I Love Mortgages!!!

03-05-09 Interest Rate Snapshot

2009-03-05T08:59:00.000-08:00

MortgageMantra: Just posted on ActiveRain: 03-05-09 Interest Rate Snapshot
http://activerain.com/t/967448

Jason Sanders
Mortgage Specialist and Sales Manager
American Capital Finance, Inc.
www.mortgagemantra.blogspot.com
Earning Referrals at: www.TheValuePagesGroup.com

02-25-09 Interest Rate Snapshot

2009-02-25T19:38:00.001-08:00

MortgageMantra: Just posted on ActiveRain: 02-25-09 Interest Rate Snapshot
http://activerain.com/t/953929

Jason Sanders - Bringing Value to Financing - Residential, Commercial, &
Hard Money
American Capital Finance
856-308-2462 - Cell
856-792-9214 - Direct Phone
856-792-9215 - Fax
www.MortgageMantra.blogspot.com
Earning referrals at: http://www.TheValuePagesGroup.com

02-24-09 Interest Rate Snapshot

2009-02-24T13:47:00.000-08:00

MortgageMantra: Just posted on ActiveRain: 02/24/09 Interest Rate Snapshot
http://activerain.com/t/950993

Recommendation from Chris Conn

2009-02-20T10:40:00.001-08:00

MortgageMantra: Just posted on ActiveRain: Recommendation from Chris Conn
http://activerain.com/t/944461

Recommendation from Jon Zeitz

2009-02-19T15:18:00.000-08:00

MortgageMantra: Just posted on ActiveRain: Recommendation from Jon Zeitz
http://activerain.com/t/942815

02-19-09 Interest Rate Snapshot

2009-02-19T15:16:00.000-08:00

MortgageMantra: Just posted on ActiveRain: 02-19-09 Interest Rate Snapshot
http://activerain.com/t/942776

02-17-09 Interest Rate Snapshot

2009-02-17T08:56:00.000-08:00

MortgageMantra: Just posted on ActiveRain: 02-17-09 Interest Rate Snapshot
http://activerain.com/t/938238

Recommendation from Kimberly Cousart

2009-02-17T08:54:00.000-08:00

MortgageMantra: Just posted on ActiveRain: Recommendation from Kimberly
Cousart http://activerain.com/t/938218

02-13-09 Interest Rate Snapshot

2009-02-13T10:14:00.001-08:00

MortgageMantra: Just posted on ActiveRain: 02-13-09 Interest Rate Snapshot
http://activerain.com/t/932060

Recommendation from Jeff and Kim Nutt

2009-02-13T08:27:00.000-08:00

MortgageMantra: Just posted on ActiveRain: Recommendation from Jeff and Kim
Nutt http://activerain.com/t/931844

02-12-09 Interest Rate Snapshot

2009-02-12T07:49:00.000-08:00

Rates, for the most part, are holding steady today - check it out! All rates listed below are PAR rates and do not reflect adjustments that may be required based on individual loan parameters.

30 Year Fixed Conventional - 4.750
15 Year Fixed Conventional - 4.875
30 Year Jumbo Fixed - 5.250
15 Year Jumbo Fixed - 4.875
30 Year FHA - 4.875
15 Year FHA - 5.000
3/1 FHA ARM - 4.250

Jason Sanders - Bringing Value to Financing - Residential, Commercial, & Hard Money
American Capital Finance
856 308 2462 - cell
856 792 9214 - direct phone
856 792 9215 - direct fax
www.mortgagemantra.blogspot.com
Getting more referrals at www.TheValuePagesGroup.com

Retweet This Post on Twitter

Recommendation from Ed McCarty

2009-02-12T07:31:00.000-08:00

"I worked with Jason while he was with American Capital Finance and found Jason to be very patient, cooperative and very professional. I could always depend on him, he delivered. One thing I thought was great about Jason was that he did what he said he was going to do. You don't always find that in business today. Very professional." October 14, 2008

Ed McCarty, Project Manager, SNiP Telecommunications

Retweet This Post on Twitter

Recommendation from Harry Mergard

2009-02-11T19:49:00.000-08:00

To whom it may concern:

I have been a homeowner for 30 years and have refinanced my home a number of times over those years to recoup my homes increasing equity.

