Do you have clients that have identified a home to purchase but have not sold their current property? The SunTrust Bridge Loan could be their answer. This product provides an avenue to pay-off the current mortgage and access the equity in the current home with a new low interest only Bridge Loan. The most valuable advantage allows your client to wait for strong offer on the sale of their current home; because they will not have an out-of-pocket payment on the Bridge Loan for at least six months.
The popularity of this product has re-surfaced in recent weeks as more buyers identify a property they don't want to risk losing waiting another price reduction.
Markets continued their peak and valley routine of recent weeks, but there is enough ‘Good News' out there for each of us to find something to provide encouragement.
Oil is at its lowest since March 21, 2007 and down 60% since July!!! Remember oil prices effect more than just the price at the pump. The drop in oil is a positive move for new home construction; since many new construction materials are petroleum based. Once our clients become confident that this may not be a passing thing, they will become more willing to look to the future.
Mortgage interest rates are recovering and have returned to the lowering ‘trend' that we discussed prior to the turmoil of recent weeks. Current rates are .375% lower than last week, .50% lower than 60-days ago, .25% lower than 30-days ago and .375% lower than October 7, 2007!! This has to be encouraging news for everyone. We need to remember that investors tend to take a cautious position over holidays; therefore we should expect some of this as we move closer to the end of the month with Veteran's Day followed by Thanksgiving two weeks later.
Let's "Go get ‘em"!!
On Friday November 7th your client with 740 credit score putting 20% down could secure a 30-day rate of 5.875% with 1.0 point on a 30-Year Fixed (APR: 6.007%).
Your FHA client's rate is not affected by credit scores. On Friday November 7th your FHA client could secure a 30-Year Fixed rate of 6.000% with 1.0 point (APR: 6.664%). Remember the APR on FHA includes the MI.
Your SunTrust Partners' can be found at:
SunTrust Mortgage Charlottesville, VA - Mortgage Company