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News Letter

January 2012          

According to economic data, it is evident that the "economic recovery" is fragile at best, or never really existed.

Now that the U.S. government debt crisis has passed, (for now), interest rates are dropping to record lows once again.  It is very uncertain how long this will last.  If your mortgage interest rate is currently above 5%, you should call me about refinancing.  See these great current rates below. 

 Congratulations to those of you who have already taken advantage of these record low interest rates.  For the rest of you, if you are in the market to purchase a home or refinance your existing mortgage, NOW IS THE TIME!  Mortgage rates are at historic lows again!  There are more uncertainties in the market now than ever before, and it is anyone's guess as to how long these low rates will last. 

Be aware that in order to refinance at today's lower interest rates without paying for private mortgage insurance, you must have at least 20% equity in your home.  If you don't think you have 20% equity, we are now offering two new loan programs, the Fannie Mae Home Affordable Refinance Program (HARP), and the Freddie Mac Relief Refinance program that will allow you to refinance and lower your interest rate and monthly payment, even if you have a higher loan-to-value ratio. 

Please Call for the most up-to-the-minute rate quote for your particular loan program and circumstances. 

How Our Rate Quotes Work: 

We are approved as a correspondent with many national lenders, and can offer you loan programs and rates from all of them.  When you apply for your loan with us, we will help you shop among them for the best loan program that fits your needs, at the most favorable rate and closing costs. 

Call us with the details of your particular transaction.  Sometimes we can find you a more favorable rate than those quoted here, and we will provide you with a free Good-Faith-Estimate of closing costs that you can compare to those of other lenders.

Locking-In the Rate on Your Loan: 

Sometimes mortgage interest rates change daily, and sometimes they stay the same for weeks.  It all depends on market conditions.  When you have made your loan application with us, and have a home under contract, you can "lock-in" the interest rate on your loan at any time with just a phone call to us. There is no charge to "lock-in" your rate.  (Believe it or not some lenders charge a fee to do this).  Until you have "locked-in" the rate on your loan, you are considered to be on "float", and your rate could move up or down depending on market conditions.  When you have "locked-in" the rate on your loan, it is guaranteed through your closing date, so you no longer have to worry about market changes.

When you make your loan application with us, we will give you information about current market conditions, so you can decide if you want to "lock-in" your rate, or "float" and attempt to obtain a better rate.  

The rate quotes below are an average of the rates offered by several of our lenders for some of our most popular loan programs.  If you would like a rate quote for a loan program not seen here just call us.  All quotes are for loan amounts between $150,000.00 and $417,000.00, an 80% loan-to-value ratio or less, (meaning you are not borrowing more than 80% of the property appraisal or contract price), and are for a 30 day rate lock.  To get the best rates, a credit score of 740 or higher is required.  Rates are slightly worse for credit scores between 700 and 739, and worse again for scores between 680 and 700.  It is no longer cost effective to originate a new mortgage for someone with a credit score below 680. 

Conventional 30 Year Fixed:  This month rates have varied between 3.875% - 4.375%, no points.     

Rates vary depending on loan amount, credit score, and loan-to-value, please call for an exact quote.  

Conventional 15 Year Fixed:

3.25% - 3.5%, no points.

VA 30 Year Fixed:

4% - 4.5%, no points.

For all of the above loan programs, the loan origination costs can be paid by you, or the lender we sell your loan to, depending on your rate.  Please call for more details.