This morning our home media company came out. Jack from At Home Media. They are GREAT. My husband and I are not exactly tech savvy. Well, I am decent, but Fernando is still in the 20th Century. We trust Jack implicitly. We don’t' doubt him ever- he is the expert! The company came as a trusted referral, so I never questioned. And my experience with them has been top notch, always. So what about the referrals your buyers get? How much do they trust your endorsement? How many times have you referred, and they don't listen, only for the deal to go bad? It’s so hard not to say 'I told you so', even though I know we think it. So when you refer, refer with GUSTO! Let them know exactly why they need to use that person(s). Our experience has been that the stronger the referral, the more pleasant the transaction. Why is that? It’s about trust. Be sure your clients TRUST your recommendations. I guarantee you, the transaction will go smoother.
Is roof repair on some HAR checklist? All joking aside...we have seen a lot of roof repair amendments. Some offered, some mandated. The point is, there are some simple strategies that lenders (or at least Patriot) love to see, to make the transaction smoother! A simple sentence saying ' Roof to be replaced (NOT REPAIRED!) by seller. Period. Then we can escrow for it! The minute the word repair hits the contract, the appraiser has to address it, and it has to be a funding condition. But if it is replacement, we can, for example, do an escrow holdback from seller’s funds at closing! It’s that simple. If you ever need assistance writing such verbiage BEFORE the contract is accepted, we are happy to help! Just call.
This week we had an appraisal come in low that had the sale price 4k higher than the original list price, with a large 6 k seller concession. Just a hint for realtors..........beware when accepting any offer ABOVE the list price with seller concessions to buyers closing costs. Lenders don't like it at all, and those are usually the deals that coincidentally don't appraise.
A realtor commented to me this week that she had a very busy 1st Qtr (yea!), and that every single listing that was priced right, and in good condition/repair had multiple offers. In several market areas, not just one. That is great news!!!!!!!!!!
Interest rates are, well, still awesome! A great time to be buying a home in Houston, TX !
Enjoy the weekend!
RATES as of June 17, 2011 (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) 3.250% APR 3.593% 15 year ( fixed ) 4.250% APR 4.462%
15 year (fixed) 3.750% APR 3.990% 30 year ( fixed ) 5.000% APR 5.126%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.351% 5/1 ARM 3.375% APR 3.393%
7/1 ARM 3.875% APR 3.647%
10/1 ARM 4.250% APR 4.3886%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.582%
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
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Monday, June 20, 2011
Wednesday, June 8, 2011
June 6, 2011
My husband Fernando used to hear me making fun of him for his 2 hour workouts. Where did he ever find the time??????? Well now I am doing them! We compete in a couple’s triathlon in July (my first one!) and training is hard stuff! Now I have learned it’s all a matter of priority. You make time. The same in our business! We have to make time for the things that are important. Have you revisited your priorities lately? Reworked your time block/time management? It requires hyperfocus, and I challenge you to do it this weekend! I am reworking mine.
There was an article in the Chronicle this week about rates going up. Well we know that....we have said that for the last year! Yet they are still low. But really folks, they will go up, and when they do, it will be fast. Just encourage your clients to lock in sooner than later, don’t delay once under contract. Lock in that rate!
This week there was a MAJOR letdown in the jobs market. Analysts expected 170,000 added jobs, and it came in at 54,000. That was a blow. The bond market saw prices soar (which normally would have lowered rates, but they stabilized as traders floated some positions and the effect today was close to flat. So not much to report other than enjoy things as they are! Buyers can continue to enjoy the low bond yields for now, and get into homes at historic lows!
Have a wonderful weekend, and as always let us know if we can assist with your buyers!
RATES as of June 3, 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) 3.250% APR 3.593% 15 year ( fixed ) 4.500% APR 4.726%
15 year (fixed) 3.750% APR 3.990% 30 year ( fixed ) 5.375% APR 5.511%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.351% 5/1 ARM 3.125% APR 3.311%
7/1 ARM 3.625% APR 3.535%
10/1 ARM 4.625% APR 4.137%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.663%
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
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
There was an article in the Chronicle this week about rates going up. Well we know that....we have said that for the last year! Yet they are still low. But really folks, they will go up, and when they do, it will be fast. Just encourage your clients to lock in sooner than later, don’t delay once under contract. Lock in that rate!
