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See what Essex has been up to this month! April is here, enjoy the warmer weather and the longer days!
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:
Fred Itzkovics, Tammy Harrison, and Christopher Collins
FRED ITZKOVICS NMLS# 306112
"I was guided every step of the way by Fred. First time home buyer and he explained everything to me so nothing was a surprise. Communication was excellent!"
- Jennifer B., CA
TAMMY HARRISON NMLS# 310896
"Was very thorough and helpful in getting our loan done and making sure we had all the options and we understood what we were signing. It was a great experience with her. Would recommend to everyone!"
- Gabriela N., NV
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
Employee Spotlight:
Bob Maldonado | Branch Manager
Question: How long have you worked at Essex?
Answer: 6 years and 5 months
Question: Why do you like working at Essex?
Answer: The people and culture of the company are motivating and inspiring. Roland has built a company of community and I love it.
Question: What's a fun fact of yours?
Answer: I make noises or sound effects on a regular basis because whether you hear it or not it is there.
Question: If you had 25 hours a day, how would you spend your extra time?
Answer: I would probably spend it tinkering in the garage on a RC truck or my off road truck.
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About Essex Mortgage
Community Appreciation: Humane Society of Marion County
The Humane Society of Marion County is a non-profit organization that works to protect and care for animals in Marion County, Florida. They provide a variety of services to animals in need, including adoption, sheltering, veterinary care, animal cruelty prevention and much more. HSMC also has a thrift store that helps to fund their lifesaving work.
If you would like to learn more or donate, click the link: https://thehsmc.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
Commitment Letter
A commitment letter is a formal document from a lender that confirms the borrower has been approved for a mortgage. The letter outlines the details of the approved loan, including the total amount that can be borrowed (loan amount), the number of years to repay it (term), the interest rate, any upfront fees (origination fee), the yearly cost of the loan (APR), and the estimated monthly payment.
Co-Signer
A co-signer is an individual that signs a loan or credit application with the primary borrower and assumes the responsibility of paying off any debts should the primary borrower not be able to. Co-signers also aid in getting approval for the primary borrower if their income or credit score are not high enough.
Collateral
Collateral is a property or any other asset that the borrower offers that can be used as a security for a debt. In the case of a mortgage, the collateral is the house and the land. If the borrower stops making payments, the lender can take hold of the house and land to recover losses on the loan.
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Essex Mortgage News
All Company Updates
Correspondent Updates
Our Essex Mortgage Correspondent team held a successful sales meeting this past month in Park City, Utah! In addition to planning and focusing on goals for the upcoming year, some of our team members got to snowmobile for the first time and create a stronger team bond.
Please help us in giving a warm welcome to our newest National Account Executive and Correspondent team member, Kimberly Moore-Dulmage!
Industry News
30-Year Fixed Mortgage Interest Rates
"Borrowers will pay less in interest this week as the average rate on a 30-year mortgage is 7.42% compared to a rate of 7.48% 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 7.34%. The APR was 7.35% last week.
If your mortgage is $100,000 and you have a 30-year, fixed-rate mortgage with the current rate of 7.42%, you will pay about $694 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. That’s around $149,822 in total interest over the life of the loan." (source: forbes.com)
The rates found above are from April 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.
15-Year Fixed Mortgage Interest Rates
"The average interest rate on a 15-year mortgage (fixed-rate) sits at 6.67%. This same time last week, the 15-year fixed-rate mortgage was at 6.65%.
On a 15-year fixed, the APR is 6.60%. Last week it was 6.52%.
With an interest rate of 6.67%, you would pay $880 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $58,447 in total interest." (source: forbes.com)
The rates found above are from April 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.
Realtor.com Freddie Mac Updates
"The Freddie Mac fixed rate for a 30-year mortgage bumped up 3 basis points, to 6.82%, maintaining the 6.6%–7% range it has occupied since last December.
In order for rates to decline meaningfully and sustainably, inflation needs to be convincingly on a path to the Fed’s 2% target.
As investors search for clues on the likely path for inflation and the economic outlook among incoming data, this week’s indicators offered a mixed bag. Although the price component of the ISM manufacturing index moved higher, the price component of the ISM services index fell, but remains above 50. Longer-term Treasury investors have braced for more inflation, pushing yields up past 4.35% and could mean mortgage rates climb further, depending on the strength of Friday’s jobs report and next week’s consumer price index inflation data." (source: realtor.com)
At an interest rate of 6.82%, a 30-year fixed-rate mortgage is estimated to cost $1,123 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 April 4th 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!