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See what Essex has been up to this month! Happy July, enjoy some fun in the sun!
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:
Christopher Collins, Adam Schaefer and Keith Murphy
CHRIS COLLINS NMLS# 900336
"Chris and his team go above and beyond in every aspect of the loan process. I would recommend them to anyone."
- Oliver P., SC
ADAM SCHAEFER NMLS# 448222
"Adam was on top of our loan from the first day we spoke to the day of closing. I've used him 2 previous times and will certainly do so again if a purchase or refinance happens in the future."
- Dana M., CA
KEITH MURPHY NMLS# 330827
"Keith and his team are great! They supported us throughout the whole home buying experience. It’s a blessing to have someone that understands that buying a home is a lot of work and will go the extra mile to help you navigate the process."
- Tommy W.
Employee Spotlight:
John Jones | Default Manager
Question: How long have you worked at Essex?
Answer: I have been at Essex for a little over a year.
Question: Why do you like working at Essex?
Answer: I like working at Essex because of the culture of our organization. It is most certainly a positive culture where we all work together to make great things happen for our borrowers.
Question: What's a fun fact of yours?
Answer: I am a trained opera singer.
Question: If you could spend a summer anywhere in the world, where would it be?
Answer: Alaska
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About Essex Mortgage
Community Appreciation: Hands of Mercy Everywhere
Hands of Mercy Everywhere (H.O.M.E.) is a Christian-based nonprofit in Marion County, FL that provides residential care and support services for pregnant and parenting teen mothers and girls at risk of sex trafficking. Established in 2004, H.O.M.E. offers education, life skills training, parenting classes, counseling, and essential baby gear to help transition these young women into adulthood. Additionally, the organization collaborates with local community groups to ensure the best support possible is provided.
If you would like to learn more or donate, click here: handsofmercyeverywhere.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
Conventional Loans
Conventional loans are popular among buyers that are more financially stable overall and require a loan under the limit set by the Federal Housing and Finance Agency each year. These loans aren't insured or guaranteed by government agencies, rather they follow guidelines from Fannie Mae and Freddie Mac. In high-cost areas, the loan limit is typically higher, called a high balance loan, and serves the market between conventional and jumbo mortgages. Unlike jumbo loans, high balance loans remain eligible for purchase by Fannie Mae and Freddie Mac.
Earnest Money
Earnest money is a deposit the buyer provides the seller with to demonstrate their commitment to purchasing the home. Once the seller accepts the offer, this deposit is typically applied toward the down payment or closing costs, unless one of the sales contract contingencies is not fulfilled.
Balloon Mortgage
A balloon mortgage is a loan with equal monthly payments that amortizes over a stated term but also requires that a lump sum payment be paid at the end of the term. Since there is a large lump sum payment at the end of the term, the initial monthly payments are much lower compared to traditional mortgages. Balloon mortgages typically have shorter loan terms, commonly ranging from five to seven years, with some as short as two years.
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Mortgage News
Industry News
30-Year Mortgage Interest Rates
"Borrowers paid an average rate of 7.25% on a 30-year mortgage. This was down from the previous week’s rate of 7.39%.
Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.27%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.
To get an idea of how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 7.25% will cost you about $682 including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $145,486 in total interest over the life of the loan." (source: forbes.com)
The rates found above are from July 16th 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 sits at 6.51%, lower than it was at this time yesterday. Last week, it was 6.60%.
On a 15-year fixed, the APR is 6.54%. Last week it was 6.54%.
A 15-year fixed-rate mortgage of $100,000 with today’s interest rate of 6.51% will cost $872 per month in principal and interest. Over the life of the loan, you would pay $56,918 in total interest." (source: forbes.com)
The rates found above are from July 16th 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 fell 6 basis points to 6.89% this week as 10-year Treasury yields fell sharply to between 4.2% and 4.3%. Friday’s jobs report and Thursday’s consumer price index report were both solid readings that suggest inflation is being tamed vis-a-vis moderating employment growth, rising unemployment, and cooling prices. This has led investors to believe we’ll get a rate cut by the end of the year, and has helped drive down the 10-year Treasury on Thursday to lows not seen since March.
Despite the volatility, we should see 10-year Treasury rates continue on a downward trend and, as a result, a slow decline in mortgage rates throughout the rest of the year." (source: realtor.com)
At an interest rate of 6.89%, a 30-year fixed-rate mortgage is estimated to cost $1,133 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 July 11th 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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What an amazing organization! It’s incredible to see the work Hands of Mercy Everywhere is doing to support young women, especially those in such vulnerable situations. Offering not only care but education and life skills training makes a huge difference in their lives. So inspiring to hear about the positive impact they’re making in the community. Keep up the great work! level devil
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