This week there was a MAJOR letdown in the jobs market. Analysts expected 170,000 added jobs, and it came in at 54,000. That was a blow. The bond market saw prices soar (which normally would have lowered rates, but they stabilized as traders floated some positions and the effect today was close to flat. So not much to report other than enjoy things as they are! Buyers can continue to enjoy the low bond yields for now, and get into homes at historic lows!
Have a wonderful weekend, and as always let us know if we can assist with your buyers!
RATES as of June 3, 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) 3.250% APR 3.593% 15 year ( fixed ) 4.500% APR 4.726%
15 year (fixed) 3.750% APR 3.990% 30 year ( fixed ) 5.375% APR 5.511%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.351% 5/1 ARM 3.125% APR 3.311%
7/1 ARM 3.625% APR 3.535%
10/1 ARM 4.625% APR 4.137%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.663%
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
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Tuesday, May 31, 2011
May 31, 2011
So really, there is only ONE THING to talk about these days…..How are rates so low ??????? Unbelievable. A 5/1 ARM at 3.0% ?
I had lunch today with a client who trades mortgage backed securities. Great conversation! We solved the world’s problems , of course. But we came up with the conclusion that the #1 reason is the government has kept the borrowing rate at 0% (low!) so that the banks have more incentive to lend and makeup for the losses they are facing in their mortgage portfolios. The margins they are making are incredible! It’s helping keep them capitalized so they don’t collapse. So that’s the answer.
Oh, and we can still guarantee closings in 21 days (for conforming/FHA- Jumbo is 30 days). Let us help you sell your homes!
So that’s it! I am off early to start the long weekend.
RATES as of May 27, 2011 (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) 3.375% APR 3.502% 15 year ( fixed ) 4.750% APR 4.892%
15 year (fixed) 3.750% APR 4.006% 30 year ( fixed ) 5.375% APR 5.477%
30 year (fixed) 4.625% APR 4.892%
7/1 ARM 3.500% APR 3.416% 5/1 ARM 3.000% APR 3.355%
7/1 ARM 3.875% APR 3.653%
10/1 ARM 4.500% APR 4.052%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.500% APR 3.832%
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
I had lunch today with a client who trades mortgage backed securities. Great conversation! We solved the world’s problems , of course. But we came up with the conclusion that the #1 reason is the government has kept the borrowing rate at 0% (low!) so that the banks have more incentive to lend and makeup for the losses they are facing in their mortgage portfolios. The margins they are making are incredible! It’s helping keep them capitalized so they don’t collapse. So that’s the answer.
Oh, and we can still guarantee closings in 21 days (for conforming/FHA- Jumbo is 30 days). Let us help you sell your homes!
So that’s it! I am off early to start the long weekend.
RATES as of May 27, 2011 (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) 3.375% APR 3.502% 15 year ( fixed ) 4.750% APR 4.892%
15 year (fixed) 3.750% APR 4.006% 30 year ( fixed ) 5.375% APR 5.477%
30 year (fixed) 4.625% APR 4.892%
7/1 ARM 3.500% APR 3.416% 5/1 ARM 3.000% APR 3.355%
7/1 ARM 3.875% APR 3.653%
10/1 ARM 4.500% APR 4.052%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.500% APR 3.832%
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
Monday, May 16, 2011
May 13, 2011
So Pablo (10 months) has been thinking for the last 7 days that 4 am is wakie wakie time. WHAAAT? Doesn’t he know that is serious dreamtime? So for 45-60 minutes I rock, pat, sing, chant, hum, ANYTHING to get this kid to sleep. This while at the same time doing my self talk to keep my cool (“ Jennifer, he is a sweet , innocent baby. You have to TEACH him how to fall asleep and not wake up). Okay, okay. I have come up with a plan, and we are working on it. Dilute the bottle, a little more each night. Last night he slept 8 hours straight instead of 5. We are onto something!
