Hey there, it’s Bruce Woodburn with CrossCountry Mortgage and it’s time for the three big things you need to know. I actually have a bonus for you this week.

1. So here’s the first thing, interest rates are rising. Okay. I’m gonna tell you something here, you get no fake news. A lot of lenders just want to paint a beautiful picture for you with a rosey outcome, rainbows and unicorns. Look, I’m not saying that we’re in trouble. I’m not saying that rates are going to go sky high. Just saying in the last two weeks, we’ve had a lot of damage to the bond market and it’s causing rates to go up. Now I’ve been telling everybody for the last two months that it’s going to happen, it’s going to happen. It’s going to happen and it happened. So we’ve lost well over 100 basis points in the bond market. So every 100 basis points costs the client an extra point in discount points. So for instance, whatever was zero points is now at least one point, if not one and a quarter points. So those things can affect clients moving forward in the future. Now rates are still great, they’re still unbelievable. So it doesn’t mean it’s not a good time to buy. It doesn’t mean it’s not a good time to refinance. It’s still a great time to do both. They’re just a little higher than they were a week and a half, two weeks ago. That’s first thing.
2. Second big thing you need to know is we’ve got a great gift from Fannie Mae and Freddie Mac and a lot of lenders have not imposed this or are not utilizing this feature but at CrossCountry mortgage, The Loan Arranger is. And that is the loan limits on conforming loans have gone up to $625,000. Can you believe we would ever see that? $625,000 is the loan limit for a conventional loan. I never thought that I’d ever see that. That means that you could buy a $658,000 house And put 5% down and you can get a conventional loan. Pretty crazy stuff.
3. And then the last thing is that I am having a movie night on Tuesday the 12th and I’m featuring the new James Bond movie. If you would like to attend, I have very limited seats available but I will pay your way in, I will give you a bag of popcorn and I’m also going to give you a soda. So you get a movie, popcorn and a soda. That is going to be this Tuesday October 12th, 6:30pm. But you will need to reply to this because I do have limited seats left available for movie night but it’s just a way for me to get back to all my clients and then the bonus that I have for you is that I have got the most amazing Jumbo loan program. So we now know that Jumbo exceeds a loan amount at $625. But I can go up to a million and a half dollars on a mortgage for a jumbo loan with only 3.5% down and no PMI. 3.5% down jumbo, no PMI. And the rates are still very, very attractive now. There’s more…I can go to a $1,750,000 with 5% down, no PMI. There’s nobody else that has that. The Loan Arranger has it and I’m in business with you. I’m here to help you, your friends, your family, or your co workers and I’d be honored to be able to help them with their next next purchase or refinance transaction.

Those are the three big things you need to know. Plus you got a little bonus in there, have a great weekend!