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See what Essex has been up to this month! February is here, Spring 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:
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Top Loan Officers & Employee Spotlight
Top Loan Officers from last month:
Troy Weatherly, Steve Soriano, and Chris Collins
TROY WEATHERLY NMLS# 357207
"Troy went above and beyond to make it happen for us. I really appreciate his amazing attention to detail and customer service."
- Sunni C., NV
STEVE 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. Thanks Steven" - Emily L., CA
CHRIS COLLINS NMLS# 900336
"Christopher made me feel like priority # 1. Ahead of the curve when relaying information and having docs prepped for our numerous offers made. Couldn't be happier with the quality of service Mr. Collins provided. Pointing everyone to Essex Mortgage."
- Branden M., CA
Employee Spotlight:
Troy Weatherly | Branch Manager
Question: How long have you worked at Essex?
Answer: I began working at Essex Mortgage in December of 2017 - so a little over 6 years now.
Question: Why do you like working at Essex?
Answer: Essex has allowed me, along with my partner Chris, to grow our branch and our mortgage business as we see fit. With some companies the corporate overreach is so great that you can't grow and develop. Essex doesn't do that. They have always been great to accommodate our ideas, and our owner Roland has stayed ahead of the market changes keeping us relevant and helping us maintain our success.
Question: What's a fun fact of yours?
Answer: I'm 42 years old, married 17 years, with 4 kids and 4 dogs. Are guys like me fun anymore? I'm a musician. I can play the piano, drums, and guitar. I'd like to say I'm a singer as well, but the jury is still out on that.
Question: A genie grants you one wish, what would your wish be?
Answer: Can I wish for more wishes? I am fortunate to live a full and abundant life. Outside of a fantastical wish - like the ability to fly - I really don't desire much. Spending quality time with loved ones is important to me. If there was a way to never work again but always have my bills and costs covered so that I could focus my time on others, I think that would be my wish.
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About Essex Mortgage
Community Appreciation: Lung Transplant Support Organization
The Lung Transplant Support Organization (LTSO) is a non-profit philanthropy that supports lung transplant patients, their caregivers, and the medical professionals that care for them. Through discussion forums and transplant stories, they bring together patients and their caregivers to offer encouragement and hope through the challenges of living with or preparing for a lung transplant. In addition, LTSO informs and educates patients on the “resources available beyond their personal medical insurance coverage including but not limited to housing, medical, and financial assistance”.
If you would like to learn more or donate, click the link: https://gotmask.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 #1 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
Mortgage
A loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It may also be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage is usually the purchase price of the home minus your down payment.
Federal National Mortgage Association (FNMA)
A government sponsored corporation that buys mortgages from lenders and sells them to investors on the open market. FNMA is commonly referred to as FANNIE MAE. By selling mortgages to Fannie Mae, lenders can replenish their funds so they can lend money to other borrowers, increasing the amount available for new home purchases.
Homeowners Insurance
Homeowners insurance is a policy that protects the homeowner and lender against losses and damages to an individuals house and assets on the property. Not only does this cover possessions and the home itself, but also protects against liability in case a visitor gets injured on the property. All of these policies have a liability limit that determines how much coverage you have in the event that an accident occurs.
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Essex Mortgage News
All Company Updates
JANUARY ESSEX TOTALS
ESSEX TOTAL: $135,181,193 / 857 units
Retail Fundings: $5,221,587 / 14 units
Correspondent Purchases: $129,959,606 / 843 units
Industry News
30-Year Fixed Mortgage Interest Rates
"Today’s average rate on a 30-year, fixed-rate mortgage is 7.51%, which is 0.13 percentage point higher than last week.
The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 7.42%. The APR was 7.26% last week.
To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 7.51% on a $100,000 loan will cost $700 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 $151,890." (source: forbes.com)
The rates found above are from February 14th 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 Fixed Mortgage Interest Rates
"Today, the 15-year mortgage rate sits at 6.71%, higher than it was at this time yesterday. Last week, it was 6.60%.
On a 15-year fixed, the APR is 6.66%. Last week it was 6.45%.
At today’s interest rate of 6.71%, a 15-year fixed-rate mortgage would cost approximately $883 per month in principal and interest per $100,000. You would pay around $58,895 in total interest over the life of the loan." (source: forbes.com)
The rates found above are from February 14th 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 fixed rate for a 30-year mortgage climbed 1 basis point this week to 6.64% as the market adjusted to the latest economic data. The January jobs report showed that the economy added 353,000 net new jobs in the month, well above the expectation. The still-strong employment data demonstrated that slowing the economy may not be a straight path, and prolonged contractionary policy may be necessary, though further tightening seems unlikely. At the February FOMC meeting, Chair Powell emphasized that it is unlikely that we will see a rate cut in March as incoming economic data remains fairly strong." (source: realtor.com)
At an interest rate of 6.64%, a 30-year fixed-rate mortgage is estimated to cost $1,116 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 February 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!