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See what Essex has been up to this month! Happy Memorial Day! Happy Mother's Day!
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:
Brian Cushing, Christian Clements, and Mitchell Olson
BRIAN CUSHING
"Brian and his team are very knowledgeable about the business. My case was not an easy one and they took it on full force and got me the house I really wanted for my family and myself."
- Jose E., NV
CHRISTIAN CLEMENTS
"From start to finish, Chris made the entire process fast and easy! He is the BEST!"
- Christian W., NV
MITCHELL OLSON
"Mitch is always super thorough when going over all the information and answering our questions! He’s very personable and makes the mortgage process a breeze!"
- Taylor A., MN
Employee Spotlight:
Dave | Senior Vice President
Question: How long have you worked at Essex?
Answer: I've been at Essex since 2006.
Question: Why do you like working at Essex?
Answer: I enjoy working at Essex because of Roland's vision. There's never a dull moment!
Question: What's a fun fact of yours?
Answer: I have 2 daughters who love to try and boss me around.
Question: What is a movie you never get tired of watching?
Answer: Fast Times at Ridgemont High
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About Essex Mortgage
Community Spotlight: Costa Mesa Police Department
The Costa Mesa Police Association is the governing board of sergeants and police officers within the Costa Mesa Police Department. The CMPA aids in ensuring that "each member maintains the highest level of training, ethics and professionalism while serving as a member of the department." In addition to the work they do with the CMPD, they also donate time and money to several other philanthropies and charitable organizations in the Costa Mesa area.
If you would like to learn more or donate to Costa Mesa Police Department, click the link to learn more: https://www.costamesa.gov
(Photo from costamesa.gov)
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 #1 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
Balloon Mortgage
A balloon mortgage is a loan with equal monthly payments that amortizes over a stated term but also requires that a lump sum payment be paid at the end of the term. Since there is a large lump sum payment at the end of the term, the initial monthly payments are much lower compared to traditional mortgages. Balloon mortgages typically have shorter loan terms, commonly ranging from five to seven years, with some as short as two years.
Amortization
Amortization is the process of paying off the mortgage loan over a period of time and at the interest rate specified in the loan agreement. For instance, on a 30-year fixed-rate mortgage, the amortization period is 30 years. As you progress in the amortization period, you additionally are building up equity in the home.
Private Mortgage Insurance
Private mortgage insurance (PMI) is a type of insurance that is for the purpose of protecting lenders against loss if a borrower defaults on the loan. Only conventional loans may require PMI, as other types of loans, such as FHA loans and VA loans have their own types of mortgage insurance. Generally, most lenders require MI for a loan with a loan-to-value (LTV) ratio in excess of 80 percent.
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Essex Mortgage News
Announcements From Correspondent
Our DPA program is setting records every single month!
David Sears, Duncan Vance and Charlie Nager recently represented Essex at the Great River Conference in Memphis, TN and got the chance to meet Elvis.
We will be attending the Mortgage Bankers Association Secondary and Capital Markets Conference in New York from May 21-24.
Essex Production
APRIL ESSEX PRODUCTION TOTAL: $184,223,532 / 871 units
Industry News
30-Year Fixed Mortgage Interest Rates
Today, the average APR for the benchmark 30-year fixed mortgage rose to 6.97% from 6.91% yesterday. One week ago, the 30-year fixed APR was 7.00%. The 52-week high for a 30-year fixed mortgage was 7.19% and the 52-week low was 6.75%. (source: forbes.com)
15-Year Mortgage Interest Rates
The 15-year fixed mortgage APR sits at 6.29%, higher than it was at this time yesterday. Last week, it was 6.29%. Rates are quoted as APR. (source: forbes.com)
MBA Mortgage Rate Forecast for the End of 2023
The Mortgage Bankers Association predicts that long-term rates have already peaked and should lower down to 5.2% by the end of 2023. (source: forbes.com)
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