Dennis' Mortgage Blog

Short sales have unique challenges for everyone, I have the experience to guide buyers and agents through escrow and financing to closing!

A bit of an abbreviated update this week due to a crazy schedule, part of which I will be able to tell you about in a week or two—very exciting stuff!

The market was hammered early in the week and rates jumped up, yesterday with some profit taking we saw a bit of a retreat and again this morning when prices came out.  While the market ended flat for the day overall rates are slightly down from last Friday.  Look for continued upward pressure however as the credit industry (i.e. banks and financial institutions) continue to report earnings and forecasts; as well as climbing oil prices. 

Lock your rate and terms as soon as you enter escrow!  That has been my advice for the past twenty years and I see little reason to change it in this market.

NOTE PRICING BELOW IS BASED ON 20% DOWN FOR JUMBO LOANS AND 10% DOWN FOR CONFORMING, 3% FOR FHA, FULL DOC, AND FICOS OF 720 AND ABOVE (change from last Friday):

30 year conventional at 1 point 6.25%                        Down 0.125%

30 year conforming-jumbo at 1 point 6.375% Down 0.125%

30 year FHA at 1 point 6.375%                       Flat

30 year jumbo at 1 point 7.625%                                Down 0.125%

Today is the first day of Summer, barbecues, pool parties, trips to the beach and watermelon! 

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.

I am available throughout the weekend to assist with scenarios, pre-qualifications and pre-approvals and other questions.

Have a great week,

Dennis

Dennis C. Smith
Stratis Financial
Direct (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