Eric's Daily Rate Watch 
September 28, 2011  -  7:39am PST    -   Amazing Rates Holding!   

My Lender Lied to Me ... Really?        

You may have thought your bank's loan officer was always honest, but are they? Eric shares true story and how you can protect yourself!
You may have thought your bank's loan officer was always honest, but are they? Eric shares true story and how you can protect yourself!

This will open in my YouTube page in separate window.  Be sure to come back to this page to read the rest of the articles below!

Today's Rates at a Glance
Pricing shown actually available at time of publication and may change up/down during the day.  Most loans can be "bought-down" further to lower rate. "Zero-fee" loans available.  Call for details.  

CONFORMING  ($417k or less - pmt based on $250k)
RATE       APR        P&I Pmt   
3.875       3.921       $1176        30yr Fixed - WOW! 
4.000       4.383       $1191        30yr Fixed - 97%LTV with MI
4.375       4.485       $1248        30yr Fixed - 95%LTV - NO MI 
3.750       3.812       $1482        20yr Fixed
3.250       3.321       $1757        15yr Fixed - WOW! 
4.125       4.236       $1212        30yr Fixed investment - WOW! 
10yr, 20yr, and 25yr Fixed available - Call for Details

2.750       2.762       $1021        5/1 ARM

3.000       3.026       $1054        7/1 ARM

3.750       4.314       $1158        30yr Fixed FHA 
3.250       4.013       $1157        5/1 ARM FHA
Fantastic pricing also available for VA & USDA
  

JUMBO  (above $417k - pmt based on $600k)

RATE       APR        P&I Pmt   
4.625       4.691       $3085        30yr Fixed - WOW! 
2.750       2.812       $2449        5/1 ARM Jumbo

3.125       3.318       $2570        7/1 ARM Jumbo

We have Jumbo Loans up to 90% loan-to-value

 

 
Current Product Offerings Include:

Purchase, Refinance, Construction, Commercial, Investment Property, Single & Multi-family, Conventional, FHA, VA, USDA, Cash-out, Streamline refi's, No-Cost refi's available ... and more ... And we lend our own funds for most of these loans (closing faster than brokers, big banks, credit unions with better rates)

 

Interest rates as of 28 September 2011 - 7:39am PST, and are subject to change without notice.  Please call for up-to-the-minute accurate quotes and Pre-Approvals.  Pricing based on a single-family primary residence and 25day lock in Oregon.  Washington rates "may" vary slightly.  FHA, USDA, VA rates factored on a middle credit score of 640 and 96.5% ltv for FHA and 100% ltv for USDA or VA.  USDA has income & property restrictions.  Lower credit score loans are possible under certain circumstances (call for details).  Conventional rates shown based on credit-score of 740 and 75% or less ltv, with impounds. Jumbo pricing based on 75% ltv (fixed) and 75% ltv (ARMs) with impounds.  Lower credit-score programs may be available at slightly higher rates.  Reduced or "no-cost" loans available upon request.  Other restrictions to any program may apply. This offer is not a firm committment to lend.  Individual program qualifications may apply.  Currently locked rates may be reduced if enough market improvement - call for details on our "floatdown" policy.

 
Call 503.698.5801 for program details and scenarios ... find out what you qualify for! 
Record Low Rates - Are They Going to Last?    

  

If you have paid attention in the last week, you have seen us hit the lowest level in history, for the benchmark Fixed-Rate Mortgages.  Is that going to last for any amount of time in the future?
 
Probably not, and here's why ...
 
Take a look at this chart from the past 30 days, which shows the sale rate of Mortgage-Backed-Securities.  See the jump last Wednesday after the Fed talk?MBS 1 09272011
Then look at what has happened since then.  The higher this chart goes, the lower mortgage rates are.  But when it declines, rates will start to inch up.  You may not see the actual rate rise immediately, but the "buy-down" cost to get a particular rate will increase.  Markets can move fast in either direction.

