Mortgage Rates| Hoboken

From The IHR Rate guy... See him on Fox Business News!!!

Can Housing Market Bounce Back?

REVISED December 15^th,, 2009---- 12:30 PM ET
Lock Period = 45 Days

CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)

30 YEAR FIXED ---------------------------- 4.875%/ 4.906% APR

30 YEAR FIXED INTEREST ONLY--- 5.250%/ 5.282% APR

15 YEAR FIXED----------------------------- 4.375%/ 4.428% APR

5 / 1 ARM------------------------------------- 3.875%/ 4.144% APR

7/1 ARM ------------------------------------ 4.250%/ 4.280% APR

* All quotes are with 0 points
*Investment Properties --- ** Add 1.75 points (if 25% down)**
*There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV

CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)

30 YEAR FIXED ------------------------- 5.375%/ 5.392% APR

15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR

** Loan amount restrictions based on county and property type.

CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)

30 YEAR FIXED--------------------------- 5.625%/ 5.640% APR

30 YEAR FIXED INTEREST ONLY-- 5.875%/ 5.890% APR
15 YEAR FIXED--------------------------- 4.875%/ 4.890% APR
5 / 1 ARM------------------------------------- 4.250%/ 4.266%APR

7/1 ARM -------------------------------------- 4.625%/ 4.404% APR

** All non-conforming loans need to be discussed in detail

*** Special Program 15/ 30 ARM -----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!

**Please call for rates on loans over 1 million**

**Keep in mind that every borrowers situation is different, and each must be evaluated individually.**

Total Fees Charged By Pinnacle Mortgage, Inc.

$350.00 -- Application Fee (Includes Appraisal, Lock-in, Credit, Flood & Processing)
$395.00 -- Commitment Fee (Wiring Funds, Attorney Review & Doc Preparation)

Michael Mundy
Pinnacle Mortgage, Inc.
Mobile -- (973) 985-9948
mmundy@pinnaclemortgage.biz

www.mundymortgages.com

On The Sly | Hoboken Real Estate

I've been away. training. What kind of training? Real Estate Training Sir!
Here's the best new thing that I heard about when I was out there. It's called slydial.com
Slydial allows you to call a person's cell phone and go directly to voicemail. Up at two in the morning searching my site for real estate. Want to call me about seeing some property? Use slydial. Have to call someone but don't want to speak with them...Bam. Now if my inbox gets filled up in the middle of the day, I might just take this personally.



That's The Fact Jack.

Hoboken Real Estate
December Numbers (1st two weeks)
Active Condos 470
Under contract Condos 19
sold condos 25
Information deemed reliable but not guaranteed

The Long And The Short Sale Of It | Hoboken

So there has been some excitement going around the Hoboken Real Estate community regarding the new government sponsored streamlined short sale process. The document is 43 pages long!!! It's supposed to cut the answer time from weeks, months, years to 10 days. Now it seems to me that if the government gets involved it should; take more time not less. But if it does take less then why won't the banks already do it. That's the $64,000 question!

Here's the fine print...Banks don't have to participate and if they do they don't have to start until April 5th, 2010. Right about the time you are settling in to watch Ohio State take on Kansas in the NCAA championship, the program will kick off. What the banks do during the regular season and March madness is anyone's guess. My advice for Hoboken homeowners in a short sale situation, win your office pool and pay off the taxes on your condo.

Hoboken The November Numbers

While the November numbers aren't something to throw a party over....From the Inside Hoboken Real Estate mortgage guys....

Good news this morning! Effective Monday, 12/7/09, we will be able to get PMI for conventional loans on condominiums up to 95% of the purchase price. This means that a buyer can make a 5% down payment and not have to do a FHA loan … hence, no spot approval. Here are the parameters:

Purchase Money loans Up to $417,000 --- 95% Loan to Value allowed --- a 680 minimum Fico required --- 41% debt to income ratio max
Purchase Money loans from $417,000 to $729,750 ( Hudson County ) --- 90% Loan to Value allowed --- a 700 minimum Fico required--- 41% debt to income ratio max

This definitely relieves some of the pressure that has been created with the uncertainty of FHA spot approvals. These guidelines are for primary residence purchases only.

Hoboken Real Estate
November Numbers
Sold Condos 56
Avg DOM 108

Information deemed reliable but not guaranteed