Finally this week, we are seeing the return to relative normalcy of the Jumbo Loan. Several of our investors are offering us competitive rates on Jumbo loans (those over $417K) again. We are seeing a reasonable spread between the conforming (<417K) and Jumbos again, with Super Jumbo & Ultra Jumbo once again being offered. Many of the Jumbo programs have been either suspended or priced through the roof by lenders in the wake of the August 2007 secondary market mortgage meltdown.
We have always felt that Jumbo Loans would return to normalcy, and return with reasonable rates & qualification guidelines. There is simply too much demand for these, and there are many low-risk, premium borrowers who banks should be happy to lend money to.
If you have a Jumbo Adjustable Rate Mortgage, we suggest you call us to review your position, and make sure you are in the most appropriate loan to match your taste for risk, affordability (avoid increasing ARM adjustments), and reducing Interest expense. We can help you sort out how, when & how much your ARM rate & payment will adjust. We can help you figure out the margin, index, recast point, payment options, etc. Call Brian Skaar at 866-900-2342 x106 or visit us online at www.vandykfunding.com.
Showing posts with label Adjustable Rate. Show all posts
Showing posts with label Adjustable Rate. Show all posts
Sunday, September 9, 2007
Thursday, August 16, 2007
The ARM quiz
Do you know when your mortgage is going to adjust?
Do you know what your new payment will be?
Do you know what your options are?
If you do not know the answer to all three questions above, or are uncomfortable with the answers, Please don't hesitate to give us a call at 866-900-2342, x106 or visit us online at www.vandykfunding.com . We are here to help.
Sincerely,
Brian Skaar
Mortgage Banker
VanDyk Mortgage
Do you know what your new payment will be?
Do you know what your options are?
If you do not know the answer to all three questions above, or are uncomfortable with the answers, Please don't hesitate to give us a call at 866-900-2342, x106 or visit us online at www.vandykfunding.com . We are here to help.
Sincerely,
Brian Skaar
Mortgage Banker
VanDyk Mortgage
Jumbo Help
The Secondary Market for non-conforming mortgages has become very Volatile. This means all loans over $417,000 (excellent, good or poor credit alike) or with rough credit history have become more expensive overnight. Excellent credit Jumbo mortgages jumped from 6.5% to over 8% in the span of 2 days this month. Now that is Volatile. To quote Cramer from Mad Money, "Rich People like me can't get a loan" . Well that isn't quite the whole truth, he just doesn't know the right people. He should call us.
If you have a Jumbo Adjustable Rate Mortgage or ARM, it is imperative that you act now to get that converted into another loan product, as we do not know what the future holds, both for rates and will you qualify to refinance.
Many folks had refinanced into Pay-Option, Neg-Am or Option ARM loans in the past couple years thinking their rate was actually 1% (not even the Fed lends money that cheaply) and have found their interest rate accrual much higher than they thought, their loan balances climbing upwards with every "minimum payment" (Negative amortization), and many are dangerously close to their trigger point.
What is a trigger point? When your loan balance grows to a predetermined level, your minimim payment option, and your Interest Only options disappear, leaving you with Principal & Interest Option for your monthly payment. This is a huge payment increase that few can afford. If you don't understand or are concerned about your loan, please don't hesitate to contact us. (contact info below and in the profile).
If you want the best available options to refinance your mortgage, you must choose a Loan professional, one that is truly savvy with this market. A loan pro that knows what investor is offering that same Excellent Credit Jumbo Fixed loan at 1% below the rest of the market. (we know this) But more importantly, the Loan Pro who can get your loan done before things change again.
We are students of the Mortgage Market, The Investors that lend mortgage money, and our clients needs & wants. Summary, we are here to cover you, so call us, we can get it done. We bank loans, and we also broker. We are like a Quick Strike Tactical Mortgage Operation. We can get your loan done before things change.
Do you know when your mortgage is going to adjust?
Do you know what your payment is going to adjust to?
Do you know what your options are?
If you do not know the answer to all three questions above, or are uncomfortable with the answers, Please give us a call at 866-900-2342, x106 or apply online at www.vandykfunding.com . We are here to help.
Thanks, Brian Skaar
If you have a Jumbo Adjustable Rate Mortgage or ARM, it is imperative that you act now to get that converted into another loan product, as we do not know what the future holds, both for rates and will you qualify to refinance.
Many folks had refinanced into Pay-Option, Neg-Am or Option ARM loans in the past couple years thinking their rate was actually 1% (not even the Fed lends money that cheaply) and have found their interest rate accrual much higher than they thought, their loan balances climbing upwards with every "minimum payment" (Negative amortization), and many are dangerously close to their trigger point.
What is a trigger point? When your loan balance grows to a predetermined level, your minimim payment option, and your Interest Only options disappear, leaving you with Principal & Interest Option for your monthly payment. This is a huge payment increase that few can afford. If you don't understand or are concerned about your loan, please don't hesitate to contact us. (contact info below and in the profile).
If you want the best available options to refinance your mortgage, you must choose a Loan professional, one that is truly savvy with this market. A loan pro that knows what investor is offering that same Excellent Credit Jumbo Fixed loan at 1% below the rest of the market. (we know this) But more importantly, the Loan Pro who can get your loan done before things change again.
We are students of the Mortgage Market, The Investors that lend mortgage money, and our clients needs & wants. Summary, we are here to cover you, so call us, we can get it done. We bank loans, and we also broker. We are like a Quick Strike Tactical Mortgage Operation. We can get your loan done before things change.
Do you know when your mortgage is going to adjust?
Do you know what your payment is going to adjust to?
Do you know what your options are?
If you do not know the answer to all three questions above, or are uncomfortable with the answers, Please give us a call at 866-900-2342, x106 or apply online at www.vandykfunding.com . We are here to help.
Thanks, Brian Skaar
Subscribe to:
Posts (Atom)