Re-Alignment Needed to Sell More Homes - Eric's Daily Rate Watch 11-08-2011

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

Eric's Daily Rate Watch 

Nov 08, 2011  -  8:32am PST   -  Amazing Time to Buy a Home 
Re-Alignment Needed to Sell More Homes
In today's video, Eric talks about a major shift coming to the housing market.  Realtors, you need to prepare now!
In today's video, Eric talks about a major shift coming to the housing market. Realtors, you need to prepare now!
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.  "Zero-fee" loans available.  Call for details.  

CONFORMING  ($417k or less - pmt based on $250k)
RATE       APR        P&I Pmt   
3.750       3.874       $1158        30yr Fixed - WOW! 
4.000       4.293       $1194        30yr Fixed - 97%LTV with MI
4.375       4.507       $1248        30yr Fixed - 95%LTV - NO MI 
3.750       3.788       $1482        20yr Fixed - WOW!
3.250       3.312       $1757        15yr Fixed - WOW! 
4.125       4.213       $1212        30yr Fixed investment - WOW! 
10yr, 20yr, and 25yr Fixed available - Call for Details

2.500       2.604       $988          5/1 ARM

2.875       2.941       $1037        7/1 ARM

3.750       4.314       $1158        30yr Fixed FHA 
3.250       3.736       $1157        5/1 ARM FHA
Fantastic pricing also available for VA & USDA

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

RATE       APR        P&I Pmt   
4.250       4.326       $2951        30yr Fixed Purchase Special!!
4.375       4.476       $2996        30yr Fixed Jumbo - WOW! 
2.750       2.799       $2449        5/1 ARM Jumbo - WOW! 

3.125       3.185       $2570        7/1 ARM Jumbo - WOW! 

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 08 November 2011 - 8:32am 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! 
How long do I have to wait to buy a home AFTER a short-sale or foreclosure?

Many people have gone through a Short-Sale or Foreclosure in the past several years, and are under a false impression that they have to wait a decade or longer to buy again.  Here's the reality on waiting periods:

Foreclosure  -  3yrs for FHA or Conv, 2yrs for VA 

Short Sale  -  2yrs with 20% down, or 3yrs with minimum down for FHA or Conv.  VA loans require just 2yr wait with zero down.

Bankruptcy Chapter 7  -  2yrs after discharge

Bankruptcy Chapter 13  -  1yr after discharge

If you had "extenuating circumstances (medical, or other unusual one-time event that caused default), and can prove it, then the waiting period may be reduced.  All of above assume that credit has been re-established

So ... Realtors, check your past client database.  You may know several potential buyer who qualify to buy a home now, even with a tragic life event.  With today's low housing prices and low rates, these buyers could end up with a better home and lower payment than before!!

Watch commentary by "Rand on Real Estate" here to find out why owning a home is still a fantastic move, even today! 


  Italian crisis looming - why it matters to you

 Home Ownership Rose in 3rd Qtr

In This Issue
How long to buy again after foreclosure or short-sale
Today's News Headlines
About Us
Our Client's Say it Best

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Eric clients rate him Excellent in Customer Satisfaction!!

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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 ... 




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


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


"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
DIRECT  503.698.5801
           CELL 503.997.5285
MLO-97776  ~ NMLS-12072               10121 SE Sunnyside Rd, Suite 230    Clackamas, OR  97015                      2010 GFE
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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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