Another story this morning about a realtor that was robbed at an open house. A realtor told me this morning it is on HAR.com. It’s in addition to the story I sent last week. Be diligent guys, and stay safe. This is a great conversation piece for you with your sellers. Are open houses really worth the risk to everyone’s safety, as well as opening up their home to the public? Do open houses really sell homes? It’s a debatable topic.
So have you ever had a buyer under contract, and then find out at inspections that the unit was accidentally rented out (it’s a condo) to someone else? We did this week. A newbie tenant agent rented the wrong unit (our buyers under contract for sale). There were 2 units in the same complex for sale/lease. The tenant moved in, locks were changed, rents exchanged hands – for the other unit, but she moved into the wrong unit! What a tangled mess, but it was unraveled and all turned out fine. These things do happen! Not only do we need to focus on our safety, but on the details. It’s a busy time, and we are all stretched thin, so stay alert!
There was little reaction to the EU Summit this week. Investors really want to see a major new aid program for the European countries with debt problems (basically all except Germany!). It is believed that the EU debt crisis will be a major influence on US markets for some time. THE BIG STORY NEXT WEEK will be the Fed meeting on Tuesday, as investors are ‘hoping’ for hints of additional printing of money to boost the economy. Wait a minute! Isn’t that what got the EU into trouble?
Enjoy the weekend, stay warm, and be careful when you are out shopping.
RATES as of December 9, 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) 3.000% APR 3.341% 15 year ( fixed ) 3.750% APR 3.959%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.875% APR 4.136%
7/1 ARM 3.000% APR 3.308% 5/1 ARM 3.250% APR 3.579%
7/1 ARM 3.625% APR 3.718%
10/1 ARM 3.875% APR 3.784%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.250% APR 3.174%
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, Jason, and Jose
Patriot Bank Mortgage
Friday, December 9, 2011
Tuesday, November 22, 2011
November 18
Oh what to write about on the eve of Thanksgiving week? Should I tell you about my pending trip tomorrow to Peru? No…I’ll wait until I return. Just envision me on the top of Machu Pichu, having taken my altitude sickness medicine, viewing the beautiful scenery and fabulous climate. My team will be here in Houston, no worries, slaving away, awaiting to pre approve your buyers. (smile)
The article in last Sunday’s Chronicle regarding the couple that walked away from their contract in West U because of paperwork….you recall the one? Everyone in the real estate community seems to be buzzing about it. As a lender that deals with this daily, I have mixed emotions about the article. Nancy Sarnoff did a great job of highlighting the topic, as it is a very valid subject. But can I put it lightly? Borrowers have to expose everything. I mean everything. IF there is a large deposit, yes, we need to know where it came from. Was it a loan you are required to repay? How do we know? You have to trail it of course. Canceled rent check? Maybe there is an issue about credit worthiness. There must have been a reason. In defense of lenders out there, including myself; We ask for documentation in the very beginning, it’s true. However, that documentation MANY times opens a Pandora’s box of other questions. Then we ask for more. Then that documentation produces other questions. Believe me, we don’t like asking. However, every client has a different situation, as well as record keeping habits. The maze of paperwork is unbelievable, yes.
Now in the defense of the unfortunate luck of the West U couple that walked away: Did the loan officer take a thorough application in the beginning, where some of this after the fact information could have been anticipated? Could be. Is all this paperwork nonsense the result of lenders lack of oversight in 2003-2007? Most definitely. In summary, Shouldn’t we always have asked these questions? Absolutely. SOLUTION: Your buyers (and sellers!) must get with a trusted lender (on your list!) EARLY in the process. Maybe this situation could have been avoided, had they done the paperwork BEFORE they were under contract. We still do see some buyers waiting until the last minute. They are usually in the upper end spectrum of the market. They assume that with high credit scores and a large down payment, they are bullet proof. That is the communication gap. Everyone has the same paperwork responsibility, everyone, regardless of credit and assets.
There will be no update next week, as we are off Friday after the holiday.
