Lender Deals and Market Updates

Knowing the right name is important. What is the difference, in government securities, between a "bill", a "note", and a "bond"? Usually "bills" are anything with a maturity of 1 year or less, a "note" matures between 1 year and 10 years, and a bond is longer than 10 years. Yesterday we had the Treasury auction off $35 billion of 3-yr notes. Simply put, it went well. On top of that, the government was in buying their usual amount of $4-5 billion a day of mortgage origination. And today we have $19 billion of 10-yr notes to buy.
Prepayment "speeds" were announced, and interestingly enough the higher mortgage rates are prepaying at a slower rate than was expected. Since lenders don't want to have their higher-rate mortgages prepaying too fast, and then have to invest the money at a lower rate. Also if it is perceived that mortgages, in general, are going to prepay at slower rates (even if it is due to many folks already having a low rate, and those with higher rates don't have the FICO, the value, or can't qualify), and borrowers are making their payments, look of investor interest to pick up a little, helping mortgage prices relative to Treasury prices. Mortgage applications filed last week were up almost 11% from the week before, according to the MBAA. Refinancing was up over 15% prior to the 4th of July weekend, and purchases were up 6.7%. All round having these positive numbers is a great impact on our economy. - Anny Havland: Neighborhoood Mortgage

Lender Deals

Doug Eagle - Mortgage Loan Officer

Bank of America is now offering two loan saving programs; the "Summer Sizzle Special" and the "Dog Days of Summer." The Summer Sizzle Special is a way to save 1/2% off a Fixed Conventiaonal Purchase Loan and the Dog Days of Summer may save you 1% off a fixed rate FHA or VA Purchase loan. These deals expire August 30th, so contact Doug Eagle today to take advantage of this great offer! Doug.e.eagle@bankofamerica.com  (360)-303-3376



Rich Brown - Mortgage Consultant

Network Mortgage Services is a Direct Endorsed FHA/VA lender, they process USDA/State Bond Loans and also finance manufactured housing.Rich Brown is very competitive on rates and his customer service is outstanding, He is always available by cell during the day or in the evening and you will never wonder where you are in the loan process. If you have any questions or concerns please feel free to contact Rich anytime.  RichB@networkhomeloans.com


 Anny Havland - Licensed Mortgage Advisor

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102% Financing based on appraised value, if appraised value exceeds sales price, borrower can finance closing costs! No monthly mortgage insurance, 1-time guarantee fee of 2% that can finance above the appraised value.No asset requirements.No first time homebuyer restrictions.No minimum cash contribution from borrower.6% seller concessions and 100% gifting is allowed - Your borrower can purchase a home with no money of their own into the transaction. Up to 10k in repairs can be financed. Brand new manufactured homes are allowed.

Geographic and income restrictions apply.  Anny@Neighborhoodmortgage.net