Quick Mortgage Update!

Weekly Mortgage Memo

Products/Industry News:

We’re collecting more and more information about borrowers. On new construction I send the buyer a list of things to keep in mind as the home is being built.

This is also a good idea for anyone who is shopping for a home. Here then are the Ten Commandments of Buying a Home:


1) Thou shalt not change jobs, become self-employed or quit your job 6) Thou shalt not change bank accounts.
2) Thou shalt not finance any new items like a car, truck, van, jet ski or furniture. 7) Thou shalt not move money around from account to account.
3) Thou shalt not increase your revolving credit. 8) Thou shalt not co-sign a loan for anyone.
4) Thou shalt not make any late payments. 9) Thou shalt not dispute any accounts on your credit report.
5) Thou shalt not make any new inquiries into your credit. 10) Thou shalt not overdraft your checking account.


Other News:Today marks the first time the Dow Jones Industrial Average crossed the 17,000 threshold. The low point of the “Great Recession” was March 6 2009 when the Dow closed at 6,627. That’s an increase of 156% in 5 years 3 months. Wow!



Interest Rates           Equities                                   Commodities

Last Week     4.125     DJ Industrials      17,000!     Oil                          103.75

Today             4.25     Devon                78.93         Natural Gas              4.36

FHA Today   3.875      Chesapeake         29.37        Gold                       1,318


Information above provided by:

Taylor Ortiz

SpiritBank Mortgage


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