So my 1 year old Pablo is extremely frustrated. His Daddy put kiddie locks on all the cabinets, including the pantry. He has nothing to open and throw around! My little angel is no different than some homebuyers, just smaller problems! People get frustrated when they don’t understand, so I believe that my job as a professional is to bridge that gap. We do that on our team by constantly revising checklists, doing weekly status update calls to buyers and realtors, and asking the question to buyers frequently in the process: are we meeting your expectations? We hit it head on! We want happy homeowners! My challenge for you this week is to fine tune your processes to make sure that your clients’ frustration is identified early on and handled with ease. It’s a fun process.
In the markets, there was lots of rumble with news of the US increasing their debt ceiling with aid to help troubled European countries. As the perceived risk of default in Europe decreased, investors then retreated from bonds, raising rates a bit, but was later neutralized by the debt ceiling talks. This left us flat for the week on rates.
Recent low yields (rates) for the Treasury market and mortgage backed securities leaves investors concluding that the debt ceiling will rise before August 2. Rates could rise if the ceiling is simply lifted, but not addressed on how to meaningfully control it. If Congress does a good job at coming up with solutions, this could in turn cause rates to fall further. This is because a smaller government deficit would mean a reduced supply of treasury securities, meaning lower yields. Furthermore, less government spending would slow economic growth, reducing inflationary pressures.
I will leave you with a hint of what we are seeing as typical, the new ‘norm’. Buyers are coming to us earlier to make application (yea!) and therefore we can tackle any issues early on. Wether its credit or extra documentation needed, we are thankful to have the time to hit issues head on, and early. WE see this happen to the most unsuspecting of borrowers. So keep encouraging your buyers and sellers to get pre approved early! It really works!
So this Sunday Morning, at 5:30 a.m, if you have nothing else to do , tune in to my interview with Kim Davis (KPRC 2 ‘Beyond The Headlines’.
Enjoy the weekend!
RATES as of July 22, 2011 (FLAT (conv) TO HIGHER (Jumbo) 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 4.990% 30 year ( fixed ) 5.125% APR 5.251%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.359% 5/1 ARM 3.375% APR 3.403%
7/1 ARM 4.000% APR 3.716%
10/1 ARM 4.250% APR 3.895%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.715%
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, July 26, 2011
Tuesday, July 19, 2011
July 18, 2011
Uncertainty……about life, love, the weather, you name it! This one word has so much power it is unbelievable. That is what drove markets this week. Instability in Europe and Fed comments about a still staggering economy drove investors to safer investments (i.e. the bond market). That makes prices higher due to increased demand, and the yields (or rates) lower. Yea! All I know is we just locked an FHA borrower at 4.375%!!! I almost fell out of my chair. What great news for borrowers that are buying houses!
Today is my son Pablo’s first birthday, so I must dash….Elmo , Big Bird and Cookie Monster are awaiting me.
Enjoy your weekend!
RATES as of July 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) 3.250% APR 3.593% 15 year ( fixed ) 4.125% APR 4.336%
15 year (fixed) 3.750% APR 4.990% 30 year ( fixed ) 5.000% APR 5.126%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.359% 5/1 ARM 3.375% APR 3.403%
7/1 ARM 4.000% APR 3.716%
10/1 ARM 4.125% APR 3.812%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.715%
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
Today is my son Pablo’s first birthday, so I must dash….Elmo , Big Bird and Cookie Monster are awaiting me.
Enjoy your weekend!
RATES as of July 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) 3.250% APR 3.593% 15 year ( fixed ) 4.125% APR 4.336%
15 year (fixed) 3.750% APR 4.990% 30 year ( fixed ) 5.000% APR 5.126%
30 year (fixed) 4.500% APR 4.640%
7/1 ARM 3.500% APR 3.359% 5/1 ARM 3.375% APR 3.403%
7/1 ARM 4.000% APR 3.716%
10/1 ARM 4.125% APR 3.812%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.715%
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
Wednesday, July 6, 2011
Friday, July 1
This week I had to write my sister’s obituary. My sweet Lori was 43, and was fighting cancer for 5 years. My comfort is to know she is resting now. So as I sat down to write this obituary…..what would I say? How could I express in a condensed manner the way in which she touched all of our lives? So that exercise led me to ponder my own mortality, and what would my obituary look like? That led to, of course, questioning how I am living my life.
The life lesson I would love to share with you this long holiday weekend is this: How do you want to be remembered? Are you conducting yourself personally and professionally in the manner in which want to? How do you treat others? How do they treat you? Do you surround yourself with those persons that reflect how you want to live your life? Are you spending enough time with your family?
No market news this week (but rates are listed below). I am not sure why they went up or down, they just happened! Know that we at Patriot remain your friend in real estate, and are a team you can count on to treat your clients with respect, courtesy, and the utmost professionalism. We look forward to earning your business if we have not already.
We wish you the most safe and joyous holiday weekend!
RATES as of July 1, 2011 (UP 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 ) 4.750% APR 4.922%
15 year (fixed) 3.875% APR 4.116% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.750% APR 4.922%
7/1 ARM 3.875% APR 3.534% 5/1 ARM 3.750% APR 3.532%
7/1 ARM 4.250% APR 3.833%
10/1 ARM 4.875% APR 4.296%
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
The life lesson I would love to share with you this long holiday weekend is this: How do you want to be remembered? Are you conducting yourself personally and professionally in the manner in which want to? How do you treat others? How do they treat you? Do you surround yourself with those persons that reflect how you want to live your life? Are you spending enough time with your family?
No market news this week (but rates are listed below). I am not sure why they went up or down, they just happened! Know that we at Patriot remain your friend in real estate, and are a team you can count on to treat your clients with respect, courtesy, and the utmost professionalism. We look forward to earning your business if we have not already.
We wish you the most safe and joyous holiday weekend!
RATES as of July 1, 2011 (UP 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 ) 4.750% APR 4.922%
15 year (fixed) 3.875% APR 4.116% 30 year ( fixed ) 5.375% APR 5.503%
30 year (fixed) 4.750% APR 4.922%
7/1 ARM 3.875% APR 3.534% 5/1 ARM 3.750% APR 3.532%
7/1 ARM 4.250% APR 3.833%
10/1 ARM 4.875% APR 4.296%
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
June 20, 2011
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
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
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!
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