This time I am getting to the point! Weak data about employment helped the interest rates this week (remember, bonds like bad news, as investors pull money out of stocks, into safe haven of bonds, which pushes prices up due to demand, and yields down). The Unemployment rate dropped, yes, but it was largely due to people leaving the labor force rather than finding jobs.
We are still seeing lots of applications, and many multiple offers. Keep in mind that we turn pre-approval letters around within the hour that clients bring us paperwork. We are here to give you quick answers! Oh, and by the way, a national NBC correspondent on the news this morning said that closings are taking an average of 60 days- not with Patriot Bank Mortgage it’s not. We are currently on a 30 day turn time for Conventional/FHA loans, and with Jumbos, 45 days.
Have a glorious weekend!
RATES as of April 13, 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 ) 3.625% APR 3.821%
15 year (fixed) 3.125% APR 3.343% 30 year ( fixed ) 4.250% APR 4.363%
30 year (fixed) 3.875% APR 4.000%
7/1 ARM 2.875% APR 3.222% 5/1 ARM 3.000% APR 3.301%
7/1 ARM 3.250% APR 3.383%
5/1 ARM 2.625% APR 3.183% 10/1 ARM 3.750% APR 3.686%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.125% APR 3.051%
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, Diana, Jason, and Jose
Patriot Bank Mortgage
NMLS# 514497
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