My experience in dealing with Mr. Sanders over the past 5 years and the three equity loans that he brkered for me was very rewaqrding. Mr. Sanders' professionalism and willingness to keep me informed during every step of the process kept any undue stress, on my part, out of my life. Unfortunately this was not true with the preveous mortgage brokers that I had used in th past, before I met Mr. Sanders.

I have recommended Mr. Sanders to friends and customers repeatedly. All of those people that used his services called me to thank me for introducing him to them. Everyone told me that they were delighted with the results of the financing arrangements and were more than 100% satisfied with his exceptional service.

I would highly recommend Mr. Sanders for all your financing needs. I sincerely believe that you can not find a mortgage broker as sincere and concerned in your well being and satisfaction with the end results in all of your financial needs.

Feel free to contact me if you are contemplating future financing and want to deal with Mr. Sanders who is a truly professional and highly ethical mortgage brokers

Harry F. Mergard

Retweet This Post on Twitter

Recommendation from Brenda and Keith Laslett

2009-02-11T19:48:00.000-08:00

Dear Jason,

We really appreciated alll the help you gave us while we were looking to obtain a mortgage, you were extremely helpful. If we e-mailed you with a question, you got right back to us. You were easy to get in touch with and were always a pleasure to work with.

We had never had a mortgage prior to this one, so we had quite a few questions. You were always pleased to help us with any and all the questions we had during the process of getting us approved. You took your time in finding us the best rate for us. We wanted you to know that during the short period of time we had from inception to closing you were a great help.

Once we had the home inspection and found a problem with the house, you were more than willing to help us find someone to come out to give us a professional engineering opinion. Then when we told you that we could not find an insurance company to get Home Owners Insurance through, you found a number of companies to call. We feel that you went beyond your "Scope of Work" to assist us and make the purchase of our first home a lot easier.

We just wanted to express our gratitude to you with all you help, professionalism, and patience. You were a great help and I feel that whoever, now and in the future, uses you as their mortgage representative, they will be greatly pleased and will refer you to their family and friends as we intend to do.

Thanks you,

Brenda and Keith Laslett and family

Retweet This Post on Twitter

Recommendation from Peter J. Hackett

2009-02-11T19:46:00.000-08:00

All,

I wanted to share a VERY positive experience I just had working with Jason Sanders. Jason worked tirelessly on getting my Philadelphia property cashed out with a fantastic fixed rate. This deal was one of those where if something could go wrong, it did. From issues with the deed to the lender's rep being fired the week prior to settlement, this deal had a little of everything. Jason handled it all. All I had to do is fax paperwork, Jason dealt with the lender, title company and appraiser. And get this, I was kept informed of everything along the way. At least every other day I would hear from Jason with an update, even if there was none, he would call to ensure I was informed and had no concerns. And get this, part two. When I called him, he picked up the phone and answered! I maybe got his voicemail 3 times and within an hour I would get a return phone call. GREAT customer service! I certainly will use his services again.

Thanks

Peter J. Hackett

Johnell Properties LLC

Retweet This Post on Twitter

02-11-09 Interest Rate Snapshot

2009-02-11T19:38:00.000-08:00

Wow, nice improvement in rates today! Who said a tanking economy doesn't have it's advantages? All rates listed below are PAR rates and do not reflect adjustments that may be required based on individual loan parameters.

30 Year Fixed Conventional - 4.750
15 Year Fixed Conventional - 4.750
30 Year Jumbo Fixed - 4.875
15 Year Jumbo Fixed - 4.750
30 Year FHA - 4.750
15 Year FHA - 5.000
3/1 FHA ARM - 4.250

Jason Sanders - Bringing Value to Financing - Residential, Commercial, & Hard Money
American Capital Finance
856 308 2462 - cell
856 792 9214 - direct phone
856 792 9215 - direct fax
www.mortgagemantra.blogspot.com
Getting more referrals at www.TheValuePagesGroup.com

Recommendation from Bill Greenfield

2009-02-11T19:35:00.000-08:00

"I know Jason through a number of networking groups that we mutually belong to. What struck me about Jason is his enthusiasm and his creative way of thinking. It caches your attention. His knowledge and expertise in the mortgage arena comes with the package. Yes, give him the opportunity to show how he can help you." December 29, 2008

William Greenfield, President, Wealth Bridge Advisory Services, LLC

02-09-09 Interest Rate Snapshot

2009-02-09T10:21:00.001-08:00

Rates are creeping higher once again. These next couple of weeks should be very interesting! All rates listed below are PAR rates and do not reflect adjustments that may be required based on individual loan parameters.

