Thursday, May 6, 2010

Who's Driving This Thing?

People. What does it look like?

I'm a little busy, a little tired & a little lazy (Watch your mouth) so I gave the steering wheel to my good friend Sam Gardner of Gardner Mortgage. Not to worry, he's an excellent driver (Yea, an excellent driver).
 Jack

Almost Friday Greetings to All,


Hope all is well with everyone. It's been a busy week and I wanted to to check in and bring you up to speed with an interest rate update.

Due to the economic uncertainties in both Europe and the U.S., concerns with the tragic oil spill in the Gulf and the incident in Times Square, rates have again improved. Interest rates are near their record lows (and the lowest rates we have seen in 40 years).

On another positive note, it appears that lenders once again are looking at ways to approve and fund files. This is a tremendously good sign and I look forward to a return to a more common sense approach to lending.

RATES:

30 year fixed rates for loan amount to $417,000 are as low as 4.625% with 15 year money in the very low 4.00% range. Shorter term loans are as low as 3.25% (not a typo) for 5 and 7 year fixed rates, including interest only. Not the right loans for everyone but certainly have their place in the sun.

Loan amounts over $417,000 are in the upper 4.00% range with shorter term rates in the low 3.00% range.

FHA 30 year rates are below 5.00% and you can buy with as little as 3.5% down, less than perfect credit and use a gift as your down payment. This is a great program for 1st time buyers as well as for those with less than 10% down.

In short, we may never see rates like this again in our lifetimes. The economy is recovering, inflation while dormant for now will return and eventually the deficit will force rates higher. If you are in position to take advantage of this market, I strongly advise you do so.

Hope you have a great weekend and please remember, I'm always available to answer questions or run scenarios based on your goals and needs.

Sincerely,

Sam Gardner

P.S. Please let any friends, neighbors or co-workers know that I would be more
than happy to answer any of their questions as well. Thanks

Gardner Mortgage Inc.

2667 Camino Del Rio South #106

San Diego, Ca. 92108

Office (619) 497-6125

Cell (619) 804-2417



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