Our buyers and sellers are no different than my precious Pablito! Whether a seasoned homeowner or first time, the market has changed. It is our responsibility as professionals to TEACH them and guide them through the process. Do you have a checklist for the beginning of a transaction letting them know the steps 1, 2, 3 ? Well, I just devised one for the financing side, and we mail to EVERY prospect within 24 hours of them calling. After 16 years of doing this, it finally hit me! Clients need a checklist! In fact, I think they crave one. Set yourself apart, and start developing one today!
Some Industry News………
Freddie Mac reported its first true net profit in almost two years, earning $676 million in the first quarter and not asking the taxpayer for more money. But Fannie reported at $6.5 billion loss for the quarter, and asked Treasury for $8.5 billion in taxpayer money. How could that be you ask? It ‘could be’ concluded that the difference rests in the amount of Countrywide business that Fannie bought in the past - CW was Fannie's best customer for several years, selling Fannie a variety of A-paper, alt-A, pay option ARMs, and other products. I bet that if you take Countrywide out of the equation, Fannie would show similar results to Freddie. But last year Fannie agreed to one lump sum from BofA to settle the bulk of buyback claims - good for BofA, bad for Fannie."
Some tips for prospective homeowners that have faced hard times:
You can finance another home in…….
• 2 years after a Short Sale and must put 20% down)
• 5 years after a Foreclosure
• 4 years after a Bankruptcy (2 years if FHA)
Have a wonderful weekend!
RATES as of May 6, 2011 (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) 3.375% APR 3.719% 15 year ( fixed ) 4.500% APR 4.753%
15 year (fixed) 3.875% APR 4.139% 30 year ( fixed ) 5.250% APR 5.377%
30 year (fixed) 4.625% APR 4.780%
7/1 ARM 3.750% APR 3.310% 5/1 ARM 3.250% APR 3.362%
7/1 ARM 3.750% APR 3.599%
10/1 ARM 4.500% APR 4.061%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.500% APR 3.832%
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!
Our buyers and sellers are no different than my precious Pablito! Whether a seasoned homeowner or first time, the market has changed. It is our responsibility as professionals to TEACH them and guide them through the process. Do you have a checklist for the beginning of a transaction letting them know the steps 1, 2, 3 ? Well, I just devised one for the financing side, and we mail to EVERY prospect within 24 hours of them calling. After 16 years of doing this, it finally hit me! Clients need a checklist! In fact, I think they crave one. Set yourself apart, and start developing one today!
Some Industry News………
Freddie Mac reported its first true net profit in almost two years, earning $676 million in the first quarter and not asking the taxpayer for more money. But Fannie reported at $6.5 billion loss for the quarter, and asked Treasury for $8.5 billion in taxpayer money. How could that be you ask? It ‘could be’ concluded that the difference rests in the amount of Countrywide business that Fannie bought in the past - CW was Fannie's best customer for several years, selling Fannie a variety of A-paper, alt-A, pay option ARMs, and other products. I bet that if you take Countrywide out of the equation, Fannie would show similar results to Freddie. But last year Fannie agreed to one lump sum from BofA to settle the bulk of buyback claims - good for BofA, bad for Fannie."
Some tips for prospective homeowners that have faced hard times:
You can finance another home in…….
• 2 years after a Short Sale and must put 20% down)
• 5 years after a Foreclosure
• 4 years after a Bankruptcy (2 years if FHA)
Have a wonderful weekend!
RATES as of May 6, 2011 (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) 3.375% APR 3.719% 15 year ( fixed ) 4.500% APR 4.753%
15 year (fixed) 3.875% APR 4.139% 30 year ( fixed ) 5.250% APR 5.377%
30 year (fixed) 4.625% APR 4.780%
7/1 ARM 3.750% APR 3.310% 5/1 ARM 3.250% APR 3.362%
7/1 ARM 3.750% APR 3.599%
10/1 ARM 4.500% APR 4.061%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.500% APR 3.832%
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!