We on the Hernandez Team wish you and yours the happiest Thanksgiving!!!!!!!!
RATES as of November 18, 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 ) 3.750% APR 3.959%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.950% APR 4.086%
7/1 ARM 3.125% APR 3.326% 5/1 ARM 3.375% APR 3.575%
7/1 ARM 3.750% APR 3.738%
10/1 ARM 4.000% APR 3.835%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.135%
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, Jason, and Jose
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
The article in last Sunday’s Chronicle regarding the couple that walked away from their contract in West U because of paperwork….you recall the one? Everyone in the real estate community seems to be buzzing about it. As a lender that deals with this daily, I have mixed emotions about the article. Nancy Sarnoff did a great job of highlighting the topic, as it is a very valid subject. But can I put it lightly? Borrowers have to expose everything. I mean everything. IF there is a large deposit, yes, we need to know where it came from. Was it a loan you are required to repay? How do we know? You have to trail it of course. Canceled rent check? Maybe there is an issue about credit worthiness. There must have been a reason. In defense of lenders out there, including myself; We ask for documentation in the very beginning, it’s true. However, that documentation MANY times opens a Pandora’s box of other questions. Then we ask for more. Then that documentation produces other questions. Believe me, we don’t like asking. However, every client has a different situation, as well as record keeping habits. The maze of paperwork is unbelievable, yes.
Now in the defense of the unfortunate luck of the West U couple that walked away: Did the loan officer take a thorough application in the beginning, where some of this after the fact information could have been anticipated? Could be. Is all this paperwork nonsense the result of lenders lack of oversight in 2003-2007? Most definitely. In summary, Shouldn’t we always have asked these questions? Absolutely. SOLUTION: Your buyers (and sellers!) must get with a trusted lender (on your list!) EARLY in the process. Maybe this situation could have been avoided, had they done the paperwork BEFORE they were under contract. We still do see some buyers waiting until the last minute. They are usually in the upper end spectrum of the market. They assume that with high credit scores and a large down payment, they are bullet proof. That is the communication gap. Everyone has the same paperwork responsibility, everyone, regardless of credit and assets.
There will be no update next week, as we are off Friday after the holiday.
We on the Hernandez Team wish you and yours the happiest Thanksgiving!!!!!!!!
RATES as of November 18, 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 ) 3.750% APR 3.959%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.500% APR 4.622%
30 year (fixed) 3.950% APR 4.086%
7/1 ARM 3.125% APR 3.326% 5/1 ARM 3.375% APR 3.575%
7/1 ARM 3.750% APR 3.738%
10/1 ARM 4.000% APR 3.835%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.135%
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, Jason, and Jose
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, November 7, 2011
There is a horrible rumor around that it takes 45-60 days to close a purchase loan. NOT WITH PATRIOT BANK it doesn’t! Our average close time is 24 days. Jumbo’s , its 30. We also update borrowers, and both realtors each Tuesday, we attend closing….should I go on? If we are not on your trusted referral list, let’s talk about changing that! We are your friends in real estate. We LOVE realtors and their clients, and our goal in every transaction is to create raving lifelong fans and repeat customers.
Rates ended lower this week, amid increased concerns about Europe. Investors flocked to bonds, pushing yields a bit lower.
That’s all for now…..its late on a Friday, and I have kids to snuggle with.
Enjoy this cool weather!
RATES as of November 4, 2011 (LOWER 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 ) 3.750% APR 3.938%
15 year (fixed) 3.375% APR 3.592% 30 year ( fixed ) 4.500% APR 4.609%
30 year (fixed) 4.00% APR 4.124%
7/1 ARM 3.000% APR 3.233% 5/1 ARM 3.000% APR 3.238%
7/1 ARM 3.500% APR 3.447%
10/1 ARM 4.000% APR 3.803%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.300%
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, Jason, and Jose
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Rates ended lower this week, amid increased concerns about Europe. Investors flocked to bonds, pushing yields a bit lower.
That’s all for now…..its late on a Friday, and I have kids to snuggle with.
Enjoy this cool weather!
