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See what Essex has been up to this month! December is here! We hope you have a Happy Holidays!
Every month we post to our social accounts but sometimes it can get lost in the mix of all the content found online at any given moment. Keep up to date with us in our blogs and monthly newsletters.
Here's what you'll find in this newsletter:
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Top Loan Officers & Employee Spotlight
Top Loan Officers from last month:
Fred Itzkovics, Keith Murphy, and Michelle Hernandez
FRED ITZKOVICS NMLS# 306112
"He was always very responsive and quick on answering any questions we had. It was a pleasure working with him."
- Gema C., CA
KEITH MURPHY NMLS# 330827
"Keith always made himself available to us for any questions that came up. I would recommend him to anyone who is looking to buy a home!"
- Freddy R., CA
MICHELLE HERNANDEZ NMLS# 984558
"Michelle and the entire Essex team are always amazing to partner with. They are always on top of the process and things just don’t get missed. Thank you for all of your help making my family’s dreams come true!!"
- Evan S., CA
Employee Spotlight:
Dana Stuart | Systems Liaison & Workforce Coordinator
Question: How long have you worked at Essex?
Answer: I have been with Essex for 3 ½ years - since April 2021.
Question: Why do you like working at Essex?
Answer: Essex fosters an environment of “teamwork makes the dream work” mentality. We work together to meet the needs of our customers and clients.
Question: What's a fun fact of yours?
Answer: I am a Wizard of Oz fanatic and collector.
Question: What is your favorite Thanksgiving dish?
Answer: Cranberry Jelly – Always from the can :)
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About Essex Mortgage
Community Appreciation: Project Hope
Founded in 2007, Project Hope of Marion County is a faith based nonprofit organization focused on supporting homeless women and their children in Marion County, Florida. They provide transitional housing in a supportive environment, as well as a range of training and skill building opportunities, including healthy cooking, employability skills, and independent living to help families achieve self-sufficiency. With their comprehensive approach, they have successfully transitioned over 200 families into permanent housing and greater independence.
If you would like to learn more or donate, click here: https://projecthopeocala.org/
Our Story
Hailing from Essex, England, Roland Weedon founded Essex Mortgage in 1986. With a background in education, Roland remained adamant that educating the client wouId be the company's number one priority. Today, Roland still holds to the fact that an educated client is best equipped to make decisions that are not only in their best interest, but also help in achieving both short and Iong-term goals.
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Mortgage Education
Maturity Date
The maturity date of a mortgage is the date when a borrowers’ final payment is due, marking the end of the loan term. At this point, the borrower must pay off the remaining loan balance, which can include the principal and any accrued interest. Maturity dates can change, such as in cases of refinancing.
Home Inspector
A home inspector plays a vital role in the home buying process. They are there to assess the condition of the home before it is bought. Home inspectors will report any damages or defects to the buyer so that they can negotiate the replacement or repair of these damages with the seller. It is important that the buyer has an inspection done so that they do not have to cover repairs alone down the road.
Points
A point, which can also be known as a discount point, is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $165,000, one point means $1,650 to the lender. Points are a one-time fee that can be paid upfront to reduce your interest rate payment over the life of the loan.
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Mortgage News
Industry News
30-Year Mortgage Interest Rates
"Today’s average rate on a 30-year mortgage (fixed-rate) rose to 7.24% from 7.20% yesterday. One week ago, the 30-year fixed was 7.05%.
On a 30-year fixed mortgage, the APR is 7.26%, lower than it was last week. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage of 100,000 will pay $681 per month in principal and interest (taxes and fees not included) at today’s interest rate of 7.24%. The total interest paid over the life of the loan will be approximately $145,266." (source: forbes.com)
The rates found above are from December 18th and are subject to change. Use our loan calculator tool to determine your estimated monthly payments for different loan amounts, interest rates, and term lengths.
15-Year Mortgage Interest Rates
"Today’s 15-year mortgage (fixed-rate) is 6.31%, up 0.11 percentage point from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.20%.
The APR on a 15-year fixed is 6.34%. It was 6.22% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.31% will cost $861 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $54,906 in total interest." (source: forbes.com)
The rates found above are from December 18th and are subject to change. Use our loan calculator tool to determine your estimated monthly payments for different loan amounts, interest rates, and term lengths.
Realtor.com Freddie Mac Updates
"The Freddie Mac rate for a 30-year mortgage inched down 9 basis points, to 6.6%, as 10-year Treasury yields stayed around the 4.2% mark since last week’s release. The recent stabilization in Treasury yields comes as President-elect Donald Trump’s Cabinet and policy priorities fall into place. What’s more, the market is pricing in a probability of a December Fed rate cut at close to 95%, likely spurred by today’s consumer price index report that met analysts’ expectations. However, we may see rates continue to be volatile over the coming weeks as we approach the new year and inauguration." (source: realtor.com)
At an interest rate of 6.6%, a 30-year fixed-rate mortgage is estimated to cost $1,114 per month in principal and interest, private mortgage insurance, and property taxes and insurance for a loan of $100,000. (source: My Home by Freddie Mac)
The rates found above are from December 12th and are subject to change. Use our loan calculator tool to determine your estimated monthly payments for different loan amounts, interest rates, and term lengths.
Need a loan officer?
Visit our Find a Loan Officer page to find a loan officer near you!
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