.png)
See what Essex has been up to this month! Happy October, who's ready to trick-or-treat?
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:
page 1
Top Loan Officers & Employee Spotlight
Top Loan Officers from last month:
Troy Weatherly, Keith Murphy, and Mesha Dimitruk
TROY WEATHERLY NMLS# 357207
"Troy and his entire team were SO helpful! They were so communicative during the whole process and answered any questions that I had. As a first time homebuyer the process is very intimidating but Troy and his team were there every step of the way to help me out."
- Kameron A., NV
KEITH MURPHY NMLS# 330827
"My family and I can’t thank Keith and his team enough. I have already referred him to 2 other friends of ours. We look forward to working with him on our next home!"
- Cheryl B., CA
MESHA DIMITRUK NMLS# 694427
"Mesha was amazing in helping us buy our first home. She was knowledgeable, patient, and always available to answer our questions. She made the entire process smooth and stress-free, ensuring we got the best mortgage terms."
- Haley L., CA
Employee Spotlight:
Shirley Endresen | National Correspondent Sales Executive
Question: How long have you worked at Essex?
Answer: I came to work for Essex in 2009. I met Roland in 1987 when he was a customer of mine and top producer for the company I worked for. Christopher and Geoff used to visit my office with their dad when they were babies. In 1995 Roland became a mortgage banker himself. We always stayed in touch and when my company closed in 2008, the roles reversed, and I went to work for him. We’ve had an amazing working relationship for 37 years.
Question: Why do you like working at Essex?
Answer: I have been given great opportunities that turned into great successes which I’m very thankful for. The clients I’ve made, and relationships have been rewarding and meaningful.
Question: What's a fun fact of yours?
Answer: I enjoy family gatherings whether it be in my house in Laguna Beach, or a competition water volleyball party in Palm Springs. I have a big fun family so if there is a party, everyone comes.
Question: What is your favorite fall activity?
Answer: I enjoy family holiday gatherings, fall retail sales and getting ready for Christmas festivities and shopping. Did I mention…I LOVE to shop?
page 2
About Essex Mortgage
Community Appreciation: Dup15q Alliance
The Dup15q Alliance is a non-profit organization that serves as a support and advocacy group for those that are affected by Dup15q Syndrome. Dup15q Syndrome is a neurodevelopmental disorder that is characterized by having an extra chromosome 15 copy in the 11.2 to 13.1 region. For 30 years, they have been advancing breakthrough research and empowering individuals affected by Dup15q, with over 2,000 families affiliated with the Alliance today.
If you would like to learn more or donate, click here: https://dup15q.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.
page 3
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.
VA Loan
As part of the Department of Veteran Affairs mission to serve those who served, they have created an easier pathway for Veterans, Service members, and eligible surviving spouses to achieve homeownership. The Department of Veteran Affairs does not directly offer these loans, but rather, they are issued by private lenders, such as Essex Mortgage, and partially guaranteed by the VA to ensure more favorable terms can be provided. These loans can be used for buying, building, repairing, or retaining a home, benefitting current and former military members in numerous ways.
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.
page 4
Mortgage News
Industry News
30-Year Mortgage Interest Rates
"Borrowers will pay more in interest this week as the average rate on a 30-year mortgage is 6.99% compared to a rate of 6.82% a week ago.
The annual percentage rate (APR), which includes the interest and all of the lender fees, on a 30-year, fixed-rate mortgage is 7.01%. The APR was 6.84% last week.
If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 6.99%, you will pay about $665 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $139,291 in total interest over the life of the loan." (source: forbes.com)
The rates found above are from October 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 Mortgage Interest Rates
"Today’s 15-year mortgage (fixed-rate) is 6.10%, up 0.14 percentage point from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.96%.
The APR on a 15-year fixed is 6.13%. It was 5.99% a week earlier.
A 15-year, fixed-rate mortgage with today’s interest rate of 6.10% will cost $849 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $52,868 in total interest." (source: forbes.com)
The rates found above are from October 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 rate for a 30-year mortgage rose by 20 basis points this week to 6.32% as 10-year Treasury yields surpassed the 4% threshold. Despite being three weeks since the Fed’s rate cut, mortgage rates did not decrease further as many had expected. While September’s strong jobs report alleviated some employment concerns, the recent surge in jobless claims introduces another layer of uncertainty to the overall picture. Meanwhile, the consumer price index’s continued slowdown in September supports the case for two 25 basis point cuts, one in November and another in December, despite initial market expectations of a cumulative 75 basis point cut by year-end. As a result, buyers should be prepared for mortgage rates to remain steady or potentially rise in the near term. Nevertheless, the recent Fannie Mae sentiment survey revealed that an all-time high share of respondents believe mortgage rates will decrease in the next 12 months." (source: realtor.com)
At an interest rate of 6.32%, a 30-year fixed-rate mortgage is estimated to cost $1,095 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 October 10th 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!
You must click as quickly as possible to surpass the current high score in the entertaining
spacebar clicker