30 Year Fixed Conventional - 5.250
15 Year Fixed Conventional - 4.875
30 Year Jumbo Fixed - 5.625
15 Year Jumbo Fixed - 5.375
30 Year FHA - 5.375
15 Year FHA - 5.000
3/1 FHA ARM - 4.250

Jason Sanders - Bringing Value to Financing - Residential, Commercial, & Hard Money
American Capital Finance
856 308 2462 - cell
856 792 9214 - direct phone
856 792 9215 - direct fax
www.mortgagemantra.blogspot.com
Getting more referrals at www.TheValuePagesGroup.com

01-30-09 Interest Rate Snapshot

2009-01-30T08:50:00.002-08:00

Rates are still trending slightly upwards today. The good news is that a .125% difference doesn't drastically effect the monthly payment on the majority of loan amounts. All rates listed below are PAR rates and do not reflect adjustments that may be required based on individual loan parameters.

30 Year Fixed Conventional - 5.500
15 Year Fixed Conventional - 5.250
30 Year Jumbo Fixed - 6.000
15 Year Jumbo Fixed - 5.250
30 Year FHA - 5.500
15 Year FHA - 5.000
3/1 FHA ARM - 4.250

Jason Sanders - Bringing Value to Financing - Residential, Commercial, & Hard Money
American Capital Finance
856 308 2462 - cell
856 792 9214 - direct phone
856 792 9215 - direct fax
www.mortgagemantra.blogspot.com
Getting more referrals at www.TheValuePagesGroup.com

When Should I Lock My Loan?

2009-01-30T08:27:00.001-08:00

This is a difficult, but personal decision for borrowers. Interest rates are subject to change every day. Some borrowers may naturally have more of a tolerance for risk than others. There's no single right answer.

I personally am not a gambler and would rather know that the rate is locked than lose sleep if the market starts trending upward, but not every borrower shares my opinion.

I can share that rates are generally locked for either 15 or 30 days and on any given day the pricing is generally better for the shorter term lock (15 days). So if you've been delaying locking your loan, I would never recommend locking it (with a 30 day lock) 16 days away from closing. You're probably better off waiting another day to get the improved pricing on a 15 day lock.

Borrowers should ask themselves how much risk they can handle. Often the process of purchasing a new home is stressful enough, and when weighed with all the other considerations, it makes sense to lock the loan well in advance of the closing. Ask your qualified mortgage professional for his input. If rates have gotten substantially better since you've locked your loan and you're still a ways away from your closing date, it may be possible for your mortgage professional to switch lenders and take advantage of the improved pricing with a new lock at a new lender.

Jason Sanders - Bringing Value to Financing - Residential, Commercial, & Hard Money
American Capital Finance
856 308 2462 - cell
856 792 9214 - direct phone
856 792 9215 - direct fax
www.mortgagemantra.blogspot.com
Earning referrals at www.TheValuePagesGroup.com

1-29-09 Interest Rate Snapshot

2009-01-29T13:59:00.000-08:00

Rates are up slightly today. It's hard to predict the market, but if you know someone who has been on the fence, this might be a good time to act before things get higher. All rates listed below are PAR rates and do not reflect adjustments that may be required based on individual loan parameters.

30 Year Fixed Conventional - 5.500
15 Year Fixed Conventional - 5.125
30 Year Jumbo Fixed - 6.125
15 Year Jumbo Fixed - 5.125
30 Year FHA - 5.375
15 Year FHA - 5.000
3/1 FHA ARM - 4.250

Jason Sanders - Bringing Value to Financing - Residential, Commercial, & Hard Money
American Capital Finance
856 308 2462 - cell
856 792 9214 - direct phone
856 792 9215 - direct fax
www.mortgagemantra.blogspot.com
Earning referrals at www.TheValuePagesGroup.com

1-28-09 Interest Rate Snapshot

2009-01-28T12:33:00.000-08:00

Rates seem to be pretty stable, even though the markets have been fluctuating. All rates listed below are PAR rates and do not reflect adjustments that may be required based on individual loan parameters.

