Hoboken Mortgages | Rate Update

Hoboken Mortgages | Rate Update  January 18th, 2011

Current mortgage rates, updated sent to me from my preferred mortgage broker, Michael Mundy, Pinnacle Mortgage.

CONVENTIONAL CONFORMING LOANS  (loans less than or equal to $417,000)   

30 YEAR FIXED ---------------------------- 4.750%/ 4.792% APR

30 YEAR FIXED INTEREST ONLY--- 5.250%/ 5.268% APR

15 YEAR FIXED----------------------------- 4.125%/ 4.131% APR

5 / 1 ARM------------------------------------- 3.375%/ 3.128% APR

7/1 ARM ------------------------------------  3.750%/ 3.481% APR

*All quotes are with 0 points
*Investment Properties --- ** Add 1.75 points  (if 25% down)**
*There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV*

CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS  (loans greater than $417,000, but less than $729,500)   

30 YEAR FIXED ------------------------- 5.000%/ 5.091% APR

15 YEAR FIXED ------------------------- 4.375%/ 4.453% APR

 ** Loan amount restrictions based on county and property type.  Cash-out refinances over 60% LTV not allowed.

***There is a rate increase for condominiums over 75% LTV***

CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000 up to $1,000,000 loan amount)

30 YEAR FIXED--------------------------- 5.125%/ 5.136% APR

30 YEAR FIXED INTEREST ONLY--  5.500%/ 5.516% APR
15 YEAR FIXED--------------------------- 4.375%/ 4.451% APR
5 / 1 ARM------------------------------------- 3.500%/ 3.237%APR

7/1 ARM -------------------------------------- 4.125%/ 3.862% APR 

Hoboken Mortgages | Rate Update

Hoboken Mortgages, Rate Update

I'm afraid it's bad news. Rates are up again. This must mean that the fed is hiding good news from us! When there is positive news in the economy, rates go up.

Look at it on the bright side, good news is good news, and at 5% that's still low!!

From Mike Mundy @ Pinnacle Mortgage - mmundy@pinnaclemortgage.biz

REVISED December 15^th, 2010---- 8:00 PM ET
Lock Period = 45 Days

CONVENTIONAL CONFORMING LOANS  (loans less than or equal to $417,000)   

30 YEAR FIXED ---------------------------- 5.000%/ 5.093% APR

30 YEAR FIXED INTEREST ONLY--- 5.250%/ 5.268% APR

15 YEAR FIXED----------------------------- 4.375%/ 4.462% APR

5 / 1 ARM------------------------------------- 3.625%/ 3.268% APR

7/1 ARM ------------------------------------  3.875%/ 3.521% APR

* All quotes are with 0 points
*Investment Properties --- ** Add 1.75 points  (if 25% down)**
*There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV*

Hoboken Mortgages | Mortgage Rate Update

Hoboken Mortgages - Rate Update

Are rates creeping up? Do the big pants know something that we don't? Well rates have slowly been inching their way up since October with positive news streaming into the markets..

In November the 30year fixed rate was 4.375

December, it's up again! If you are in the market to buy a home, you should ask your representative whether now maybe a good time to lock in a rate.

From Michael Mundy - Pinnacle Mortgage - mmundy@pinnaclmortgage.biz

REVISED December 3rd, 2010---- 5:00 PM ET
Lock Period = 45 Days
CONVENTIONAL CONFORMING LOANS  (loans less than or equal to $417,000)  

30 YEAR FIXED ---------------------------- 4.625%/ 4.649% APR
30 YEAR FIXED INTEREST ONLY--- 5.125%/ 5.139% APR
15 YEAR FIXED----------------------------- 3.875%/ 3.883% APR
5 / 1 ARM------------------------------------- 3.250%/ 3.091% APR
7/1 ARM ------------------------------------  3.500%/ 3.341% APR
* All quotes are with 0 points
*Investment Properties --- ** Add 1.75 points  (if 25% down)**

Hoboken Mortgages | How To Secure The Best Mortgage Rates

No doubt you're aware that mortgage rates have been low throughout the year. You've also probably heard that this fall has seen interest rates dip to record lows for the modern era. But, you may have also heard that some buyers, or refinancing homeowners, are having difficulty obtaining loans at the lowest advertised rates. The loan application process is much more rigorous than in years past and the processing time for loan applications has grown.

How can you know whether or not you realistically qualify for the great rates being advertised? Remember that lenders are all about assessing risk - they are looking for applicants with a very low risk of defaulting on their loan. There are five key factors that a mortgage broker will look at when determining the rate you will pay on the loan:

Down Payment

Mortgages can still be obtained with low money down, but having a 20 percent down payment is the best bet if you hope to obtain the best interest rates. If you can afford to make a down payment in excess of 20 percent on the house, you will be in an even better position to take advantage of the lowest mortgage rates.

Assets

Lenders these days are going to be very exacting when reviewing your financial records. They will want to verify that you have the necessary cash to cover the down payment and closing costs. Banks will also want to make sure you have some amount of cash buffer as an insurance policy of sorts. All of this will need to be proven with extensive documentation, and many lenders will want to review several months' worth of your account statements. Lenders will also ask for copies of recent tax returns. 

Credit Score

It's no secret that the strength of your credit score greatly affects the type of loan you will qualify for. The magic number to aim for is a FICO score of 700 or better. Clearing the 700 benchmark will qualify you for the best mortgage rates, while a score even just a few points below 700 can cost you as much of a quarter of a point in interest, which equates to thousands of dollars over the life of the loan. 

