Average Rates Offered, as of 6/13/2011 - This information is typically for Real Estate Professionals ONLY!

Hello! Rates are and have always been a combination of the rate offered AND the fees and points charged! New rules are in place for lender compensation. The rate can be adjusted up or down to accommodate fee issues and vice versa! (Let us explain this to you! Call for info or a presentation in your office!) Please see the bottom of this sheet for a list of typical fees and options, point charges quoted with the rate below.)

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CONFORMING LOAN AMOUNTS (under $417,000, SFR)

30 year fixed (full doc, owner occ. purchase, rate/term refi w/ impound accounts) 4.250% at 1 1/2 points -or- 4.500% at no points

5/1 ARM (full doc, owner occ. purchase, rate/term refi w/ impound accounts) (call for info)

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JUMBO CONFORMING LOAN AMOUNTS (over $417,000, but under $729,750, SFR)

30 year fixed (full doc, owner occ. purchase, rate/term refi w/ impound accounts) (call for info)

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*Interest rates fluctuate constantly, these are guidelines, call for current quote! Other Programs (Jumbo, etc.) Are Available!

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Fees:

This is a summary of fees typical to all loans files. There are situations where there will be additional fees on occasion.

Escrow, Title and Recording / Government Fees vary depending on your loan amount. In a refinance, these are considered fees to the loan, in a purchase they are considered fees to the purchase (would be due whether there was a loan or not in other words), therefore not quoted by mortgage brokers on a purchase. These are not shown here, call for information.

Lender Fees (typical, varies): $ 995

Other charges are considered fees by the State of California (such as prepaid interest, for example) and must be considered in any APR calculation. We are always happy to produce a good faith estimate for your clients related to their transactions in advance. The lender will also require your client to have "reserves" after the close of escrow; those amounts vary from transaction to transaction. We are happy to prequalify your clients on ability to buy and to be certain they have enough funds to close.

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Alternate Programs

Pacific Southland offers all alternate programs including jumbo loans, investment properties, adjustable rates and buydowns. Call for quotes.

Pre-approval? Quick!

We can typically get an answer in one day with only an application, credit report (which we will pull for free) and year to date paystubs. You can be out showing property with confidence! Ask for our pre-approval package to get your clients ready to shop for their new home! I'll send it in email.

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Below are the national average rates! You can see that even our "no points" rates typically beat the national average!

Mortgage Rates Get Widgets

Notes: We do not "quote" rates here, but instead give you an average of currently available products and their current rates. Rates change constantly, and will continue to change until the rate is locked and we have a confirmation of the lock from the investor/lender, and then complete the loan by that lock expiration date. The rate is never guaranteed until the loan is funded, but Pacific Southland works hard to make sure there are no surprises, and to meet our locks / rates, if at all possible.

We love the website below, and we check it several times a day to get an idea which direction the rates are going. It's also a great place to check "averages". We can generally beat the averages up and down the block - so call for a more specific quote for your situation!

Generally, a loan is locked at no additional fee AFTER the loan has received a conditional approval, and we can see that we will be able to perform to meet the lock date available. At that time of approval, we notify you of the rate and terms available, and then you decide when to lock. However, you the borrower may decide to lock prior to approval, and Pacific Southland will notify you of the time we feel we need to complete the loan (the lock period required) and any fee that may be required (as part of your loan costs, not in advance) to lock the rate and terms at that time.

In a lender paid type loan scenario, where Pacific Southland is taking our fee from the lender, then Pacific Southland will determine the locking date, investors, etc. to maximize our position on the file, but we will always lock immediately upon loan approval (or sooner if we feel it is in our interests to do so), and always with your interests in mind by working to get for you the rate originally discussed if at all possible. Typically, three lender comparisons are offered to you on the day of locking for your review.

All of that said, neither we, nor anybody, can guarantee your rate, even after locking. Things come up (rarely) that cannot be foreseen... a difficult condition, holidays, counter-offer by the lender for a hard to place loan, etc..... many things can interfere with timing on a rate lock... but we endeavor to get for you what we discuss at the outset, and only you decide whether to move forward.

After locking and approval, we move forward with appraisal, etc.... and so costs begin to accumulate. We expect your commitment to the loan at that time with our company, as we have commited to working with you, and so you will be asked to pay for any up-front costs to vendors (appraisal in specific) as these costs occur. It will all be a part of the fees originally quoted and not anything extra, in most cases.

Remember, mortgage brokers earn their fees with a combination of what we charge the borrower, and what the bank charges/rebates to us for a certain product at a certain interest rate - rules nowadays say it differently, but nothing has really changed. Many, many advertisements out there talk about paying your costs and fees (even buy you a new set of golf clubs I once heard!) for you.... but it is ALWAYS you, the borrower that is paying your costs... whether that is from money out of your pocket, money added to your loan amount, or money you pay each month in a higher payment because of the higher interest rate charged to get that big rebate to pay those costs. That's the big "trick" in the mortgage business.... but we don't trick you at Pacific Southland. You can decide the best way to go for your particular situation... it doesn't matter to us how we get paid, and we won't trick you into thinking that there is any kind of free lunch! Thanks for thinking of us.

Rates that are typically quoted are for single family, detached homes, owner occupied, no cash out with a loan amount less than 80% of the current real value, loan lock of 30 days, solid credit, income and assets, other restrictions apply. We have programs to fit all types of scenarios.