Eric's Daily Rate Watch for March 8, 2010 - Gordon Gekko Is Back ...

Mortgage and Lending with Directors Mortgage, NMLS-3240 NMLS-97776

Gordon Gekko Is Back ... April 23rd

This is of course, the "Wall Street" section of my daily update ... so how fitting, I announce the sequel to the famous 1987 flick with Michael Douglas and Charlie Sheen.  Timing is impeccable to say the least!  Read the full article 


Right now, the pricing for goverment loans ... FHA, VA, USDA Rural ... is fantastic and at record lows. 

 Summit Mortgage has just added new investors for our gov't programs, including FHA, VA, and USDA Guaranteed Rural ... and that is giving our clients amazing rates with fast closings.  Applies to OR, WA, and CA loans.

 How fast can we close?  Less than 30days, in most cases.  I just did a couple FHA loans in only 3 weeks.  Brokers will take up to 45days, but we do ALL our government loans in-house, including underwriting, processing, and funding ... making the process a ton easier and faster.  Credit scores can be as low as 620, and a few of these programs allow ZERO downpayment.

Send me your loan scenario today!


Conforming ($417k or lower - Pmt based on $250k loan amt)

RATE      APR       P&I Pmt

4.750     4.896      $1304       30yr Fixed

4.250     4.522      $1880       15yr Fixed

5.250     5.418      $1380       30yr Fixed investment

3.500     3.416      $729         5/1 ARM interest-only

4.750     5.603      $1326       30yr Fixed FHA

Jumbo (over $417k loan amt  -  Pmt based on loan amt listed)

RATE      APR       P&I Pmt    

5.500     5.620      $2838       30yr Fixed to $500k

5.750     5.867      $3501       30yr Fixed to $600k

6.125     6.241      $4253       30yr Fixed to $700k

6.375     6.489      $5302       30yr Fixed to $850k

6.625     6.733      $9604       30yr Fixed to $1.5mil

4.250     4.349      $4427       5/1 ARM to $900k

3.900     3.997      $4245       3/1 ARM to $900k

Up to $3million loan amounts available, call for details

Click to Use My Payment Calculators Here

Current Product Offerings Include:   Purchase, Refinance, Construction, Land loans, Farms, Commercial, Investment Property, Single & Multi-family, Business acquisition & refinance, Conventional, FHA, VA, USDA, Cash-out, No-Cost refi's available ... and more ... And we lend our own funds for most of these loans (close faster with very competitive rates)

Interest rates as of 08 March 2010 subject to change without notice.  Please call for up-to-the-minute accurate quotes and Pre-Aprovals.  All pricing unless otherwise specified is based on a single family owner occupied residence and 30 day lock - lower credit score programs may be available at slightly higher rates.  FHA and Guaranteed Rural rates factored on a middle credit score of 620 and 96.5% ltv for FHA and 100% ltv for Guaranteed Rural.  Guaranteed Rural program has income & property location restrictions.  Conventional pricing is based on a credit score of 740 and 80% or less ltv, with impounds. Jumbo pricing based on a ltv of 80% on fixed and 75% on ARMs.  Standard closing costs apply - call for specifics.  Reduced or "no-cost" loans are available upon request.  Other restrictions or limitations to any program may apply. This offer is not a firm committment to lend.

Call 503.698.5801 for program details and scenarios ... and find out what you qualify for!



Posted by

ERIC NEWMAN  |  Loan Officer |  NMLS# 97776     
Office: 503.698.5801  |  Cell: 503.997.5285   |  Fax: 503.716.4604    
Guild Mortgage Company  |  NMLS# 3274  |  10135 SE Sunnyside Rd, Ste 220, Clackamas, OR 97015  

NW Mortgage Group has been acquired by Guild Mortgage  -  Read the full press release


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Eric Newman

Loan Officer with 25yrs in Housing, NMLS-97776
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