Now look where we are in relation to the past year:
MBS max 09272011
See how high we are in comparison to the Spring?  And remember that even the low levels on this chart still represent extremely high levels in comparison to past 20 years.  We are at a peak, and there is a much greater likelihood of a correction downward, than there is of further improvement.

I'm not a gambler.  I would personally rather take my gain, and lock a historically low rate now, versus risking losing my opportunity.  I  know that if I do lock and rates drop further, I can always do it again.  So I win, no matter what.

I'm in the office all day today ... 503.698.5801
TODAY'S NEWS HEADLINESwall street 2

 

Wall Street Erases Early Gains Stocks erased gains and the S&P 500 and the Nasdaq turned negative on Wednesday as shares in the materials sector fell sharply as uncertainty over Europe's debt crisis continued to dog the markets.  Full Story 

11 Things Not to Do When Buying a Home mortgage application

You're counting down the days until closing, the sellers have accepted your offer, the lender has you pre-approved and the house is officially under contract. Does this make the home yours?

Nope - nothing is certain until all the paperwork has been signed, and the keys are in your hand. There are still some things that can happen before you close, and if you're not careful about your actions between now and closing, you might accidentally slow things down, cause yourself stress, or worse, break the deal.
 
Here is some advice on what NOT to do until the ink is dry:
In This Issue
Will Low Rates Last?
Today's News Headlines
11 Things Not to Do When Buying a Home
About Us
Our Client's Say it Best

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Who We Are

Skyline Home Loans is a DIRECT LENDER.
This means we fund most of our loans through our own bank lines, have in-house underwriting & funding, along with very competitive terms and fees.  We have assembled one of the strongest teams in the industry, which allow us to provide outstanding customer service.

Whether you are purchasing your first home, or your 10th rental property, we are committed to explaining all the available options and ensuring a smooth & timely closing. 


What If I Lock and Rates Dip?
If you instruct us to lock your rate, and the next week the market improves enough, we may be able to reduce the rate we locked for you by re-negotiating with our investors. 

We are monitoring the markets in real-time EVERY DAY, so if a change occurs, we will notify you.  Any change does require enough market improvement (usually 1/4 - 3/8%) - call for details. 

Our Clients Say ... 

 

bullhorn

 

"My jaw dropped ... you are a rockstar Eric!"   Kristin

 

"WOW, you continue to impress us"  Jennifer

 

"You are my guy. I trust what you tell me"  Gary

 

"We appreciate how easy this process was"  K.L.

 

"Couldn't have asked for a smoother closing"  Mike

 

"I really appreciate your dedication.  I will tell everyone I know about you"  Michelle

 

"I wish everyone I did business with demonstrated the same level of professionalism and competence"  David

 

"Easiest and least painful refi ... EVER"   Jim

 

"You met and exceeded everything I hoped for - thank you!"  Rob

 

"You will definitely have ALL my future business"   Dave

 

"You are a man of character and integrity who always has the best interests of your clients as your priority"    Merrilee 

 

"Thank you for listening, Eric"   Janet

 

"You are the best one out there.  Nobody else goes the extra mile like you do"

Realtor referral partner

 

 
Eric new photo 03012011Skyline HL Logoericnewman
Senior Mortgage Banker
 SKYLINE HOME LOANS
DIRECT  503.698.5801
           CELL 503.997.5285
           WWW.GONORTHWESTLOANS.COM
MLO-97776  ~ NMLS-12072               10121 SE Sunnyside Rd, Suite 230    Clackamas, OR  97015                      2010 GFE
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ERIC NEWMAN   mlo-97776

503.698.5801 direct      EMAIL ME

American Pacific Mortgage logo

4900 Meadows Rd, Suite 100, Lake Oswego, OR  97035

NMLS-1850/1053700   Equal Housing Opportunity    Not a commitment to lend     
 

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Eric Newman, mlo-97776

Branch Mgr & Sr Mortgage Banker CallNewman.com

Lake Oswego, OR

More about me…

American Pacific Mortgage, nmls-1850/1053700

Address: 4900 Meadows Rd, Suite 100, Lake Oswego, OR, 97035

Office Phone: (503) 698-5801

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