Financial Update by Maurice Soussé

Rates are just about even with last week, but, we had a couple days of bumped up rates during the week with a settling back today. Interest rates are still great as you can see. Someone asked me this week about the scenario for the rates that are attached. Please note that we always assume the greatest possible scenario when quoting weekly rates. The scenario always assumes a minimum of 25% down with a FICO of 740 or better achieving the best rate scenario possible. That way you know what the best possible rate offered is to your most qualified client.

Just a reminder, our purchase underwriting time is still at only 5 business days. I heard on the grapevine that some of the big box banks are still at close to 15-20 days in underwriting alone for purchase transactions….no bueno.

I like the quote by Allen Neuharth who said “I quit being afraid when my first venture failed and the sky didn’t fall in.””