In case you have been hanging on edge to hear about my solo trip with a toddler and 6 year old (from last weeks letter)….So the way there, it was a breeze . The way back, let’s just say challenging may not be descriptive enough. Imagine getting a tired, screaming angel to sleep (finally) ½ way through a 4 hour flight, and 25 minutes later the other one has to ‘go’. So I had to wake up the baby, cram the 3 of us into the bathroom that by now every person on the plane had used, and while containing Pablo on one hip/arm…wiping the bottom of the other. In hindsight, I am laughing hysterically…but at the time I was ready for a tranquilizer.
Lending has similar challenges! We face them every day. My greatest challenge this week was explaining to a father wanting to cosign for his daughter that his 2 million dollars in the bank was not good enough, since he does not show the recurring monthly income to repay the loan. That was hard. I would rather have been on the plane with my kids.
The challenges of Greece, and the uncertainty looming whether the country can avoid a debt default, led investors to seek the safe haven of bonds, and mortgage backed securities once again. You will see that helped keep many rates unchanged or lower than last week . Recent reduction in Jobless Claims provides additional evidence the labor market is moving in the right direction.. which eventually could push rates up. But for now, the 30 day horizon looks relatively safe.
Lastly, I am sure you are wondering how the recent Obama plan to help homeowners refinance underwater mortgages or avoid foreclosure will play into the market. In my (personal) opinion it’s too early to tell. Past experience has told me that although it sounds ‘sexy’ in theory, the implementation will be another story. The details will unfold and you will be the first to know.
Enjoy another beautiful weekend!
RATES as of February 10, 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) 3.000% APR 3.315% 15 year ( fixed ) 3.750% APR 3.946%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.375% APR 4.489%
30 year (fixed) 3.750% APR 3.874%
7/1 ARM 2.875% APR 3.250% 5/1 ARM 2.750% APR 3.246%
7/1 ARM 2.875% APR 3.236%
5/1 ARM 2.750% APR 3.260% 10/1 ARM 3.625% APR 3.628%
FHA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.047%
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, and Jose
Patriot Bank Mortgage
NMLS# 514497
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
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