Mortgage Industry Update

[fisherdog19]

Well, I'm sure all of you have read about all the turmoil and problems being cause by the mortgage crisis, but there is still plenty of money out there to lend. Don't let a bunch of bad apples ruin it for us good guys; as a division of a chartered bank that is over 100 years old, we are still running strong and lending money. Since we are not a mortgage broker, we have not felt the pinch as bad because we are so highly regulated. My company has never dealt in the subprime or ARM products much, unless a client specifically asked for an ARM. You can rest assured that you will get what you ask for and are told I can offer you.

Rates are still low and under 6% so if you are looking to purchase or have an arm coming due and need to refinance, please give me a shot. I have plenty of FM members that will tell you that I do business in an ethical, fast, and courteous manner with low rates and fees. If any of you have any questions, please don't hesitate to contact me. We are licensed in 49 states and offer FHA, VA, USDA, and Conventional loan products.

[SomethingFishy*]

When you say under 6% how low are we talking. I am currently on a 30yr fixed at 6%, I fugure if they hit 5% or below it would be worth the refinace.

[fisherdog19]

They are a hair under 6%, depending on how big your loan is, you would need at least a .5% decrease in your rate for it to be worth it. Typically we like to see that the closing costs are made up in 48 months or less which is all relative to how much money you save per month which in turn is dependant on the loan amount.