Following five weeks of strong economic news that drove mortgage interest rates higher; this week the market delivered mixed economic news that resulted in a rally in bonds that moved mortgage interest rates slightly lower, compared to the week before.
CURRENT INTEREST RATES | MARCH 30, 2012
($200,000 – $417,000) 0 POINTS
• 30 Year Fixed: 4.000% (4.07% APR)
• 5/1 ARM: 3.000% (3.07% APR)
($625,501 – $2,000,000) 0 POINTS
• 30 Year Fixed: 4.750% (4.82% APR)
• 5/1 ARM: 3.375% (3.44% APR)
|CONFORMING (HIGH-BALANCE) RATES
($417,001 – $625,500 cap by county) 0 POINTS
• 30 Year Fixed: 4.125% (4.19% APR)
• 5/1 ARM: 3.250% (3.32% APR)
Rates are DOWN compared to last week.
Rates are UP compared to last month.
Rates are DOWN compared to one year ago
The Perfect Loan File
A common theme among mortgage borrowers these days is they cannot believe the amount of paperwork required to obtain a loan. Indeed I’ve had customers push back on documentation because they thought it was overkill or in their opinion “unnecessary.” There is no doubt that we do require much more documentation today than we did before the meltdown, but that is for good reason and I can assure the loans we are writing today are the best quality I have seen in my career, and ultimately that will be good for the markets and the overall economy.
Forbes recently ran a strong piece that I feel does a wonderful job explaining why we in the mortgage business require so much documentation and I encourage prospective borrowers to read it. Here is small excerpt (that I couldn’t agree with more) but you can read the rest of the article here.
“The media has it all wrong – securing mortgage approval and satisfying credit underwriting guidelines are not the difficulties plaguing mortgage consumers. It’s in meeting the rigorous documentation requirements that most people fall flat. The good news is, the fix is simple. Just scan, photocopy, fax, and deliver every aspect of your financial life. Then, shortly before closing, check everything again.
Mortgage consumers who enter the mortgage approval process ready to battle their chosen mortgage lender will come out with a nightmare story to tell. As the process, requirements, and guidelines are the same for everybody, your mindset is the game-changer. Accepting the redundant documentation necessary for lender approval will make everyone’s life easier.”
This article was reprinted courtesy of Gina Kemsley – Copyright © 2011 Gina Kemsley, Terra Mortgage Banking, All rights reserved.
Gina Kemsley – Senior Vice President – Loan Consultant, Terra Mortgage Banking
Office: (415) 464-3144 – Cell: (415) 828-0218 – Email: firstname.lastname@example.org – Website: www.terramortgagebanking.com/loan-officers/gina-kemsley
About the author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi. I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789. I specialize in residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.
My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs. I have an excellent track record as a successful, results-oriented negotiator and effective communicator. My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and marketing resources, make me an invaluable real estate resource.
I am a long term Marin County resident and home owner. I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty. I know the neighborhoods, the schools, the amenities; I know where you want to live. I know and love Marin County!