Real Estate Mortgage News

Update on Jumbo Loans and We're Hiring!

Hi everyone, I know I’ve been absent from the postings a bit the last 2 weeks.  I was at our annual convention last week and between all the awards and compliments I couldn’t find time to write (actually it was 3 days of meetings and hearing about our executive’s golf handicaps).

You’ve all been keeping us so busy that it’s getting harder and harder for me to find time to write.  Mind you, I’m not complaining and we are again actively interviewing for more help.  So, the first part of this, is to ask if any of you know of any well educated loan officers?  As most of you know, we generally like to hire only the hardest working and the most education committed loan officers.  We feel that we’ve had great success with this approach, but it does makes hiring a challenge as there are less of these in the business than ever before.  We offer an industry leading compensation package including 401k, base pay, commission, and health insurance.  If any of you know displaced loan officers or former managers looking to simplify their duties, I hope that you’ll think of us at Eagle Nationwide.

Most of you know that we are very competitive from a rate standpoint and I wanted to bring to your attention a loan that we are seeing used over and over.  Our “Agency Jumbo” loan has been one of the best programs out there for well qualified borrowers.  Thursday of last week I locked an $855,000 purchase at 6% on a 30 year fixed with no points or lender fee’s. 

Jumbo Loans Are Not Gone

And they don’t all have crazy rates either.

I know a lot of you have heard some pretty nutty stuff about the rates your buyers are being quoted for Jumbo loans.  I am writing today to tell you all that there is nothing to be concerned about.  Jumbo loans are fine, AND they have great rates that are still at historic lows (did that sound like a Lending Tree ad to anyone other than me?).  Long term ARM’s (think 5, 7, and 10 year ARM’s, - not 2 or 3 year) have rates in the mid to high 5’s, and fixed rates can be gotten around 6%.  Of course the typical “new rules” apply; you will likely have to show income, make a down payment, and you will need decent credit.