30 Year Fixed Conventional - 5.000
15 Year Fixed Conventional - 4.750
30 Year Jumbo Fixed - 5.500
15 Year Jumbo Fixed - 4.750
30 Year FHA - 5.000
15 Year FHA - 5.000
3/1 FHA ARM - 4.250

Jason Sanders - Bringing Value to Financing - Residential, Commercial, & Hard Money
American Capital Finance
856 308 2462 - cell
856 792 9214 - direct phone
856 792 9215 - direct fax
www.mortgagemantra.blogspot.com
Earning referrals at www.TheValuePagesGroup.com

1-27-08 Interest Rate Snapshot

2009-01-27T11:41:00.000-08:00

Rates! Rates! Rates! Here's the latest rates. All rates listed below are PAR rates and do not reflect adjustments that may be required based on individual loan parameters.

30 Year Fixed Conventional - 5.000
15 Year Fixed Conventional - 4.750
30 Year Jumbo Fixed - 5.000
15 Year Jumbo Fixed - 4.750
30 Year FHA - 5.000
15 Year FHA - 5.000
3/1 FHA ARM - 4.250

Jason Sanders - Bringing Value to Financing - Residential, Commercial, & Hard Money
American Capital Finance
856 308 2462 - cell
856 792 9214 - direct phone
856 792 9215 - direct fax
www.mortgagemantra.blogspot.com
Earning referrals at www.TheValuePagesGroup.com

1-26-09 Interest Rate Snapshot

2009-01-26T14:23:00.001-08:00

There have been minimal, but positive changes in interest rates since last week. All rates listed below are PAR rates and do not reflect adjustments that may be required based on individual loan parameters.

30 Year Fixed Conventional - 5.125
15 Year Fixed Conventional - 4.875
30 Year Jumbo Fixed - 5.625
15 Year Jumbo Fixed - 4.875
30 Year FHA - 5.250
15 Year FHA - 5.000
3/1 FHA ARM - 4.250

Jason Sanders - Bringing Value to Financing - Residential, Commercial, & Hard Money
American Capital Finance
856 308 2462 - cell
856 792 9214 - direct phone
856 792 9215 - direct fax
www.mortgagemantra.blogspot.com
Earning referrals at www.TheValuePagesGroup.com

Changes to FHA financing

2009-01-23T13:26:00.001-08:00

As you may or may not be aware, FHA financing has had some significant changes over the past few months. I want to discuss the changes in the allowance of a seller's concession.

FHA borrowers are still allowed to accept seller's concession up to 6% of the purchase price of the home. Now, however, none of that sellers concession is allowed to cover the minimum of 3.5% that the borrower is required to bring to the deal in the form of a down payment. Essentially all the seller's concession can now cover is the borrowers closing costs. No, the buyer cannot receive the difference back in cash at the table (too bad right?).

Closing costs are rarely 6% of the sales price of, so what can be done with the extra money? An unsophisticated mortgage professional may just reduce the seller's concession to cover the closing costs, but that would waste the seller's generosity. The most effective thing to do with the remaining money is to use it to buy down the borrower's interest rate. This money can be applied as a discount fee lowering the interest rate and saving the borrower thousands over the course of the loan.

That's my tip for today. Hopefully it will help you or your clients.

For Daily Interest Rate Updates, Follow Me On Twitter: http://www.twitter.com/mortgagemantra

Your Credit Report

2009-01-17T10:44:00.001-08:00

Not all creditors report their information to all of the major credit agencies. That's why the information on your credit report may vary from agency to agency. Make sure your credit report is an accurate reflection of your credit record by ordering a report from each agency listed below.

Equifax

Credit Information Services

P.O. Box 740256

Atlanta, GA 30374-0256

Phone: 1-800-685-1111

Web Site: www.equifax.com

Experian

National Consumer Assistance Center

P.O. Box 2104

Allen, TX 75013-2104

Phone: 1-888-397-3742

Web Site: www.experian.com

Trans Union

National Disclosure Center

P.O. Box 1000

Chester, PA 19022

Phone: 1-800-916-8800

Web Site: www.transunion.com

The Fair and Accurate Credit Transactions (FACT) Act entitles all consumers to a free credit report once a year from all three major credit reporting agencies which have established a centralized source for accepting the requests. You can order a free copy of your credit report by calling 877-322-8228, visiting www.annualcreditreport.com or mailing a standardized form to Annual Credit Report Service, P.O. Box 105281, Atlanta, GA 30348-5281.

For further information, visit the website of the Federal Trade Commission at www.FTC.gov.

I'm marketing with www.TheValuePagesGroup.com

2009-01-15T09:41:00.001-08:00

We're all facing unique challenges in this market. I'm growing my business because I get more referrals from www.TheValuePagesGroup.com.

