Mortgage rate and industry update

[slipperybob]

I was trying out the application thing and it's fairly extensive. I'm gonna have to gather account #'s and statements...where did I put all that stuff?

[YourBobersDown]

I wish I could get a house

[fisherdog19]

Rates have been on a roller coaster, but we are now seeing some liquidity back in the market and some purchasing of mortgage backed securities. It is my feeling the the restrictions and tightening of mortgage and private mortgage insurance guidelines has seen the end. Currently, 100% financing is no longer available on the conforming side (max of 97% now), but is on some government programs. Currently the 30 year is at 5.75% and the 15 year is at 5.25%. If any of you have any questions, do not hesitate to contact me.

[Tom Linderholm]

Just wanted to say thanks Peter for all your help, made it pretty simple to refinance, and do so quickly. For anyone out there looking for a mortgage. Peter is the guy to do it with.

[fisherdog19]

Thank you for the kind words Cheffrey, it was a pleasure to work with you. Hope to see you up on Leech this summer, you're always welcome in my boat.

A quick update on rates; the 30 year is holding near 6% and the 15 year is right around 5.625%. We are also now VA approved and will be offering FHA financing by the end of this month.

[Scupper]

As with many folks out there, the past couple years has brought some very uncertain and hard times. My nephew called me some time back and explained that he was trying to salvage not only his home but also his family. The financial strain from the mortgage was taking it's toll and he had been seeking solutions as to remedy his financial burden.

In our conversation he spoke of the lip service he had been getting in regards to promises of refinaning he found to good to be true.

I suggested to him to contact Peter here at the FM site.

He was in a situation that was deteriorating by the day and found it difficult to trust anyone. My nephew did call Peter although he, my nephew, was full up with skepticism due to past experiences. I am not privy to the conversations that he had with Peter but I do know that he called me and said he was still unsure of what to do although Peter assured him that he was there to help him. I told him to follow his gut feelings and my nephew ended contact with Peter.

Some time had past and my nephew called me and explained that Peter had kept contact assuring and advising my nephew as to what he could do to help although my nephew was still wary. I heard less skepticism in my nephews voice and assured him that Peter was quite honorable by his actions of continuing contact in a time when my nephew seemed destined to a possible foreclosure.

Take it for what it's worth fella's. I know my nephew and he is a tough stubborn bullheaded SOB. For Peter to continue contact and to help and advise my nephew to salvage his future goes far above the professional goals that one may have and reflects on Peters true gratification of sincerity in what he does.

By the way, I do not know Peter but I would like to thank him for his compassionate persistence in remedying my nephews daunting situation. It is much more manageable now.

Thank you so much Peter...

Uncle Scott...

[fisherdog19]

It was certainly a pleasure working with your nephew and his sweet wife Tracy. They were in a difficult situation and had tried a couple times to refinance but were turned down due to qualification issues. I thought long and hard to come up with a way to get them qualified by thinking outside the box while sitll following strict lending guidelines. One day while collaberating with one of our astout Underwriter's on how we might be able to get this loan approved, we figured out a way in which we could use the wife's income although we did not have 2 years of tax verification, but could verify 8 years of industry experience and well over 3 years as a self employed worker. As a banker, not a broker, we have our own underwriters in which we can speak and collaberate with on a daily basis when tough situations come about.

I was very relieved and happy that I could help your nephew out, especially since he has a growing family. I know that our industry has a black eye, and has been beat up quite a bit but there are plenty of us "good apples" left in the lending industry where our main concern is the clients' well being. If any of you ever need help or just have a question, no matter how silly you may feel it is, I am always available.

[fisherdog19]

Currently rates are holding steady with minute changes on a daily basis. We really saw an increase in rates starting about 6 weeks ago when they started to climb and peak at around a .5% increase. We have seen some of it come back over the last week or so and currently the FHA 30 year fixed is at 6% and the conforming is at 6.5%. Both the FHA and Conforming 15 year notes are right at 5.875%. I still will cover up to $350 worth of you appraisal at closing for all loans greater than $125,000 for FM members or referrals from members.

[fisherdog19]

The rates have taken a dive the last couple of days, with certain programs seeing 5.5% on the 30 year fixed and 5.25% on the 15 year fixed. If you have been contemplating a refinance ro a purchase, now is the time to do it, especially if you ar in an ARM. Contact me with any questions, I'd be more than happy to help.