Monday, May 2, 2011
April 29, 2011
My mother is one of the greatest of all time. Every holiday, every occasion, we get cards, gifts, and hugs like clockwork. Never late, always on time. She is sentimental that way. So Easter morning, she asked me if the Easter Bunny came for her 2 only grandsons. Well……………I never found the time to put that whole charade together. All I could hear was gasping through the phone line. “Jennifer, don’t tell me you did not get them an Easter Basket! My baby (Diego, 5) will be horrified when his friends at school are bragging about what the EB brought them and he got nothing!” Boy did I feel bad. Later that day let’s just say the EB basket appeared and we all acted surprised. How could I have been so lame? The life lesson I learned here is that small details are important. Very important. My mother has it down packed. I felt very loved growing up knowing she was always there for me for the little details. She cared.
Let’s fast forward to your business. What ‘small’ things are you doing consistently, like clockwork in order to make your clients feel special? A handwritten note at introduction, a gift at closing, or delivering food the day of closing? There are dozens of things you could implement, consistently, that would enhance the transaction and make your clients feel special. Repeat referrals guaranteed. On the Hernandez Team (we are now 5!) we have a 9 step process that we implement from the time clients call us to post closing. Our everyday goal is to ensure we give raving fan service, so that we and the referring realtor get future referrals! And we genuinely care about our clients.
In the markets, the Federal Reserve made no change this week in the rates. As expected. Bernanke did allude to the fact that rate hikes are not far away, maybe in 2 meetings, and that we should not expect much continued government support. This means that no longer will the buy our own debt! This has been somewhat stabilizing the economy as the Fed has gobbled up our own treasuries when sold, where no other buyers have been standing in line. Since the mortgage crisis began in 2007, foreign investors have been hesitant to purchase our bonds. It’s a trust factor.
Jobless claims were unexpectedly higher this week at 429,000. This has done no favors for rates. The trend is that rates are edging higher. We continue to encourage our clients to lock and not ‘float’ rates, in order to reduce their exposure to rising interest rates.
Have a wonderful weekend, and Spring is finally here! Now if it would only rain………
RATES as of April 29, 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) 3.500% APR 3.845% 15 year ( fixed ) 4.375% APR 4.587%
15 year (fixed) 3.875% APR 4.116% 30 year ( fixed ) 5.250% APR 5.377%
30 year (fixed) 4.750% APR 4.892%
7/1 ARM 3.750% APR 3.488% 5/1 ARM 3.500% APR 3.459%
7/1 ARM 3.875% APR 3.666%
10/1 ARM 4.625% APR 4.142%
5/5 ARM 3.500% APR 3.992%
FHA/VA call for quote (max loan $270,000)
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
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Let’s fast forward to your business. What ‘small’ things are you doing consistently, like clockwork in order to make your clients feel special? A handwritten note at introduction, a gift at closing, or delivering food the day of closing? There are dozens of things you could implement, consistently, that would enhance the transaction and make your clients feel special. Repeat referrals guaranteed. On the Hernandez Team (we are now 5!) we have a 9 step process that we implement from the time clients call us to post closing. Our everyday goal is to ensure we give raving fan service, so that we and the referring realtor get future referrals! And we genuinely care about our clients.
In the markets, the Federal Reserve made no change this week in the rates. As expected. Bernanke did allude to the fact that rate hikes are not far away, maybe in 2 meetings, and that we should not expect much continued government support. This means that no longer will the buy our own debt! This has been somewhat stabilizing the economy as the Fed has gobbled up our own treasuries when sold, where no other buyers have been standing in line. Since the mortgage crisis began in 2007, foreign investors have been hesitant to purchase our bonds. It’s a trust factor.
Jobless claims were unexpectedly higher this week at 429,000. This has done no favors for rates. The trend is that rates are edging higher. We continue to encourage our clients to lock and not ‘float’ rates, in order to reduce their exposure to rising interest rates.
