What a week! Thursday's 1,000 point plunge shook up the mortgage world, but it also shook some lookers loose. May/June is shaping up to be the best two month period in the last two years!
It almost goes without saying that every gain for someone is at someone else's expense. As Grandma would have said back on the DelMarVa peninsula, "Life's not necessarily fair." Life's not good for everyone right now, but buyers are back!
My northern Pinal County borrower is buying a wonderful single family home for the grand total of $55,000. It's a HUD home, so she's able to buy the home with just $100. down, using FHA guaranteed money. Her total payment of $448 PITI/MI is less than most people pay for rent.
My Colorado borrower got an awesome lock yesterday on a second-home purchase here in Tucson using a 7/1 Interest Only ARM ~ the first of these that I've done in four years.
My Tucson move-up borrowers decided on a straight 15 year term for their purchase, as the rate available yesterday was unbelievable.
How was your week?
I'm Mike in Tucson, your preferred Tucson Mortgage Lender.
SUNSTREET MORTGAGE llc ~ Mortgage Bankers, Not Brokers!
Offices in Scottsdale, Tucson, and Nogales, AZ, and Albuquerque, NM.