Outer Banks Community Forum

        Good news this week.  First the FED lowered Federal Interest Rates by another .25% yesterday, taking Prime Rate down to 5%.  The big news on this is when he lowered the rate he said “The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time.”  This comment, along with other positive economic data (jobless claims are down, Dollar is moving up again) is making many economists believe that we are coming out of the woods on our mini-recession.  Only time will tell, but this week there is a large sense of optimism from all the headlines I am reading (see articles below.)  Mortgage interest rates are a hair lower this week, but I expect some small increases into next week from the rally of the stock market the last few days.  Have a great sunny weekend and don’t hesitate to contact me if I can help in any way.   Always available 207-2665

GLOOM LIFTING? Employers cut fewer jobs in April, jobless rate falls…
Sense of Optimism Begins to Ease Onto Wall St…
Dow crosses 13,000; Dollar UP…

Shane Cook

Senior Mortgage Specialist

800-256-7887/Cell 252-207-2665

“A pre-qualification you can trust”

Total Loan Denial Letters Issued After Pre-qualification 2005, 2006, 2007, 2008:  0

All quotes listed below only require 10% down, and have no private mortgage insurance (PMI), for qualified borrowers.  Quotes listed below are for 30 day locks.  Add .125% of a percent for Interest Only.

Conforming: loan amount less than $417,000

                           40 Year Fixed:                   6.125%                  1 Origination

                           30 Year Fixed:                  5.75%                   1 Origination

                           30 Year Fixed:                   6.0%                      0 Origination

                           15 Year Fixed:                   5.375%                  1 Origination

                           3 Year ARM:                     5.5%                      1 Origination

                           5 Year ARM:                     5.875%                  1 Origination

100% Financing Government Loans: Primary Residences Only

                           VA 30 Year Fixed:             6.25%                    0 Origination    

                           FHA 100% Genesis:       6.25%                   0 Origination

                           FHA 97% Financing:          6.0%                      0 Origination

                           Farmers Home (USDA):     6.0%                      1 Origination

                           Jumbo Loans: loan amounts greater than $417,000 (Primary and Second Homes)

                                       Portfolio 5 Year ARM:       5.5%                      1 Origination

                                       Portfolio 7 Year ARM:       5.75%                    1 Origination

                           ****Rates change daily, and must be locked in before they can be guaranteed until they are locked in.  First Horizon has an application fee of $300 for conforming loans and $370 for Jumbo loans.  No hidden fees, or pre-payment penalties of any kind, and I have never changed a rate on a customer in my career as a loan officer once it has been locked in.  First Horizon is an equal opportunity lender.

Shane Cook

Senior Mortgage Specialist

First Horizon Home Loans

(Office) 800-256-7887

(Cell) 252-207-2665

(Fax) 866-669-5871