Hello, the rates I provided are good for a week, which means these rates are good until 6/9/2009. Please keep in mind that we can also do these loans stated self employed, with just a CPA letter, without showing any income documentation. There is only a .125 add on, to the rates provided, for all stated self employed loans. For loans from $1,000,100 to $1,500,000 just add .125% to the rates provided and for loans from $1,500,100 to $3,000,000, just add .25% to the rates provided. We can also close these loans as interest only, if that is your clients preference, which is included within some of the rates provided but for the interest only loans, .25 is added to the regular rate . Please also keep in mind, that we also have a NO DOC program still available, but for more information on those type of loans, please contact me or have your client contact me directly. Please remember, I am available 7 days a week and my contact info is provided down below.
There was an increase to the rates this week due to the following:
Mortgage rates have risen over the past week over .5% to the highest levels we have seen for 6 months. The main factor at play that has caused this has been the oversupply of money that is being pumped into the system in the form of government bond auctions. The markets yesterday went into a selling frenzy as fear of impending inflation caused investors to flee from long term bonds, a negative for mortgage rates. Although there are other factors involved, inflation fears along with over supply have been the main influences in the current trend. Inflation is the enemy of mortgage rates as higher inflation erodes the value of a long term investment such as a mortgage-backed bond. Simply put, if an investor holds a long term bond at a low rate, say 4.5%, and inflation rises to say, 3%, the value of that investment is minimal. At current inflation rates of less than 2%, a 4.5% long term investment makes sense.
Here are the Updated rates:
30 Year Fixed up to $1,000,000: 6.00%
30 Year Fixed up to $1,000,000 with Interest Only: 6.25%
30 Year Fixed up to $729,000: 5.875%
30 Year Fixed up to $417,000: 5.375%
30 Year Fixed Elite up to $417,000: 4.875%(The Elite Program is Full Documentation Only & Fluctuates Daily)
10 Year ARM up to 1,000,000: 5.50%
10 Year ARM up to 1,000,000 with Interest Only: 5.75%
7 Year ARM up to 1,000,000: 5.25%
7 Year ARM up to 1,000,000 with Interest Only: 5.50%
5 Year ARM up to 1,000,000: 5.00%
5 Year ARM up to 1,000,000 with Interest Only: 5.25%
5 Year FHA ARM up to $417,000: 3.875%(The FHA Program is Full Documentation Only & Fluctuates Daily)
3 Year FHA ARM up to $417,000: 3.625%(The FHA Program is Full Documentation Only & Fluctuates Daily)
Stephen J. Gallo Parallel Mortgage Corp.
Director of Marketing & Sales
Certified Mortgage Specialist
Office: 732-238-1100 Ext 317
Cell: 732-501-3797
E-Fax: 732-348-9513
Email: sgallo@parallelmtg.com
Website: www.sgallo4loans.com
Website: www.yourfhaguy.com
"A Certified Mortgage Specialist is unlike a traditional loan officer. As a Certified Mortgage Specialist, my role is to help you integrate the loan that you select into your overall long and short-term financial and investment plan, to minimize taxes and interest expense and improve cash flow. My team is dedicated to delivering superior mortgage advice and world-class customer service to you. Our goal is to take such great care of you and your loan that we earn your loyal business and your referrals of family and friends. Our success was built by referrals...one happy client at a time!"
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