| Finding the right RE loan for you !
(Revised July 21st, 2010) Mr. Lambert understands that his customers need the best loan program suited for them. With the increased difficulty of finding a lender and a wholesaler that will approve a loan - Lambert will search for the best loan program that is right for you. James is able to beat competitors on fees. What most competitors do not disclose to their customers is that these programs "back load" the rate, (resulting in a 1/2 and 1/4 higher rate that ultimately can result in paying more in interest assessments if they plan on staying in their home over 5 years). Loan rates change daily and sometimes more than once a day. They are closely tied to the 1,5 or 10 year treasury bill rates that move daily (plus the wholesale lender's margin). You can follow these rates in your local newspaper to determine the trend of the mortgage bond market. ( The current prime,short term lending rate offered by most New York banks is presently 3.25 %. These short term rates do not determine long term mortgage rates. Long term rates are determined by a variety of other conditions that vary in scope.)
There is a concern in the immediate future that there may be problems with a values of residential real estate due to the flood of bank delinquencies that are on or will be coming on the market. It is suggested that one orders an appraisal as soon as the customer decides they want to purchase a propery or refinance a property. Lenders are being extremely cautious in approving new loans. It appears that this is due to the 'sub-prime lending' crisis and the bank's concern for liquidity. Other so-called experts have pointed to the falling value of the dollar. This may effect market conditions in the coming quarters of 2009 and beyond. Most economists believe that we are now in a world-wide recession, perhaps the worst we have seen since the 1970s. Regardless of these prognosticiations, interest rates are at historically low levels in 50 years !
James in experience in funding loans for all types of RE including: residential, mixed use, commercial, retail investment, 'non-conforming' investment property, and land loans. Lambert also has the ability to secure loans in over 5 states.
Regardless of the subprime and related 'jumbo' mortgage crisis, Lambert will go out of his way to access available lenders who can best serve your credit needs. With 'jumbo' loans especially hard to find, contact James so he can help you in this process. He has been in the lending field since 1981 and can assist you in your needs.
James can provide you with more information on the workings of the bond market. Feel free to contact him at 800-656-8603.
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