Mortgage Rates in Late October


Mortgage rates coming back down, housing prices are rising again and the overall economy is beginning to show signs of recovery…all good news right? For the most part, all of these things are good news, but with all good does come some risk. With the recent pick-up in housing sales and the decline in mortgage rates, “discount” mortgage lenders, real estate brokers and the “For Sale By Owners” are once again on the rise. But, buyer beware, not all service providers are equal.  And choosing the wrong provider could cost you dearly.

The Mortgage Process…Whether it is your first home or your tenth, the mortgage process is ever-changing with new options that need to be carefully explored.  You will have questions.  And, if you go to a “discount” provider you will most likely experience the age-old adage “you get what you pay for.”  For your agent to protect your interest on the transaction, they will need to receive timely and accurate communications on your financing, from title to appraisals and beyond.  Agents know who they can trust and work with those lenders who consistently deliver for them. Missing a critical date within the contract can cost you your earnest money and the home of your dreams.

The Purchase or Sale Of Your Home…While many “shudder” at the thought of paying 5% to 7% in real estate commissions, the agents representing you earn every penny. As veterans in this industry, we have seen almost everything, and what we can tell you is that agents earn their commissions. The “For Sale By Owners” are our favorites. Most of these people have no idea to request a “pre-qualification” letter much less know how to read one and understand what is a firm letter and one that is not worth the paper it’s written on. They also have no idea what to do with things like easements, problematic home inspection reports or low appraisals. We could go on for days on this topic, but one thing we can certainly attest to is that a good agent is critical to a successful purchase or sale of a home. Their continued success is solely dependent on your closing experience which includes every vendor (including the m ortgage banker) they recommend.  The moral of the story is choose your real estate providers carefully to ensure you have the best experience on one of life’s largest transactions.

Have a wonderful remainder of your week and remember all rate quotes do not require an origination fee!

Base Market Rates and Conditions
30 Year Fixed Conforming 4.125% 0.50 Points
FHA 30 Year Fixed 3.750% 0.25 Points
FNMA 15 Year Fixed 3.250% 0.50 Points
5 Year Jumbo Arm 3.750% 0.50 Points
15 Year Jumbo 4.000% 0.50 Points
7 Year FNMA Arm 3.500% 0.00 Points
5 Year FNMA Arm 3.250% 0.00 Points
Richard Staley & Jim Lewis CBC National Bank NMLS#s 185131 & 303559 Richard: (770) 351-7553 Jim: (678) 231-0602

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