Although it will probably be straightened out in the long run, Ben Bernanke, former Federal Reserve Chairman was turned DOWN for his recent request for a refinance, as revealed when he spoke to a conference last week in Chicago. This seems unbelievable to many, laughable to some, and perplexing to a few. Even some of the most substantial borrowers sometimes present challenges. In Mr. Bernanke’s case he had three major issues: (1) He was newly self-employed, with no previous tax history documenting his new employment status; (2) He didn’t want to disclose all of his assets (which may have spun out enough income for him to comfortably qualify); and (3) the appraisal value came in considerably lower than anticipated. (For more information on this, just google “Bernanke’s failed refinance”.
| THE MORTGAGE PLACE RATES*FOR Primary Residence (purchase only)As of 10/14/2014*Programs require borrowers meet specific qualifications, not
limited to credit scores, income, debt ratios, and other lender guidelines |
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| FIXED RATE Mortgages to $417,000 (Conforming) | ||||
| w/ 1 Point | APR | w/ no Point | APR | |
| 30-YR | 3.875% | 3.998% | 4.00% | 4.040% |
| 15-YR | 3.00% | 3.215% | 3.375% | 3.445% |
| FIXED RATE Mortgages $417,001 – $2,500,000 (Jumbo) | ||||
| w/ 1 Point | APR | w/ no Point | APR | |
| 30-YR | 4.125% | 4.231% | 4.375% | 4.397% |
| 15-YR | 3.75% | 3.936% | 4.125% | 4.163% |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
| w/ 1 Point | APR | w/ no Point | APR | |
| 5/1 ARM | 2.99% | 6.253% | 3.25% | 6.499% |
| 7/1 ARM | 3.25% | 6.169% | 3.50% | 6.404% |
| ADJUSTABLE RATE Mortgages $417,001 – $2,500,000 | ||||
| w/ 1 Point | APR | w/ no Point | APR | |
| 5/1 ARM | 3.625% | 6.501% | 3.875% | 7.067% |
| 7/1 ARM | 3.75% | 6.618% | 4.125% | 6.970% |
| Mortgages up to $2,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes. | ||||
Ginger Bowe Sullivan
The Mortgage Place
1640 Old Pecos Trail, Suite E
Santa Fe, NM 87505
Email: ginger@nmmortgage.expert
Website: www.nmmortgage.expert
Phone: 505-986-9080
Cell: 505-470-4441
Fas: 505-986-9150
NMLS #: 1191003 / 204403