Have a wonderful weekend, and Spring is finally here! Now if it would only rain………
RATES as of April 29, 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) 3.500% APR 3.845% 15 year ( fixed ) 4.375% APR 4.587%
15 year (fixed) 3.875% APR 4.116% 30 year ( fixed ) 5.250% APR 5.377%
30 year (fixed) 4.750% APR 4.892%
7/1 ARM 3.750% APR 3.488% 5/1 ARM 3.500% APR 3.459%
7/1 ARM 3.875% APR 3.666%
10/1 ARM 4.625% APR 4.142%
5/5 ARM 3.500% APR 3.992%
FHA/VA call for quote (max loan $270,000)
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
Vice President/Mortgage Consultant
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Blog: www.loanwithjennifer.blogspot.com
Tuesday, April 26, 2011
April 22, 2011
Well, the day has come that I think I will actually buy an IPhone, and maybe even an IPad. After all, according to www.CnnMoney.com’s article today, I can buy a hotdog with it at a ball game (who would have thought?) http://money.cnn.com/2011/01/24/pf/end_of_credit_cards/index.htm
A thought provoking question was asked to me this week : “Why it is so difficult for borrowers that have money in the bank and perfect credit to be approved, while an FHA buyer that has a gift of 3.5% down payment and no cash reserves zips right through the system – and with a below par credit score at that?”.. I did not know what to say……. It’s true. Our society rewards those on the lower end, while making it difficult for those on the upper end of the scale. If it makes everyone feel better though, all of them have the same amount of paperwork.
Here is another thought provoker for you for the weekend: Our treasury (government) owns 70% of the US Treasury market right now (in bonds). Hmmmm. What will happen when they start selling them off as they announced last month they will begin doing every month little by little? You guessed it, rates will go up. So check out these rates below! The market is still great! Interest rates are low!
Jumbo money is getting better and better! We have a new credit union we can sell to that has 25% down to 4 million!!!!!!!!!!!! Wow. It’s a 5/5 ARM in the 3.5% range. Borrowers can keep their money working in the market, and have a low down, low interest loan!
Have a great weekend, and we look forward to your trusted mortgage referrals.
RATES as of April 22, 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) 3.625% APR 3.970% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.000% APR 4.242% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.750% APR 4.892%
7/1 ARM 3.875% APR 3.549% 5/1 ARM 3.5.00% APR 3.460%
7/1 ARM 3.875% APR 3.666%
10/1 ARM 4.750% APR 4.225%
5/5 ARM 3.500% APR 4.072%
FHA/VA call for quote (max loan $270,000)
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!
A thought provoking question was asked to me this week : “Why it is so difficult for borrowers that have money in the bank and perfect credit to be approved, while an FHA buyer that has a gift of 3.5% down payment and no cash reserves zips right through the system – and with a below par credit score at that?”.. I did not know what to say……. It’s true. Our society rewards those on the lower end, while making it difficult for those on the upper end of the scale. If it makes everyone feel better though, all of them have the same amount of paperwork.
Here is another thought provoker for you for the weekend: Our treasury (government) owns 70% of the US Treasury market right now (in bonds). Hmmmm. What will happen when they start selling them off as they announced last month they will begin doing every month little by little? You guessed it, rates will go up. So check out these rates below! The market is still great! Interest rates are low!
Jumbo money is getting better and better! We have a new credit union we can sell to that has 25% down to 4 million!!!!!!!!!!!! Wow. It’s a 5/5 ARM in the 3.5% range. Borrowers can keep their money working in the market, and have a low down, low interest loan!
Have a great weekend, and we look forward to your trusted mortgage referrals.
RATES as of April 22, 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) 3.625% APR 3.970% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.000% APR 4.242% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.750% APR 4.892%
7/1 ARM 3.875% APR 3.549% 5/1 ARM 3.5.00% APR 3.460%
7/1 ARM 3.875% APR 3.666%
10/1 ARM 4.750% APR 4.225%
5/5 ARM 3.500% APR 4.072%
FHA/VA call for quote (max loan $270,000)
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!
Wednesday, April 20, 2011
April 15
My baby Pablo is almost walking at 9 months! No!!!!!! I am not ready for that yet. Off I go to Babies R Us in a complete frantic to purchase baby proofing items. Five years ago is a distant memory when I did this the last time. I'll catch on quick. The one thing I know for sure is that his walking is inevitable.
