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!
Markets:
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
405-509-1064