My New Outside Blog

reblogged with permission from Iron Harbor Mortgage 8/23/2010

Market Analysis Section in Middle of Email and Link to Today's Rates below That

If your current rate is in the low 5's or higher it may make sense for you to refinance. Also if you are in the high 4's and you want to refinance to a 15 year fixed loan it may make sense to refinance.  The vast majority of our customers use the rebate feature from our grid to accomplish refinances with very low closing costs.  Those closing costs that they do incur are typically financed into the loan.   If you think you may want to refinance, in Texas it is better to close your loan prior to the 2010 property taxes being certified by your county. For most counties, this certification process occurs in mid-October.  Once the 2010 taxes are certified, the full year of taxes will need to be paid at closing.  If you have enough equity in your home you can finance this.   Please remember that the days of streamlined loans are essentially gone.  It is important for you to know what information will be requested from you when you apply for a loan.  It is also important for you to be aware of a couple of key items such as to save documentation on any deposits (generally over $500) on your last month's bank statements that are not clearly labeled as payroll deposits.  In a case where you have cash or a check from a relative that is paying you back for a loan you gave them, it is probably better for you to just hold on to the cash and not deposit it so that you do not need to provide source documents to explain what is occurring.  Also, any credit inquiries will need to be explained and it is now a requirement on conventional loans that your credit be re-pulled just prior to closing.  It is typically better to not apply for any new credit until after your loan is closed.  For those who filed for an extension for your 2010 taxes and have not yet filed your 2010 taxes but are planning to try to close a loan between Oct 15 and Dec 15, you will want to be sure to send your taxes in via registered mail and to save the receipt documenting the IRS received your tax return.

Below is a list of the typical documents requested on a home loan:

1)  Most recent 2 pay stubs for all borrowers who are employed
2)  2008 and 2009 w2s (all employers) and, if applicable, 1099s for retirement income
3)  If any of the borrowers receive retirement income, we need a copy of the most recent award letter to document the current year's benefit amount.
4)  Your 2009 tax return (all pages filed with the IRS) .  If you have not filed 2009, we need those pages from your 2008 return and a copy of your request for extension for your 2009 return. 
5)  Copies of your most recent month/quarter of account statements for your checking, savings/money market and non retirement brokerage accounts.  An official statement should be available online.  Please note though just a screen print with the account balances will not suffice.  We need all pages of each statement.  On the statements if a statement is numbered 1 to 6, we need all 6 pages even if some of the pages have no information on them.
6)  If a refinance, copy of a recent mortgage statement for your current mortgage(s).  If a purchase and you are not selling your current home prior to closing on a new home and you have taxes and insurance included in your payment, we will also need a copy of your current mortgage statement.
7)  If you own a 2nd home and/or investment properties and taxes and insurance are included in the mortgage payments, we will need copies of a recent mortgage statement to document that taxes and insurance are included in the payment.
8)  If you own any real estate without liens, we will need a copy of either the release of lien documenting that a prior loan was paid off and released or the cash warranty deed documenting you purchased the property for cash.
9)  If the transaction is a refinance, copy of the settlement statement from your purchase of the property (HUD1).
10)  If the transaction is a refinance, copy of the survey of your home. This is a 2 dimensional drawing of the lot and where the home sits on the lot. It is sealed by a registered surveyor.
11)  If the transaction is a refinance and you are in a home owner's association, copy of your most recent HOA bill and cleared check image documenting that the most recently assessed HOA dues have been paid.  In lieu of this, you can also request that the HOA manager email us at mbreston@IronHarbor.com to confirm the amount of dues and that you are current.
12)  Contact information for your insurance agent.
13)  Copy of driver's license for all borrowers.  Please make the copy dark enough so that the date of birth is legible.
14)  If any borrower(s) are not US Citizens, we need a copy of their permanent resident alien card (front and back) or Visa.



Iron Harbor Mortgage - Market Update 08/23/2010 August 23rd, 2010 9:01 AM

Mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac are flat with a slight positive bias this morning while the 10 Yr US Treasury note is slightly negative after posting gains over the past two weeks. Stocks are up with the Dow currently up 78 points to the 10,291 level.

Below is a recap of this week's economic calendar:

Monday, August 23, 2010

• No key economic data released
• US Treasury auctions $7 billion of 30 year inflation indexed securities

Tuesday, August 24, 2010

• July Existing Home Sales - expected annualized pace of 4.72 million, down from June's annualized pace of 5.37 million.
• US Treasury auctions $37 billion of 2-year notes

Wednesday, August 25, 2010

• July Durable Goods Orders - expected up 3% vs down 1.2% in June and excluding the transportation component expected up .5% vs down .9% in June.
• July New Home Sales - expected annualized pace of 334,000 vs annualized pace of 330,000 in June.
• US Treasury auctions $36 billion of 5-year notes

Thursday, August 26, 2010

• Initial Jobless Claims Week Ended 8/21 - expected down 15,000 to 485,000 from 500,000 the prior week.
• Continuing Jobless Claims Week ended 8/14 - expected up to 4.515 million from 4.478 million the prior week.
• US Treasury auctions $27 billion of 7-year notes

Friday, August 27, 2010

• 2^nd Estimate 2^nd Qtr GDP - expected to be revised down to 1.4% growth vs initial estimates for 2.4% growth.
• University of Michigan Final August Consumer Sentiment Index - expected 70.0 final reading vs 67.8 in July and an initial reading of 69.6 for the August figure earlier this month.

Posted by Matthew Breston on August 23rd, 2010 9:01 AM


You can access today's rate grid at http://www.IronHarbor.com/Rates .  If you have any difficulty accessing the website, please email us.

If your transaction is a purchase, you can access a detailed quote at http://www.ironharborquotes.com .   Just log in with your email address.  If your transaction is a refinance, please answer the questions at http://www.ironharbor.com/Questionaire-RefinanceLoan and we will email you a quote.

If you would like to access Market Updates from earlier this week as well as historical updates, you can find them at http://www.ironharbor.com/MarketAnalysis .

The key reasons to consider Iron Harbor Mortgage for the financing of your new home are:

• We publish our rates and provide detailed, comprehensive quotes.  There is a reason most other companies do not publish their rates.
  
• Your questions will be answered by a knowledgeable person during extended business hours.
• We have closed loans in over 250 cities in Texas.  We are Texas experts.
• We typically provide you with a copy of your key closing documents and an explanation of those documents in pdf format at least 1 day prior to closing.
• Unless we specifically indicate otherwise, your loan will be funded by Wells Fargo Bank, N.A. and you will make payments to Wells Fargo.     

How to Opt Out or Change Frequency of Emails

If you would like to receive these emails weekly or monthly instead of daily or if you would like to be removed from the rate update list, just email me at mbreston@IronHarborMortgage.com .