One
morning this week on a morning jog, as I was crossing the light on Eldridge, I
did my ‘stop, look, listen!’, and decided to enter the intersection with a
‘wait and see’ attitude. If cars started moving, I could run faster out of the
way. Not a smart plan. As I was in the
middle of the road, the light DID turn green, and the middle lane to my right
had me out of view, sped forward, and had to slam on the brakes as not to hit
me. Wow. Talk about tense. I won’t be doing that ‘wait and see’ trick ever
again.
Some
lenders live by a ‘WAIT AND SEE’ strategy. Not the Hernandez Team! We are drill
sergeants (I say that lovingly, but it’s true), on the front end of your
client’s experience with us. You see, if we are going to give you a
pre-approval letter, we will have checked out their paperwork thoroughly. Some
clients complain and resist, and those are the ones that we all should worry
about. So a good practice is to warn your clients,“ They will ask you for
everything, be prepared”. So get them to us early! It usually takes 5-6
business hours from the 1st phone call, email for items needed,
return of requested information, , review of the documents, and lastly, the
letter. WHEN AT ALL POSSIBLE, we want to see your clients in person to complete
the pre-approval. We want them to look us in the eye, and know they can trust
us. We believe that developing rapport is the surest way for a successful
transaction.
In the Markets
Improving
economic growth in the US was negative for mortgage rates this week. This was
mostly offset by weakness in Europe and Japan, however. As a result, mortgage
rates ended the week just a little higher.
The
biggest US economic report released this week was Retail Sales, which accounts
for roughly 70% of economic activity.
Investors are concerned that it may slow during the first quarter due to
a number of factors, including this year's payroll tax increase and rising gas
prices. Investors were pleased that the actual results showed that January
Retail Sales posted a small increase from December. The full impact of the
payroll tax increase may not be seen until February or March, though.
Enjoy
the weekend!!!!!!!!!!
RATES
as of February 15th, 2013 (No Change 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) 2.750%
APR 2.867 %
|
15
year ( fixed )
3.125% APR 3.159%
|
|
15
year (fixed) 2.875%
APR 2.955%
|
30
year ( fixed ) 4.125%
APR 4.144%
|
|
30
year (fixed) 3.325%
APR 3.671%
7/1
ARM
2.750% APR 5.333%
|
5/1
ARM
2.500%
APR 5.610%
7/1
ARM
2.875%
APR 5.422%
|
|
5/1
ARM
2.625% APR 5.753%
|
10/1
ARM
3.250%
APR 5.767%
|
|
|
|
|
FHA/VA
call for quote (max loan $270,000)
|
|
|
|
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