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See what Essex has been up to this month! The Essex Family wishes you a Happy March! We feel lucky to have amazing clients like you!
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:
Keith Murphy, Troy Weatherly, and Fred Itzkovics
KEITH MURPHY NMLS# 330827
"I cannot speak highly enough of Keith Murphy and the outstanding service he provided throughout the entire mortgage process."
- Serge U.
TROY WEATHERLY NMLS# 357207
"Overall, for such a tricky process, Troy made it so easy!"
- Claire L., NV
FRED ITZKOVICS NMLS# 306112
"Fred is very knowledgeable and looked into many options before advising what would be best for us. Thank you Fred!"
- Tommi-Jean R., CA
Employee Spotlight:
Zach Tapia | Senior Web Developer
Question: How long have you worked at Essex?
Answer: Over 4 years
Question: Why do you like working at Essex?
Answer: Working at Essex Mortgage has been amazing. At Essex I am able to build innovative tools and systems that enable loan officers to make informed and data-driven decisions that benefit future homeowners.
Question: What's a fun fact of yours?
Answer: Deep Sea Fishing is one of my favorite hobbies. My dad got me interested when I was young and it’s some of the best times when we are on the ocean.
Question: What is your favorite vacation spot?
Answer: I love vacationing in Mammoth, CA with my wife Rachel, son Adrian, and dog Millie. We love the scenic hikes and of course fishing.
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About Essex Mortgage
Community Appreciation: HomeAid Orange County
In 1989, HomeAid Orange County was founded to provide housing for individuals experiencing homelessness. To date, they have built 79 housing projects, with more on the way. In addition to the construction of housing projects, HomeAid collects and allocates essential items to those that need it. HomeAid Orange County continues to make a positive impact in their community and be leading advocates for housing as a human right.
If you would like to learn more or donate, click here: https://www.homeaidoc.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
USDA Loan
The United States Department of Agriculture (USDA) created their Rural Housing Loan Program to help low to moderate-income families in rural areas finance their primary residence. Only certain lenders are approved by the USDA to offer their loan program, which Essex Mortgage is one of those lenders. In order to qualify for this loan program, the USDA has a criteria that must be met by both the applicant and the property. What makes USDA loans so great is that they can be used for either a purchase or refinance and require no down payment!
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.
Gross Income
Also known as gross pay, gross income is the total earnings that an individual makes before taxes or other deductions are factored in. While salary is usually the principal source of income, other income, such as overtime pay, may qualify if it is significant and stable.
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Mortgage News
Industry News
30-Year Mortgage Interest Rates
"Today's average rate on a 30-year mortgage (fixed-rate) inched up to 6.63% from 6.62% yesterday. Last week, the 30-year fixed was 6.5%.
The APR on a 30-year fixed moved up to 6.66%. This time last week, it was 6.53%. APR is the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers will pay $640 per month in principal and interest (taxes and fees not included) for every $100,000 borrowed on their 30-year fixed-rate mortgage at today’s interest rate of 6.63%. The total interest paid over the life of the loan will be around $130,512 per $100,000 borrowed." (source: forbes.com)
The rates found above are from March 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's 15-year mortgage (fixed-rate) is 5.63%, up 0.07 percentage point from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.56%.
The APR on a 15-year fixed is 5.69%. It was 5.62% a week earlier.
A 15-year, fixed-rate mortgage with today's interest rate of 5.63% will cost $824 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $48,348 in total interest." (source: forbes.com)
The rates found above are from March 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 dropped by 13 basis points this week to 6.63%, the lowest point since December. Interest rates in general have dipped a bit as the 10-year Treasury yield has fallen near 4.2%. These lower rates will spur on the housing market as it enters the start of the spring buying season, but they remain in danger of remaining in an elevated state. This is because of inflation remaining stubbornly high, which will not be helped by the tariffs that the Trump administration appears committed to rolling out. Expectations of higher consumer prices in the future leads debt market investors to demand higher returns on their investments, indirectly pulling interest rates up at the same time that they deter the Federal Reserve from making direct cuts to interest rates." (source: realtor.com)
At an interest rate of 6.63%, 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 March 6th 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!