Job Security

Not surprisingly, lenders will want to make sure that your career situation is stable enough that you will be able to continue to make the loan payments on into the future. Banks will want to see documentation to indicate how long you have been with your current employer. Ideally, you will have two years or more employed by the same company.

Loan Type & Loan Length

Adjustable mortgages have lower initial rates overall than fixed-rate loans. FHA loans will typically have a higher interest rate, as will jumbo loans (mortgages taken out on higher-priced homes). As a rule of thumb, fixed rate loans will have higher interest rates as the length of the loan increases, so a 10 year fixed rate loan will have a lower rate than a 15 year mortgage, which will in turn be lower than a 30-year fixed loan. And all mortgage rates vary from state to state and even from city to city, so the rates you see advertised nationally may not be relevant to your search for the right loan.

Hoboken Mortgage Rates Jump To 9%

This letter was emailed to me by Ted Shirm from Met Life...

Rates Jump to 9%

Happy April Fool's Day!!!!

Now that I have your heart rates up to optimal levels let's realistically discuss what is happening. Yesterday the Fed finished buying Mortgage Backed Securities having spent the last of their $1.3 trillion. Over the past couple of weeks multiple analysts have forecasted a rate movement from .25% to .75% (up). 2 weeks ago I was at MetLife's Club trip. (a little plug for myself: I was ranked in the top 6% in the nation for 2009) One of the speakers discussed where we will see rates going over the next month.
His forecast was that we will still see a 5 in front of rates for some time. Although the government will cease buying mortgage backed securities they have set a new policy that should help keep rates lower by making the private sector more comfortable with purchasing the Mortgage Securities. This new program will guarantee all new mortgages that go through Fannie Mae and Freddie Mac for three years. This will ease concerns of investors in the private sector (hopefully) and they will feel comfortable buying mortgage backed securities.
Today we did see a movement up in rates. Here is where they stand today.

Please note that these rates assume a 740+ credit score and the property type as a condo. There are no points charged for these rates.

Loan amounts up to $417,000
30 Year Fixed 20% Down: 5.25%
30 Year Fixed 25% Down: 5.125%

Loan Amount Above $417,000
30 Year Fixed 20% Down: 5.375%
30 Year Fixed 25% Down: 5.25%

Ted Schirm Jr.Sales Manager
2009 President's Club Member
MetLife Home Loans
908-403-6429 - phone
410-308-6334 - Efax

Hoboken Real Estate Mortgage Rate Update

Just in from my preferred mortgage broker - Pinnacle Mortgage - mmundy@pinnaclemortgage.biz

Ladies, look at these numbers. If you are currently shopping for a home, I would highly highly recommend that you lock in a rate today. Remember, every borrower is different and the best rates are assumed with great credit.


Revised March 2nd, 2010---- 12:30 PM ETLock Period = 30 Days

CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)

30 YEAR FIXED ---------------------------- 4.875%/ 4.891% APR
30 YEAR FIXED INTEREST ONLY--- 5.500%/ 5.657% APR
15 YEAR FIXED----------------------------- 4.375%/ 4.411% APR
5 / 1 ARM------------------------------------- 3.500%/ 3.321% APR
7/1 ARM ------------------------------------ 4.000%/ 3.816% APR
* All quotes are with 0 points*Investment Properties --- ** Add 1.75 points (if 25% down)***There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV


CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)

30 YEAR FIXED ------------------------- 5.125%/ 5.131% APR
15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR

** Loan amount restrictions based on county and property type.
***There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV

CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)
30 YEAR FIXED--------------------------- 5.875%/ 5.891% APR
30 YEAR FIXED INTEREST ONLY-- 6.125%/ 6.131% APR15 YEAR FIXED--------------------------- 5.125%/ 5.140% APR5 / 1 ARM------------------------------------- 4.500%/ 4.316%APR
7/1 ARM -------------------------------------- 4.750%/ 4.556% APR ** All non-conforming loans need to be discussed in detail

Today's Mortgage Rate Update - by Hoboken Mortgage Broker

Remember two weeks ago when I posted an update rates were just about 5% - at around 5.125 - take a look to see that they've gone down a hair. Still a great time to lock in your rate if you're serious about buying or looking into refinancing.

>>>
REVISED January 15th, 2010---- 10:30 AM ETLock Period = 30 Days
CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)

30 YEAR FIXED ---------------------------- 5.000%/ 5.036% APR
30 YEAR FIXED INTEREST ONLY--- 5.625%/ 5.657% APR
15 YEAR FIXED----------------------------- 4.375%/ 4.411% APR
5 / 1 ARM------------------------------------- 3.750%/ 3.621% APR
7/1 ARM ------------------------------------ 4.250%/ 4.016% APR

* All quotes are with 0 points*Investment Properties --- ** Add 1.75 points (if 25% down)***There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV


CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)

30 YEAR FIXED ------------------------- 5.250%/ 5.279% APR
15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR
** Loan amount restrictions based on county and property type.

***There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV

CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)
30 YEAR FIXED--------------------------- 5.990%/ 6.015% APR
30 YEAR FIXED INTEREST ONLY-- 6.250%/ 6.271% APR15 YEAR FIXED--------------------------- 5.125%/ 5.140% APR5 / 1 ARM------------------------------------- 4.500%/ 4.316%APR
7/1 ARM -------------------------------------- 4.750%/ 4.556% APR ** All non-conforming loans need to be discussed in detail

*** Special Program 15/ 30 ARM
-----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!

Any questions don't hesitate to contact my preferred mortgage broker directly by emailing him at mmundy@pinnaclemortgage.biz