RATES as of November 4, 2011 (LOWER 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 ) 3.750% APR 3.938%
15 year (fixed) 3.375% APR 3.592% 30 year ( fixed ) 4.500% APR 4.609%
30 year (fixed) 4.00% APR 4.124%
7/1 ARM 3.000% APR 3.233% 5/1 ARM 3.000% APR 3.238%
7/1 ARM 3.500% APR 3.447%
10/1 ARM 4.000% APR 3.803%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.300%
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, Jason, and Jose
Patriot Bank Mortgage
Office: 713-337-8400
E-mail: jennifer@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, October 24, 2011
Friday, October 17, 2011
Each week I like to provide thought provoking questions, or relate the mortgage business to real life analogies. This week is the thought provoking question, having NOTHING to do with real estate: What will happen to all of our worlds water and air supply as the radiation fall out from the Japan nuclear plant collapse floats around the globe for hundreds of years? One of my clients is a scientist, and he said those particles, some of them, can last up to 1,000 years. Water is used for everything! Even buying organic…they need water to irrigate crops. And the problem seems to be worse than the governments of the world are leading on. I guess I'll think twice before visiting a sushi restaurant.
Interest Rates:
Volatile, volatile and more volatile. Catch them while you can. We are definitely not advising clients to float loan locks. We secure the rate immediately to protect them from rapid increases (that happen without notice!)
Appraisals:
Have you noticed the new 'language' in appraisals? They have now been reworked, so the format includes 'codes' (example: A1-6, or C1-5) for quality, materials used, location, just to name a few. They are not meant for a borrower, nor any person for that matter (except Fannie Mae's computer) to read. The codes are designed to have consistent variables when selling loans to Fannie later on. So don't be alarmed when you need a legend and a bucket of patience to read through one. This started October 1.
Underwriting Guidelines:
No major changes of late. Some of the PMI companies are allowing lower credit scores on loans. Down to 620 for a 5% down loan in some cases. This is encouraging for borrowers that don’t qualify for FHA.
There are some down payment alternatives <20% for Jumbo loans (over $417,000). Have your clients call us to find out more, or if they are eligible for the alternative options.
Enjoy this beautiful weekend!
RATES as of October 21, 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 ) 4.125% APR 4.336%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.250% APR 3.278% 5/1 ARM 3.125% APR 3.429%
7/1 ARM 3.500% APR 3.572%
10/1 ARM 4.125% APR 3.880%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.300%
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, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Interest Rates:
Volatile, volatile and more volatile. Catch them while you can. We are definitely not advising clients to float loan locks. We secure the rate immediately to protect them from rapid increases (that happen without notice!)
Appraisals:
Have you noticed the new 'language' in appraisals? They have now been reworked, so the format includes 'codes' (example: A1-6, or C1-5) for quality, materials used, location, just to name a few. They are not meant for a borrower, nor any person for that matter (except Fannie Mae's computer) to read. The codes are designed to have consistent variables when selling loans to Fannie later on. So don't be alarmed when you need a legend and a bucket of patience to read through one. This started October 1.
Underwriting Guidelines:
No major changes of late. Some of the PMI companies are allowing lower credit scores on loans. Down to 620 for a 5% down loan in some cases. This is encouraging for borrowers that don’t qualify for FHA.
There are some down payment alternatives <20% for Jumbo loans (over $417,000). Have your clients call us to find out more, or if they are eligible for the alternative options.
Enjoy this beautiful weekend!
RATES as of October 21, 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 ) 4.125% APR 4.336%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.250% APR 3.278% 5/1 ARM 3.125% APR 3.429%
7/1 ARM 3.500% APR 3.572%
10/1 ARM 4.125% APR 3.880%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.300%
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, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, October 17, 2011
October 14, 2011
There is just something wrong with Christmas decorations out on October 14! Town & Country and Highland Village both are way ahead of the game. I sure miss the days of Thanksgiving signaling the start of the holiday season. Probably a lot like borrowers miss the days of streamlined documentation. Yes those days are gone.