Computing Suggestions

2009-01-07T09:28:00.000-08:00

1. Don't drop your computer. Don't assume that it'll be ok if it only falls a short distance (like off the endtable that it will be ok. You know that old addage about ASS-U-ME-ing.

2. Never hit the reformat button in haste. Sure you may not think you have all that much to loose, but chances are you haven't fully considered how much you've done since your last backup. Which brings me to #3.

3. Always back up your information. Yes, it's time consuming. No, you don't WANT to do it at the end of the day. But life has a way of presenting the same lesson to you over and over until you learn it. Back it up! Back it UP!

4. Just because you think you can fix it, doesn't mean you can. Don't be too eager to save a buck and try to fix it yourself, or you could end up, like me, totally screwed, meaning lost data, computer that still doesn't work, a little bit of an anxiety attack, etc. etc. Calling a professional first is the suggested route, because after all...they're a professional! You'll probably have to call them any way, but if you wait you'll be paying them extra to clean up your mess and there's a good chance that you will have made it impossible for them to fully fix your problem, which really stings BTW. It feels much better being smart enough to call a professional first, than having the realization that your not smart enough to fix the problem yourself and you just messed everything up.

So, this doesn't have much to do with mortgages, but it's definately helpful, so I just wanted to make sure that I throw it out there. So, I hope you guys are having a better time with your computers than I'm having right now! Wish me luck!

The Economy Changes The Way We Think

2008-11-18T08:10:00.000-08:00

It wasn't too long ago that we were a consumerist society. I think a lot of us took pride in that. We drove our extra large SUV's like a badge of pride, a statement of our success. Conservation was something that never entered our minds; at least it didn't enter my mind. Now with the change in the economy everyone, not just us mortgage guys are feeling the pinch. There's a huge surge in the green movement. Although a lot of people are genuinely concerned about the environment, I imagine a lot of the newcomers to the green movement are motivated more by economic issues than by environmental ones. We're all looking for ways to trim our budgets. I find myself driving less, walking around the house turning off lights and religious about changing the filter on my heater. The things we do to save a buck!

How does this new mindset affect all of our businesses? For me, it means I'm evaluating my resources. With this economic environment, it takes more time to process mortgages and get them clear. More unqualified people are interested in loans, because everyone is looking for some kind of relief. It's quickly become apparent that time is my most valuable resource. I'm handling these new challenges in a couple of different ways.

First I'm taking advantage of technology. I'm now able to run all of my loan scenarios, whether they are purchases or refinances through automated underwriters. These programs compare any specific loan against Fannie Mae and Freddie Mac guidelines to give an instant approval or decline for conventional and FHA mortgages. This innovation allows me to quickly determine who qualifies for a loan. No more week long wait times for underwriters to tell me if I have a loan or not. If someone initially is rejected, I can manipulate the scenario to see what has to change in order to make a deal happen. Amazingly I'm able to save a lot of deals this way by just adjusting some of the variables.

The other thing that I'm doing is using a processing company to deal directly with the underwriter and be a liaison between the lender and the client. This has accelerated the process incredibly! This allows me to let someone else handle the busy work for a percentage of my profit, which in turn allows me to focus on getting new deals. That's the important lesson that this economy is teaching business owners. It's all about volume. Are you making more money as a Rolls Royce salesman, or a Honda salesman? Honda salesmen are doing better in this economy because society as a whole has gone back to looking for value instead of looking for luxury.

Finally I have to think about marketing. With time as my most valuable asset, I need as much marketing bang for my buck as possible. I've discovered a great tool in The Value Pages Group. Those of you who are in sales or own your own businesses, or know of someone looking to grow their business would be well served to check out the website: http://www.thevaluepagesgroup.com/ for a time and money efficient way of promoting your business.

What can we do as consumers? At my house we have a new obsession with turning out lights (most have been changed to the new energy efficient florescent bulbs). I'm also on a strict schedule with changing the filter in the heater.

When buying gas for the car, it pays to compare. Within a 2 mile radius of my house gas prices currently range from 1.72 to 1.99. A great website to find the lowest gas prices is http://www.gasbuddy.com/.

