Dennis' Mortgage Blog

October 26th, 2007 3:18 PM
I am working on putting together a message for my Mortgage Blog and also the Long Beach Post (lbpost.com) that will have information from CPA, Insurance Agent and lender regarding the processes and issues for those losing property in the Southern California fires, or other disasters will find useful. Check in later today or over the weekend and forward to your clients. Knowing how the internet works it may help someone in need.
 
I have several clients who have properties in the major burn areas, some have no doubt lost their properties and some have not know whether they have or not until this weekend. It is undoubtably a tragedy affecting many families and communities, as I write this at least 1400 homes have been lost to the fires, 1400 families looking to start anew somewhere, sometime, somehow. It has been a relief to see the response by our firefighters, emergency aid workers, Red Cross and volunteers just showing up at some of the designated shelter areas to help others in need.
 
Being in the real estate industry we know the emotional attachment that quickly develops during the escrow period for families purchasing a new home. I hope, as I know you do as well, that these families are able to find the strength and wherewithal to face the next stage of their lives as they begin the process of rebuilding their homes and sanctuaries for their families.
 
Economically the bond market has been climbing and dropping opposite the stock markets. Some solid gains on Wednesday were wiped out yesterday and today with stocks climbing and result is a mixed bag with conforming loans rising and jumbos dropping.
 
While conforming climbed this week the jumbo rate has softened slightly narrowing our gap between conforming and non-conforming:
 
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
 
 
***PLEASE NOTE*** "Jumbo" for this rate graph is for mortgages identical to those mortgages that fit Fannie Mae and/or Freddie Mac guidelines with the exception of loan amount greater than $417,000. "Non-conforming" mortgages may be below the $417,000 loan amount and are so designated depending on may factors, including but not limited to FICO scores, income and/or asset verification, etc.
 
Let me know how I can assist you and your clients. Be sure to send them to www.DennisCSmith.com for rates, to apply for mortgages, and a lot of great information on loans and mortgages.
 
Dennis
Dennis C. Smith
Stratis Financial
Direct (562) 472-1118
Mobile (562) 243-6912
Fax (562) 684-4316
 Friday, October 26, 2007
Posted by Dennis C. Smith on October 26th, 2007 3:18 PMPost a Comment (0)
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