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See what Essex has been up to this month! Happy November, what are you thankful for this month?
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:
Tammy Harrison, Keith Murphy, and Steve Soriano
TAMMY HARRISON NMLS# 310896
"Tammy provided an excellent client experience. She walked us through the complete process and was always available to answer any questions or concerns."
- Anne C., NV
KEITH MURPHY NMLS# 330827
"Keith is very knowledgeable and trustworthy, he answered all my questions and made the process easy and enjoyable."
- Luis M., CA
STEVE SORIANO NMLS# 263934
"Steve was very transparent and always communicated with me. He is extremely trustworthy and I would highly recommend him to anyone who is trying to purchase a home. He made the entire process pain free."
- Emily L., CA
Employee Spotlight:
Kai Jordan | Foreclosure Coordinator
Question: How long have you worked at Essex?
Answer: I began my employment with Essex in November of 2023.
Question: Why do you like working at Essex?
Answer: My favorite thing about working for Essex is the focus on positivity in the workplace. Nathan Sands, our Chief Servicing Officer, encourages positive thinking and provides a supportive environment. I feel this positive culture Essex has created improves morale and motivation which enhances team cohesion and collaboration.
Question: What's a fun fact of yours?
Answer: I am a retired street bike racer.
Question: What would you choose if you could only eat one type of food for the rest of your life?
Answer: I’m from San Diego so I would choose Street Tacos for sure!
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About Essex Mortgage
Community Appreciation: Hope Equine Rescue
Founded in 2008, the Hope Equine Rescue is a non-profit organization based out of Florida that focuses on rescuing, rehabilitating, and rehoming neglected or abandoned horses. For these horses in need, the rescue provides essential medical care, nutrition, and training to help every horse recover and find a new, loving home. In addition to their life saving work with horses, they also provide the “Reading With Rescues” program for students to learn to read in a fun and caring environment.
If you would like to learn more or donate, click here: https://hopeequinerescue.com/
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
Loan Estimate (LE)
A Loan Estimate is a standardized document that gives you a clear summary of the estimated costs associated with your mortgage loan, including the loan terms, projected monthly payments, and closing costs. This document is designed to help borrowers understand the financial commitment and make an informed comparison if multiple loan options are being considered. To ensure enough time to review and compare options early in the loan process, your loan officer must provide you with a Loan Estimate within three business days of receiving your completed loan application.
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.
Adjustable Rate Mortgage
An adjustable rate mortgage (ARM) is a type of loan for which the interest rate can change, usually in relation to an index interest rate. Your monthly payment will go up or down depending on the loan’s introductory period, rate caps, and the index interest rate. With an ARM, the interest rate and monthly payment may start out lower than for a fixed-rate mortgage, but both the interest rate and monthly payment can increase substantially.
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Mortgage News
Industry News
30-Year Mortgage Interest Rates
"Today’s 30-year mortgage—the most popular mortgage product—is 7.30%, up 0.05 percentage point from a week earlier.
The interest rate is just one fee included in your mortgage. You’ll also pay lender fees, which differ from lender to lender. Both interest rate and lender fees are captured in the annual percentage rate, or the APR. This week the APR on a 30-year fixed-rate mortgage is 7.32%. Last week, the APR was 7.18%.
Let’s say your home loan is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.30%, your monthly payment will be about $685, including principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $146,683 in total interest over the life of the loan." (source: forbes.com)
The rates found above are from November 13th 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
"The average interest rate on a 15-year mortgage (fixed-rate) sits at 6.40%. This same time last week, the 15-year fixed-rate mortgage was at 6.37%.
The APR on a 15-year fixed is 6.44%. It was 6.32% this time last week.
With an interest rate of 6.40%, you would pay $866 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $55,841 in total interest." (source: forbes.com)
The rates found above are from November 13th 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
"Mortgage rates climbed for the sixth consecutive week, rising by 7 basis points to 6.79%, the highest since July 11th on the heels of the 10-year treasury hitting nearly 4.5% yesterday – the highest level since April. Though much of the mortgage rate data that feeds into this week’s number was based on lower, but still rising, pre-election treasury yields, we should expect mortgage rates to continue to rise in the coming weeks based on the trend in post-election yields.
Why are 10-year yields, and thus mortgage rates, rising so quickly after the Trump and Republican election win? While it’s not always 100% clear what markets are thinking, they could be expecting a combination of stronger economic growth, more fiscal spending, and higher prices/inflation (because of more tariffs and lower taxes). While we still expect mortgage rates to stabilize by the end of the year, they will likely be at a higher level than markets were initially expecting prior to election week. It’s also important to note that although the Fed is still likely to cut the funds rate by 25 basis points today, markets are now showing a 33% chance that the Fed will hold off on a December rate cut." (source: realtor.com)
At an interest rate of 6.79%, a 30-year fixed-rate mortgage is estimated to cost $1,126 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 November 7th 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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