In response to my question about his opinion on what will happen to mortgage rates in the near term, our friend Joe Prevost sent the following response. It's good news for borrowers!
At Pioneer Financial, LLC we spend 100% of our time focused on the mortgage market. We strongly believe that mortgage interest rates will drop to the lowest levels we have seen since 2004.
This extreme interest rate reduction will be a direct result of the aggressive intervention by the Federal Reserve and the U.S. Treasury Department regarding the recent international credit crisis.
Market indicators point to a specific window of opportunity that will keep the rates the lowest for the first 6 months. Loans are underwritten a bit more stringently now but there are still good loans available for those that qualify.
Case Study #1. John V. Cash out refinance under 80% loan to value, conforming loan amount (under $417,000) primary residence, Full income documentation 5.5 % 30 year fixed no prepayment penalty, zero discount points. Funded early Oct 2008.
Case Study #2. Bill T. Cash out refinance under 80% loan to value, primary residence, Jumbo loan amount (over $417,000 ) Full income documentation 5.75% 7/1 arm, loan will adjust 7 years from now in 2015, no prepayment penalty, zero discount points. Funded mid Oct 2008.
Mortgage rates are volatile and it is most important to accomplish the hard work now so we are ready to lock your loan when the lowest rates hit the marketplace.
How can you get ready to lock in the savings?
Gather your W-2's for the last two years, your most recent pay-stubs and statements on your savings, investments or 401k and your most recent mortgage statement.
Call or email me for a preliminary consultation so we can discuss your unique situation and the solutions I provide with our suite of over 20 lenders.
Joe Prevost Personal-Confidential-Conscientious
At Pioneer Financial, LLC we spend 100% of our time focused on the mortgage market. We strongly believe that mortgage interest rates will drop to the lowest levels we have seen since 2004.
This extreme interest rate reduction will be a direct result of the aggressive intervention by the Federal Reserve and the U.S. Treasury Department regarding the recent international credit crisis.
Market indicators point to a specific window of opportunity that will keep the rates the lowest for the first 6 months. Loans are underwritten a bit more stringently now but there are still good loans available for those that qualify.
Case Study #1. John V. Cash out refinance under 80% loan to value, conforming loan amount (under $417,000) primary residence, Full income documentation 5.5 % 30 year fixed no prepayment penalty, zero discount points. Funded early Oct 2008.
Case Study #2. Bill T. Cash out refinance under 80% loan to value, primary residence, Jumbo loan amount (over $417,000 ) Full income documentation 5.75% 7/1 arm, loan will adjust 7 years from now in 2015, no prepayment penalty, zero discount points. Funded mid Oct 2008.
Mortgage rates are volatile and it is most important to accomplish the hard work now so we are ready to lock your loan when the lowest rates hit the marketplace.
How can you get ready to lock in the savings?
Gather your W-2's for the last two years, your most recent pay-stubs and statements on your savings, investments or 401k and your most recent mortgage statement.
Call or email me for a preliminary consultation so we can discuss your unique situation and the solutions I provide with our suite of over 20 lenders.
Joe Prevost Personal-Confidential-Conscientious
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