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Posted by: Bruce & Sandy Soli | October 26, 2011

Mortgage Update By Steve Peterson with Sierra Pacific Mortgage

Mortgage News:

On Monday, President Obama announced a new, more lenient, refinance program for loans owned by Fannie Mae and Freddie Mac.  The final details are scheduled to be released on November 15th. It is expected that the actual roll out of the program by lenders will be in the early part of 2012.

With refinance pipelines shrinking, turn times for loans have moved closer to normal turn times. I would recommend allowing at least 30 days for an escrow which has a loan contingency.

Economic News:
The economy–the interest rate sector, in any case–seems to have prepared something of a sand trap for us…one in which we can all to easily lose our footing, mistaking wet sand for terra firma. I really don’t think we’re about to see any changing trends established for interest rates. They will most likely continue to rise and fall, as if continuing their merry roller coaster ride. That means it’s possible to catch remarkably low rates if you are financing or refinancing, but it doesn’t mean you can feel very confident as you try to predict where rates will be at, say, 10 a.m. tomorrow morning.

All of which is to say that we can probably expect business as usual for quite some time in this marketplace. There really isn’t any profound reason to think that rates and real estate sales will firm significantly any time soon.

But that still allows us, as I’ve said, to write extremely attractive loans.

More Mortgage News…

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