Mickey's latest interest rate comment, as well as some info about his company:
Mortgage rates are slightly worse than last week. Thirty-year fixed rate loans can be obtained (without discount points) for 6.25% to 6.625% depending upon loan size and creditworthiness of the borrower.
Thomas Mortgage is a correspondent banker, meaning that we have "correspondent" relationships with multiple investors. A client came to us yesterday in search of 100% financing on a million dollar plus property. Zero down loans in the "super jumbo" range are difficult to obtain. The client's local banks had both turned him down. I managed to locate an investor (new to me) that specializes in super jumbos. The client now has an option that was formerly not available to him. This is the advantage of seeking mortgage assistance from companies who have multiple sources of fundings. Not even the biggest banks cover every niche.
Thomas Mortgage is a correspondent banker, meaning that we have "correspondent" relationships with multiple investors. A client came to us yesterday in search of 100% financing on a million dollar plus property. Zero down loans in the "super jumbo" range are difficult to obtain. The client's local banks had both turned him down. I managed to locate an investor (new to me) that specializes in super jumbos. The client now has an option that was formerly not available to him. This is the advantage of seeking mortgage assistance from companies who have multiple sources of fundings. Not even the biggest banks cover every niche.
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