The good news about Black Friday hitting record sales has pushed the stock market up, unfortunately also dragging interest rates SLIGHTLY higher than last week. But rates are still in a WONDERFUL range for purchase opportunities.This week, I would like to comment on underwriting measures regarding appraisals: The HVCC rules have been replaced by Appraisal Independence Regulations, which went into effect 04-01-11. Appraisals are being scrutinized more than ever, although the appraiser isn’t necessarily vetted as much as I would like to see. Appraisers are selected through an AMC (“Appraisal Mgmt Co”) affiliated with the lender; the appraiser selection is pretty antiseptic – with no input allowed from the broker/lender regarding appraiser selection.Although many appraisers have lock box key access to a property, sometimes, it may make sense for a Realtor to meet the appraiser at the property in order to ascertain the appraiser’s understanding of the nuances of a complex property or neighborhood. (The appraiser should be able to demonstrate “geographical competence”; also should have personal access to MLS – not renting use of someone else’s MLS membership.) Keep in mind that you are not allowed to pressure the appraiser to come to a certain valuation, but you may offer evidence of how you arrived at the offer price. Depending upon the appraiser, they may or may not accept your information, and may or may not offer comment on it to you. Working “smart” within the new Valuation Rules, however, may help avoid a transaction fall out because of a poor appraisal. Call if you have more questions on these comments, our rates, programs and scenarios. We want to be your trusted source for mortgage information.ANASAZI MORTGAGE RATESFOR Primary Residence (purchase only)As of 11/28/2011
Mortgages to $417,000 (Conforming)
w/ 1 PointAPRw/ no PointAPR
30-YR3.875%3.995%4.125%4.162%
15-YR3.25%3.460%3.375%3.439%
Mortgages $417,001 – $1,500,000 **
w/ 1 PointAPRw/ no PointAPR
30-YR4.375%4.482%4.75%4.772%
15-YR3.875%4.060%4.125%4.163%
** 30-Yr from $417K to $600K @ 4.25% w/ 1.25% Point temporarily offered – APR – 4.38%
3/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming2.50%4.325%2.875%4.609%
Jumbo2.75%4.384%3.125%4.820%
5/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming2.50%4.055%2.875%4.413%
Jumbo2.75%4.509%3.125%4.890%
7/1 ARM – 30-YR
w/ 1 PointAPRw/ no PointAPR
Conforming3.125%4.350%N/A —
Jumbo3.25%4.696%3.50%4.994%
Mortgages in excess of $1,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes.
Ginger Bowe SullivanANASAZI MORTGAGEP. O. Box 5724Santa Fe, NM 87502-5724Phone: 505-995-8888Toll-Free: 800-995-8888 (if calling outside Santa Fe)Fax: 505-995-8885ginger@anasazimortgage.comwww.anasazimortgage.com
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