Eric's Daily Rate Watch for November 9, 2009 - 8:55am PST

4.750% on 30yr Conv - (or 5.000% with zero origination)

4.750% on FHA 30yr - (5.000% with zero origination)

5.000% on 30yr Investment Property

3.500% 5yr ARM interest-only

5.500% 30yr Fixed Jumbo

4.375% 5yr ARM Jumbo (to $1million)

BIG CHANGES COMING IN CREDIT-QUALIFYING GUIDELINES -  Watch for my update this afternoon on the FannieMae underwriting release coming in December.  This WILL affect EVERYONE and ability to get loans!

GET YOUR PAST FHA CLIENTS TO REFI NOW!!  -  The rules for Streamline FHA refinances are changing in a big way very soon.  As of now, we just go off their original loan amount, with no appraisal and no income/asset documentation.  They can also LEAVE an existing 2^nd mortgage in place to unlimited loan-to-value.  VERY easy to lower their rate.  Starting November 17^th, they will have to document their income, will have to own the home for a certain time, have cleaner credit, have a max limit on LTV, and more. 

LOOK IN YOUR CLOSED DATABASE for anyone that bought using FHA and call/email them about refinancing.  With these rates and loose guideline for the next two weeks only, it's the best chance they will every have to see a rate reduction, with minimal cost.  Have them call me right away to evaluate their benefit level.

STOCKS ARE WAY UP AFTER G-20 AGREES TO AID AILING ECONOMIES  - yet the Dollar is continuing its slide, which caused a jump in oil prices.  Bonds are relatively flat so far this morning, including MBS pricing, which influences rates.

FANTASTIC PRICING FOR ARMs  -  I know that most people want fixed rates, but before you say that, make sure you consider the time the home AND loan will be kept.  If less than 8 or 9yrs, then at least look into an ARM, which will save significantly on the interest.  No point in having a higher 30yr loan if you won't keep it that long.  Call/email and I can show you how to compare accurately.  We can do both at very competitive pricing.

95% CONVENTIONAL LOANS NOW AVAILABLE IN OREGON & WASHINGTON! ... One of our Mortgage-Insurance companies just removed OR/WA from their list of declining markets, which is what has kept us at a lower LTV max.  Now, we can finance Conventional purchases and non-cash refi's to 95% LTV, and cash-out refi's to 85% LTV.  Second homes allowed up to 90% LTV.  This is great news.  Must meet income/credit guidelines. 

WE HAVE FULL-EAGLE DIRECT ENDORSEMENT FHA APPROVAL FROM HUD!!  This is the highest level of FHA underwriting approval, and means we can close your loan faster than anyone else, and with the most competitive rates available.  Our in-house bank lines and underwriting are taking less than 3 business days to approve a loan.  FHA appraisals through us are done in a week or less.  This translates into a 3 week closing, if needed.  Call us for your next FHA transaction and we'll get your client a better deal done faster!!

Refinance to 105% LTV OR HIGHER !!  -  FINALLY we seeing some relief as a result of all the bailouts that will affect those of you who pay your mortgages on time, but have lost value in your homes.  Available right now is a plan to allow refinance of a 1^st mortgage (no cashout) up to 105% loan-to-value.  If you have a 2^nd, that will remain in place, regardless of loan-to-value.  So, if you are current on pmts, and couldn't refi before due to lost value, this may work for you. 

HOW TO GUARANTEE THE BEST RATE  -  In order to lock anything, we need to have income/asset info on file.  Purchases require Sales Contract.  Currently, we have historic low rates.  If we lock today, and rates dip significantly while we're processing the loan, we can look to renegotiate with our investor to give you the lower rate.  If you have a lower target rate, then apply today (get info on file) and we'll be ready if rates dip.  As a courtesy, if rates swing lower 4-6 months after you close a loan with us, we can in many cases do a no-cost refi to the lower rate.  Don't miss a great opportunity!

Apply Online 24/7 at  www.GoNorthwestLoans.com/applyNow.html.

Or call 503.698.5801 and do it by phone. 

Here's a quick snapshot of today's most popular programs:

Conforming  -  (up to $417k)

30yr fixed      4.750%    (4.844apr)   -   Owner-Occupied - 5.000% with zero origination 

15yr fixed      4.250%   (4.412apr)   -   Owner-Occupied - 4.375% with zero origination

30yr fixed      5.125%   (5.342apr)   -   Investment 25%down 1.5pts  -  or 5.250% at 1pt

5/1 ARM i-o   3.500%   (3.415apr)   -   fixed for first 5yrs - interest only minimum pmt 

30yr FHA       4.750%   (5.437apr)   -   5.000% with zero origination - similar for VA or USDA 

Jumbo  -  (over $417k)

30yr fixed      5.500%   (5.621apr)   -   up to $500k at this rate

30yr fixed      5.750%   (5.902apr)   -   up to $600k at this rate

30yr fixed      6.125%   (6.296apr)   -   up to $700k at this rate

30yr fixed      6.375%   (6.527apr)   -   up to $850k at this rate

30yr fixed      6.625%   (6.798apr)   -   up to $1,500,000 at this rate

5/1 ARM        4.375%   (4.688apr)   -   fixed for first 5yrs  -  up to $1million

NOTE  -  These rates are just a sampling of the thousands of programs we have available from over to fit virtually any situation.  The above-listed rates assume a purchase loan with excellent credit (740+), at or below required loan-to-value ratio (varies by program, call for details), and required income documentation.  This is PAR pricing with standard origination and underwriting fee.  Very competitive rates are also available for borrowers needing a higher loan-to-value, and those with lower credit scores and/or challenges.  Rates are subject to change without notice.  Please email or call us for accurate quotes and pre-approvals.

Current Product Offerings:

Purchase, Refinance, Construction, Land loans, Lot loans, Farms, Commercial, Investment Property, Single & Multi-family, Business acquisition & refinance, Conventional, FHA, VA, USDA, Reverse, Cash-out, No-Cost refi's available

and most of these loans can be done on our in-house bank lines (faster and cheaper)

Have a successful day ... call or email me with any scenarios!

ERIC