.png)
See what Essex has been up to this month! March is here, welcome to Spring!
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:
page 1
Top Loan Officers & Employee Spotlight
Top Loan Officers from last month:
Christopher Collins, Mitchell Olson, and Tammy Harrison
CHRIS COLLINS NMLS# 900336
"Chris was very personable. He made himself available at all times of the day to ensure that I was kept up to date as we moved through the process. He clearly defined and explained everything making this a great and smooth experience for me. I really appreciate his professionalism."
- Carlos S., AZ
MITCHELL OLSON NMLS# 368604
"We received all the information we needed in a timely fashion. Mitchell was always ready to answer any questions. We fell confident working with him on the purchase of our house."
- Lorraine C., NV
TAMMY HARRISON NMLS# 310896
"Tammy is not only knowledgeable and wonderful to work with but made me feel that my loan was always under control and in the best hands! Amazing experience working with Tammy for the second time!"
- Elena B., NV
Essex Mortgage Named a National Top Workplace!
Essex Mortgage received the 2024 Top Workplace award from USA Today! Thank you to each and every one of our employees for your dedication to Essex's values and creating a company culture that is being recognized at a national level.
Employee Spotlight:
Merry Gray | Cashiering Manager
Question: How long have you worked at Essex?
Answer: I’ve worked at Essex since November 2022.
Question: Why do you like working at Essex?
Answer: Best part about working for Essex is the opportunity to develop my talents. I enjoy that my job provides me many challenges and continuous learning. I enjoy numbers and problem solving, so being able to Manage Investor Reporting and Cashiering at Essex has allowed me to enhance my skills.
Question: What's a fun fact of yours?
Answer: I am bit of an adrenaline junkie, anything that gets the heart racing is worth doing or at least trying once. I also enjoy spending time working on my Cameo 4 customizing shirts, car stickers, any DIY project that looks like fun.
Question: If you were to be a late night talk show host, who would be your first guest?
Answer: Unfortunately I would not be able to pick just one guest, I would have to bring both Betty White and Matthew McConaughey.
page 2
About Essex Mortgage
Community Appreciation: Juvenile Diabetes Research Foundation
The Juvenile Diabetes Research Foundation, or JDRF for short, is an international non-profit that aims to create a world without type 1 diabetes (T1D). To prevent, cure, and treat T1D, they focus their efforts on “funding research; advocating for government support of research and new therapies; ensuring new therapies come to market and are recommended by healthcare providers; and connecting, engaging, and educating the T1D community.”
If you would like to learn more or donate, click the link: https://www.jdrf.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
Mortgage Lender and Servicer
Your mortgage lender is the financial institution that provides funds for your mortgage. A mortgage servicer is the financial institution or entity that is responsible for collecting your ongoing mortgage payments. Your mortgage servicer may be the same as your lender, or may be a different company altogether. It is not uncommon for your lender to transfer the servicing of your mortgage to a different company after you close on your home.
Essex Mortgage is both a lender and a servicer.
Points
A point, which can also be known as a discount point, is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $165,000, one point means $1,650 to the lender. Points are a one-time fee that can be paid upfront to reduce your interest rate payment over the life of the loan.
Credit Bureau
A credit bureau, also known as a credit reporting agency, is a company that collects information on consumers who use credit. The three major consumer credit bureaus are Equifax, TransUnion, and Experian. Credit bureaus will provide the credit data to lending institutions when applicable. However, lenders will ask for your permission before getting a copy of your credit report from these companies.
page 4
Essex Mortgage News
All Company Updates
Essex Mortgage is honored to be a table sponsor for the Marion Go Red For Women American Heart Association event this Friday, March 22nd in Ocala, Florida! Be sure to keep an eye on our socials in the near future for photos from the event!
Industry News
30-Year Fixed Mortgage Interest Rates
"Borrowers paid an average rate of 7.52% on a 30-year mortgage. This was up from the previous week’s rate of 7.35%.
Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 7.44%. This is higher than last week when the APR was 7.26%. 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 7.52% will cost you about $701 including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $152,260 in total interest over the life of the loan." (source: forbes.com)
The rates found above are from March 19th 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
"Today, the 15-year mortgage rate sits at 6.74%, higher than it was at this time yesterday. Last week, it was 6.58%.
On a 15-year fixed, the APR is 6.69%. Last week it was 6.53%.
With an interest rate of 6.74%, you would pay $884 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $59,204 in total interest." (source: forbes.com)
The rates found above are from March 19th 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 fell 14 basis points to 6.74% this week as stronger-than-expected employment and inflation data kept rates relatively elevated. The market’s response to the inflation data pushed 10-year treasury yields slightly higher, and mortgage rates remained in the high 6% range. Consistent mortgage rate improvement is highly dependent on inflation data, which has climbed by 0.3% monthly for the last three months, off pace with the improvement necessary to see inflation reach the 2% target in the expected timeframe. The market overwhelmingly expects the Fed to hold interest rates steady at next week’s meeting and to hold off on cutting rates until the second half of the year." (source: realtor.com)
At an interest rate of 6.74%, 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 March 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.
Need a loan officer?
Visit our Find a Loan Officer page to find a loan officer near you!