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May Newsletter 2024


Essex Mortgage May 2024 Newsletter banner over pink flowers.
 
White calendar resting on a surface flipped to May 2024.
See what Essex has been up to this month! Another month is here, "May" it be the best one yet!

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.


Painted bouquet of flowers on a light blue background with Happy Mother's Day written above.

Here's what you'll find in this newsletter:

page 1

 

Top Loan Officers & Employee Spotlight



Top Loan Officers from last month:

Tammy Harrison, Christopher Collins, and Adam Schaefer



Headshot of Essex Loan Officer Tammy Harrison.

TAMMY HARRISON NMLS# 310896

"She just went above and beyond for us around the clock and answered any and all questions in a timely manner. She even came to our house (which is far from her office) to be with us to sign the final documents with the notary. I would recommend her to anyone that is looking to buy a home."


- Chele H., NV




Headshot of Essex Loan Officer Chris Collins.

CHRIS COLLINS NMLS# 900336

"Made our first home buying experience very easy and painless. Also was extremely nice throughout the process and provided us any information on the things we weren’t familiar with when buying a home. Thank you so much!"


- Tanner B., CA



Headshot of Essex Loan Officer Adam Schaefer.

ADAM SCHAEFER NMLS# 448222

"Adam was great in helping us financing our first home. He was very knowledgeable, transparent, and fast to communicate! Would recommend Adam to anyone buying a home! We learned a lot and felt secure in our purchase when working with Adam!"


- Taylor B., CA



 

Employee Spotlight:

Ian Nixon | Director of Marketing


Social media employee spotlight post for Essex employee Ian Nixon.

Question: How long have you worked at Essex?

Answer: I've worked at Essex since May of 2017.

Question: Why do you like working at Essex?

Answer: My favorite thing about working for Essex is the trust that has been given to me to oversee the Marketing Dept and the freedom to take on new and exciting projects.

Question: What's a fun fact of yours?

Answer: I'm a partial owner of an adult summer camp company.

Question: What is your favorite season?

Answer: I live in Indiana so we see all of the seasons. My favorite has to be fall. I love that the weather cools off. It means I can start wearing sweaters and sweatshirts. It also means the leaves change color and football starts!


page 2

 

About Essex Mortgage


Community Appreciation: Els For Autism Foundation

The Els for Autism Foundation is a non-profit organization that is dedicated to helping people on the autism spectrum fulfill their potential to lead positive, productive, and rewarding lives. They offer a variety of programs and services, including early intervention and educational services, recreation services, and adult services. The foundation also supports research into autism and provides global outreach to families and individuals around the world.


If you would like to learn more or donate, click the link: https://www.elsforautism.org/


Els Center of Excellence entrance on a beautiful sunny day.

 

Essex Mortgage President Roland Weedon

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


Processing

Upon receiving your purchase contract, the lender will initiate the loan processing stage by issuing required disclosures. Simultaneously, a title report will be ordered and your realtor will open escrow. Following your acknowledgment of the disclosures, an appraisal will be requested by your lender, and the processing department will commence a comprehensive review of your files. You may also be contacted by your loan officer or the processor at this time for any additional required documents.


Underwriting

Once all outstanding items are gathered, your application goes to underwriting for review. Be sure to be available to provide any additional documentation requested during this stage. Furthermore, it's important at this time to avoid large financial transactions to ensure a smooth approval process. After final approval from underwriting, you'll receive your final loan disclosures and your loan can be closed 3 days after acknowledgement of these disclosures.


Closing

With an approved loan, you are on the home-stretch towards closing. The lender will send closing documents to a title company that draws up paperwork and arranges for the signing of the documents. Once the documents have been signed and funding conditions are met, the title is recorded and the process is complete. The keys are yours and you are the proud owner of your new home!


page 4

 

Essex Mortgage News


Headshot of Essex Correspondent team member Duncan Vance.

All Company Updates

Correspondent Updates

Congratulations to Duncan Vance for being our top producer in correspondent for the month of April! Last month he amassed over $45 million in purchase volume!



Industry News

30-Year Fixed Mortgage Interest Rates

"Today’s average rate on a 30-year, fixed-rate mortgage is 7.49%, which is 0.03 percentage point lower than last week.


The interest plus lender fees, called the annual percentage rate (APR), on a 30-year fixed mortgage is 7.51%.


To get an idea about how much you might pay in interest, consider that the current 30-year, fixed-rate mortgage of 7.49% on a $100,000 loan will cost $699 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total amount you’ll pay in interest during the loan’s lifespan is $151,545." (source: forbes.com)


The rates found above are from May 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 Fixed Mortgage Interest Rates

"Today’s 15-year mortgage (fixed-rate) is 6.79%, up 0.08 percentage point from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 6.71%.


The APR on a 15-year fixed is 6.82%. It was 6.70% a week earlier.


A 15-year, fixed-rate mortgage with today’s interest rate of 6.79% will cost $887 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $59,693 in total interest." (source: forbes.com)


The rates found above are from May 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

"The Freddie Mac fixed rate for a 30-year mortgage declined 13 basis points, to 7.09%, this week, after five straight weeks of gains. Following the May Fed meeting, Chair Jerome Powell reemphasized the committee’s commitment to 2% inflation and did not close off options, but he acknowledged that a future rate cut was more likely than a rate hike as inflation is expected to relent.


In other words, short-term rates have likely peaked, but further improvement in inflation and the inflation outlook are needed to see rates move lower.


To underscore this point, Friday’s April jobs report showed a decent, but weaker-than-expected result, with fewer jobs added, slower wage growth, and an uptick in unemployment. A weaker jobs report is typically consistent with a cooler economy and less inflationary pressure, and investors have driven long-term rates lower in response.


The yield on the 10-year has dipped from 4.7% in the week before the Fed meeting to less than 4.5% this week, and mortgage rates followed suit with the biggest weekly decline since mid-March." (source: realtor.com)


At an interest rate of 7.09%, a 30-year fixed-rate mortgage is estimated to cost $1,147 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 May 9th 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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