Meet the Estate Planning Attorney! I have spots available for those who wish to meet Debra Caldin, an Estate Planning Attorney in my office Wednesday May 15th in my office. Free 45 minute consultation to speak with you regarding your estate, trust, planning, etc. Call or email me for a meeting time.
WE HAVE NEW FHA LOAN LIMIT PRICING!
Open the flood gates! We have several applications in some stage of the process and are working through them quickly, but the good news is we finally are able to price, approve and fund the new FHA loan limits! I do not have the rate on chart as it varies depending on loan amount and several other factors, but rule of thumb is to add either 2.00 points in fee or 0.500% in rate to “normal” FHA fee and rate.
The bond markets this week really got punched in the stomach, as you can see by the rates below and the chart. Much of the plethora of economic data this week was inflationary, scaring the markets feeling Fed may raise rates soon. As a result we have seen the biggest one week jump in rates in about two months. Lock, lock, lock…I have said it for twenty years and will say so for another twenty. When you have the terms and time of escrow agreed upon lock in the rate and terms on the mortgages!
Good news is that a couple of major lenders had really good response to selling their first batches of the new conforming-jumbo mortgages in the secondary markets; continued positive response to this should lead to narrowing of the rate gap with traditional conforming rates and potentially trickle up to the jumbo rates as well.
Looking forward we see continued volatility as 1st quarter reports start coming out and we see the effect of the credit crunch on the market as a whole through individual company earnings. From an activity standpoint we are speaking with a good number of first time buyers looking for condominiums and entry level single family homes. They are taking advantage of price softness and continued low rates.
NOTE PRICING BELOW IS BASED ON 20% DOWN FOR JUMBO LOANS AND 10% DOWN FOR CONFORMING, FULL DOC, AND FICOS OF 720 AND ABOVE:
30 year conventional at 1 point 6.0% (up 0.500%)
30 year conforming-jumbo at 1 point 6.625% (up 0.375%)
30 year FHA at 1 point 5.875% (up 0.375% )
30 year jumbo at 1 point 7.625% (down .375% from last Friday)
Grand Prix weekend in Long Beach is here, as they start their engines for the race track let’s start families homeownership track!
I appreciate your referrals and look forward to working with you this week!
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
Dennis C. SmithStratis FinancialDirect (562) 472-1118
Mobile (562) 243-6912
Fax (562) 684-4316
www.DennisCSmith.com : apply on-line, check rates, check loan status and much more
Dennis C. Smith, California Dept. of Real Estate Broker #00966315 Stratis Financial Corporation, California Dept. of Real Estate Broker #01269597
Dennis C. Smith, California Dept. of Real Estate Broker #00966315
Stratis Financial Corporation, California Dept. of Real Estate Broker #01269597
Contact Us | Dennis' Bio | Testimonials | Truth-In-Lending Disclosure Explained | New Good Faith Estimate | Social Media | Tell a Friend | Home | Loan App Checklist | Site Map | Loan Application | Mortgage Calculators | Customer Login | Are You Pre-Approved? | Daily Rate Lock Advisory | My Blog
Copyright © 2012 Stratis Financial CorporationPortions Copyright © 2012 a la mode, inc.Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
