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See what Essex has been up to this month! Happy August, fall is just around the corner!
Every month we post to our social accounts but sometimes, that gets lost in the massive amounts of 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:
page 1
Top Loan Officers & Employee Spotlight
Top Loan Officers from last month:
Christopher Collins, Steven Soriano and Bob Maldonado
CHRIS COLLINS NMLS# 900336
"Chris is a man of solutions! He is professional and responsive. This was my third home purchase experience and it was top notch!"
- Monique W.
STEVEN SORIANO NMLS# 263934
"Steven made the refi process so quick and easy. He knew exactly what to do and when to do it at every obstacle. I will refer Steven and his team with confidence."
- Gloria M., CA
BOB MALDONADO NMLS# 269090
"Bob is a fantastic communicator and made the process for me very easy! I would recommend him to all my friends and family."
- Shelby M., TX
Employee Spotlight:
Frank Hawley | Senior Loan Officer
Question: How long have you worked at Essex?
Answer: Nearly 7 years
Question: Why do you like working at Essex?
Answer: The leadership and staff are exceptional, and I appreciate the flexibility to engage in hybrid work. Additionally, Essex offers numerous outstanding programs.
Question: What's a fun fact of yours?
Answer: I am one of nine boys in my family.
Question: If you could have dinner with any historical figure who would it be and why?
Answer: Martin Luther King and I share the same birthday, and I've long admired his courage in the face of adversity. I would love to hear his insights on our current situation.
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About Essex Mortgage
Community Appreciation: Humane Society of Marion County
The Humane Society of Marion County is a non-profit organization that works to protect and care for animals in Marion County, Florida. They provide a variety of services to animals in need, including adoption, sheltering, veterinary care, animal cruelty prevention and much more. HSMC also has a thrift store that helps to fund their lifesaving work.
If you would like to learn more or donate, click here: https://thehsmc.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
Note Rate
The note rate is the interest rate that the borrower pays to borrow money from their lender to purchase a home. Note rates can be found within the mortgage note, a legal document signed at closing which includes all loan details and relevant information. It is important to keep in mind that the note rate differs from the APR (Annual Percentage Rate), as it does not include other fees associated with getting a home loan.
Co-Signer
A co-signer is an individual that signs a loan or credit application with the primary borrower and assumes the responsibility of paying off any debts should the primary borrower not be able to. Co-signers also aid in getting approval for the primary borrower if their income or credit score are not high enough.
Lock-In Agreement
A lock-in agreement is a written agreement from the mortgage lender guaranteeing a specific mortgage interest rate. This lock-in or rate lock is usually guaranteed from the initial offer until the closing of the loan as long as there are no changes to the loan application and it closes within a specific time frame.
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Mortgage News
Industry News
30-Year Mortgage Interest Rates
"Today’s average rate on a 30-year, fixed-rate mortgage is 7.00%, which is 0.07 percentage point higher than last week.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 7.02%. The APR was 6.89% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 7.00% on a $100,000 loan will cost $666 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $139,581." (source: forbes.com)
The rates found above are from August 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.
15-Year Mortgage Interest Rates
"Today, the 15-year mortgage rate is 6.21%, higher than it was at this time yesterday. Last week, it was 6.19%.
On a 15-year fixed, the APR is 6.24%. Last week it was 6.07%.
At today’s interest rate of 6.21%, a 15-year fixed-rate mortgage would cost approximately $855 per month in principal and interest per $100,000. You would pay around $53,924 in total interest over the life of the loan." (source: forbes.com)
The rates found above are from August 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.
Realtor.com Freddie Mac Updates
"The Freddie Mac rate for a 30-year mortgage declined by 0.26 percentage points to 6.47% this week, the lowest level since May 2023, as 10-year Treasury yields dropped into the 3.7% – 4% range since the prior week’s survey. The strong downward trend in 10-year yields has been driven by two primary factors. First, the market has priced in rate cuts in September and December due to recent positive inflation readings. Second, July’s unexpectedly low employment reading has led some investors to believe we may already be in a recession so they have sought safety in the bond market. This move towards bonds has driven down 10-year treasuries to lows not seen since last year, and thus mortgage rates have fallen." (source: realtor.com)
At an interest rate of 6.47%, a 30-year fixed-rate mortgage is estimated to cost $1,105 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 August 8th 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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