Hello all,
I hope that you are enjoying the dog days of summer. In addition to being in the mortgage industry, I am also a credit analyst for a credit repair company. Next month I will be teaching a free seminar in order to educate people on the complexities of credit – see info towards the bottom of this email.
Much of the process around obtaining a mortgage has changed. The best way to be prepared for all of the changes is to contact me well in advance of a search for a home, or when considering a refinance. This will enable me to provide you a personalized step-by-step plan of attack. Many loan programs have been dipping into the 4's recently, it's all about timing in order to take advantage. Below are some of the important changes and what you can expect from the lending process:
Purchases:
· Lenders are taking an extremely long time to process applications and clear required conditions after they issue the commitment. They will often request a set of documents in order to qualify for a loan, and then later request more documents; which begets more documents. The process for obtaining a mortgage can take anywhere from 3-8 weeks for a purchase, depending upon property type.
· If you are still hunting for a home, you can eliminate weeks of waiting by submitting an application to a lender in order to receive a commitment while you are in the midst of a home search. This will give you a significant advantage when negotiating with a seller, since you will already have jumped through the biggest hurdle and can demonstrate that you are serious and can close quickly.
· The best way to obtain the best rate, is to not lock until you have been issued a 'clear to close' meaning that the bank has finished everything on their side. Lenders are now giving the best rates, far and away, to those who have loans ready to close and will do so within 15 days of locking.
Refinances:
· The mortgage market is fairly volatile at the moment, but the overall trend is for rates to remain low. As I mentioned above, lenders are offering the best rates to those locking for short term periods, typically 15 days or less. Lenders are not placing much of a priority on refinances and consequently these types of loans are taking between 45 days to close at a minimum despite what their stated turnaround times are.
· Interest rates are expected to fall sometime in October, currently they have risen to the highest levels since June. The only way to take advantage of lowered rates is to have your loan submitted to a lender and processing completed. Once you have been cleared to close, then we can wait to see what the best day to lock is and take full advantage of the available mortgage rates. Otherwise when rates are at their lowest, you will be at the end of a very long line and not have attractive rate options for the necessary amount of time.
Credit 101 Seminar
Learn how to leverage credit in today's real estate market. I will show you how to get good credit, improve your current score and take advantage of federal incentives for first-time homebuyers. Please RSVP by sending me an email or calling – space is limited to about 25 attendees. There will be some complimentary wine and appetizers.
Credit Analyst: Anthony Davenport
Type: Education - Workshop
Network: Global
Date: Monday, Sep 14th, 2009
Time: 6:30 - 8:30 PM
Location: Vig 27
Street: 119 E 27th St
City: New York, NY
Phone: 212-352-2900 ext 320
Email: anthony.davenport@stanleycapital.com
Please be aware that the $8000 tax credit for new homeowners will expire November 30th, 2009. You must close prior to that timeframe in order to be eligible to receive the tax credit! That means starting your search immediately in order to close by this time period, there will be a crush of applications shortly before this program expires, so get yours in sooner rather than later.
Best Regards,
Anthony
Anthony M. Davenport
Senior Loan Officer
Stanley Capital
1200 Sixth Avenue 5th Floor
New York, NY 10036
Phone: (212)352-2900 ext. 320
Cell: (347) 432-0343
Fax: (877) 529-2684
Email: adavenport@stanleycapital.com
www.StanleyCapital.com
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Since Stanley Capital Mortgage Company, Inc. is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Stanley Capital Mortgage Company, Inc. is not a law firm and provides no legal opinions or legal advice.
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