Dennis' Mortgage Blog

November 16th, 2007 4:49 PM
Sorry for the delay in this email this week--I was participating in the Long Beach Education Foundation's Principal for a Day program.  I was fortunate to be the principal at Patrick Henry Elementary for the morning--where I know two great little students who head there from my breakfast table every day!  It is a great program bringing the community into the schools to see the terrific work that is being done.
 
Real estate is "location, location, location" as long as that location has strong schools.  In Long Beach Unified we have those schools.  One of the strengths is the mandatory school uniforms for students K-8th grade.  As part of that policy all students must be provided a uniform if they cannot afford one--but district money cannot be spent to purchase them.  Enter the wonderful women of the Assistance League of Long Beach and their Rick Rackers program.  They have been clothing school children for decades and will for years to come.
 
Why am I telling you this?  Because today at the Principal for a Day reception I was able to announce the start of the "One Hour For Education" fund raiser for the Long Beach Education Foundation and proceeds benefiting the Rick Rackers "Operation School Bell" and clothing children in need.  The One Hour program is easy, and relatively cheap.  You do not need to go anywhere, buy a table or get dressed up.  Simply click this link  scroll down the page to "donate" and fill out the donation form and credit card number.  We are not asking for a lot, only the equivalent of one hour's wages.  I know, I know, in real estate we are paid commission, not by the hour.  Break your income down to one hour and donate, please!  If everyone donates just one hour's pay we will have tens, hundreds of thousands of dollars.  We will be helping raise the education standards in our community, and therefore raising the quality of neighborhoods and communities. 
 
Please pass the link around your office, your clients, your neighbors.  We all benefit from strong schools, we have great, strong schools in Long Beach.  Click here , make a small donation and maintain that greatness and strength.
 
No economic news today, wanted to focus on the One Hour For Education program and my plea for your support.  Thanks.
 
Another volatile week day-to-day with rates that end up flat Friday-to-Friday:
 
30 Yr. Fixed Conforming with 10% or more down: 5.875% at 1.00 point 
30 Yr. Fixed Jumbo with 10% or more down: 6.625% at 1.00 point 
 
Note these are for 30 day locks, purchase transactions with 10% or more down and strong FICO's. 
 
Great product we have been using for conforming loans:  100% financing with no mortgage insurance.  With FICO over 740 today the rate is 6.375% at 1 point, only 0.5% above the 80% purchase rate for the same FICO--strict qualifying guidelines but we are seeing several qualified applicants taking advantage of the market to purchase their first home wtih this product.
 
Please feel free to forward this email to your co-workers and clients--or send them to my Mortgage Blog where it is posted weekly.
 
Have a great weekend,
 
Dennis
Friday, November 16, 2007
 

Posted by Dennis C. Smith on November 16th, 2007 4:49 PMPost a Comment (2)

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