Another problem we had to deal with is recently a storm blew a few shingles off the roof and peeled back some siding. In this economy a lot of home maintenance gets put on the back burner, but I knew I had to get this fixed. A friend recommended I file a claim against my homeowners insurance. I was hesitant because I had never filed a claim before, and a call to my agent didn't make me feel any better about the idea. I have a 500.00 deductible on my policy and the agent made it seem like I would need to present that money up front. Only after talking to an independent insurance adjuster did I learn that the deductible just comes out of the settlement. So if you've been putting off some needed repairs (it doesn't even matter if a storm or your own actions caused the need of the repairs) and you would like to have them looked at by a professional and see what your insurance policy will cover, call Jennifer at 856-308-2463. Jennifer only works in NJ, PA, & MD, and FL is coming on soon, so if you're in another state, ask around for a referral.

Bottom line is that we've all got to become detail oriented when it comes to money. If you have other money saving ideas, please share them by commenting on this post!

What It Takes To Purchase A Home

2008-08-23T11:15:00.000-07:00

Over the past two years I've been really working to develop relationships with Professional Realtors in all 50 states. No one knows better what it takes to facilitate a Purchase for a client than I do.

Clients need to know what it takes to purchase a home in this market. First of all, the market today requires more from the buyer and the mortgage professional than ever before. 100% financing is no longer available in this market. A buyer needs to be prepared to bring at least a 3% deposit as well as closing costs. A professional realtor can often negotiate a seller's concession with a motivated seller. These concessions allow a buyer to pay slightly more for a property than the agreed upon sales price. The seller then kicks back to the buyer the difference between the original agreed upon sales price and the final sales price. That difference is no more than 6%. The sellers concession will not allow the buyer to get cash back in the purchase of the home, but if structured properly, it will allow the borrower to get into the home by only bringing money to pay the closing costs for the mortgage.

Now lets talk about documentation. Mortgage companies are requiring more documentation and reviewing it more thoroughly than ever before. Programs that require no income documentation, or stated programs are challenging in this market. If you want to buy a home with a stated mortgage, you need to be prepared to bring at least 20% to the table in addition to the closing costs of the mortgage. With a stated mortgage, you will still have to have plenty of liquid assets and be able to verify their existence with account statements. Borrowers should know that stated mortgages have higher interest rates than those that call for full disclosure of income and assets.

If you're OK with verifying your income to get the best deal, you need to have the following: 2 years tax returns and W-2's, 2 months bank/financial statements, and 2 months of pay stubs. Be prepared to answer questions about how much your property taxes will be, how much your homeowners insurance will be.

Just remember that buying a home isn't a snap decision or a process. If you're considering it, make sure you've taken steps to get your financial house in order. Lender's look at your debt to income ratio, so you need to make sure that all of your credit cards, loans, car loans and your new home payments (mortgage, insurance, and taxes) don't cost more than 50% of your overall income. If you can keep it under 40% the lender will be extra happy. Some borrowers make costly mistakes by applying for and taking on additional debt (new credit cards, cars, etc.) at the same time they are trying to acquire a mortgage. This could potentially derail the entire mortgage process by throwing off your debt to income ratio.

Make sure you have a power team of professionals in place. By consulting with a mortgage professional such as myself and a professional realtor well in advance, you will receive assistance in navigating through the entire process I outlined above.

Good luck guys! I'll look forward to talking to you soon!

Where There's A Will, Good Income, Low Debt, and A High FICO Score, there's a way!

2008-08-19T11:50:00.000-07:00

So with the economy at the lowest levels in decades, everybody is examining every factor of their financial situation. There's no shortage of people looking to better their mortgage situation. But as demand go up, unfortunately supply has gone down. Lenders, in an effort to stem losses from overly liberal lending practices of the last few years, have trimmed back the products that they offer and increased the level of documentation required. If you go to a local bank, chances are you will only find 15 and 30 year Conventional mortgages, FHA mortgages, and Home Equity Lines of Credit (or HELOC's). Local and national banks have eliminated their Alt-A Lending programs (ARM's, Interest Only Loans, and Jumbo Loans). If you owe more than $417,000.00 on your mortgage, you probably won't be able to use your local bank to refinance in this market. An educated and well connected broker such as myself might be the only way to meet your goals right now. When considering a broker, make sure you do research and ask for references. For anyone interested I can email a copy of my Pre-Lending Package, which is a short Power Point Presentation that gives you some background information about me and my company. Viewing it will give you an idea of the level of customer service, communication, and integrity that you can expect when you choose me for your mortgage needs. I've even included letters of recommendation from some of my recent clients. Any honest and qualified broker should be able to provide you with similar information.