Artisan Mortgage Blog

It’s been a while but I’m back on the Blog

Jim Barry — Tue, 15 May 2012 22:34:52 +0000

Mortgages rates have been so low over the last year I’ve barely had time to breathe. Here are some quick market updates.
The government has expanded the Home Affordable Refinance Program, now known as HARP 2.0.

If you have a mortgage owned by Fannie Mae or Freddie Mac and took your loan out before May of 2009, you should be trying to refinance. These loans can be done with little hassle and often without an appraisal. Call me for more details.

Fixed rates well under 4% for well qualified borrowers.

I have an upcoming series of articles that will be discussing in depth the various points on this program. Stay tuned!

Shouldn’t I just go with my current lender?

Jim Barry — Tue, 11 Jan 2011 22:30:15 +0000

Many of my clients often tell me that when it was time to refinance , they just assumed they should go with their existing servicer. They believe that since they are already with that lender they will receive special treatment and pricing, but that is not always the case. When you call your existing lender you are being channeled through their normal retail lending operation. Big lenders love this because so few companies actually service mortgages , so when a refinance boom comes in they have a leg up in getting the business. Their rates and costs are no different from any other lender and you will not receive special underwriting criteria. More than likely you will be put through their assembly line loan process which can take months to complete because these institutions are so large. So, what should you do?

It’s obvious, call me ! Whether your refinancing or purchasing I have the most competitive rates and costs in the market regardless of who your current lender is. I will give you better pricing, better service and you will actually get to work with someone who is knowledgeable and values your business. You are not just another cog in the corporate wheel. Usually big corporations price out it’s small competitors, but not in the mortgage industry. We small guys, usually have a price advantage because our small businesses are more streamlined and efficient.

Moral of the story, when you need a mortgage, shop around. Don’t just call your existing lender because they have a fancy term for a refinance , like the 123 program or the quick and easy. These are just marketing terms designed to give you a different perception than the actual reality of mortgage lending.

Double Dip, At Least where Rates are Concerned

Jim Barry — Wed, 09 Jun 2010 15:23:31 +0000

Several weeks ago, economic signs were looking great. The DOW was in rally mode and mortgage interest rates were beginning to creep up. But then, out of nowhere, interest rates crashed.

I believe this dip to be short lived, but if you are thinking of refinancing or purchasing, you better get a move on it. Depending on fees and point structures , the 30 year fixed interest rate is available at 4.375-4.75%. This is awesome ! I have 15 year fixed rate mortgages slightly under 4%.

I don’t know what is driving this market, but money is cheap and now is the time to get a handful.

I would suggest you Lock In !

Jim Barry — Thu, 15 Apr 2010 15:42:54 +0000

Of late, the main question I am hearing from borrowers is whether or not they should lock in. Nobody really knows for sure what the market will do, but there is more risk of rates going up than down. The federal government stopped purchasing their own debt as of March 31st, which had been keeping rates artificially low. We all expected a major jump up, but we only had a minor increase. I still believe there is great potential for rates to move up to about 6%, so if I were applying for a mortgage I would want to lock in early on in the process. Yes, it’s possible rate may dip a little , but it is more likely rates will move the other way. When rates are at historically low numbers, in the long term there is only one direction rates can go. If you would like to gamble and try to time a bottom, go for it. However, if you asked me I would Lock IT IN !

Don’t Fear the Math !

Jim Barry — Wed, 14 Apr 2010 15:46:05 +0000

The numbers never lie! I have many clients that I work with you are in the process of shopping for a mortgage. Their biggest hurdle is usually the math. They are OK with shopping around and getting different quotes but often struggle with analyzing the numbers and making sense of what is being offered. If you can take the time to understand the forms and understand what you are being presented , you will always get the best deal. So, don’t fear the math, embrace it! Only people lie and misdirect, the numbers always tell the truth!