July 2010 

What a surprise, thanks to the european debt crisis money has flowed back in to US treasuries and the dollar, causing mortgage rates to ease back down.  And the Fed's withdrawl of funds has not had the negative impact on mortgage rates that many had feared.  Not yet anyway.          

According to economic data, it is evident that the "economic recovery" is fragile at best, and there is already a rumour that the Fed may have to continue its buying spree to keep what ever economic improvement we may have from faltering.  Stay tuned... 

If you are in the market to purchase a home or refinance your existing mortgage, now is the time! 

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 4.50% - 4.75%, no points.     

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

Conventional 15 Year Fixed:

4.0% - 4.25%, no points.

VA 30 Year Fixed:

4.75%, no points.

For all of the above loan programs, 1% origination fee can be paid by you, or the lender we sell your loan to, depending on your rate.  Please call for more details.