In the markets this week, RATES INCREASED almost 1/2% for the fixed rate products. When rates go up, markets move quickly!
Why did this happen?
• Investors grew more optimistic about US economic growth and less concerned about Europe this week. This helped the stock market rally. Investors moved their money from bonds to stocks, which increase the rates.
• September Retail Sales increased 1.1% from August, which was above the consensus forecast of 0.6%, signaling a stronger economy.
• In addition, the FOMC Minutes from the September 21 Fed meeting revealed that Fed officials expect the economy to avoid recession. Stronger growth is good for the economy, but it increases inflationary pressures, which is negative for mortgage rates.
It’s still a GREAT time to buy a house! Who can complain about a rate in the 4's?
Enjoy this beautiful weekend!
RATES as of October 14, 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 ) 4.125% APR 4.336%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.250% APR 3.330% 5/1 ARM 3.125% APR 3.421%
7/1 ARM 3.500% APR 3.565%
10/1 ARM 4.125% APR 3.875%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.217%
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, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
In the markets this week, RATES INCREASED almost 1/2% for the fixed rate products. When rates go up, markets move quickly!
Why did this happen?
• Investors grew more optimistic about US economic growth and less concerned about Europe this week. This helped the stock market rally. Investors moved their money from bonds to stocks, which increase the rates.
• September Retail Sales increased 1.1% from August, which was above the consensus forecast of 0.6%, signaling a stronger economy.
• In addition, the FOMC Minutes from the September 21 Fed meeting revealed that Fed officials expect the economy to avoid recession. Stronger growth is good for the economy, but it increases inflationary pressures, which is negative for mortgage rates.
It’s still a GREAT time to buy a house! Who can complain about a rate in the 4's?
Enjoy this beautiful weekend!
RATES as of October 14, 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 ) 4.125% APR 4.336%
15 year (fixed) 3.375% APR 3.612% 30 year ( fixed ) 4.625% APR 4.748%
30 year (fixed) 4.125% APR 4.262%
7/1 ARM 3.250% APR 3.330% 5/1 ARM 3.125% APR 3.421%
7/1 ARM 3.500% APR 3.565%
10/1 ARM 4.125% APR 3.875%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.375% APR 3.217%
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, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, October 3, 2011
September 30, 2011
My 6 year old informed me he has a six pack. I did not need to go far to know where he heard that - his father, and or one of his adult TV shows. Not that it’s a bad word....just very adult sounding! It was rather funny too. But I still had to lecture my husband on TV etiquette for a 6 year old.
So why did rates rise this week? Market correction is the word on the street. This often happens when prices rise or fall rapidly as a result of the emotional roller coaster of investors from last weeks news. With little market news this week, there was time to focus on, well, nothing. And rates went up a bit. Also, some positive news in Europe made investor worry ease a bit. This also pushed rates up as investors once again sought the stock market.
But assure your buyers that it is still a great time to be buying a home!
That's all for this week - Enjoy the weekend!!!!!!!!!!!!!!!!!!!
RATES as of September 30, 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 ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.750% APR 3.884%
7/1 ARM 3.250% APR 3.305% 5/1 ARM 3.000% APR 3.347%
7/1 ARM 3.375% APR 3.481%
10/1 ARM 3.875% APR 3.698%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
So why did rates rise this week? Market correction is the word on the street. This often happens when prices rise or fall rapidly as a result of the emotional roller coaster of investors from last weeks news. With little market news this week, there was time to focus on, well, nothing. And rates went up a bit. Also, some positive news in Europe made investor worry ease a bit. This also pushed rates up as investors once again sought the stock market.
But assure your buyers that it is still a great time to be buying a home!
That's all for this week - Enjoy the weekend!!!!!!!!!!!!!!!!!!!
