Last
week I decided to try something new. Having ‘had it’ with waiting FORTY minutes
for my toddler (now 2 ½ ) to fall asleep at night as I sit in the midget chair
next to the bed…..I decided to just walk out. Wow. What a concept! A couple
nights he got out of bed, I put him back, and HE STAYED!!!! With promises to
him I could see him in the monitor, he seemed to understand! So now…mommy is so very happy that she has
part of her nights back. If I had only listened sooner……
We get feedback
sometimes from our beloved agents (you!) that you wish your clients listened
sooner……
We know. But they did what they thought was best for them. Really they
did. So if you are in a bind and need to
change lenders …or suspect they need change….JUST CALL US! We can do a 10 minute
thorough, and I mean thorough verbal application, and give you a gauge on a new
timeline or if there are any red flags present. It does not cost them a thing,
except 10 minutes. Encourage clients to
get a second opinion from us EARLY!
What’s happening with these rates????
News of a Cyprus
bank bailout proposal caused a flight to safety early in the week which helped
mortgage rates. Investors then viewed the Fed statement released on Wednesday
as negative for mortgage rates. The two factors roughly offset each other, and
mortgage rates ended the week just slightly lower.
The Fed statement
did not contain any major surprises, but investors did receive a little more
information on the Fed's exit strategy from its current Treasury and MBS
purchase program. When Fed officials
are satisfied that there has been significant improvement in the labor market,
they plan to gradually decrease the quantity of monthly purchases below
the current level of $85 billion. Even if the Fed begins to tighten in baby
steps, the question is how big a reaction there will be in MBS markets when the
Fed announces that the time has come. Signs of the impact were seen on
Wednesday when concern that the Fed may begin to scale back its MBS
purchases sooner than expected caused mortgage rates to rise.
But rates still
remain at an all-time low!
And my team is
still closing loans in an average of 30 days!
Enjoy your
weekend!!!!!
RATES
as of March 22nd, 2013 (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) 2.500%
APR 2.612 %
|
15
year ( fixed )
3.125% APR 3.159%
|
15
year (fixed) 2.750%
APR 2.827%
|
30
year ( fixed ) 4.000%
APR 4.019%
|
30
year (fixed) 3.625%
APR 3.669%
7/1
ARM
2.625% APR 5.216%
|
5/1
ARM
2.500%
APR 5.610%
7/1
ARM
3.000%
APR 5.537%
|
5/1
ARM
2.500%
APR 5.636%
|
10/1
ARM
3.375%
APR 5.220%
|
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 & Team
Kenny, Sandra,
Nancy, Jimmy, Heath, Norma, Jason, Stella & Monique
Patriot Bank
Mortgage
NMLS# 514497
Office: 713-337-8400
Website: www.facebook.com/thehernandezteam.com