Also inevitable is that markets will change, the economy will rise and dip, and we will all have to pay our fair share of taxes, eventually! Speaking of taxes, we still have self employed clients that cannot grasp that we qualify on after expense income. "But I really make xxx, we just have a creative CPA" they say. That's great and all.....until they need to buy a home. Being tax time (don't forget April 18 this year!), we have been able to catch a few clients and show them the benefit of declaring more income so they can qualify!
What about these gas rates? It cost me $65 to fill my car this week. Wow........... The Fed says that inflation is still low, excluding food and essentials, but we all need those, right? So to me, that would mean there is inflation. What do I know?
This week the Fed's Hoening says the Fed should boost the Fed Funds Rate to 1% then pause before hiking to 2%. This sent markets looming. In addition, all eyes were on mortgage lenders this week, as bank regulators filed enforcement actions against the 5 largest banks and 9 others for "compliance failures and unsafe and unsound practices at these institutions." READ MORE: http://finance.fortune.cnn.com/2011/04/13/fed-says-it-will-fine-banks-for-foreclosure-mess/
The economy is swirling, that is for sure. The good news for Houston is we are still seeing lots of buyers, multiple offer situations, or stories of buyers not moving 'fast enough' to make an offer.
Remember we are your trusted source for mortgage financing and would love to work with your referrals! We are still closing transactions in under 21 days! Actually we just turned a Jumbo around in 10 days...really!!!!!
Enjoy the weekend!
RATES as of April 15, 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) 3.500% APR 3.845% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.125% APR 4.367% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.875% APR 5.018%
7/1 ARM 3.750% APR 3.491% 5/1 ARM 3.875% APR 3.579%
7/1 ARM 4.375% APR 3.911%
10/1 ARM 4.750% APR 4.226%
5/5 ARM 3.500% APR 4.069%
FHA/VA call for quote (max loan $270,000)
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
Vice President/Mortgage Consultant
Patriot
Also inevitable is that markets will change, the economy will rise and dip, and we will all have to pay our fair share of taxes, eventually! Speaking of taxes, we still have self employed clients that cannot grasp that we qualify on after expense income. "But I really make xxx, we just have a creative CPA" they say. That's great and all.....until they need to buy a home. Being tax time (don't forget April 18 this year!), we have been able to catch a few clients and show them the benefit of declaring more income so they can qualify!
What about these gas rates? It cost me $65 to fill my car this week. Wow........... The Fed says that inflation is still low, excluding food and essentials, but we all need those, right? So to me, that would mean there is inflation. What do I know?
This week the Fed's Hoening says the Fed should boost the Fed Funds Rate to 1% then pause before hiking to 2%. This sent markets looming. In addition, all eyes were on mortgage lenders this week, as bank regulators filed enforcement actions against the 5 largest banks and 9 others for "compliance failures and unsafe and unsound practices at these institutions." READ MORE: http://finance.fortune.cnn.com/2011/04/13/fed-says-it-will-fine-banks-for-foreclosure-mess/
The economy is swirling, that is for sure. The good news for Houston is we are still seeing lots of buyers, multiple offer situations, or stories of buyers not moving 'fast enough' to make an offer.
Remember we are your trusted source for mortgage financing and would love to work with your referrals! We are still closing transactions in under 21 days! Actually we just turned a Jumbo around in 10 days...really!!!!!
Enjoy the weekend!
RATES as of April 15, 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) 3.500% APR 3.845% 15 year ( fixed ) 4.750% APR 4.965%
15 year (fixed) 4.125% APR 4.367% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.875% APR 5.018%
7/1 ARM 3.750% APR 3.491% 5/1 ARM 3.875% APR 3.579%
7/1 ARM 4.375% APR 3.911%
10/1 ARM 4.750% APR 4.226%
5/5 ARM 3.500% APR 4.069%
FHA/VA call for quote (max loan $270,000)
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
Vice President/Mortgage Consultant
Patriot
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