%
7/1 ARM 3.000% APR 3.318% 5/1 ARM 2.750% APR 3.259%
7/1 ARM 2.875% APR 3.246%
5/1 ARM 2.750% APR 3.272% 10/1 ARM 3.875% APR 3.792%

FHA call for quote (max loan $270,000) 5/5 ARM 3.000% APR 3.004%


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!