It is official! Mortgage rates hit a 37 year low this week and oil is the lowest price per barrel that it has been in 5 years. These two economic events are and will continue to have a major impact on our business as we go into 2009. We really cannot predict how long this will last so taking full advantage of what we have worked so hard for, and the market is now helping us with in a big way, is essential.

Steve Cors
CEO
Superior Mortgage Corp.

 Each year, the staff at Superior Mortgage celebrates the season of giving by donating gifts to the Marine Toys For Tots Foundation. With over 150 Employees, Superior Mortgage supports our communities by collecting new, unwrapped toys for distribution to needy children.

Today the News media is reporting heavily on the Feds position to drive rates down to 4.5% by aggressively buying Mortgage Backed Securities. I believe the Fed will give it their best. They are signaling that this will be for purchase money loans. This is significant for many reasons. #1 that you need to know is that refinance clients that locked in last week in the 5.5 range should NOT wait to see what happens. 5.5% to 6.0% is a VERY historically low fixed rate. Refinance rates may never move lower and if they don't, they missed a chance at securing a great rate. One thing we know for sure, the market is unpredictable and gambling on what might happen is risky. The government has also made significant changes in direction in the past 30 days and could again. I wouldn't bet  on this latest move even though I believe they would like to see it happen for purchase loans.

Have a great day!

Steve Cors
CEO
Superior Mortgage Corp.

 If you’ve been watching the news lately, you may have come to the conclusion that mortgage companies have no money to lend. As an Independent Mortgage Banker, Superior Mortgage Corp. has hundreds of millions of dollars in Mortgage Money Available to Lend. Although guidelines may have changed, responsible borrowers like you have an amazing opportunity to take advantage of low rates and reasonable housing prices. If you are ready to purchase a home or refinance your existing home, we can provide you with a loan that will suit your needs as well as a payment that you will feel comfortable with for the duration of your loan.

This increase will allow more home buyers to qualify for the advantages of a Conventional mortgage program.  For current homeowners this will allow a larger loan size with the flexible use of an automated underwriting engine.

This will allow easier opportunities for refinancing a first and second mortgage to one loan, the use of equity to consolidate other debt and the ability payoff a jumbo loan or an Adjustable Rate mortgage.

Superior Mortgage will still have a few niche mortgage  programs that will provide interest rate pricing that is the best in the Jumbo mortgage market for loan amounts up to $3 Million .  If you are interested in learning more about an FHA, FNMA or Jumbo mortgage, please call us at 800-706-6671 - Toll Free.