This week is ending on a high note …

Happy Friday,

This week is ending on a high note as some reports give way to good mortgage bond news this afternoon. This week Core Personal Consumption Expenditure Index (PCE), which is the number one report to gauge inflation, shows us that inflation is right in line with Fed target rates between 1-2%.

TAKE A LOOK AT THE RATES! Look at the conforming 3, 5, 7 year ARMs which have really low rates! In the low 5%!! These programs do have pre-pays.

Working for a Living

This week we are still looking at the jobs report and its effects on the stock market. It has caused some concern that the Labor Department could still revise the report lower. Mortgage bonds are still at a two year low.

Economists are still looking at a possible rate cut in coming meetings to help the slowing economy; however, with inflation raising it is unlikely future cuts will happen.

There are tips in today’s update for you to review regarding who is taking the losses in the market and what you can do to protect yourself with home loan rates and great advice regarding your credit cards. I hope this information helps you with your financial planning.

If you are a home owner and have an adjustable rate mortgage, 30 year fixed, or pay option ARM, and are looking to lock in a low rate give me a call and ask me about a NO POINTS AND NO FEES REFINANCE. It’s a great time to get locked in. Looking forward to hearing from you!

8 Day Loan Close

This week the mortgage market proved to be volatile when we got news Tuesday about the Fed cut. With the Fed fund and discount rate cut by .25% this has pulled money out of bonds and into stocks this is driving mortgage pricing slightly higher today. Over the next week or two, rates should again stabilize and turn lower. Mortgage applications are at a two year high this week as refinancing has become a popular choice for many homeowners. If you have a friend or client interested in refinancing out of a pay-option ARM or Interest Only payments and wants a 30 year fixed mortgage I’d be happy to meet with them. I’m never too busy for any of your referrals! Have a great weekend!

-Sean La Rue

P.S. Need help getting a deal closed? This week I closed a loan in 8 days from loan application to funding! Call me to get your deals closed…

Refinance Your ARM Mortgage

Now that some of the dust from the credit crisis has settled, many borrowers are in serious need of a mortgage review. We take our job as mortgage planners very seriously and would welcome the opportunity to do a 10-minute mortgage review to determine if there are other options you should consider regarding your home financing.

If you currently have a 3-, 5-, 7- or 10-year fixed-rate or adjustable loan OR you have purchased in the last few years, it would be well worth your while to give us a call to review the options available to protect your financial future. It could be time to secure a longer-term fixed-rate option so that you are shielded from future market fluctuations. Also, if property values decline due to credit tightening, it may impact your ability to secure new financing.

Give us a call to discuss your options today. We value our relationships and want to ensure that we are doing everything possible to help our borrowers make the right lending choice for their future.

Many analysts still believe that the credit crunch is far from over and that additional tightening may occur. So it is critical for you to be proactive TODAY in order to protect your financial future!

We are here to help and would welcome your call.