RATES as of September 30, 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 ) 3.875% APR 4.084%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.750% APR 3.884%
7/1 ARM 3.250% APR 3.305% 5/1 ARM 3.000% APR 3.347%
7/1 ARM 3.375% APR 3.481%
10/1 ARM 3.875% APR 3.698%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Monday, September 26, 2011
September 23, 2011
So Friday night is movie night at my house, as well as sleep in mommy’s bed night for my 6 year old. He used to ask me all week if it was Friday yet! So last night, a Thursday, I was too tired to go upstairs, so offered a bonus night to Diego. He said ‘It’s ok Mommy, because I know tomorrow is movie night and I will sleep with you then’. When did this kid become so independent and not need as much snuggle? I have to say I was quite sad.
Clients need a lot more snuggling these days. It’s been a great change in the marketplace from internet lending (now only about 10% of mortgage applications), and good ole’ face to face contact. I have always believed that people would revert back to human contact. Don’t they want to know who they are doing business with?
So every human in America knows that rates are down this week. The Fed announced new measures to boost the economy. (1) They will begin to reinvest principal payments from its MBS (mortgage backed securities) into additional MBS (currently going into treasuries). (2) Operation Twist, as they call it, will extend the average maturity of the Fed’s portfolio by purchasing $400 billion of longer term Treasury securities and selling an equal amount of short term ones. (3) The Fed confirmed to the investors that there are ‘significant downside risks’ to the US economic outlook. Slower growth reduces inflationary pressures, which pushes down mortgage rates.
Interesting times ahead………if your clients want to purchase in the next 6 months, it may be a GREAT time to accelerate the moving process to take advantage of these rates. And by the end of the year, there are the property tax exemption benefits!
Enjoy the weekend, and as always, call us if you need us to pre approve a client!
RATES as of September 23, 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) 3.125% APR 3.467% 15 year ( fixed ) 3.625% APR 3.833%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.875% APR 4.010%
7/1 ARM 3.125% APR 3.238% 5/1 ARM 3.125% APR 3.381%
7/1 ARM 3.500% APR 3.532%
10/1 ARM 3.875% APR 3.6928%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
Clients need a lot more snuggling these days. It’s been a great change in the marketplace from internet lending (now only about 10% of mortgage applications), and good ole’ face to face contact. I have always believed that people would revert back to human contact. Don’t they want to know who they are doing business with?
So every human in America knows that rates are down this week. The Fed announced new measures to boost the economy. (1) They will begin to reinvest principal payments from its MBS (mortgage backed securities) into additional MBS (currently going into treasuries). (2) Operation Twist, as they call it, will extend the average maturity of the Fed’s portfolio by purchasing $400 billion of longer term Treasury securities and selling an equal amount of short term ones. (3) The Fed confirmed to the investors that there are ‘significant downside risks’ to the US economic outlook. Slower growth reduces inflationary pressures, which pushes down mortgage rates.
Interesting times ahead………if your clients want to purchase in the next 6 months, it may be a GREAT time to accelerate the moving process to take advantage of these rates. And by the end of the year, there are the property tax exemption benefits!
Enjoy the weekend, and as always, call us if you need us to pre approve a client!
RATES as of September 23, 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) 3.125% APR 3.467% 15 year ( fixed ) 3.625% APR 3.833%
15 year (fixed) 3.250% APR 3.487% 30 year ( fixed ) 4.375% APR 4.496%
30 year (fixed) 3.875% APR 4.010%
7/1 ARM 3.125% APR 3.238% 5/1 ARM 3.125% APR 3.381%
7/1 ARM 3.500% APR 3.532%
10/1 ARM 3.875% APR 3.6928%
FHA/VA call for quote (max loan $270,000) 5/5 ARM 3.625% APR 3.223%
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, Jason
Patriot Bank Mortgage
Office: 713-337-8401
E-mail: jhernandez@patriotbankusa.com
Website: www.applywithpatriot.com
To opt out hit Reply and put Unsubscribe in the subject.
Information provided in this e-mail is intended as a tool for Real Estate Agents to be informed of the approximate rates available for home mortgages. It is intended for their sole use and purpose only and is not for distribution to the general public. Depending on the borrower's actual circumstances, such as credit, debt ratios, etc., rates may vary. Special niche products may also be available.
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